Most of my strategies are for Wall Street, which can move very quickly. This means that sometimes a trade is triggered and completed quickly, sometimes within the time period I allow for a trade to trigger. I can’t seem to find a way to stop a second (or sometimes third) trade from setting up.
Eg After a hammer, I might allow 3 candles for a trade to trigger. Sometimes the trade will trigger and reach target within the first candle, but the conditions eg a hammer within the last 3 candles is still the case, so a second trade is now set up.
I’ve tried using ” Not Onmarket” but can’t seem to get it working how I’d like it to ie a maximum of one trade per set up.
I’m sure there is a very simple way of doing this, but I can’t seem to work it out, so any help would be much appreciated.
Many thanks in advance.
When the pattern is detected set a variable, say FLAG=1.
Add it to your conditions to enter a trade.
Clear that variable when 3, or whatever number you prefer, bars have elapsed or when you are OnMarket.
Should your trade enter and end within the same bar without updating the OnMarket status, you need to check if STRATEGYPROFIT is any different from STRATEGYPROFIT[1], if it is then a trade was entered and exited so you can clear the above mentioned variable.
Many thanks for your prompt reply.
I have already tried doing something along these lines, but without success so far. I’ll persevere, and maybe add the code here if I still can’t get it to work.
Sorry, perhaps I should add, I have tried using “Not Onmarket”, but the problem isn’t that it enters a second trade at the same time, but simply once I’m not longer “OnMarket” (ie when the first trade is finished), then a second trade may be entered because I’m no longer in a trade.
I don’t know how to use being “OnMarket” to keep the Flag at 0 when I’m no longer “OnMarket”, as I’m just using if-then-endif conditions to set up the trades.
//hammer 3min WS v2.02 Code
DEFPARAM FlatAfter = 205000
DEFPARAM cumulateorders = false
result = 0
//Red Hammer signal
if not shortonmarket then
if time > 143530 then
if low<low[1] then
if close<open then
if open-close>high-open then
if close-low>2*(high-close) then
if close-low>14.9 then
if low - .1 < lowest[5](low) then
result = -1
endif
endif
endif
endif
endif
endif
endif
endif
//Green Hammer signal
if not shortonmarket then
if time > 143530 then
if low<low[1] then
if close>open then
if close-open>high-close then
if open-low>2*(high-open) then
if open-low>14.9 then
if low - .1 < lowest[5](low) then
result = -1
endif
endif
endif
endif
endif
endif
endif
endif
//Green star signal
if not longonmarket then
if time > 143530 then
if high>high[1] then
if close>open then
if close-open>open-low then
if high-close>2*(close-low) then
if high-close>14.9 then
if high + .1 > highest[5](high) then
result = 1
endif
endif
endif
endif
endif
endif
endif
endif
//Red star signal
if not longonmarket then
if time > 143530 then
if high>high[1] then
if close<open then
if open-close>close-low then
if high-open>2*(open-low) then
if high-open>14.9 then
if high + .1 > highest[5](high) then
result = 1
endif
endif
endif
endif
endif
endif
endif
endif
// Definition of the validity length of the order
once NbBarLimit = 6
// Conditions to enter long positions
if result= -1 then
MyStopBuy = 17+ close
MyIndex = Barindex
endif
if Barindex >= MyIndex + NbBarLimit then
MyStopBuy = 0
endif
IF NOT LongOnMarket and barindex-tradeindex >-1 AND MyStopBuy > 0 THEN
BUY 1 CONTRACTS AT MyStopBuy Stop
ENDIF
// Conditions to enter short positions
if result = 1 then
MyStopSell = close - 17
MyIndex = Barindex
endif
if Barindex >= MyIndex + NbBarLimit then
MyStopSell = 0
endif
IF NOT ShortOnMarket and barindex-tradeindex >-1 AND MyStopSell > 0 THEN
SELLSHORT 1 CONTRACTS AT MyStopSell Stop
ENDIF
// Stops and targets : Enter your protection stops and profit targets here
Set Stop pLoss 53
if time < 193000 then
Set Target pProfit 25
else
set Target pProfit 15
endif
I appreciate it’s not very elegant; it was originally just for an indicator but has converted into automated trading quite well, apart from this issue with second trades.
The 2nd trade Issue could be due to below as it is always going to be true?
Line 118 and Line 134
barindex-tradeindex >-1
You already have two flags: MyStopBuy and MyStopSell.
To reset them when OnMarket, add these lines at line 6:
If OnMarket THEN
MyStopBuy = 0
MyStopSell = 0
Else
MyProfit = STRATEGYPROFIT
Endif
The line activated by ELSE has the purpose of helping you detect a trade that has been triggered and closed within the same bar.
Below the above snippet of code add this one to clear the two variables in case a trade opened and closed within the same bar:
If not OnMarket and Not OnMarket[1] then
If MyProfit <> STRATEGYPROFIT Then
MyStopBuy = 0
MyStopSell = 0
MyProfit = STRATEGYPROFIT
Endif
Endif
You check that you are not OnMarket now and were not the previous bar, yet STRATEGYPROFIT has changed.
Many thanks for the help.
I’ve removed that condition from lines 118 and 134, and have added in the 2 snippets of code, but the amended code will still trigger a second trade if the original trade opens and closes in the same candle.
You shouldn’t have removed those two conditions, otherwise the snippets of code are useless.
