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Burger Straddle Script

  • #81
  • Mar 24, 2007 9:15pm Mar 24, 2007 9:15pm
Let me know the specifics on what you need as far as data feed goes. I may have some solutions, but most are going to be subscription based.


Quoting BurgerKing
This is all based on personal experience. I put the tools/features there, its up for the trader to decided to use it or not.

Heck, I even got request to autoclose positions depending on the data deviation. Hmmm...

Im currently reviewing this suggestion regarding BurgerStraddleScript fetching news feeds.. There is already a work on fetching calendar from FF (FFCAL); but unfortunately, FF's XML file (http://www.forexfactory.com/weekly_calendar.xml) does not have complete information. For instance, the upcoming NZD news does not have Estimates on the above mentioned xml file; nor does it publish the actual number either. Therefore, it is not useable for this purpose. Fetching the calendar.php however takes more bandwidth and highly unwelcome. We need another data feed. Anyone have sources?
Keep it simple stoopid....
  • #82
  • Mar 24, 2007 9:16pm Mar 24, 2007 9:16pm
Quoting Toothman
Forgive me if the answer to this question is obvious but what is the BuyLot2 and SellLot2 function in the script for? Should they be left at 0.0? Thank You.
This is best explained using a "storyline":

Price starts at 1.9600 and your Straddle = [email protected], SL 1.9600, TP @1.9650. Upon release of news, price went strongly up to 1.9649, stalls, then quickly move down to 1.9580 within 15 seconds while you frantically tries to close it but kept getting requoted.

Obviously, you lost back there because price did not hit your TP and you kept requoted.

You could have used Trailing Stop to protect the profit. HOWEVER, what if broker failed to execute those trail stops? During news, brokers are slow, slow slow. Have you experience NorthFinance? Trail Stop could not protect you then.

To protect you, another set is placed to win enough pips to break even should 1st set fails....

Now you have:
BuyLot1 5, SL 1.9600, TP 1.9650
BuyLot2 5, SL 1.9600, TP 1.9610

if you run this on the above scenario, you will have Set2 win 5 pips and Set1 could win, could loose but you are assured you wont loose today.

I personally DONT use 2nd set. 2 sets is used for fast brokers.
  • #83
  • Edited 9:30pm Mar 24, 2007 9:20pm | Edited 9:30pm
Quoting Kurka Fund
Let me know the specifics on what you need as far as data feed goes. I may have some solutions, but most are going to be subscription based.
Specifics: Authorization, Protocol
Subscription? Thats up to the trader to decide on their own.
  • #84
  • Mar 24, 2007 10:49pm Mar 24, 2007 10:49pm
Hey BK!!!!
this thing is so freaken cool!!! never really used scripts before. You are the man. Can't wait til market open to see it in action. Thank you for your hard work.
  • #85
  • Mar 25, 2007 4:10am Mar 25, 2007 4:10am
Quoting BurgerKing
By default BurgerStraddleScript will check your inputted MaximumSpread valu by doing the following:
if (MaximumSpread < StopLoss) MaximumSpread = StopLoss - 1;
if (MaximumSpread < Spread) MaximumSpread = Spread;
This will ensure that it will run with the smallest allowable MaximumSpread to barely run the script; but should broker widens the spread after this check, then it will abort and record the reason in the "Experts" tab. But of course you can specify at the start your tolerated spread and script will not bring it down. You can verify this on the screen where MaximumSpread is displayed.
BK,

Just to confirm I've got my thinking right, say I want a stoploss of 12 pips and can tolerate the spread widening by 2 pips at newstime (but still keeping the s/l at 12 pips) should I enter the MaximumSpread as 14?
  • #86
  • Mar 25, 2007 4:30am Mar 25, 2007 4:30am
Hi Bk. Thanks for the previous answer to my questions.

I'm running the script on demo.I've set the new one up for tonight for the NZD at 2345 hours. I've allowed DLL imports.

However the clocks went forward one hour in the UK last night and the clock time on the script showing on my charts is showing the time 1 hour behind the current UK time.

Will it still work or do I need to change something?

