Hi all. I came across what seems like a simple strategy on twitter (@nextSignals) but unsure if it is something that could be coded on prorealtime.
I’ve had a search through the many indicators and strategies on here but haven’t found anything similar. Below is the text of the tweet and a screen grab illustrating the strategy.
“This algo waits for a confirmed swing high/low and then delays ENTRY until price moves correctly another 1.75 pts lower/higher. The strategy only pursues a two-point scalp, thus EXITING 2 pts after entry.”
It is the SP500, swing high /low and stop loss are not defined, nor stop loss.
There are several coding examples on prorealcode for swing high / low, what is stumping me is how to code the entry point where price moves higher / lower following the swing point.
I asked about how the swing high/low are defined because they do not seem consistent on the chart you posted.
Once you have identified your swing high/low you should then place a limit order at the price you want to go long or short at.
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buy1contractatclose+1.75limit
sellshort1contractatclose-1.75limit
You will need to place these orders every bar as they only last for one bar.
I’m not sure what the normal minimum order distance is on the SP500 but you may find that orders only 2 pips from price will be rejected by your broker.
Without a stop loss the strategy is just a one way road to the poor house.
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