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Well,
we are mostly traders and not programmers! If anyone has been following
along with eSignal's advanced chart development and system tester on their Yahoo
list, I think they have the right idea. Their programmers are listening to
what the traders want (they are both on the email list) and making refinements
as they go along. They constantly post new builds in beta to try
out. I think they have a ways to go but they are making
strides.
<FONT face=Arial color=#0000ff
size=2>
I know
there are Amibroker users on this list, does it allow you to write formulas for
both intrabar targets and stops at the same time? Just
curious.
<FONT face=Arial color=#0000ff
size=2>
Joe
J.
<FONT face=Tahoma
size=2>-----Original Message-----From: Lionel Issen
[mailto:lissen@xxxxxxxxxxxxxx]Sent: Friday, November 01, 2002 10:59
AMTo: Metastockusers@xxxxxxxxxxxxxxxSubject: RE:
[Metastockusers] 8.0 System tester
The point has been
made before that the Metastock programmers are not
traders.
<FONT face=Arial
size=2>
<FONT face=Arial
size=2>Lionel
<FONT
face=Tahoma size=2>-----Original Message-----From: Joe J.
[mailto:jojab@xxxxxxxxx] Sent: Friday, November 01, 2002 11:32
AMTo: Metastockusers@xxxxxxxxxxxxxxxCc:
equismetastock@xxxxxxxxxxxxxxxSubject: [Metastockusers] 8.0 System
tester
<FONT face=Arial
color=#0000ff>While I think Equis has done a good job improving their
system tester in 8.0, last night I discovered what might be a limitation that
I wouldn't have expected.
Here
is a copy of an email that I just sent to Tech Support, I'll
keep the group updated:<SPAN
class=284022517-01112002>
I was testing one of your standard Equis systems - the
Bolliger Band ("BB") one. As you may recall, the idea is that you would plot
two BB's, one would be 2 std. dev. and one at 1 std. dev. You wait for a close
(for longs) below the 2 std. BB and then back inside it to enter the trade
(i.e., using the cross function). The suggestion then is to exit the trade
with profits when the price crosses the upper 1 std. dev. band. Simple
enough.
I wanted to take advantage of the ability to exit intrabar.
Thus, I wrote a condition to exit when High is greater than the upper 1 std.
band. I checked the "limit" button and entered the formula for the 1 std.
band. All went well. The exits worked fine.
Then, I wanted to add stops. I wanted to tell it to exit if
the low for any bar was lower than the entry bar (i.e., the bar the condition
for the entry was made on - the cross bar). This was simple enough to write.
All I had to do was use a ValueWhen() function with the last time the cross()
condition was met and tell it if the low was lower to exit.
When I did this, the exit did not work. Puzzled, I went back
and unchecked the "limit" order box and changed it back to market. Now the
exit stop worked but even though the formula section still told it to exit at
a profit target when the high exceeded the upper 1 std. BB, it did not (I
figured it would exit at the close of the bar for which that condition was
true instead of intrabar since I didn't have the limit button selected - but
it didn't).
I tried one other thing and that was to put both conditions in
the "limit" box. I discovered 3 things:
1. The box is very limited, you can only write a small section
of code due to space.
2. You can not reference defined formulas that you wrote above
in the regular section (i.e., I wrote a formula called IBBT := for the 1 std
dev. upper BB so I wouldn't have to keep writing the formula out)
3. You can not put both statements in the box (i.e, a
different stop and a limit).
I think these issues should be addressed in the
future.
Clearly the formulas are okay because I can get both to work
independently but not at the same time.
My questions for you are this:
When building and testing the system tester for 8.0, did you
contemplate users being able to enter both formula based limit orders for
profit targets and formula based stops at the same time to exit the position?
This is probably a very common things for a lot of traders.
I don't want to use percentage stops in my example above
because I want to adapt the system to current market conditions (i.e., using
nearby lows to judge stops) and also use the current market conditions to take
profits (i.e., the 1 std. dev BB).
If I am missing something, please let me know. I've tried
several other formulas to replace the ValueWhen/Cross/Low combination
mentioned above (still using the ValueWhen to tell me when the cross occurred
but other things that involved ATR() to set the stop levels - these didn't
work either).
Thanks in advance,
Joe J.
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