I have been thinking of a system, but it's quite hard to program, so I wonder if anyone will give me some directions (but if they want to program the whole thing, I won't complain). It only has one timeframe, 5 minutes, but it's set up with data1, data2, and data3, because I want to exploit the correlations that stock indexes have among one another. I will put on data1 the Italian future "Fib" (with volumes), data2 the Dax, and data3 the French Cac. The long/short signals should be given by a hammer/inverted hammer on increasing volumes. The stoploss should be placed at the low of the hammer, or high of the inverted hammer. The exits should be either loose moving averages, or it should wait for the next hammer/inverted hammer in the opposite direction. I will limit the hours to get rid of lunch hours. One of the problems I have is how to define the hammer and the inverted hammer, and also I want to measure by how much a hammer is a hammer, and how much the volume has increased, to make the system as human as possible in weighing these parameters and deciding whether to trade or not. I'd like to create a system that weighs all the different parameters and if there is one requirement not met, it still acts, especially if the other parameters give the system confidence. A system that assigns each parameter a value, and then decides to make a trade, according to how satisfactory the overall score of the values is.
Hi, "Hammer" is already defined in TradeStation: Hammer function: { ******************************************************************* Description : This Function returns Hammer Provided By : Omega Research, Inc. (c) Copyright 1999 ********************************************************************} Inputs: Length(Numeric), Tail(Numeric); Variables: Min(0), Max(0); Min = Minlist(Close, Open); Max = Maxlist(Close, Open); Hammer = False; If Min > MedianPrice AND Open <> Close Then Begin If Min - Low > (Max - Min) * Tail AND High - Max < Max - Min AND LinearRegValue(Close, Length, 0) < LinearRegValue(Close, Length, 0)[1] Then Hammer = True; End; Hammer Signal: {******************************************************************* Description : Hammer Pattern Provided By : Omega Research, Inc. (c) Copyright 1999 ********************************************************************} Inputs: Length(5), Tail(2), NBars(3); If CountIF(Hammer(Length, Tail), NBars) > 0 Then Buy ("Hmr") Next Bar at High Stop; Hope it helps!
Thank you very much. Would you happen to know the formula for the inverted hammer? These formulas make me phobiac, it's like a foreign language. Formula-phobia.
No, I'm sorry! I don't know the exact definition of "Inverted Hammer". Maybe you should take a look at this document: http://www.tradersworld.net/de/Service/elreference.pdf It is a good starting point for learning to program EL-codes!
Thank you, I was trying to get the forum to write the system for me. Probably someone already has, and I was wondering if they could help me. Thanks for the link of el manual.