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CoherenceTrader
Posts: 3
Joined: 3/27/2006
 User Profile |
HI,
I was hoping someone could show me a hybrid way to perform this tradeplan.
I wish to exit in two steps with 50 percent of my position.Mr. Dean helped another client with this before on this site.
But i wish to establish my target price, stop loss price and trailing stop.
Here is what i would like to accomplish on the tradeplan.
1. Establish target price as + 22% of a 5 bar ATR
2. Establish a trailing stop of 5%
3. Establish Stop Loss level at (-) 18% of 5 bar ATR
Tradeplan should perform a Ratchet exit in two steps
50 Percent of my position at first target
50 percent of my position at second target.
Does anyone have any ideas on how to do this or improve on another post that was put on the forum in the recent past. Attached is that screencapture from prior post on this forum site. I just wish to modify this somewhat to my liking.
I have tried to setup a tradeplan using the screencapture of prior effort by mr.dean and i am unable to build it since i cant find hotkeys for the syntax depicted.
If you could make this template so i can deposit or import the tradeplan to omnitrader pro I would be most appreciative
thanks.ric
 Attached file : Scale_out_in_two_steps.png (82KB - 530 downloads)
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tradermike
Posts: 853
Joined: 2/8/2011
Location: Folsom
User Profile |
Hi Ric,
My 2 cents here is to encourage you to try to code up this solution for yourself :)
Yes, there are people here that can provide you an answer, but, you got OTPro for a reason, right? What you are asking for can definitely be done. Not only that, but it is very do’able for a newbie user / coder as well.
In terms of trying to get your feet wet with some coding, you might go about this by creating one or two (or three) custom STOPS using OL. In other words, one for each of your exit conditions. Your fixed profit and loss exits are very easy to code up. Your trailing stop is also easy…albeit a little more tricky. (Hint: there are many OL based trailing stops on the forum that you can use as a reference for your framework.) Once you have your custom stops coded & compiled in OL, then they will be available to you for selection in your TradePlan editor.
Now granted, things are only “easy” after you know how to do them…but my point is that a) you are not trying to do anything tricky and b) you CAN do this. So why not give it a shot.
Regards,
--tradermike
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Jim Dean
Posts: 3433
Joined: 3/13/2006
Location: L'ville, GA
User Profile |
Mike's advice is good. There is plenty of info available, here and on the TradeTight.org forum in particular. (Search for "scaling", and/or look at threads in the "Orders and Trade Plan Blocks" Room. The way that most of us have learned is by experimentation. When you learn things that way, they "stick".
Having said that, if you just don't have any interest in the do-it-yourself approach, then feel free to email me and we can discuss alternatives. Hvacsage at yahoo dot com.
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