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Trial Day 3: Derived Limit and Stop Levels
http://www.molanis.com/forum/viewtopic.php?f=6&t=683		 Page 1 of 1
Author:  Horizontal [ Fri Nov 25, 2011 1:37 pm ]
Post subject:  Trial Day 3: Derived Limit and Stop Levels
Hello Molanis,

What do you do, if you need to use Limits and Stops in your EA, that are derived out of calculations of various indicators?

Example: (Using two custom indicators: OmegaTAC and OmegaSAC, as input to calculate Limit and Stop levels)

EA opens Long position
Limit = iLow [0] + OmegaTAC
Stop = (iLow [0] + OmegaTAC) - (OmegaTAC - OmegaSAC)

The BUY and SELL Blocks have only generic fields for fixed Limit and Stop levels, which does not allow room for proper trade logic. The trade logic, has to include more than just Entry Logic and specific targets in my system are derived from precise calculations of existing indicators that yield an actual price level in the market for Limits and Stops.

Your help is greatly appreciated.

Regards,
Horizontal
Author:  admin [ Fri Nov 25, 2011 6:31 pm ]
Post subject:  Re: Trial Day 3: Derived Limit and Stop Levels
Good point. Version 3.15 only uses fixed stops. V 3.16 will use some dynamic stops (most popular like ATR)
Author:  Horizontal [ Fri Nov 25, 2011 7:59 pm ]
Post subject:  Re: Trial Day 3: Derived Limit and Stop Levels
Ok, that kills the second type of EA that I needed to build. I'm batting 000% right now. Let's see if I get a base hit on the next one.

I would think that in any code generator for MQL, that having the ability to refine the risk/reward envelop, using the same indicators that are necessary to trigger the original trade, would be of very high importance to the trade system designer.

We use indicators to aid us with the entry. I [personally] use those same indicators to aid me with the level of risk I should take, and the expected reward I should target.
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