Buy and Limit orders with relation to a price at a specific hour

• 09/14/2020 at 8:58 PM #144258
  MICH

  Hello,

  I’m trying to set limit orders to buy and sell based on the price at a certain time.

  For example, if the price of a contract at 16:00 is 185, set a buy limit order to 5 pt less and a sell limit order to 2 pt more. Purchase and sale orders, in the example of 185, would be at 180 and 187.

  I tried with:

  IF (CurrentTime = 1600) THEN

  BUY 1 CONTRACT AT close[1]-5 LIMIT

  SHORTSELL 1 CONTRACT AT close[1]+2 LIMIT

  END IF

  But if in the timeframe considered (e.g. 5 min) these price levels are not touched the orders are not executed. If by 16:05 the price levels are not touched the orders are not opened. What can I do to have the orders open for the following periods? 

  Thank you very much in advance!

  

  MICH

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  09/14/2020 at 9:10 PM #144259
  robertogozzi

  160000, always 6 digits.

  Sellshort, not Shortsell.

  Pending orders always expire each bar. If conditions are still valid you need to place them again and again.

   

  

  robertogozzi

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  09/14/2020 at 10:44 PM #144260
  MICH

  Thank you very much for the correction and for the advice!

  But, how can to replace the orders for a specific time? E.g for 4 hours?

  Thank you in advance!

  

  MICH

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  09/14/2020 at 11:52 PM #144264
  robertogozzi

  The simplest way is to run your strategy from a 4-hour chart.

  If you want to run your strategy from a 5-minute chart but want the pending orders be placed for the next 4 hours, then you have to do the math yourself to compute the correct expiration time or you may use the number of 5-minute bars required (each hour has 12 5-minute bars, so it’s a total 48 bars) to keep placing your pending order(s).

   

  

  robertogozzi

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  09/15/2020 at 12:09 AM #144266
  MICH

  Thank you very much Roberto!

  

  MICH

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