Buy/close a position right at open
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Possibly Vonasi didn’t notice this question :
But if I use ProOrder then I don’t have to worry if the program closes or I loose internet connection right?
Correct.
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Possibly Vonasi didn’t notice this question :
There were a lot of questions Vonasi noticed but didn’t answer in the hope that others would do so first. Here is possibly the answer to another one of them.
If there is no pre-market and so no pre-market candles then looking for one at 085900 isn’t going to find one even on a minute chart. The first candle that meets the criteria is the TIME = 090100 or OPENTIME = 090000 candle and so to try to enter as early as possible we really should be using the 1 second chart.
You will need to set the closetradetime for as close to the market close as possible and for when you know there will likely be a candle. Then if you run it on the 1 second time frame you can enter 1 second after the market has opened and exit 1 second before the market closes – as long as there are candles! It is best to give yourself a bigger window on the exit time as on low liquidity stocks that might have lots of missing candles and so you could fail to find one to close the trade on otherwise.
The flag condition stops the strategy from opening a trade ever again.
Not tested.
1234567891011opentradetime = 090000closetradetime = 212959if longonmarket and flag and time >= closetradetime thensell at marketendifif not longonmarket and opentime >= opentradetime and not flag thenbuy 15000 cash at marketflag = 1endif1 user thanked author for this post.
ONCE FLAG is not needed. All variables are defaulted to equal zero until a different value is declared. ONCE is only needed if you want a variable to start with a different value than zero from the first bar of a chart.
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Each candle on a chart has two times. OPENTIME which is the opening time of the candle and TIME which is the closing time of the candle. So a daily candle cannot have an OPENTIME or TIME of 085900 because it does not open or closeat this time.
This is why I told you to use a 1 second time frame. If there are no pre-market candles then there is also no candle with with a time of 085900 but you can get in damned close to the opening price by sending an order to open a trade on any candle with an OPENTIME greater than 085959. So if the first candle is OPENTIME = 090000 then the order will be sent and the trade opened at the next candle. This would be at 090001 or later if there is not a candle at 090001. This is as close as you will get to buying at the open.
As someone else said you could just send an order at the close of the daily candle that would open at the open of the next time which will be fine if the open time is the open of the market.
Put the following indicator on your daily chart to see what TIME and OPENTIMES your chosen instrument has.
1return opentime as "opentime", time as "time"If you want to close mid daily candle then you have no choice but to use MTF but as I said there is a risk that if you choose to exit at say TIME = 213000 and there is no one second candle at 213000 and then there is not another candle until the next day then you will stay on the market overnight. So it is better to start looking for candles that are perhaps greater than 212930 and then you will get out as soon as there is a candle in the last 30 seconds before the market closes. Less liquid instruments might need a longer period to look for a candle and so perhaps result in an earlier exit.
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I am not sure I followed everything 🙂
Possibly the most crucial thing you must try to wrap your head around is :
Your code (the whole sequence from top to bottom) will be called (executed) at each new candle. Thus suppose I have a 1 minute chart, then each new minute your code will be called (executed). If you have a 1 second chart, then each new second your code will be called. If you have a one day, chart then ….
And what I said earlier, is that you should not have called your code the first thing of the next day, because most of the profit will have vanished already. Thus :
Investigate Market Orders at the opening of the market. Look at the last closing price and try to follow the opening price; you will see a gap (in 99% of cases). This is because the price changes when the market is closed (very briefly said : because outside the market there’s also influence from buyers and sellers). And thus :You should buy at the last candle right before the market closes.
Of course your signalling should match this;
I get a buy signal on my trading platform (not PRT) in the evening after the market closes
Thus that would be wrong. You should obtain the signal so early that you are still able to program your autotrade code. Like 17:20 for a market which closes at 17:30. Or as more early as you need the time to make your code(s).
If not clear, just ask. And if this does not fit your ideas about your strategy, then fine ! Also, if in your opinion this can not work because your signalling can only work after-market, then let us know.
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Think of OPENTIME and TIME as just a label for each candle.
If there is a candle every second then if you send an order at the close of the OPENTIME = 075959 candle then the order will be filled at the open of the next candle which will be at 080000.
If you send the same order at the close of the TIME = 080000 candle then it will be filled at the open of the next candle which will be at 080000 (plus whatever microseconds of slippage there is!)
I have a 1 minute algo that I had thought was trading at the opening of the FTSE with ‘time = 080000’
Your trade will open at 080000.
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