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Pending order with a twist

  • #1
  • First Post: Nov 13, 2008 6:42pm Nov 13, 2008 6:42pm
hi i just thought to ask this. when i want to place a pending order there's an option for an expiry date. isn't it?

let us say, today at 14:30 the price is at 100.00 and i placed a pending order-sell stop at 98.00. during, say 15:30 the price drops to 98.00, so this would mean the pending order-sell stop would be triggered.

but what i want is to have the capability to bypass/prevent the triggering of the pending order(sell limit) when it reaches to 98.00 during the 15:30 and let the price to drop a bit more to say 95.00 and have the pending order(it'll now be sell limit) be triggered when it retraces back up to 98.00.

i want this to feature/capability because i just normally place pending orders. is that possible?

i hope i explained it clearly.

tnx
  • #2
  • Nov 13, 2008 8:36pm Nov 13, 2008 8:36pm
Interesting request. But, at first impression, I don't think it will be possible because you're asking for quite a few parameters/inputs that MQL just isn't great at handling. It would be difficult to set up multiple orders with multiple time-based parameters like this. You'd almost have to do it through some sort of external database where you set the "chain" of orders (with respective time rules) and then just have MQL read that.
  • #3
  • Nov 14, 2008 1:54am Nov 14, 2008 1:54am
You won't be able to do that w/ a standard pending order, but you can do that just fine w/ an EA.

All you need to do is find whenever price reaches say, 98. Then scan back thru a set window (say the last few days or whatever) and check the lowest point... if the low meets the set low criteria, then it's a pullback and voila. Reverse that for the highs, obviously.

I have an alert that does something almost similar using stochs (wait for a stoch pullback after a particular price has been reached), works pretty well.
  • #4
  • Nov 14, 2008 9:39am Nov 14, 2008 9:39am
Quoting Rabid
You won't be able to do that w/ a standard pending order, but you can do that just fine w/ an EA.

All you need to do is find whenever price reaches say, 98. Then scan back thru a set window (say the last few days or whatever) and check the lowest point... if the low meets the set low criteria, then it's a pullback and voila. Reverse that for the highs, obviously.

I have an alert that does something almost similar using stochs (wait for a stoch pullback after a particular price has been reached), works pretty well.
hi rapid, is your alert available freely on the net?
  • #5
  • Nov 14, 2008 9:50am Nov 14, 2008 9:50am
Quoting Rabid
You won't be able to do that w/ a standard pending order, but you can do that just fine w/ an EA.

All you need to do is find whenever price reaches say, 98. Then scan back thru a set window (say the last few days or whatever) and check the lowest point... if the low meets the set low criteria, then it's a pullback and voila. Reverse that for the highs, obviously.

I have an alert that does something almost similar using stochs (wait for a stoch pullback after a particular price has been reached), works pretty well.
But how does this address the time element from the OP. I really don't think this can be done without an external interface of some kind.
  • #6
  • Nov 14, 2008 10:58am Nov 14, 2008 10:58am
Quote
hi rapid, is your alert available freely on the net?

Nah, I doubt anyone would really find it all that useful. It just does what I've outlined tho so I guess anyone could duplicate it.

Quote
But how does this address the time element from the OP. I really don't think this can be done without an external interface of some kind.

Well, I could be wrong, but from my understanding the time element was just to paint out the example. It doesn't seem to be influential in the system at all. Even if it is, to some degree, is it anything more than a simple "don't trade when the hours are greater than X or less than Y" type restriction?

Boiling it down it just seems that the guy wants to go short when price has moved down a lot, then pulled back a bit. In other words when price drops below X and then retraces back above Y, go short. Probably a good idea to set a range on the retrace... "If it retraces between Y and Z, go short" kind of thing.

Is that basically it? Just a pullback trader? Because that'd be a simple enough EA to request.
  • #7
  • Nov 14, 2008 11:33am Nov 14, 2008 11:33am
Quoting Rabid
Nah, I doubt anyone would really find it all that useful. It just does what I've outlined tho so I guess anyone could duplicate it.

Well, I could be wrong, but from my understanding the time element was just to paint out the example. It doesn't seem to be influential in the system at all. Even if it is, to some degree, is it anything more than a simple "don't trade when the hours are greater than X or less than Y" type restriction?

Boiling it down it just seems that the guy wants to go short when price has moved down a lot, then pulled back...
time element is really not that important element in what i envisage, but it would be excellent also if that's incorporated on the script/program/metatraderFeature for further filtering of trades.

and yes, it's kinda "pullback up/down and sell/buy" trading
  • #8
  • Last Post: Nov 14, 2008 12:21pm Nov 14, 2008 12:21pm
this either sounds too complicated or too simple.

To allow your scenario to work, just code an EA to wait till price reach 95.00 and place a sell limit pending order at 98.00. of cos these 2 prices must be predefined via user input upon attaching the EA to chart. There's no need to open a pending sell stop at 98.00 first since you DON'T want it to execute.

I'm not sure I understand what you mean by "time component".

order expiry can be set via user input.

period to remain pending can be set via user input and program in code that when such a time is reached, delete all pending orders regardless whether they've expired or not. say you want to close all pending orders before that day's asian closing, that can be easily done by the aforemention.

each of these points are simple logic (code wise).

Am I getting this right?

regards,
Zen
Programming for a better future.
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