Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Is there a trading journal that tracks MFE after the trade was closed? In other words, best possible exit in ticks/price.
Tradervue only calculates MFE during the trade (the traditional definition). That doesn't tell me how far price ran in my favor after I exited.
It has Best Exit P&L of the total trade, but I'm looking for price MFE per contract pre/post-exit.
When done manually, I create a scatter plot of best exits in price, which allows me to set profit taking targets more accurately without exiting too early or late.
Can you help answer these questions from other members on NexusFi?
The problem with a post exit MFE is that there's not definitive place to cut it off. Theoretically it could continue moving up forever if you give it enough room with your stop. If you really want to determine how much you are leaving on the table you'd probably need to program a backtestable setup. Then you can just try different exit strategies to see how they impact the strategy.
You enter at 100 and exit early at 125 after the exit, price goes up to 150 before getting back to your entry point. MFE was 50. You could cut it off as you say at x times the size of your stop. If you trade only intraday you could also check the MFE at the day close if price has not revisited your original entry price.
I couldn't find one when I was looking, but a custom solution should work. Off the top of my head.
1. Get historical tick data per day and import into a database
2. Export your trades to a database, match the close time to the tick data.
3. Add a parameter for x mins or whatever after the trade.
Return the high and low between close and your parameter.
Seems like it could cost a fair bit to automate.
Might be something you could monetise if you got it working.