Apologies to the OP if this is too far off topic, but in response to Paul's suggestion, I have an EFS study for eSignal that might be of interest. It doesn't do quite what Paul suggests, but it's a step in the general direction. The study plots bands (similar to Bollinger Bands) above and below a central line. The default setting for the central line is a 5 period weighted moving average, although this can be changed to anything you want. The upper and lower bands are plotted according to a multiple of the stock's ATR. In a flat / rangebound market it is an excellent overbought / oversold indicator. The dark bloo lines on the chart attached are my default setting of 1.5 x ATR, as price tends not to go outside these. The pink bands are set to 2 x ATR and is where I place my maximum stop. In a rangebound market, if price kisses or breaches the upper band, then a short trade is signaled as it's very likely to 'return' to the mean of the 5WMA (central gold coloured line) within 3 candles at most. Vice versa for longs. I must stress that this is potentially disastrous if the stock and/or market are trending; it's only for flat, rangebound conditions. As with any indicator, entering a trade just because price has hit some arbitrary line is a recipe for disaster. However, combined with S/R and volume etc, I find it very useful. The first 'hit' circled on the AAPL chart is the 11.01 candle would be a risky short entry on the grounds that price is moving higher strongly, evidenced by the angle of the lines. As it happens, the trade would have been profitable. However, the 11.11 long signal is a cracker. It's also at an area of support, evidenced by the double bottom, provided by the 10.57 candle. The 11.16 to 11.19 candles all touch - or come close to touching - the upper band. However, it's obvious that AAPL is trending up strongly by this time, so no short trades are indicated. That said, so long as one went short very close to the upper band, you should have been able to cover at breakeven at worst in all four cases and may even have made a small profit.
ReturnCode = GVSetNamedFloat("TTPosSize" + getsymbolname,IntPortion(PSize));Thanks for the code - the problem was with T2W. When I clicked on the attachment it opened up a window saying Done, but did not give me the option to open or save the file.
var : LoopCount(0), Basket(0), CurrSymbol(" "), NumElements(0), ReturnCode(0);
// Set Array for sorting - I wanted to use a dynamic array but I didn't know how to do a 2dimensional
// dynamic array
Array: RadarValues[200,2] (0);
// Set basket size
Basket = GVGetNamedInt("TTBasket",BASKET);
NumElements = GVGetNamedInt("TTSymbolListCount",1);
// Loop around the symbol list - TTSymbolListCount is the list of symbols
for LoopCount = 1 to NumElements Begin
// element 1 = strength (to 5 decimal places)
RadarValues[LoopCount,1] = GVGetNamedFloat("TTStrength" + GVGetString(LoopCount),0);
// element 2 = symbol number
RadarValues[LoopCount,2] = LoopCount;
end;
// Now Sort the array by strength
// last element = -1 ascending, 1 descending
// has to be descending sort
ReturnCode = Sort2DArray(RadarValues, NumElements, 2, 1);
// Now print out the array
for LoopCount = 1 to NumElements Begin
CurrSymbol = GVGetString(RadarValues[LoopCount,2]);
Print("Symbol ", CurrSymbol,
", Strength ", RadarValues[LoopCount,1],
", Position Size ", GVGetNamedInt("TTPosSize" + CurrSymbol,0),
", Sector ", GVGetNamedString("TTSector" + CurrSymbol," "));
end;
TT_GET_ARRAY = 1;// For testing only - if this is the last bar on the chart - output the array
// Switch this off if running in real time
if LastBarOnChart then
ReturnCode = TT_GET_ARRAY; Print("Symbol ", CurrSymbol,
", Strength ", RadarValues[LoopCount,[B]2[/B]],
", Position Size ", GVGetNamedInt("TTPosSize" + CurrSymbol,0),
", Sector ", GVGetNamedString("TTSector" + CurrSymbol," "));
I was thinking it'd be good to be able to do it from the $INDU chart as soon as we have the signal but I wasn't sure if we could trade other symbols or multiple symbols from the $INDU. The other solution I had thought would be to set a buy/sell global variable for each symbol "TTActionsymbol" = "Buy/Sell" and do the management on the radar screen object. I do think the best place for it is on the $INDU 1 min though. That's the logical point.No problem - leave that bit of code for meCharlton
I'll pretend I understand all that.
Sounds like you'll have to be the man doing the coding on the trade side. I cant get my head around the documentation on this subject.
Doing multiple trades in itself is no problem. Once we have the output from the top/bottom stocks, which I still think will be the tricky bit, because I have yet to see the dynamic re-sorting work.
It's good to sort that one. I didn't come across this alternative command when I was looking
Well - you deserve the run after all that.
// Call a function to analyze the strength/weakness of a stock and produce a value
//RelativeStrength = getappinfo(aiRow);
RelativeStrength = RSI(Close, 14);ReturnCode = TTsortD1basedOnD2key(RadarValues, NumElements,2,1,1);PeteCharlton - I presume you are in the US too, right ? Or are you nocturnal ?
Well done for passing the test & spotting my intentional mistake :whistling
I had to get a better sort routine in there.
In #TT_RATE_WEAKSTRONG I did this :
Code:// Call a function to analyze the strength/weakness of a stock and produce a value //RelativeStrength = getappinfo(aiRow); RelativeStrength = RSI(Close, 14);
So now we'll be sorting by RSI just for testing purposes.
Then I found a decent array sorter & plugged it into TT_GET_ARRAY.
Code:ReturnCode = TTsortD1basedOnD2key(RadarValues, NumElements,2,1,1);
New ELD attached. Workspaces are in the attached zip file (which is actually a rar file but T2Win won't let me upload rars
Out of trading hours, open workspace #PD_MACCI_RADAR first then open #PD_MACCI_CHARTS.
Lo & behold on the print log you will see...
Sorted !!
Pete
I am in the UK actually, but possibly nocturnal
Again I am having a problem with downloading your files from T2W itself. A window opens up saying "Done" and that is it. Also if you try save target as. It just says it is a gif file called Clear.
Charlton
// This indicator calls a function which gives a strength rating
// it then calls TT_SET_ARRAY to store this strength rating in an 'array' of
// global variables
inputs: avglen(30);
Vars : ReturnCode(0),RelativeStrength(0), relstrengthcomp(0),avgrelstrcomp(0), INDUClose(0),normalizevalue(0);
// Call a function to analyze the strength/weakness of a stock and produce a value
// As $INDU is our baseline, we should store info on that in GVs
// Store Close of Indu or get it
if GetSymbolName = "$INDU" then begin
ReturnCode = GVSetNamedFloat("TTInduClose",Close);
INDUClose = Close;
end
else
INDUClose = GVGetNamedFloat("TTInduClose",1);
// if INDUClose isn't set yet - skip this. There's no guarantee $INDU will be processed first
// ... or is there ???
if INDUClose <> 1 then begin
if date <> date [1] or barnumber=1 or INDUClose[1] = 1 then
normalizevalue = 1/(close/INDUClose);
relstrengthcomp = (close/INDUClose)*normalizevalue;
RelativeStrength = average(relstrengthcomp,avglen);
// Now call a function to put this data away for use at trade time
ReturnCode = TT_SET_ARRAY(RelativeStrength);
//Plot the relative strength
Plot1(RelativeStrength,"Strength");
end;http://www.trade2win.com/boards/technical-trader/8448-path-least-resistance-advanced-ta.html#post78402
We can use some kind of ATR trailing to measure pullbacks.
When the market is oversold and exhausted (1) and the stock is strong (2) and its pullback less than ~ 2 ATR (3) we will buy this stock.
