BuyZone indicator for Amibroker
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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
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- TRO Indicators3.txt
- Updated with SetBarsRequired and parameterized colors.
- (8.87 KiB) Downloaded 1223 times
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.
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.
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
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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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
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
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
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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