Hi,
Is it possible to implmeent logic that checks the value of the EUR/USD before executing a trade, I’m hoping to build a solution where if conditions of multi-intruments are within a tolelrance then open the trade, for example, if the EUR gets stronger, then execute, otherwise if the EUR is the same as per prior candle, then dont open trade?
You mean you want to use the value of the Euro as a condition for opening a position on another instrument? like the DAX for example?
As far as I know that’s not possible (could be interesting, if it were).
It’s not possible. I agree it would be very useful to be able to do it.
bummer:too bad: yes the EUR/USD pair will be useful as a condition to needing USD sensitivity for US indices and the same Pair for EUR related relations to “real Price” 😉 moreso for commodities trades where USD is a strong weighting
Thanks for the quick replies anyway.
further to this question: what if I added a compared security from the indicators objects (say the EUR/Dollar)? will the compared security introduce a varialbe that can be used in coding?
great, thank you: i didnt want to spend the weekend trying to figure it out if the guy’s in the “know” can eliminate the wasted effort, so thank you for your quick response:saved me a few days
🙂
My personal view is that ‘the chart already knows everything’. If oil and copper (for example) are going up, then the FTSE will go up, simply because of the index weighting for RDS, BP and the miners. You don’t have to make any further correlation because it’s already baked into the system.
The value of the EUR/USD will have a correlation to the movement of certain indices, but big institutional investors – the movers and shakers – already know that, and have factored it into their decision making and the positions they take. So what you see on the chart is the result of decisions made by people who have already done those calculations for you (more or less!).
when looking at a chart and you have no trade on it, it’s fluid. when you have a position open on it, the position is fixed to the situation at the time of the trade, a few hours later , the Dollar drops but the position remains fixed(and looses), so to have logic that’ll close positions or open new positions depending on external factors that are not within view of what’s changed externally to the current chart.
it was a long shot nonetheless, the coding in Prorealtime is significantly more efficient than MT4 and i was hoping to avoid exploring the verbose aspects required to automate it there. The opportunity is in auto tracking a dozen or so markets where this is manually more difficult to keep track of currency swings and their influence on markets.
did i mention: maybe i forgot, this ProRealtime is just simply amazing, loving it!
yeah, i see your point. Can be worth trying in manual trading. I used to trade Antofagasta with a second chart open for the price of copper. With fair reliability, the ANTO price will be one or two candles behind any movement in copper (there’s a no-brainer). But usually when I’ve tried to pay attention to other factors – like non-farm payrolls, for example – by the time I’ve seen the print and made some analysis, the chart is waaay ahead of me. Better to just watch the chart.
Obviously if what you talking about could be automated then its a different story, but PRT haven’t got there yet!
