30 min break out

Discussion in 'Strategy Development' started by winminn1, May 20, 2003.

  1. winminn1

    winminn1

    Help!!
    Can somebody share the code for first 30 min break out systems? I’m new in Easy language. I was trading that system for 6 weeks. When the market trend, my trading goes well. When the market goes side way I lose money.
    I like to do the back testing before I’m using that system.
    Thanks for your time and effort.

    Winminn1
     
  2. Specify if this is intraday or longer term system you are looking for. Wealth lab has some of scripts .Their link is on this site.
    generally, you need a filter which will keep you from entering BO trade close to reversal, to make better profits. IMO break out systems should not be traded by computer program .
    Walter
     
  3. winminn1, if you are interested in a breakout system, the Easy Language files or code, check the CB website (in my profile) to contact me through e-mail.
     
  4. There are many ways to do this, but this is a decent start:
    (you would apply this one to a 5min chart)

    if time = 1000 then begin
    value1 = highD(0); {high of first 30 minutes today}
    value2 = lowD(0); {low of first 30 minutes today}
    end;

    if time > 0955 and time < 1600 then begin
    buy next bar at value1 stop;
    sellshort next bar at value2 stop;
    end;


    Of course, this is just a start.
    You can change the latest time you are willing to look at for opening a trade, you can add a time to exit the trade or just close at the end of the day.

    Hope this helps, have fun with it !
     
  5. winminn1

    winminn1

    gone2trade
    Thanks for the code. Very Nice. I was trying to plug in this system to ES trading for Day or Swing trading. Can you help me with more criteria?
    I like to put 3 points stop loss. If the trade has 3 pts profit my stop will be break even (entry price). 3 pts or more profit I’d like to use 3 pts trailing stops.
    Thanks again.

    winminn1
     
  6. There is a built-in strategy that will do this for you called: ' _Stops & Targets'. This will only give you a trailing stop if a certain profit target is reached. You can set percentage or point targets.
    If you also add the built-in strategy 'Stop Loss' to your strategy you will have the required protection you want:
    A simple stop of 3 points (150 dollars) until your target of 3 points in '_Stops & Targets' is reached, at which point you'll have your 3 point trailing stop.
    BTW, any Easylanguage question you have has probably already been answered at some time at www.tradestationsupport.com or at www.traders2traders.com

    I hope this will work for you.
     
  7. travis

    travis

    Can someone help me with this problem? I can't find "Stops and Targets" in Tradestation 2000i.

    All I need is a trailing stop that gets triggered at a given profit. Then trades will be exited with a moving average crossover.

    I tried:

    "If Openpositionprofit > Amount Then Begin ..."


    But it doesn't work.
     
  8. travis, isn't it:

    if profittarget > amount, then begin;
     
  9. travis

    travis

    Yes, but what is "profittarget"? How do I define it in easylanguage? I am not asking how the principle works but how I can write the signal in easylanguage.

    The logical sequence is this - beyond a certain profit, allow exits signalled by moving averages crossovers. But unless we reach that profit, don't allow any exits, except if we lose more than x amount. So I need to write in easylanguage both a stoploss, and I have that already, and a trailing stop that gets activated by a profit target. But I can't do it.
     
  10. travis, assume that the figures in the "inputs" line are dollar figures, not points.

    inputs: profit1(500), dtrail(350);

    if profittarget > profit1, then setdollartrailing(dtrail);

    all this is saying is that "if the trade that you are already in (long or short) is profitable by more than $500, then set your trailing stop at $350.

    does this help?
     
    #10     Jun 12, 2003