Thanks Schoe.
  • #87
  • Mar 25, 2007 8:28am Mar 25, 2007 8:28am
Quoting the bhoy
BK,

Just to confirm I've got my thinking right, say I want a stoploss of 12 pips and can tolerate the spread widening by 2 pips at newstime (but still keeping the s/l at 12 pips) should I enter the MaximumSpread as 14?
What you are saying is, "Its ok for you to loose the very moment your position is filled?"

WOW if I am your broker, I will throw a party just for you to keep you trading with me.

What you said is you can tolerate spread of 14, but still wants SL@12.... Hmm So how can you tolerate 14 spread when your SL is only 12?

BurgerStraddleScript only checks the spread widening BEFORE orders are filled. So if brokers kept widening the spread before the news, it is telltale signs that spread will baloon after the news. This is clear indication to ABORT!
  • #88
  • Mar 25, 2007 8:32am Mar 25, 2007 8:32am
Quoting schoe
Hi Bk. Thanks for the previous answer to my questions.

I'm running the script on demo.I've set the new one up for tonight for the NZD at 2345 hours. I've allowed DLL imports.

However the clocks went forward one hour in the UK last night and the clock time on the script showing on my charts is showing the time 1 hour behind the current UK time.

Will it still work or do I need to change something?

Thanks Schoe.
Let me guess, UK is now daylightsavings time right?

AS I said, the BurgerStraddleScript follows GMT+0 (aka GMT) and NOT London. Of course London is also based on GMT+0 but London Time has daylightsavingstime!

So from now on, UK news is 8:30GMT instead of 9:30GMT
  • #89
  • Mar 25, 2007 11:40am Mar 25, 2007 11:40am
Quoting Kurka Fund
does anyone have a history of the news announcements and the price reaction.

I thin kthat it would be usefull to see the historic data on something the the NFP . . .

How many pips it moved after the announcement. ratio of pip movement to flux from forcast to accual release numbers ect.

If anyone can get me a spreadsheet with the data i will crunch the numbers and post some targets that could help everyone trade these events more efficently.
Here is a spreadsheet that helped me make some $$ on the "High Impact Releases" last week. I do not remember where I got it from.
Attached File(s)
File Type: zip Economic Report Trader.zip   26 KB | 984 downloads
  • #90
  • Mar 25, 2007 11:47am Mar 25, 2007 11:47am
Quoting BurgerKing
What you are saying is, "Its ok for you to loose the very moment your position is filled?"

WOW if I am your broker, I will throw a party just for you to keep you trading with me.

What you said is you can tolerate spread of 14, but still wants SL@12.... Hmm So how can you tolerate 14 spread when your SL is only 12?

BurgerStraddleScript only checks the spread widening BEFORE orders are filled. So if brokers kept widening the spread before the news, it is telltale signs that spread will baloon after the news. This is clear indication to ABORT!
lol - hopefully I'm not THAT dumb.

No, just trying to understand the nature of the formula the script uses for MaximumSpread as I quoted in my previous post. If I set the MaxSpread to 7 (because my broker's cable spread is 5 i.e. 2 pips leeway) the text generated on the chart shows MaximumSpread: 11 (stoploss - 1). If the spread widens to 6 pips is the order cancelled?

Apologies if this is an obvious answer, just trying to figure it out before using it on live account.

Ta much
  • #91
  • Edited 2:46pm Mar 25, 2007 2:03pm | Edited 2:46pm
Quoting the bhoy
lol - hopefully I'm not THAT dumb.

No, just trying to understand the nature of the formula the script uses for MaximumSpread as I quoted in my previous post. If I set the MaxSpread to 7 (because my broker's cable spread is 5 i.e. 2 pips leeway) the text generated on the chart shows MaximumSpread: 11 (stoploss - 1). If the spread widens to 6 pips is the order cancelled?

Apologies if this is an obvious answer, just trying to figure it out before using it on live account.

Ta much
Ah.. thats clearer.. Let me check the codes...

BurgerStraddleScript will always abort if Spread (ASK-BID) is greater than MaximumSpread.

But there seem to be something wrong with the other part of the code that I originally thought it should be.

In your example, MaximumSpread was set to 7 and is clearly more than the current spread. But BurgerStraddleScript forced it to 11; it should not do this. Wait for the next release for the fix.

