pprofit

• 07/29/2018 at 12:02 PM #76997
  Real Pro

  Hello,

  If I use:  pprofit = averagetruerange[14](close)

  … can someone tell me how PRT calculates the profit level?

  If the profit target is not met on the first bar (after buy cond is met), does it re-calculate the level using the new bar?  Does it continue to do this with each new bar?

  Many thanks.

   

  PS/ notify of follow ups via email sometimes doesn’t work.

  

  Real Pro

  Participant

  Topics: 26

  Replies: 78

  Been thanked: 2 times
  07/29/2018 at 12:16 PM #76998
  Vonasi

  If you are using SET to set the level then any time SET is read in the code then an order is sent to market and if the value is different to the previous level then it will be set at the new level. If your SET instruction is within an IF THEN ENDIF and the conditions are not met then it may not be updated.

  1 user thanked author for this post.

  Real Pro

  

  Vonasi

  Moderator

  Topics: 192

  Replies: 5088

  Been thanked: 1810 times
  07/29/2018 at 12:59 PM #77000
  Real Pro

  Thanks Vonasi,

  The backtest works better if I use SET, so I will go with that.  Now I’m trying to get my indicator to match the backtest.

  If the backtest says:  set target pprofit = averagetruerange[14](close)

  …could you tell me how to draw this as a dynamic line as an indicator please?  Is it possible?

   

  

  Real Pro

  Participant

  Topics: 26

  Replies: 78

  Been thanked: 2 times
  07/29/2018 at 1:15 PM #77002
  Vonasi

  The value you will be using is the value at the close of the last candle so this will tell you what that was as an indicator:

  a = averagetruerange[14](close) return a[1]

  1 2 3

  a = averagetruerange[14](close)   return a[1]

   

  

  Vonasi

  Moderator

  Topics: 192

  Replies: 5088

  Been thanked: 1810 times
  07/29/2018 at 1:52 PM #77006
  Real Pro

  I think I’ve got it now, thank you.

  atr dynamic stop

  buycond =*buy conditions* if buycond then closepricewhenbuy = close endif atr = closepricewhenbuy + averagetruerange[14](close) return atr[1]

  1 2 3 4 5 6 7 8 9

  buycond =*buy conditions*   if buycond then closepricewhenbuy = close endif   atr = closepricewhenbuy + averagetruerange[14](close)   return atr[1]

   

   

  

  Real Pro

  Participant

  Topics: 26

  Replies: 78

  Been thanked: 2 times
  07/29/2018 at 2:18 PM #77007
  Vonasi

  The problem with that is that is that the indicator is constantly updating on the current forming candle and so you will need to see if your conditions were met on the last candle and then set the closepricewhenbuy to the open value of the current candle and the ATR value to the previous candle to get a true picture of the trade.

  buycond = (buy conditions) if buycond[1] then closepricewhenbuy = open endif atr = closepricewhenbuy + averagetruerange[14](close[1]) return atr

  1 2 3 4 5 6 7 8 9

  buycond = (buy conditions) if buycond[1] then closepricewhenbuy = open endif atr = closepricewhenbuy + averagetruerange[14](close[1]) return atr

  Not tested.

  1 user thanked author for this post.

  Real Pro

  

  Vonasi

  Moderator

  Topics: 192

  Replies: 5088

  Been thanked: 1810 times
  07/29/2018 at 2:56 PM #77008
  Real Pro

  That looks good thanks, but for some reason doesn’t appear to work.  Some signals are correctly placed; others not.

  

  Real Pro

  Participant

  Topics: 26

  Replies: 78

  Been thanked: 2 times
  07/29/2018 at 3:10 PM #77009
  Real Pro

  dynamic atr indicator

  buycond = (buy conditions) if buycond[1] then closepricewhenbuy = open endif atr = closepricewhenbuy + averagetruerange[1](close) return atr

  1 2 3 4 5 6 7 8 9

  buycond = (buy conditions) if buycond[1] then closepricewhenbuy = open endif atr = closepricewhenbuy + averagetruerange[1](close) return atr

   

  

  Real Pro

  Participant

  Topics: 26

  Replies: 78

  Been thanked: 2 times
  07/29/2018 at 3:30 PM #77010
  Vonasi

  With this:

  averagetruerange[1](close)

  1	averagetruerange[1](close)

  you are just getting the currently forming ATR for a period of 1 so just this currently forming bar. That is not information that you can use in a strategy. My last version works exactly as it should be.

  In this image the bottom indicator is showing AVERAGETRUERANGE[14](close[1]) which is the value a strategy would get at the close of a bar when it makes its decision. The OPEN of the current bar is the price you would open your trade at. Added together we get your take profit price which is shown in the top indicator which is my code.

  OPEN + AVERAGETRUERANGE[14](close) = ?

  63863.9 + 1379.14356 = 65243.04536

  

  3 users thanked author for this post.

  Nicolas, Real Pro, GraHal

  

  Vonasi

  Moderator

  Topics: 192

  Replies: 5088

  Been thanked: 1810 times
  07/29/2018 at 3:46 PM #77013
  Real Pro

  Thanks again.  I made a typo (1 instead of 14), but I undersatand your explanation.

  

  Real Pro

  Participant

  Topics: 26

  Replies: 78

  Been thanked: 2 times
• Author
  Posts