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 Platinum Customer
Joined: 10/7/2004
Posts: 127
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I've read the long posts on trying to create this in snapsheets. If I only want to use the ATR stop for exiting long positions, is there any way to feed the tracking information (p. price and possibly p. date) from Telechart into Snapsheets?
Thanks,
AJ
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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Describe your stop and I will create the BackScan condition for you.
What happens to causes you to close the long trade exactly?
- Craig
Here to Help!
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Platinum Customer
Joined: 10/7/2004
Posts: 127
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Long position exit = [entry price] - [ATR*4]
where 4 is an arbitrary multiplier.
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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Exit if price gets below this value?
Price close or low?
- Craig
Here to Help!
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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also, what ATR is used? The ATR for the stock when the trade opens OR the current ATR?
- Craig
Here to Help!
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Platinum Customer
Joined: 10/7/2004
Posts: 127
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can we not do the exact price.
if entry price was $20
ATR[14 day] = 0.90
Multiplier = 4
Exit price would equal = (20) - 4*(0.90) = 16.40
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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At what point do we calculate the ATR? Is it the value when the trade opens or is it the most current value?
- Craig
Here to Help!
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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I have to catch a plane to Los Angeles to teach the class there this weekend. I will ask Bruce to follow up here once we get when the ATR should be calculated.
- Craig
Here to Help!
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Platinum Customer
Joined: 10/7/2004
Posts: 127
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thats interesting, I assumed it would be the current value, however either would work.
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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I'm actually not sure what Craig is planning. You seem to want to get the Entry Date and Entry Price from a TeleChart Watchlist Tracking feature. I do not know of a way to do this.
Have you tried the Long Volatility Stop from the Thursday, December 21, 2006 5:43:44 PM ET post in Volatility Stop?
I've attached a BackScan Condition to this post that subtracts the ATR from the BackScan Entry instead of the BackScan High. Download the .scond file to:
\My Documents\Blocks Files\Tool Parts\BackScan Conditions
Once downloaded, you should be able to select Add Condition | My Computer when adding a BackScan Condition to access it. You can view its Block Diagram to see how it works. You may wish to review the following:
Customizing with Properties
Your First 3 Block DiagramsAttachments:
Long Volatility Stop (Entry).scond - 5 KB, downloaded 468 time(s).
-Bruce
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