A couple of infuriating newbie questions

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damnpenguins
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A couple of infuriating newbie questions

Postby damnpenguins » 11 Feb 2014

Hi there everyone,

I'm just starting up with Multicharts , so apologies for the stupid questions. I'm working my way through the easylanguage Essentials book, and obviously need to get my head around the MC manual as well ;)

I've been trading Spot FX for the last few years have mostly been using MT. I've built up a number of scripts that I use to enter orders based off trendlines, fib levels that I place on the charts.

To this point I've been using the chart trading in MC to get into the market but was wondering if it was possible to replicate how I trade in MT in MC?

Here is an image that basically highlights what I'm wanting to replicate.

Screenshot_021114_124140_PM.jpg
trading based off chart drawings
(70.73 KiB) Downloaded 301 times
So what I have here is a script in MT that draws a fib tool (with only 2 levels), and when I trigger the script again, it then accesses the prices of the fib levels and then submits an order based on those levels.

I have this set up with a shortkey so that CTRL+B triggers the buy script and CTRL+S triggers the sell script.

This is breakdown of what my order script does:
  • - if it can't find a fib tool it generates a fib retracement tool with two levels
    - if it can find the tool, it then
    - Grabs the Entry and Stop levels off the fib
    - Calculates trade volume based on the stop size
    - Enters an order based on the levels
So the question is: Am I able to replicate this in MC? Or am I better off simply using the Chart trading window or the trade bar etc?

Sorry for the newbie question again but I thought I'd ask those in the know rather than fumbling around over the next few days.

I don't think I can generate a fib tool through easylanguage but I could easily do it with a few trendlines.

I know I can access trendlines within easylanguage programatically, so I'm thinking I probably should be able to replicate this script to a fair extent.....

Any ideas?

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Henry MultiСharts
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Re: A couple of infuriating newbie questions

Postby Henry MultiСharts » 12 Feb 2014

Hello damnpenguins,

There is no way to generate a fib tool through PowerLanguage, that is correct.

That is possible to create a signal that will read the manually placed drawing values from the chart and generate orders on the values. Similar functionality has been discussed in this thread:
viewtopic.php?f=1&t=45969

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MAtricks
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Re: A couple of infuriating newbie questions

Postby MAtricks » 12 Feb 2014

Its very possible to write code to isolate two points and apply a fib measurement from them. This can be complicated or simple.. however you want it. It may be different from what you're doing but I'm sure you can arrive at the same outcome with MC.

There's fib code around here somewhere...


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