How to use Daily chart to trade ?  [SOLVED]

Questions about MultiCharts and user contributed studies.
123LMC
Posts: 6
Joined: 05 Sep 2012
Has thanked: 1 time

How to use Daily chart to trade ?

Postby 123LMC » 06 Sep 2012

Hi,

I'm developing a system with Daily bar resolution. Obviously, I have choices to enter trade either at current day Close or the following day Open, should there be a new trade entry signal triggered.
1. Enter at current day Close - With real time data feed, though the last price mark of chart keeps on updating but the trading system won't run thru during the trading hours. How can I force the trading system to run say, at 5 minutes before Close, so as to generate a new trade signal and get executed in time ?
2. Enter at the following day Open - With EOD data, the trade signal won't be visible till the data of the following day is updated. What shall I do to get the signal ?
Thanks.

User avatar
Henry MultiСharts
Posts: 8503
Joined: 25 Aug 2011
Has thanked: 1213 times
Been thanked: 2731 times

Re: How to use Daily chart to trade ?

Postby Henry MultiСharts » 06 Sep 2012

There are multiple signal calculation modes in MultiCharts:

IOG On (tick by tick calculation)-order is generated on the current tick and sent on the next tick.
IOG Off (calculation on the close of the bar)-order is generated on the close of the current bar and sent on the opening tick of the next bar.

Next bar orders are sent to the broker upon next tick after the signal generation tick. That is possible to send Market and Price Next bar orders.

This Bar on Close order is sent on the close of the signal generation bar (disregard IOG settings). Only market orders can be sent This bar. Buy Next bar at open = Buy Next bar at Market.

123LMC wrote:1. How can I force the trading system to run say, at 5 minutes before Close, so as to generate a new trade signal and get executed in time ?

You need to run your code with IOG turned on, in the code specify the conditions and actions you need. You can recalculate the signal at certain time, generate an order at certain time, etc...
123LMC wrote:2. Enter at the following day Open - With EOD data, the trade signal won't be visible till the data of the following day is updated. What shall I do to get the signal ?

With EOD data if you turn on the auto trading when the current bar is open and the conditions for placing the order were met on the last closed bar-the order would be sent to the broker at once.
With EOD data if you turn on the auto trading when the last bar is closed-the order would be sent to the broker only when the new bar is received.

123LMC
Posts: 6
Joined: 05 Sep 2012
Has thanked: 1 time

Re: How to use Daily chart to trade ?

Postby 123LMC » 06 Sep 2012

But how to code to re-calculate at say, 5 minutes before close , when it is a daily chart ?
Thanks.

User avatar
TJ
Posts: 6584
Joined: 29 Aug 2006
Location: Global Citizen
Has thanked: 970 times
Been thanked: 1907 times

Re: How to use Daily chart to trade ?

Postby TJ » 06 Sep 2012

123LMC wrote:But how to code to re-calculate at say, 5 minutes before close , when it is a daily chart ?
Thanks.

You are trading intraday, you have to add an intraday data series to your chart.


Reading material:
Getting Started with TS EasyLanguage
Multi-data strategy... pg. 34

User avatar
Henry MultiСharts
Posts: 8503
Joined: 25 Aug 2011
Has thanked: 1213 times
Been thanked: 2731 times

Re: How to use Daily chart to trade ?

Postby Henry MultiСharts » 11 Sep 2012

123LMC wrote:But how to code to re-calculate at say, 5 minutes before close , when it is a daily chart ?
Thanks.

Simple example of the logic will look like that:

Code: Select all

inputs:recalctime(0);
if currenttime=recalctime then once recalculate;

This code applied to the chart as a separate study with IOG turned on will trigger recalculation of the whole strategy at the specified time in the 24-hour HHmm format, where 1300 = 1:00 PM.

123LMC
Posts: 6
Joined: 05 Sep 2012
Has thanked: 1 time

Re: How to use Daily chart to trade ?  [SOLVED]

Postby 123LMC » 11 Sep 2012

Thanks.

User avatar
Analyst
Posts: 18
Joined: 09 Jul 2013
Has thanked: 2 times
Been thanked: 1 time

Re: How to use Daily chart to trade ?

Postby Analyst » 12 Sep 2013

I have a similar situation, and so I went into Quote Manager and created a custom session template to close at 15:55. Then, on my chart under instrument settings, I select this “Early Close” session. At 15:55 the strategy runs and generates the “at close” signal. Your trading system may continue to update the price, but for this chart the day is over.
Attachments
Session.jpg
Session.jpg (57.5 KiB) Viewed 262 times


Return to “MultiCharts”