Another (minor) bug I noticed is that, sometimes an order would immediately close (either SL or TP), BurgerStraddleScript would not detect this properly and would not be able to OCO. At this point, simply ABORT (by deleting the clock). I noticed this last Housing data; my order was immediately closed at TP and I was wondering what happened until I took a look at "Account History". It went from a SellStop to Closed in an instant - that was fast money.
  • #92
  • Mar 26, 2007 9:06am Mar 26, 2007 9:06am
Hey burger king the script worked great for me got 15pips thank you
MIR
  • #93
  • Mar 26, 2007 9:22am Mar 26, 2007 9:22am
17 pips on cable just now. Picture perfect straddle trade that one, no movement before, no whipsaws after - if only they could all be like that.....

Actually set the t/p to 20 pips, wasn't aware the spread is taken into account - have to remember that for next time.

I remember from the AmazingEA there was an option for "time to stop modifying orders" in case the price surged while the orders were still being moved with the straddle. For tonight's release I set the time as 13:59:57 instead of the exact news time so as to avoid this scenario. Thoughts anyone?
  • #94
  • Mar 26, 2007 9:36am Mar 26, 2007 9:36am
Quoting the bhoy
17 pips on cable just now. Picture perfect straddle trade that one, no movement before, no whipsaws after - if only they could all be like that.....

Actually set the t/p to 20 pips, wasn't aware the spread is taken into account - have to remember that for next time.
Spread is indeed taken into consideration.

Quote
I remember from the AmazingEA there was an option for "time to stop modifying orders" in case the price surged while the orders were still being moved with the straddle. For tonight's release I set the time as 13:59:57 instead of the exact news time so as to avoid this scenario. Thoughts anyone?

What you did, moving the time to 13:59:57 would mean, it would stop modifying AT that time. I cant say if this is correct or wrong. Its all based on experience. As for me, i'd stick with exact time and have my computer's time sync with a world time. Of course, GBP and USD news could come in early - One GBP CPI comes to mind released 8 seconds early.. took my sell for profit, buy was adjusted down, price retraced hard, buy filled for a profit.. too.. LOL!

Again, some of these are Personal Experiences.
  • #95
  • Mar 26, 2007 9:38am Mar 26, 2007 9:38am
I tried the script today on three USD pairs (G/U, E/U and U/Y).
Results were simply excellent.

I used a demo Interbank account. I used the script yestrday during NZ news on my live NF account. I found that NF took a LONG time to process the orders, leading a a small loss.

Bottom line: I need to find a broker with fast execution. Script works. though. Period.

Thanks BurgerKing.
  • #96
  • Mar 26, 2007 9:49am Mar 26, 2007 9:49am
Hi the bhoy,

Which broker are you with?

I was using it on demo, and the orders seemed to get cancelled before they got hit. Not sure why, but have to a bit more experiementing to see what is happening.

Regards,
K.
  • #97
  • Mar 26, 2007 9:51am Mar 26, 2007 9:51am
Quoting kermut
Hi the bhoy,

Which broker are you with?

I was using it on demo, and the orders seemed to get cancelled before they got hit. Not sure why, but have to a bit more experiementing to see what is happening.

Regards,
K.
Order deleted? Check your journal to check the time it was deleted.
Perhaps you have your "SecDeleteOrder" too short.
  • #98
  • Mar 26, 2007 10:03am Mar 26, 2007 10:03am
Hi BK,

Everything has been left at default, except for lot size, trailing stop, sl distance etc.

Below is the what it said in the account history.

Looking forward to your feedback.

Regards,
K
Attached Image
  • #99
  • Mar 26, 2007 10:11am Mar 26, 2007 10:11am
I catched 17 pips today. Price spike up 33 pips on cable after the news release, slowly climb up to 46 pips, still didn't close it til it retrace back to 17 pips.

Impressive script BK!
  • #100
  • Mar 26, 2007 1:18pm Mar 26, 2007 1:18pm
BK

I traded the New Home Sales today and set everything up as i had to go out. I set a trailing stop of 20 pips with a traget of 50 pips but for some reason the trailing stop didnt work.

Price went up to give me 48 pips missing my take profit by 2 pips, it then retraced back almost to my entry point before going back up giving me 29 pips which is where i arrived home and closed it.

The trailing stop should have closed the position as it retraced, do you know any reason why it might not have?

When i checked the position there was no trailing stop set?

Thanks again BK for this great script.

S
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