MT open range strategy

Originally from ticket #2103.

Hello,

Thanks for your reply on my earlier mail.

I just downloaded your open range indicator as well as the strategy. But I am unable to find any help guide on how to set up different parameters on the strategy and detailed explanations of these parameters. Also, I am looking to back test this strategy on historical tick data. But it seems like the open range strategy only fires on the next candle after the signal generating candle. I am looking to go short or long right after the cross of the open range intrabar. Can MT open range strategy handle intrabar orders on a tick by tick basis ? Can it also handle any type of offset, i.e go long or short 5 ticks after the breach of the opening range ?

Thanks.

Mitesh Patel

Hi

Currently the framework is designed to enter on bar close- in 2013 we are going to be working on a solution for tick by tick signals.
This creates many caveats and we have found doesnt neccessarily perform any better, tick zones can be used to detect when a threshold is entered and at that point filters can be assessd, however if it is a threshold cross with filters - you may find that you get less signals - so they you have to create a new model to allow a losse aligment of probables and possibles.

Or
The open range indicator which is used by the strategy you will see in it parameters that you can set the range according to a higher time frame/secondary bars.

So you could for instance on a 10r ange chart or 5 minute or 100 tick - plot a 30 minute open range - which when crossed will cause a trade signal.

So you can emulate tick by tick to varying degrees - or actually if you dont mind waiting fort a chart to load and have the data and dont require the primary bars to be a certain dataseries for trade management you can load a 1 tick chart - but i would suggest 100tick to start with.

To get the zone:

Or you can experiment with with Trade Zones - which is a "Signals" indicator parameter that allows comparision of price to a certain area aftee the setup or entry is fired.

Signals are either setup (green or red dot) and entry in one (red or green triangles) or can be split into 2 phases
Example
Setup = the cross
Entry Confirmation = must be a close above and be n ticks away from the setup area.

Please see the link for a view of how that might work
http://screencast.com/t/tZq7oRaBAR6

Forex 10th Pips used in the example 100 = 10ticks

i will make a note to allow the usage of a custom Zone - based on the upper and lower of the open ragne for inclusion in the next release

Any thoughts or question please come back and say.

MicroTrends Support
support@microtrends.co
http://www.microtrends.co/support/

Tip! You can visit the help desk forum to see previous answered frequently asked questions:
http://microtrends.zendesk.com/forums

Hello,

Thanks for getting back to me.

So if I understand you correctly, if I bought the Open Range Strategy from MT just the way it is currently, it won't do what I am looking for correct ? Just to clarify, what I am looking for is a simple auto trader system which first defines a high and a low range of the first n minutes (where n is user defined input). It then goes long if the price trades n ticks above the upper open range or goes short n ticks below the lower of the open range. Profit target and stop loss is n ticks (again user defined input).  Take only 1 trade per day (Regular Trading hour session).

Thanks.

Mitesh Patel

________________________________
From: MicroTrends Support <notifications-support@microtrends.zendesk.com>
To: Mitesh Patel <mpatelinc@yahoo.com>
Sent: Monday, December 17, 2012 3:51 PM
Subject: [MicroTrends Help Desk] Re: MT open range strategy

Jsut to let you know:
We will be putting a task in to add n% or nTick zones above the open ragne high/low

MicroTrends Support
support@microtrends.co
http://www.microtrends.co/support/

Tip! You can visit the help desk forum to see previous answered frequently asked questions:
http://microtrends.zendesk.com/forums

Hellio,

Any idea When will this task will be completed?? Also how do i limit to just one trade per day??

Thanks.

Mitesh

Sent from my iPhone

It is scheduled for January 2013 - but there is no fixed date as yet.

However you can use the Trade Zone feature to set a band above/below the open range
by setting

signals group parameter
Trade Entry Zone Price Mode =3
http://screencast.com/t/hyF7FlRMKQq

You can limit trades by
session time start and end to limit when trading takes place
trades per direction =1

But you probably mean the following:
Limit to 1 per day at anytime or direction
you can do this by setting the

Strategy Performance Limits group parameters
Wins by Day = 1
Loss by Day =1

http://screencast.com/t/CzkNoEdk

There is a caveat - this is only actioned after the trade is closed - so it maybe be possible it will enter on a reversal - however it will then close...
This is a feature that needs to be addressed in an update too.

MicroTrends Support
support@microtrends.co
http://www.microtrends.co/support/

Tip! You can visit the help desk forum to see previous answered frequently asked questions:
http://microtrends.zendesk.com/forums