How to implement this?

March 7th, 2021, 08:30 AM

I want to do the following to submit my orders quickly.

1. Check the current bar to see whether it is a bullish bar.

2. If it is, get the high and low of the bar. Use High - Low + 2 ticks as the risk, to see whether the bar is too large for the maximum risk I can tolerate.

3. If the risk is ok, place a stop market order 1 tick above the High the moment the next bar is opened.

4. If the risk is too large, after the current bar is closed, wait for the break of the High of the current bar. Once the High is broken, place a limit order according to the maximum risk.

I am pretty new to Multicharts programming. Please let me know the frame work of this flow. I currently have no idea because this seems to require 2 or 3 entry strategies and I don't know what to do if that's the case.

Thanks.

March 7th, 2021, 05:59 PM

r41866

I want to do the following to submit my orders quickly.

1. Check the current bar to see whether it is a bullish bar.

2. If it is, get the high and low of the bar. Use High - Low + 2 ticks as the risk, to see whether the bar is too large for the maximum risk I can tolerate.

3. If the risk is ok, place a stop market order 1 tick above the High the moment the next bar is opened.

4. If the risk is too large, after the current bar is closed, wait for the break of the High of the current bar. Once the High is broken, place a limit order according to the maximum risk.

I am pretty new to Multicharts programming. Please let me know the frame work of this flow. I currently have no idea because this seems to require 2 or 3 entry strategies and I don't know what to do if that's the case.

Thanks.

I'm at work, so can't verify that this works, but this might get you started in the right direction

Code

inputs:
myrisk$(100);
vars: risk2points(0), bulls(false), bears(false), risk(0);

risk2points = myrisk$ / bigpointvalue;

if open > close then begin
    risk = (high-low+2 * minmove) * bigpointvalue;
       if risk < myrisk$ then buy next bar at high + 1 point stop;
       if risk > myrisk$ then buy next bar at low + risk2points;
end;

March 8th, 2021, 07:40 AM

Thank you for the response. However, it won't work according to my plan. If the risk is larger then the risk tolerance, I want the strategy to wait for the break of the current bar and then place a limit order. However, your code places the limit order even if the high of the current bar is not broken.

kjhosken

I'm at work, so can't verify that this works, but this might get you started in the right direction

Code

inputs:
myrisk$(100);
vars: risk2points(0), bulls(false), bears(false), risk(0);

risk2points = myrisk$ / bigpointvalue;

if open > close then begin
    risk = (high-low+2 * minmove) * bigpointvalue;
       if risk < myrisk$ then buy next bar at high + 1 point stop;
       if risk > myrisk$ then buy next bar at low + risk2points;
end;

How to implement this?

Discussion in MultiCharts

How to implement this?