Buy and Limit orders with relation to a price at a specific hour

• 09/14/2020 at 8:58 PM #144258
  MICH

  Hello,

  I’m trying to set limit orders to buy and sell based on the price at a certain time.

  For example, if the price of a contract at 16:00 is 185, set a buy limit order to 5 pt less and a sell limit order to 2 pt more. Purchase and sale orders, in the example of 185, would be at 180 and 187.

  I tried with:

  IF (CurrentTime = 1600) THEN

  BUY 1 CONTRACT AT close[1]-5 LIMIT

  SHORTSELL 1 CONTRACT AT close[1]+2 LIMIT

  END IF

  But if in the timeframe considered (e.g. 5 min) these price levels are not touched the orders are not executed. If by 16:05 the price levels are not touched the orders are not opened. What can I do to have the orders open for the following periods? 

  Thank you very much in advance!

  

  MICH

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  09/14/2020 at 9:10 PM #144259
  robertogozzi

  160000, always 6 digits.

  Sellshort, not Shortsell.

  Pending orders always expire each bar. If conditions are still valid you need to place them again and again.

   

  

  robertogozzi

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  09/14/2020 at 10:44 PM #144260
  MICH

  Thank you very much for the correction and for the advice!

  But, how can to replace the orders for a specific time? E.g for 4 hours?

  Thank you in advance!

  

  MICH

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  09/14/2020 at 11:52 PM #144264
  robertogozzi

  The simplest way is to run your strategy from a 4-hour chart.

  If you want to run your strategy from a 5-minute chart but want the pending orders be placed for the next 4 hours, then you have to do the math yourself to compute the correct expiration time or you may use the number of 5-minute bars required (each hour has 12 5-minute bars, so it’s a total 48 bars) to keep placing your pending order(s).

   

  

  robertogozzi

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  09/15/2020 at 12:09 AM #144266
  MICH

  Thank you very much Roberto!

  

  MICH

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  11/10/2024 at 3:39 PM #240207
  HOPLITE

  Dear All,

  How to set up a buy limit above the previous candle high plus 1 ?

  BUY 1 CONTRACT AT HIGH[1]+1 LIMIT
  SET TARGET PPROFIT 150
  SET STOP ploss 80
  ENDIF

  This code buy at the open instead of the previosu candle high +1

  Could you please advise what shoul be written ? to activate it ?

  Thanks

  

  HOPLITE

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  11/10/2024 at 4:21 PM #240212
  robertogozzi

  Without the code you used I cannot exactly tell, but you are likely not to have checked whether the order has to be a STOP or LIMIT order:

  IF close > HIGH[1]+1 THEN BUY 1 CONTRACT AT HIGH[1]+1 LIMIT ELSIF close < HIGH[1]+1 THEN BUY 1 CONTRACT AT HIGH[1]+1 STOP ENDIF

  1 2 3 4 5

  IF close >  HIGH[1]+1 THEN    BUY 1 CONTRACT AT HIGH[1]+1 LIMIT ELSIF close <  HIGH[1]+1 THEN    BUY 1 CONTRACT AT HIGH[1]+1 STOP ENDIF

  You cannot use STOP or LIMIT at your own discretion, but based on the position of the current price. i.e. CLOSE, compared to the entry point (see attached dpic).

   

   

  

  robertogozzi

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  11/13/2024 at 8:34 PM #240329
  HOPLITE

  Thank you Roberto for your reply.

  I am just looking for a buy signal when the price crosses the previous candle high in the same timeframe.

  

  HOPLITE

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  11/14/2024 at 11:37 AM #240362
  robertogozzi

  Then the above code should do.

   

  

  robertogozzi

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