Support Board
Date/Time: Wed, 07 May 2025 14:49:24 +0000
Automatically Place OCO Buy Stop Sell Stop Order When Price Expansion Tool Level Breached
View Count: 143
| [2024-11-25 14:02:26] |
| Rich_B - Posts: 34 |
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Hi I have drawn several levels on my charts using the Price Expansion tool. Currently, when the price reaches one of these levels, I manually right click on the chart and use the shortcut menu to place a OCO Buy Stop Sell Stop order at both sides of the level approximately 10 pips away each side. I would like to automate this process so I can backtest the strategy over a long time period. Is this possible without going down the ASCIL route? I have done plenty of automation in the past using the 'Trading System Based On Alert Condition' study, but this is usually done by referencing other studies, not lines drawn by a tool. Also, it is usually a simple market order execution, not a Buy Stop Sell Stop bracket around a level. Any assistance much appreciated. Thank you |
| [2024-11-25 18:50:34] |
| John - SC Support - Posts: 39675 |
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Although it is possible to reference drawings in Alert Conditions, the Price Expansion tool will only work with references to the Anchors, which will not give you what you want directly. Refer to the following: Study/Chart Alerts And Scanning: Referencing Chart Drawings But, you can use the anchor information to calculate the particular level line you want to use for the alert, as the Price Expansion is fairly straightforward in the calculation. It takes the price difference between the two anchors and then multiplies that by the percentage of the line and adds it to the end price. For example, to get the 50% line value you would use an Alert Condition like the following: =ABS(UDID[100].A1 - UDID[100].A2) * .5 + UDID[100].A2 You would then use the "Trading System Based on Alert Condition" to automate your trading. For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
| [2024-11-25 18:55:16] |
| Rich_B - Posts: 34 |
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Hi John Thank you as always for your response. I will experiment and report back. |
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