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Normally you can use "open next bar" if you want to check the open before
placing orders - this causes orders to pop up on the open - but it's not
allowed if you use more than 1 data stream. The dll will let you get around
this for backtesting - orders will be generated on the close. Not sure what
it does when the open hasn't happened yet!
rgds Phil
----- Original Message -----
From: James O. Davis <fleubis@xxxxxxx>
To: <omega-list@xxxxxxxxxx>
Sent: Wednesday, August 30, 2000 11:07 AM
Subject: "Next Open"
> I am trying to understand some new TradeStation Signals I've got which
> utilize the NextOpen DLL. This .DLL as you probably know allows you
> access tomorrows open. What I'm seeing are buy and sell signals produced
> by the Signal each of which is plus or minus Tomorrow's Open as
> obtained by the DLL plus or minus a computed Factor..
>
> I'm not grasping what the intentions are here in terms of trading. In
> backtesting, each bar is looking into the future to obtain a price (plus
> some additional math) on a buy or sell order which is assummed to be
> filled.
>
> This seems to imply that for a position trader (never mind daytraders)
> to trade this type of Signal--never mind the backtesting--that to
> duplicate the backtesting methodology, you are in fact waiting for the
> market to open to get the opening price, applying the Factor, and wait
> in hope that your order will be filled. Now am I getting this right?
>
> My confusion is the result of trading for years by buying/selling at the
> market, with also stop limit orders on market open, but most often
> regardless of price But I don't understand how it is reasonable for
> TradeStation to assume trades have been placed based upon an unknown
> opening price--tomorrows open..
>
> Can anyone straighten me out on the intentions of the Tomorrows Open
> DLL??
>
> J. Davis
>
>
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