I received a strategy that I am trying to further develop, but with significant assistance and hand-holding from a developer recommended to me from Sierra Charts support. I have used Thinkorswim (TOS) and TradeStation, and am now trying to use IB. I am new to trading with a real programming language like the C++ that Sierra Charts (SC) uses but am excited about it. We are intra-day (no hold overnight), trading equity options based on movement from the underlying equity. We are using the charting platform Sierra Charts because my developer thought (perhaps mistakenly) that it was the only platform he knew of that could trade a different instrument than what the chart was showing. If the chart is showing AAPL for instance, then we would be trading a derivative of AAPL called a call option, and a very specific call option at that, based on additional criteria. Well, he got the code written to enter by buying either a call or a put and we are now running successfully with our paper money account in the VM. Sot is finally testing time! Hooray, and we are very excited. We have run into a roadblock regarding connectivity to IB which seems to lose its connection despite the suggestion from IB that we use 32 bit. This does seem to have helped but we aren't quite home yet. I also can't help but notice how well other platforms seem to be put together such as the ones mentioned above and recently one called Multi-Charts here https://www.multicharts.com/. BTW, the support for MC seems incredible vs SC. Now I like that we are working with a real programming language and not some pseudo-code like Thinkscript for TOS or Easy Language for Tradestation, but I can't help but be bothered by the seemingly behind the times look and feel of the Sierra Charts product found here https://www.sierrachart.com/index.php?page=doc/BuildCustomStudiesDLL.html. What product should we be using? What is most flexible in terms of real code pieces (C++ or other complete languages) already written? What is most flexible in terms of finding suitable developers? What would be most suitable for distribution? What about protected distribution?
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TS easylanguage is not "quasi" and it is useful for those who create simple trading rules. It is also one of the more stable (in my opinion) platforms iwhen it comes to automation. Powerlanguage used by Multicharts is very similar to that and stable as well. My suggestion is program your to an API for Options directly if the is the actual product you are about to trade. Seems what my colleague above offered should do the trick.
Thank you for all the suggestions. I have C++ code and a DLL that apparently only runs with SierraCharts. I have another indicator written for MultiCharts. Can I "program my to an API for Options directly" using Tradestation or Multicharts? I'm still having some trouble seeing how it all fits together.
I assume that you are using a programming language since you wish to automate things. However, it seems that you are looking at platforms where Options are not native to the platform. So primarily you want to receive a signal on an underlying asset of stocks and then look for an Options strike price that is associated with it. My impression is that you have a manual process combined with an automated process after, and that is the part that is a bit challenging. If you are looking to automate an underlying asset like a stock, then there is one set of parameters that look for direction. Options, on the other hand, are volatility and time-based products and require a different approach. If you are working with a programmer, you need to know precisely what the process of buying and selling of the underlying instrument you wish to engage with. Programming and automation always sound exotic, but you may not need it and just resort to simple discretionary rules. One is not better than the other, and each trader utilizes what he feels comfortable with. Lastly, work with a programmer who is trading in a live production environment. Just my 2 cents.
This is where I am stuck. Can you help me define all pieces that might bring it to a more non-proprietary solution that I could look around for the right person to help me develop it? RIGHT NOW I HAVE C++ - Structure of Strategy, dependent on Sierra Charts to run. - What should I have? Based on the signal from the underlying, we need to perform a query of which option to buy. It should be a near-month, at-the-money strike price. It will not hold overnight and have no margin risk (just buying calls and buying puts to enter). I will enter the underlying manually at any point either prior to the open, or during the day. Sierra Charts - What should I have? IB Broker - Interactive Brokers with IB Gateway Running - What should I have?
You present the Options buying process as a side step in your method, but, this is your primary challenge. Once you decide what option you buy: which strike price. month, expiration, etc then you can decide on all the rest. My entire experience has been working with traders who automate Futures, not stocks and then look for Options. Best of luck!
Built-in options support doesn’t seem to be available with most charting packages that allow scripted studies, even though I am connected through Interactive Brokers. I don't quite understand why that is if they allow C++ code and I am connected through interactive brokers. I have a strategy already written in Sierra Charts but my developer seems unavailable for consistent development. Can I move to something that wouldn't be platform dependent?