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Thanks Roy for taking the time to respond.
Let me add some context to what I am trying to do. In terms of
timing, I use the End of Day product and would be looking at data in
the evenings.
So let say I have a signal based on today's close and I want to buy
sometime tomorrow if the price breaks out above today's high. The
limit order is evaluated during the next day. This is how I see it
which is not necesarily correct.
Is it true that a limit is evaluated during the next day?
Thanks,
Scott
--- In equismetastock@xxxxxxxxxxxxxxx, "Roy Larsen" <rlarsen@xxxx>
wrote:
> Hi Scott
>
>
> I'm going to offer a few thoughts on timing which I think are not
only relevant to the
> System Tester, but should be applied to coding for all MetaStock
tools. Some people
> won't agree with me, and that's fine. Personally, I can't see into
the future, and the
> perspective I take when coding is in line with my inability to see
what's going to happen
> tomorrow.
>
> Rather than say, "If today's close is higher than yesterday's
close, then tomorrow
> morning buy at market", I'd phrase it "If yesterday's close is
higher than the day before's
> close, then buy at market today". The code for that is Ref(C>ref(C,-
1),-1), and then
> there is no delay between the order being considered and executed.
>
> One of the traps with the System Tester is that when a trade is
considered for a Buy, the
> System Tester calculates the shares to be purchased based on
current prices. It doesn't
> look ahead to tomorrow's data, and when tomorrow is available
there's a good chance
> that there will be insufficient money to execute the trade. The
number of shares to be
> bought was based on the wrong bar of data.
>
> Whenever possible,make sure your entry signal is active on the bar
you want to take the
> trade. In all likelihood the best way to delay the signal is to use
Ref(signal,-1) as part of
> your Buy code. There are VERY FEW occasions when either strategic
delays or a
> simulation entry delay should be used, and that's because they
prevent the signal and the
> entry from happening on the same bar. There's an exception
for "same bar" entry and exit,
> but I won't go into that right now.
>
> When using limit or stop prices it's even more important that the
signal is coincident with the
> intended entry bar. If you create a price signal today for
something that's going to happen
> tomorrow, how on earth do you know that the price you've set will
be within the high/low
> range for the next bar. You don't. OK, in real trading you might
prepare for certain
> eventualities, but you can't take action until tomorrow unfolds. In
MetaStock it's entirely
> unnecessary to take any action until all the data is available.
Such an approach makes for
> fewer timing issues to be resolved.
>
> Keep your perspective with MetaStock in the present and looking
back to the past.
> Do not use strategic or entry delays, but rather set up your code
to include any necessary
> delays.
> Make sure each trade is considered and executed on the same bar. A
price change for
> the next bar is probably the biggest single cause of trades being
missed because of insufficient
> funds.
>
> For more detailed information you should read Tom Sprunger's
document on the Enhanced
> System Tester. It's in the files section and it's free.
> I'm part way through a series on the System Tester in the MetaStock
Tips & Tricks newsletter
> that would probably also be of help. Sadly it's not in the files
section, and it's not free either.
>
>
> Kind regards
>
> Roy Larsen
> www.metastocktips.co.nz
> Free formulas and MS links
>
>
>
>
>
> ----- Original Message -----
> From: "meta_scott" <no_reply@xxxxxxxxxxxxxxx>
> To: <equismetastock@xxxxxxxxxxxxxxx>
> Sent: Tuesday, March 22, 2005 6:05 AM
> Subject: [EquisMetaStock Group] Timing of Order types in system
tester
>
>
> >
> >
> > Hello,
> > I am finding the timing of events in the System Tester to be
> > confusing. Let me walk through a simple example and please set
me
> > straight on the translation.
> >
> > Enter Long Formula = C>ref(C,-1) (order type market)
> > Translation = If today's close is higher than yesterday's close,
then
> > tomorrow morning buy at market
> >
> > Enter Long Formula = C>ref(C,-1) (order type buy stop at "H+.25")
> > Translation = If today's close is higher than yesterday's close,
then
> > buy tomorrow, if tomorrow's price gets to today's high + .25
> > (correct?)
> >
> > Close Long Formula = C<ref(C,-1) (order type market)
> > Translation = If today's close is less than yesterday's close,
then
> > tomorrow morning sell at market
> >
> > Close Long Formula = C<ref(C,-1) (order type sell stop at "L-.25")
> > Translation = If today's close is less than yesterday's close,
then
> > sell tomorrow if tomorrow's price gets to today's low - .25
> > (correct?)
> >
> > Thank you,
> >
> > Scott Park
> >
> >
> >
> >
> >
> >
> >
> >
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