BuyZone indicator for Amibroker

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stationmichal
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Postby stationmichal » Mon Jul 30, 2007 4:37 am

Thank you to all of you for converting TRO codes to Amibroker codes.

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dbw451
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Postby dbw451 » Mon Jul 30, 2007 11:10 am

You're welcome, and I'm glad to see another AB user on the board. :)

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Postby dbw451 » Mon Jul 30, 2007 11:16 pm



I noticed that QuickAFL was playing havoc on the time expanded dynamic SR dots, so I added the dreaded SetBarsRequired to the code. This slows down the display significantly so if you use the indicators in real-time, I would set your chart timeframe to the same timeframe as the dynamic SRs (e.g. 5 minutes is the default).

I also parameterized many of the indicator colors so that I could print out some charts and write on them. The black chart background works best for me on my monitor, but is terrible for print outs. The picture above is a snapshot of a screen that I could print. Resetting back to the default colors can easily be done by pressing the Reset All button on the parameter window.

Regards,

David
Attachments
TRO Indicators3.txt
Updated with SetBarsRequired and parameterized colors.
(8.87 KiB) Downloaded 203 times

from_vino
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Postby from_vino » Thu Aug 02, 2007 11:38 am

I've used similar code a couple of times now paper trading the first hour after open. It helps to pick the entry points quite well although my speed to place the order needs to improve as delay eats into the profit. I still need some practise with finding the best exit point.

So far slightly down after 2 sessions. I use the first fib as entry and the 50% fib as exit. Stop loss at the support or resistance line.

Any feedback appreciated.

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Postby dbw451 » Thu Aug 02, 2007 1:13 pm

Trade execution styles are a very individualized thing. For timing of bar closing, I have a big digital software clock synced with an atomic clock overlaying the upper right of one of my monitors. Some people prefer countdown timers. Here's one for AB:

http://www.purebytes.com/archives/amibr ... 06191.html

For trade entry, I like DOM based order entry software that will automatically place an OCA order with my stop and target immediately after entry. The OCA are at predefined distances from my entry price which I simply move to the appropriate prices on a DOM once initiated. If my stop or target is hit, the opposite OCA order is automatically canceled.

I prefer stops just outside (one or two ticks) of support or resistance. There's less of a chance of random movements taking them out than if they were at an SR.

Targets are dependant on the volatility and momentum of current price action. The 50% fib is a good start, but if price is moving strong in one direction, you might as well move the target out to a higher timeframe SR.

Just some suggestions from my personal experience that may or may not fit your style.

Regards,

David

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Postby from_vino » Sat Aug 11, 2007 12:51 pm

Thanks for the feedback David. Now I've been testing this for a while and see it working, I would investigate more automated means to enter trades like you refer to, especially for when prices are moving quickly.

To date entering manually entering the parameters for bracket orders has helped getting a system together but is a bit slow and sometimes I miss a trade.

As a novice, I haven't come across trades that are so dependant on the close of any particular bar. A notional instant on something that's happening continually in real-time? So far all the strategies I have seen use a particular price as a trigger. Forgive if an obvious question.

Vino

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Postby dbw451 » Sat Aug 11, 2007 3:38 pm

When trading in dynamic real-time markets, the timing of bar closes rarely reflect the 'best' place for a trade entry. However, if you are trading a strategy based on chart bars, then it is best to wait until the bar close that completes whatever pattern you are trading.

I went through a period in my trading life where I would jump as soon as a signal appeared. Many times the signal would disappear before the signal bar closed. When I would review my trades at the end of the day, those trade entries would look just plain stupid because the strategy signals did not exist on my charts. Developing the discipline to wait for a signal to fully develop (and stay on my historical charts) helped my trading immensely.

A trade setup and entry timing are two separate things. A trade setup gives you a trade signal. You then decide how and where you want to enter. It's simpliest to select a price based on a bar (like the current bar's opening price or the previous bar's closing price or a tick above/below a bar's high/low). If the trade setup is high probability, the setup with a simple entry technique works well.

Regards,

David

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Patch
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Postby Patch » Mon Aug 13, 2007 12:44 pm

Hey David

I couldn't agree more with your post. Absolutely true. My naturual tendency is to run away with myself.

Patch the Pirate
In the Pirate Cove in VA

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Postby dbw451 » Mon Aug 13, 2007 7:12 pm

Yeah, I think most traders have similar tendencies. The desire to make money gets us into trades before signals complete. Also, the natural tendency to want to fight back when things are not going our way leads to over-trading and taking on too much risk.

Regards,

David

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Postby from_vino » Wed Aug 15, 2007 10:48 am

Anyone got any recommendations for order management software?

Currently looking at NinjaTrader but would like to look at others.

Regards
Vino

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