Price action strategy with Prorealcode?

• 11/17/2023 at 12:43 PM #223867
  GMflash

  Hi!

  I’ve developed 4 different price action based setups and would like to automate them with an Algo.

  I have no prior experience in programming (but could ask some friends who code for help).

  The most basic setup is just trading a pullback when prices are trending (3 EMAs “aligned”).

  There are of course multiple components to even such a simple strategy:

  define the trend (in relation to the open of the market),

  define the position of EMAs, PB must not be more than 75% of the trending move,

  must buy above bar or below bar with an OCO order,

  stop loss and take profit (both a set number of points) calculated based on the size of the prior 2 bars before entry,

  Must include exceptions for when prices are choppy (ie. 4 bars before entry overlap by a certain amount).

  Its a very easy method to trade with point and click but feels like it may be much harder to program (if at all) because it does not rely on indicator values.

  

  GMflash

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  11/17/2023 at 12:47 PM #223868
  GMflash

  And the question was: is this possible with Prorealcode ?

   

  Thanks!

  

  GMflash

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  11/17/2023 at 6:15 PM #223872
  robertogozzi

  It’s usually possoible to code it, but it’s necessary to know ALL your conditions to know exactly what it’s going to be.

  For example, OCO orders are not available. So if you place a Long and Short pending orders they could both be triggered (though rarely, especially on higher timeframes) , otherwise they are both cancelled at the closing of each bar and you will want to place them again, if needed.

   

  

  robertogozzi

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  11/17/2023 at 6:20 PM #223873
  GMflash

  Thanks!

  Yes I know all the conditions and can explain them precisely in plain English.

  For OCO, I meant that there is one order (short or long) that then triggers the classical stop loss / take profit targets in the shape of an OCO.

  To me that is very standard. What’s less standard is people with algos that are not indicator driven.

  

  GMflash

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  11/17/2023 at 6:28 PM #223875
  robertogozzi

  As far as stop loss and and take profit are concerned, there’s no problem with OCO orders, as they CAN’T be both triggered 🙂

   

   

  

  robertogozzi

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