Support Board
Date/Time: Sat, 23 Nov 2024 22:43:55 +0000
Trading System Based on Alert Condition - Only Scale in if Existing Position is in Profit
View Count: 214
| [2024-07-07 15:37:58] |
| Rich_B - Posts: 31 |
|
Hi I am using the Trading System Based on Alert Condition study. I have it set to allow multiple separate entries into the same market ... this includes adding to existing positions. The problem I have is that it is adding to positions even if they are currently at a loss. I only want it to add to positions that are in profit by 'x' amount of pips. Is there a way to achieve this? Thank you |
| [2024-07-08 15:09:23] |
| John - SC Support - Posts: 36238 |
|
You would have to add the profit amount to the Alert Condition. There are a few ways to go about this, but since you specify that you are wanting to be in profit by "'x' amount of pips", we suggest adding the "Trading: Position Average Price" to the chart. Then your Alert Condition would need to add the following to it: C > ID1.SG1 + .02 Where C is the Close/Last price, and ID1 is the ID of the "Trading: Position Average Price". You would have to change the value of .02 to whatever number of pips you need based on the particular instrument. Refer to the following: Study/Chart Alerts And Scanning: OR and AND Functions For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
| [2024-07-08 15:18:37] |
| Rich_B - Posts: 31 |
|
Thanks very much John, I will look into it.
|
| [2024-07-16 07:38:24] |
| Rich_B - Posts: 31 |
|
Hi John The solution above has worked well on 3 of the 4 markets I trade. However, it doesn't seem to work on Gold. Not that the logic isn't sound, I can see that it is. It appears to be the 'Trading: Position Average Price' study that is not resetting to zero when the first position closes at a loss or breakeven that is causing the problem. This means that additional trades are being added to the position even if it is not showing profit (the thing I am trying to avoid). In your post above, you mention that there are 'a few ways' to go about achieving my goal. Having done some back-testing, I have concluded that the 'x amount of pips' parameter from my original post is actually not that relevant ... any level of profit will be sufficient, just not a loss or breakeven. Would you mind sharing the other ways you mention that I can go about automatically adding to a position but only when the current position is showing (any level) of profit? Many thanks |
| [2024-07-16 16:24:51] |
| John - SC Support - Posts: 36238 |
|
Another way to approach this is to use the "Spreadsheet System for Trading". Columns I and J give you information regarding various items, including "Open Profit/Loss" and "Cumulative Closed Profit/Loss". Look for the specific profit item you want to use and then you can reference that cell in one of the Calculation Columns (such as O) and then you can get access to that information through the subgraph for that column. For instance, if you want to use the "Open Profit/Loss", then this is located in cell J10. So in cell O3, you would enter the following: =$J$10 So the O column now has that information in it. Now you can reference that by using ID1.SG5 where ID1 is the ID of the Spreadsheet System for Trading and SG5 is the O column data. Note that cell J10 may be something different depending on how you have the Input for "Use Column I and J Values Version 2" of the Spreadsheet System For Trading. For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
To post a message in this thread, you need to log in with your Sierra Chart account: