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Michael:
>Buy This bar at a Band touch (Price) and If RSI is Less than X .
>
>Considering you don't know the value of the band the bar before
>or the value of RSI the bar before . You cant say Buy Next Bar at
>Limit Price because you don't know the price.
Ah. Now you've run into a limitation of TS and WealthLab and a number
of other software platforms.
TradeStation will update indicators on every tick. Unfortunately
it won't update strategies on every tick, and it would be trivially
easy to do so. People argue that orders would get whipsawed in
and out, but that's a load of horse manure. All that's needed is
for the "order filled" flags to not be reset when the strategy
calculations are reset and recalculated.
To do what you describe above here are some suggestions.
1. Trade off tick charts, but do your calculations off bar charts.
This can be complicated and messy to program, but it can be done.
2. Make projections of where your indicators are likely to be. Many
indicators (MACD, ADX, etc.) move slowly and don't change much from bar
to bar, so a simple extrapolation is often sufficient. In fact, using
the previous bar's value is often sufficient, and that's what's done.
3. For something like RSI, I had to derive an "inverse RSI"
function that told me the next bar's price required to cause RSI to
have a particular value next bar, then I set a stop order or limit
order at that price. In other words: If you know the condition
of an indicator that will trigger an order, you can convert that
indicator value to a price by calculating the indicator backwards
from that value to the price causing that value, and then place
an order at that price. For some indicators like RSI, this isn't
trivial and takes some thought.
--
,|___ Alex Matulich -- alex@xxxxxxxxxxxxxx
// +__> Director of Research and Development
// \
// __) Unicorn Research Corporation -- http://unicorn.us.com
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