DOM: New exit orders management in the next version

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Dave Masalov
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DOM: New exit orders management in the next version

Postby Dave Masalov » 07 Dec 2012

Dear Users,

Following multiple suggestions we have decided to change the way manual trading exit strategies are handled in the next MC 8.5 Beta. It won't be a definitive change yet, we would like to see how it goes first.

At the moment, exit strategies, such as Stop Loss or Profit Target are always tied to the current position and there is no way to have multiple sets of exits with different size(i.e. your position is +2 and you want to have two different Stop Losses 1 contract each).

Some users complained that current implementation does not suit their tarding needs and claimed that other trading platforms have this implemented in a different way. However, our competitors do not allow attaching exits to the position as a whole which was criticized by many users too.

New implementation will have exits attached to the position by default, but if you increase your position with a new entry order with a different set of exits attached, both sets of exits will be active for the respective amount of contracts.

Qualified beta-testers are needed for the pre-beta version. Please send us an e-mail at support@multicharts.com if you are interested.

We also need to know your feedback on this change. Feel free to post your thoughts and ideas in this thread.

MultiCharts Team
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arnie
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Re: New exit orders management in the next version

Postby arnie » 07 Dec 2012

Version 8.5 is becoming one of the most exciting upgrades we have seen since... version 6 I believe, when manual trading was introduced.
It's a brand new feature after another :)

The possibility to have different strategies to each new entry order is awesome.

Please allow me to remind you of 2 small features the DOM should have.
- Some indication to where the high and low of the day are (when dealing with futures it would be nice to have the possibility to distinguish between 24h and RTH)
-When the mouse is over the bid or the offer that price level is highlighted. My idea is when the auto attach strategy is active, the prices set for the strategy are also highlighted so we can see where the stops are before entering the order.

Image

Thank you!
Fernando
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Tresor
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Re: DOM: New exit orders management in the next version

Postby Tresor » 07 Dec 2012


Fabrice
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Re: DOM: New exit orders management in the next version

Postby Fabrice » 08 Dec 2012

Independent exit
Not sure if it is a good idea but it would probably be a good thing to be able to open multiple positions independently if we wish. Then each position would have its own Take Profit (TP) and Stop Loss (SL). 1 ladder for each position could be displayed along the DOM, 1 for managing each position.

Exit automatically removed or adjusted
In the current implementation (MC 8.0), there should be the possibility to automatically remove/adjust the TP and SL when adding to a position. I have already experienced losses when adding to a position just because MC triggered the TP/SL set for the "old" position. Very disappointing.

Exit not triggered when going the other side
Not so important for me, at least for now, but still something I may need one day : ability to hedge position. That is, for example, keeping overnight a long position on a daily/weekly time frame, while being able to short on the intraday time frame. In other words, the ability to not trigger an exit of an existing long when opening a short, and vice-versa.

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Re: DOM: New exit orders management in the next version

Postby evdl » 08 Dec 2012

My intrepretation of this functionality:

Requirements:
1) be able to get into a multiple positions on the same symbol when using the buy and sell buttons.
2) Mc give the ability to have a checkbox (pyramid trading on/off). When on: every position is a new position with individual targets. When off: every buy or sell is added to the existing position, as it is now.
3) When pyramid trading: show each position on the chart or somewhere in the tradepanel (see attached file)
4) The exit templates can be put on every position you like.
5) next to the position overview, there should be two checkboxes at the end of each position line. One checkbox,you can select a position and when selected the sell or buy buttons will act on the selected positions. The second checkbox (next to the other checkbox at the end of the position line) can be check or unchecked to show the targets on the chart. This way you have the ability to not display the targets that are far away from hitting. And focus on the nearby targets.
6) All positions and targets should be stored in MC. So when restarting MC the next day it will remember the positions and targets. (this is very important)

The above requirements are for manual charttrading with template exits. For autotrading, for example, auto entry with exit templates, there should be a reserved word to link in your strategy to the exit templates.

With complete autotrader there should be a way to link to the exit templates but also a reserved word to store the positions and targets.

This is my idea about this and would be very cool.

Update: adjusted picture of pyramid idea
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janus
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Re: DOM: New exit orders management in the next version

Postby janus » 19 Dec 2012

Dave Masalov wrote:Dear Users,

Following multiple suggestions we have decided to change the way manual trading exit strategies are handled in the next MC 8.5 Beta. It won't be a definitive change yet, we would like to see how it goes first.

At the moment, exit strategies, such as Stop Loss or Profit Target are always tied to the current position and there is no way to have multiple sets of exits with different size(i.e. your position is +2 and you want to have two different Stop Losses 1 contract each).
MultiCharts Team

Correct me if I'm mistaken but I'm assuming you are talking about a trader who wants to have a different set of exits for more than one entry. I'm still using 8.0 and I already can do all this with one entry of two or more contracts. I use the Master Strategy and set two or more target levels and two or more stop levels when I have multiple contracts. I will find the new feature very useful when I need to add another position, either at the same or a different level to the original one. In that case I would need to manage a different set of exit strategies to that of the previous one, even if the entry and/or exit levels are the same as those of the original, which I think is what this new feature is all about. If it is then I welcome it as I already have a need for it.

janus
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Re: DOM: New exit orders management in the next version

Postby janus » 19 Dec 2012

evdl wrote: For autotrading, for example, auto entry with exit templates, there should be a reserved word to link in your strategy to the exit templates.

With complete autotrader there should be a way to link to the exit templates but also a reserved word to store the positions and targets.

I mentioned a similar idea about linking auto-trading with the manual system to tech support some time ago. It should include both entries and exits. For example, a study could make an entry and it would appear on the chart as though it was entered manually. Then the trader can manage manually the entry like any other entry. At the same time the trader can let the study manage it automatically, depending on the trader's whim by having a toggle button on the chart trading window to block or allow the study submitting an exit order. Of course for completeness it should also have another button to block or allow an entry from the study in the first place. If this is done I may even dump my own add-on, which I implemented a long time ago, as shown in the attached image.
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evdl
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Re: DOM: New exit orders management in the next version

Postby evdl » 21 Dec 2012

Janus, I agree with your suggestions. Although maybe a lot of work to program for the MC team, but I think a system should be as flexible as possible. So it can adapt to the users needs as much as possible.

Pretty cool add-on by the way.


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