| Welcome Guest, please sign in to participate in a discussion. | Search | Active Topics | |
Registered User
Joined: 11/30/2009
Posts: 29
|
I'm trying to create an entry condition in BackScanner that combines rules from both a daily and weekly chart. That is, I want to go long if WeeklyRule and DailyRule are both simultaneously true. I can't figure out how to do this.
I believe that if WeeklyRule being false were also an trade exit condition, I could simply create an indicator that went the other way and use it as a sell rule with a higher priority to prevent the buy rule from firing. However, that's not the case here - WeeklyRule is an entry criterion, but has no weighing on when to exit the trade.
How can I accomplish this? Thanks in advance!
|
|
Administration
Joined: 9/30/2004
Posts: 9,187
|
Currently, you cannot mix time frames in BackScanner. All Rules are evaluated on the same time frame.
|
|
Registered User
Joined: 11/30/2009
Posts: 29
|
The StockFinder manual says, on page 90: "Any Rules from charts used in the BackScan will use their chart's time frame to determine if a stock passes the rule but all executions and results for the BackScan are based on this BackScan Time Frame setting."
I have tested combining daily and weekly rules, and they work fine. I can enter on a daily rule, and exit on a weekly rule, with the exit execution taking place on Monday as expected (using the default "1 bar from now" setting). I was mentioning the different timeframes to make clear from the outset that simply creating a combo rule would not be a solution, since a combo rule can't draw from multiple charts.
So, let me ask it a different way: is there a way to structure the rules so that two rules must be met in order to enter the trade? Again, for both rules it would be easy to create "opposites" that would go the other way, if that makes it possible.
Or, to ask it a third way: there's a "remain in trade" action that prevents any other sell rule from firing. Is there a way to create the effect of an "avoid trade" action that would prevent a later buy rule from firing?
|
|
Registered User
Joined: 11/30/2009
Posts: 29
|
Do any of the trainers have any ideas? I'd really appreciate any suggestions on how to accomplish this.
|
|
Worden Trainer
Joined: 10/7/2004
Posts: 65,138
|
SunriseMan,
As you have already noted, you can't combine Rules from different Charts into a Combo Rule. That said, you can add the Indicators of interest to the same Chart multiple times (one for each Time Frame of interest) and manually adjust the Time Frames in the Block Diagrams. The rules based on different time frames topic has an example.
I've also attached Price History and Volume Bars Indicators with their own Time Frames as these are the basis of most other Indicators.Attachments:
Price History w Time Frame.sfInd - 4 KB, downloaded 620 time(s).
Volume Bars w Time Frame.sfInd - 8 KB, downloaded 702 time(s).
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
|
|
Registered User
Joined: 11/30/2009
Posts: 29
|
Bruce,
Thanks very much. I hadn't seen that topic. That's very useful information.
It also recently occurred to me that I might be able to "trick" BackScanner by having the same rule appear twice, once with "Remain in Trade" and then with "Sell." I think that this will have the same net effect as the "avoid trade" I was trying to accomplish, as a "Sell" seems to prevent a later "Buy." I could therefore make a rule that is the opposite of my weekly buy condition, and use those two rules to prevent buying when it's not met. That would be a lot easier than recoding weekly indicators on the daily chart.
I'll have to play around with that a bit, so please feel free to share if you already know whether it'll work. 
Thanks again.
|
|
Worden Trainer
Joined: 10/7/2004
Posts: 65,138
|
SunriseMan,
You're welcome. Our pleasure.
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
|
|
|
Guest-1 |