NWT Exits Suite
Posted: 14 May 2012
Signal name = "NWT Exits" Ver 4
Disclaimer - USE AT YOUR OWN RISK
"NWT Exits" is a suite of exits that can be combined into a system.
It has been tested on Forex and Futures data
Features of the suite are -
1) The whole suite can be applied to a specifically named strategy ie I may have a strategy called "XYZ" if this "UseStrategyName" is set to true and the StrategyName = "XYZ", then the suite of exits will only work with this strategy.
This allows multiple strategies to be used on the one instrument
2) Will work on any instrument tick size ie increments of 0.00005 to increments of 1
3) All Stops are progressive, that is, the system will move from a InitialStop to a breakeven to a trailing stop.
4) Only ONE order is placed with the broker.
5) The chart dynamically displays the current stop type ie InitialStop, Breakeven, Trailing and also displays the current stop level (Green/Red Triangle)
6) Each of the trades on the chart has a number matching the trade list report in Multicharts
7) Each of the trades in the Exits in the Multicharts Trade log has it's own unique name, showing what the current exit was that closed the trade
ie "IS_LX" Initial Stop (StopLoss) exit
"TS_SX" Trailing Stop Short Exit
Because each of the exit orders has it's own unique name, further analysis (counts) can be done on how many exits
were InitialStop, Breakeven, trailing stops, big bars etc
8 ) Each of the Stop types maybe individually enabled or a combination maybe selected
The types of exits currently supported are -
1) Multicharts generic types ie setprofittarget, SetStopLoss, SetDollarTrailing but all with tick/point inputs not $$$
2) Forced Exits - Ie Exit after 3 bars. This is useful for testing how good your entry signal is.
Use this exit without any other exits. If you have a good entry, you should have > 50% winners
Now look at the MAE to see where good InitialStop levels are
3) InitialStop (StopLoss) Exit - ie 15 Pips or a calculated vale ie "ATR(14)*1.6*10000"
4) Price Action Stop - In a Long position it would use say the lowest low of the last 3 bars plus a bit ie 2 pips.
5) BreakEven Stop - Set the breakeven Level and brokerage amount
6) Stall Exit - Say after 3 bars we are still not in a profit, lift the stop to the low of the current bar. ie Squeeze the non-performing trade.
7) Nake Close Stop - If Long and the close > High[1] then the stop level is set to the low of the naked close bar.
8 ) Trailing Stop - This is a stop amount in ticks ie in Forex a value of 5 would be equal to 5 pips ie 0.0005.
As per the InitialStop a calculated value can also be used ie "ATR(14)*1.6*10000"
9) ADX Trailing Stop - this uses a ADX to influence how close to have the stop level.
As the ADX increase with the strength of the trend, the stop tightens on the price
10) Big Bar Stop - If a big bar is detected ie 2*ATR, then the stop level is adjusted to a percentage of this bar ie 50%
We want to keep a good chunk of these profits.
Neil.
Disclaimer - USE AT YOUR OWN RISK
"NWT Exits" is a suite of exits that can be combined into a system.
It has been tested on Forex and Futures data
Features of the suite are -
1) The whole suite can be applied to a specifically named strategy ie I may have a strategy called "XYZ" if this "UseStrategyName" is set to true and the StrategyName = "XYZ", then the suite of exits will only work with this strategy.
This allows multiple strategies to be used on the one instrument
2) Will work on any instrument tick size ie increments of 0.00005 to increments of 1
3) All Stops are progressive, that is, the system will move from a InitialStop to a breakeven to a trailing stop.
4) Only ONE order is placed with the broker.
5) The chart dynamically displays the current stop type ie InitialStop, Breakeven, Trailing and also displays the current stop level (Green/Red Triangle)
6) Each of the trades on the chart has a number matching the trade list report in Multicharts
7) Each of the trades in the Exits in the Multicharts Trade log has it's own unique name, showing what the current exit was that closed the trade
ie "IS_LX" Initial Stop (StopLoss) exit
"TS_SX" Trailing Stop Short Exit
Because each of the exit orders has it's own unique name, further analysis (counts) can be done on how many exits
were InitialStop, Breakeven, trailing stops, big bars etc
8 ) Each of the Stop types maybe individually enabled or a combination maybe selected
The types of exits currently supported are -
1) Multicharts generic types ie setprofittarget, SetStopLoss, SetDollarTrailing but all with tick/point inputs not $$$
2) Forced Exits - Ie Exit after 3 bars. This is useful for testing how good your entry signal is.
Use this exit without any other exits. If you have a good entry, you should have > 50% winners
Now look at the MAE to see where good InitialStop levels are
3) InitialStop (StopLoss) Exit - ie 15 Pips or a calculated vale ie "ATR(14)*1.6*10000"
4) Price Action Stop - In a Long position it would use say the lowest low of the last 3 bars plus a bit ie 2 pips.
5) BreakEven Stop - Set the breakeven Level and brokerage amount
6) Stall Exit - Say after 3 bars we are still not in a profit, lift the stop to the low of the current bar. ie Squeeze the non-performing trade.
7) Nake Close Stop - If Long and the close > High[1] then the stop level is set to the low of the naked close bar.
8 ) Trailing Stop - This is a stop amount in ticks ie in Forex a value of 5 would be equal to 5 pips ie 0.0005.
As per the InitialStop a calculated value can also be used ie "ATR(14)*1.6*10000"
9) ADX Trailing Stop - this uses a ADX to influence how close to have the stop level.
As the ADX increase with the strength of the trend, the stop tightens on the price
10) Big Bar Stop - If a big bar is detected ie 2*ATR, then the stop level is adjusted to a percentage of this bar ie 50%
We want to keep a good chunk of these profits.
Neil.