BuyToCover

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Completely or partially exits one or all of the short entries as specified by the parameters.

The exit point is visually indicated on a chart by an Arrow and a Tick. The Arrow identifies the time and the Tick identifies the price value of the exit point. Labels, displaying the exit name and the number of contracts or shares traded, are displayed below the Cover Arrow.

An order is executed at the point specified by the parameters; if the order is not filled within the specified bar, the order is cancelled.

Usage

BuyToCover [("ExitLabel")] [From Entry("EntryLabel")] [TradeSize[Total]] Exit

or:

Buy To Cover [("ExitLabel")] [From Entry("EntryLabel")] [TradeSize[Total]] Exit

Parameters inside the square brackets are optional - if these aren't defined, the default is used.

Parameters

ExitLabel - an optional parameter; assigns a name that will be displayed in the name label above the exit.
If ExitLabel is not specified, the name "Cover" will be used for the first exit, "Cover#2" for the second exit, "Cover#3" for the third exit, etc.
EntryLabel - an optional parameter; ties the exit to the particular entry that was assigned the EntryLabel name; the name must be preceded by the word Entry. The word From is a skip word and can be omitted.
An exit can only be tied to an entry within the same signal. For more information, see SellShort.
If EntryLabel is not specified, all of the open short entries will be closed.
TradeSize - an optional parameter; a numerical expression, specifying the number of contracts or shares to buy. The expression must be followed by one of the following equivalent words: Share, Shares, Contract or Contracts.
By default, the number of contracts or shares specified by the TradeSize parameter will be covered from each of the open short entries.
If TradeSize is followed by the word Total, only the number of contracts or shares specified by the TradeSize parameter will be covered, regardless of the number of open short entries. The contracts or shares will be covered in the same order they were shorted: First In, First Out.
If TradeSize is not specified, the entire short position will be closed out.
Exit - a required parameter; specifies the timing and price of exit. See the section below for more information about the four types of exits.

Types of exits

There are four types of Exit:

Exit this bar on close

This Bar On Close

Where:

On - is a skip word and can be omitted.

A Cover Arrow will be placed at the current bar's Close tick.

Exit next bar at open

Next Bar At Open

or

Next Bar At Market

Where:

Words "Market" and "Open" are transposable.
At - a skip word and can be omitted.

A Cover Arrow will be placed at the next bar's Open tick.

Exit next bar at limit

Next Bar At Price Limit

Where:

Price - a numerical expression, specifying the Limit Price.
At - a skip word and can be omitted.

A Cover Arrow will be placed on the next bar at the first tick with a price value less than or equal to Price ; if there are no such ticks within the next bar, the order will be cancelled.

Exit next bar at stop

Next Bar At Price Stop

Where:

Price - a numerical expression, specifying the Stop Price.
At - a skip word] and can be omitted.

A Cover Arrow will be placed on the next bar at the first tick with a price value equal to or greater than the Price ; if there are no such ticks within the next bar, the order will be cancelled.

Examples

Completely exit all open short entries at Market price on close of this bar and label the exit "Complete Exit":

BuyToCover("Complete Exit") This Bar On Close;

Completely exit from the short position established by the entry labelled "Original Entry", at Market price on open of next bar:

BuyToCover From Entry("Original Entry") Next Bar At Open;

Cover 10 shares of the short position established by the entry labelled "Original Entry", at Market price on open of next bar:

BuyToCover Entry("Original Entry")10 Shares Next Bar At Market;

Cover 5 contracts for each one of the open short entries at Market price on open of next bar:

BuyToCover 5 Contracts Next Bar Market;

Cover a total of 1 share, regardless of the number of open short entries, within the next bar on the first tick with a price of 100 or less (the first share shorted will be covered if the price is met):

BuyToCover 1 Share Total Next Bar At 100 Limit;

Completely exit all short entries within the next bar on the first tick with a price of 50 or more:

BuyToCover Next Bar 50 Stop;