Order Opening Logic and Best Practice | Forex Factory

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Order Opening Logic and Best Practice

  • #1
  • First Post: Mar 9, 2009 3:46am Mar 9, 2009 3:46am
I need help with setting the logic properly for order opening…. What is the best practice to open an order if the price hits a line? (also, with Slippage)
=============================

Variables for Order Opening:
Inserted Code
      int i;                           // Bar index       
    int Counted_bars;                // Number of counted bars
    Counted_bars=IndicatorCounted(); // Number of counted bars   
    i=Bars-Counted_bars-1;           // Index of the first uncounted   
     
     while(i>=0)                      // Loop for uncounted bars     
    {  
    double MA_Line=iCustom(NULL,timeframe,"MA+StdDev",MA_Period, 1, 6, 0, 0,i);
    double S_Line1=iCustom(NULL,timeframe,"MA+StdDev",MA_Period, 1, 6, 0, 1,i);
    double S_Line2=iCustom(NULL,timeframe,"MA+StdDev",MA_Period, 1, 6, 0, 2,i);
    double S_Line3=iCustom(NULL,timeframe,"MA+StdDev",MA_Period, 1, 6, 0, 3,i);
    double S_Line4=iCustom(NULL,timeframe,"MA+StdDev",MA_Period, 1, 6, 0, 4,i);
    double U_StopLoss=iCustom(NULL,timeframe,"MA+StdDev",MA_Period, 1, 6, 0, 5,i);
    double L_StopLoss=iCustom(NULL,timeframe,"MA-StdDev",MA_Period, 1, 6, 0, 5,i);
    double B_Line1=iCustom(NULL,timeframe,"MA-StdDev",MA_Period, 1, 6, 0, 1,i);
    double B_Line2=iCustom(NULL,timeframe,"MA-StdDev",MA_Period, 1, 6, 0, 2,i);
    double B_Line3=iCustom(NULL,timeframe,"MA-StdDev",MA_Period, 1, 6, 0, 3,i);
    double B_Line4=iCustom(NULL,timeframe,"MA-StdDev",MA_Period, 1, 6, 0, 4,i);
    double StochBuyLine = iStochastic(Symbol(),0,14,3,3,1,1,0,i);
    double StochSellLine = iStochastic(Symbol(),0,14,3,3,1,1,1,i);
    i--;                 
    }

Logic needing review and advice:

Inserted Code
    
   if (Tradeable)  else break;
  if CurrentPrice < MA_Line
  {
  if  StochBuyLine>StochSellLine && StochBuyLine<=10  && CurrentPrice = B_Line4
                  {OpenBuyOrder @ Line4LotSize}
  Else
   
  if  StochBuyLine>StochSellLine && StochBuyLine<=10  && CurrentPrice = B_Line3
                  {OpenBuyOrder @ Line3LotSize}
  Else
   
  if  StochBuyLine>StochSellLine && StochBuyLine<=10  && CurrentPrice = B_Line2
                  {OpenBuyOrder @ Line2LotSize}
   
  Else
   
  if  StochBuyLine>StochSellLine && StochBuyLine<=10  && CurrentPrice = B_Line1
                  {OpenBuyOrder @ Line1LotSize}
  }
  Else
  {
  if  StochSellLine>StochBuyLine && StochSellLine>=90  && CurrentPrice = B_Line4
                  {OpenBuyOrder @ Line4LotSize}
  Else
   
  if  StochSellLine && StochSellLine>=90  && CurrentPrice = B_Line3
                  {OpenBuyOrder @ Line3LotSize}
  Else
   
  if  StochSellLine>StochBuyLine && StochSellLine>=90  && CurrentPrice = B_Line2
                  {OpenBuyOrder @ Line2LotSize}
   
  Else
   
  if  StochSellLine>StochBuyLine && StochSellLine>=90   && CurrentPrice = B_Line1
                  {OpenBuyOrder @ Line1LotSize}
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  • #2
  • Mar 9, 2009 4:36am Mar 9, 2009 4:36am
Several things:

1. If that first block of code is from your EA. Get rid of the while loop. It isn't needed. Either assign i=0 for the current bar or i=1 for the previous bar. No need to loop back in time because your EA really doesn't care what happened 3000 bars ago.

2. Where you have currentprice = B_Line4 (and the rest) a single = sign is an assignment operator. To check for equality you will need two == signs.

3. On that same subject it is very unlikely that price will ever be exactly the same as the value for your lines. If the line is at 123.4554332 and the price is at 123.45, mt4 will consider these to not be equal. Either use NormalizeDouble or check to see if price has crossed the line.

4. Check for error codes with the ordersend function. ordersend will return an integer.

5. Slippage is up to you. But I can guarantee that what works in demo won't necessarily work in live. That's why you check for error codes with the ordersend function. Sometimes you need to slap the server 2-3 times before it takes the order.
  • #3
  • Mar 9, 2009 4:40am Mar 9, 2009 4:40am
"Either use NormalizeDouble or check to see if price has crossed the line."

Can you show me an example of a cross line check?... although I would prefer logic to try and get it while it hits the line... so I guess NormalizeDouble should be the way I go then
  • #4
  • Mar 9, 2009 4:46am Mar 9, 2009 4:46am
if you are looking for it to cross over going up.....

if(Open[0] < the line && Close[0] >= the line) it crossed up


going down

if(Open[0] > the line && Close[0] <= the line) it crossed down
  • #5
  • Mar 9, 2009 4:50am Mar 9, 2009 4:50am
Gotcha... what normally is best practice? hitting the line or crossing over?
  • #6
  • Mar 9, 2009 4:52am Mar 9, 2009 4:52am
Quoting coach3131
Gotcha... what normally is best practice? hitting the line or crossing over?
I would do cross over. Sometimes price will jump 2 pips or more and just leap over being equal. You could check for cross over and then make sure price is within 1-2 pips of the line.
  • #7
  • Mar 9, 2009 4:57am Mar 9, 2009 4:57am
so, can I do something like this?

Inserted Code
if  line4trades<1 &&StochBuyLine>StochSellLine && StochBuyLine<=10  && CurrentPrice= = B_Line4 &&( (Open[0] < the line && Close[0] >= the line)||(Open[0] > the line && Close[0] <= the line))
  • #8
  • Last Post: Mar 9, 2009 5:26pm Mar 9, 2009 5:26pm
Looks like my last response to this slipped through the cracks
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