31 Jan 2018
0 comment
0 attachment
This ProBuilder code snippet demonstrates how to prevent order entries when the price is too close to calculated pivot points’ support and resistance levels. It uses basic pivot point calculations and conditional logic to determine the proximity of the current price to these levels before deciding whether to place an order.
DEFPARAM Cumulateorders=false
dist = 5 //distance from pivot points s/r
x = dist*pointsize //find proximity of pivot points
Ht = DHigh(1)
Bs = DLow(1)
C = DClose(1)
Pivot = (Ht + Bs + C) / 3
Res3 = Res1 + (Ht - Bs)
Res2 = Pivot + Ht - Bs
Res1 = (2 * Pivot) - Bs
Sup1 = (2 * Pivot) - Ht
Sup2 = Pivot - (Ht - Bs)
Sup3 = Sup1 - (Ht - Bs)
prox=0
if close>pivot then //** above Pivot **
i=1
while i<=2 do
if i=1 then
floor=res1
ceil=res2
if (close>floor-x and closeceil-x and closefloor-x and closeceil-x and closefloor-x and closeceil-x and closefloor-x and closeceil-x and close Explanation of the Code:
- Initialization: Sets up parameters such as the distance from pivot points and calculates the size of this distance in terms of price points.
- Pivot Point Calculation: Computes the pivot point and the first three levels of support and resistance based on the high, low, and close of the previous day.
- Proximity Check: Determines if the current closing price is within a specified distance from any of the support or resistance levels. This is done separately for when the price is above or below the pivot point.
- Order Conditions: A dummy trading strategy is implemented where an order to buy is placed only if the RSI crosses over 50 and the price is not near any pivot point level, ensuring orders are not placed too close to these key levels.
- Graphical Representation: The support and resistance levels are graphed on the price chart for visual reference, using different colors for each.
This snippet is useful for traders who want to automate their trading strategies while avoiding entries at potentially risky price levels near pivot points.
Related Post
Check out this related content for more information:
https://www.prorealcode.com/topic/prevent-entry-near-pivot-points/#post-142006
Visit Link
What is a Snippet?
A snippet is a small, reusable chunk of code designed to solve specific tasks quickly. Think of it as a shortcut that helps you achieve your coding goals without reinventing the wheel.
How to Use:
Simply copy the snippet and paste it into your project where needed. Don't forget to tweak it to fit your context. Snippets are not just time-savers; they're also learning tools to help you become a more efficient coder.
Nicolas
Master
I created ProRealCode because I believe in the power of shared knowledge. I spend my time coding new tools and helping members solve complex problems.
If you are stuck on a code or need a fresh perspective on a strategy, I am always willing to help. Welcome to the community!
Author’s Profile
Search Snippets
Showing some results...
Sorry, no result found!
Recent Snippets
How to Create a Simple MTF Trend Dashboard with EMA and SMA
indicator
This indicator builds a compact multi-timeframe (MTF) dashboard that shows whether price is trading above or below a [...]
How to Display Per-Bar Volume Accumulation in Real Time (Intrabar Updates)
global
This snippet tracks and displays the current bar’s accumulated volume while the bar is still forming, instead of only [...]
Ticks Counter: Count Tick Updates Per Bar on Tick or Time Charts
global
This snippet counts how many tick updates have occurred for the current bar by incrementing a per-bar counter on each [...]
How to Build a Step-Based Trailing Stop That Moves to Break-Even First
strategy
This snippet implements a step trailing stop that advances in fixed increments once price reaches predefined profit [...]
Utilizing Arrays to Track and Compare Indicator Values Within the Same Bar in ProBuilder
indicator
This ProBuilder code snippet demonstrates how to use arrays to compare the values of an indicator (RSI in this case) [...]
Loading...