Is It Possible to Limit the Stop Orders to be Sent

Questions about MultiCharts and user contributed studies.
Spaceant
Posts: 252
Joined: 30 May 2009
Has thanked: 1 time
Been thanked: 3 times

Is It Possible to Limit the Stop Orders to be Sent

Postby Spaceant » 28 May 2011

Hi Folks and MC Support Team,

I am using two separate strategies, say Strategy A and Strategy B to autotrade, in which they both have Stop or Limit Orders. As they work independent to each other, they may send out a Stop Order simultaneously wtih two different prices, say
Buy next bar at 10000 stop;
Buy next bar at 10050 stop;

While I am trading a "Fixed Contracts" of 3 (as set under the "Trade Size" of \ Signals \ Properties \ ). In normal circumstances, when the nearest price order is executed, i.e. the first order in the above example, the second one will be cancelled.

What I am worrrying is that it will over trade the position to 6 contracts in a very fast market when when market price is moving very fast the price different of the two stop orders is too small.

I know that I can combine the two strategies into one and handle it to send only one stop order in all occassion using EL lanugange. But, it may make life easier if MC can limit the number of stop orders, say one with the nearest price.

Is it possible to limit to send only one Stop Order with the nearest price under the
\Position Limit or in other areas of MC?


Sa

User avatar
Stan Bokov
Posts: 963
Joined: 18 Dec 2009
Has thanked: 367 times
Been thanked: 300 times

Re: Is It Possible to Limit the Stop Orders to be Sent

Postby Stan Bokov » 31 May 2011

Dear Spaceant,

Since you are using separate strategies, they don't know about the orders that other strategies are sending. You can check the global market position for a symbol, but you can't check outstanding stop orders from other strategies. I would think the best thing to do here is to combine the strategies - I can't see a practical way of making strategies 'talk' to each other and globally limit the number of stop orders for a symbol.

You can also GlobalVariables or ELCollections to make the strategies from different charts talk to each other.

Does that answer your question?

Spaceant
Posts: 252
Joined: 30 May 2009
Has thanked: 1 time
Been thanked: 3 times

Re: Is It Possible to Limit the Stop Orders to be Sent

Postby Spaceant » 31 May 2011

Stan Bokov wrote:You can also GlobalVariables or ELCollections to make the strategies from different charts talk to each other.



Stan,

1) Appreciate if MC can add this new feature if possible.

2) Combining the strategies is a solution, but not very practical. Just imagine if you want to combine different strategies to trade some some purposes, say to minimize drawdown. There are a lot of combinations and this is a very clumsy way to make a solution.

3) I have actually used GlobalVariables to just to communicate between strategies, but it is clumsy as well. Also, they appearantly don't talk on the first bar after the bar giving out signals. Probably, they just calculate almost at the same time. When calling the signal using GVGetNamedInt, say on Strategy B for the signal given in Strategy A, it doesn't "get" the signal until next bar. So there is still a risk of getting them filled if the market is fast. How can it be resolvled?

Well, I haven't tried ELCollection as I have not learnt it yet.

Sa

User avatar
Dave Masalov
Posts: 1712
Joined: 16 Apr 2010
Has thanked: 51 times
Been thanked: 485 times

Re: Is It Possible to Limit the Stop Orders to be Sent

Postby Dave Masalov » 01 Jun 2011

Dear Spaceant,

Thank you for the feedback.


Return to “MultiCharts”