Entering trade based on last candle with no wick

[neshnix89]

Hi,

I have a strategy that I would love to use the strategy builder. The strategy is to look at the last bearish candle with no wick at the bottom and to enter short trade whenever there is a candle cross below the low of the candle with no wick. I have attached a sample photo. Can you help to explain how these conditions can be set in strategy builder? Appreciate the help. thanks.

[NinjaTrader_Kate]

Hello neshnix89,

Thank you for your post.

To clarify, do you only want to enter if the price goes up after the last red candle with no bottom wick and then returns to that price?

Thanks in advance; I look forward to assisting you further.

[neshnix89]

Dear Kate,

Nope, it doesn't matter. If the next candle immediately crosses below the candle with no bottom wick, I would like to enter the short once the bar close. I also want the conditions to exist until the next bearish candle with no bottom wick is formed. This means lets say my 2 or 3 candles after the candle with no bottom wick cross below it, I will enter the trade. Then after a while when the price retraces back above the candle with no bottom wick, I will wait for it to cross below it again to enter another trade as long as no new candle without a bottom wick is formed. If it does then this new candle will be my entry point now.

Thanks for helping.

[NinjaTrader_Kate]

Hello neshnix89,

Thank you for your reply.

I'm attaching an example strategy that checks for red bars with no bottom wick. When it finds one, it sets that as our EntryPrice. It will also draw a green arrow below the bar it's found. It will then check for the current price to have crossed over that EntryPrice, and if it has, it will submit a market order with a stop and target. If the stop or target is hit and that price is crossed again, it will reenter. The EntryPrice variable is reset to a new value whenever a new flat bottomed red bar is found.

Please let us know if we may be of further assistance to you.

[neshnix89]

Dear Kate,

Thanks a lot for the help. It means a lot to me. I need another small adjustment as below. Hope you can assist. Appreciate the help.

a) I would not prefer to use fixed SL or TP. For the short trade as the picture in the previous post, I would like to close the position when the previous bar is bearish and the current close bar is bullish and the body (exclude wick) of the current close bar must be equal to or bigger than the previous bearish bar. If not the trade will continue OR when the opposite buy signal is triggered in this case where we will close the short position and immediately enter the long position.

b) To trade only during certain hours (9 pm to 11.59 pm)

c) Stop trading once we have reached the profit target of the day (10 Points).

[NinjaTrader_Jim]

Hello neshnix89,

- Regarding A, this can be done when creating conditions in the strategy builder to reference the current/previous bar and calling ExitLong/ExitShort to close the position.

Our conditions examples describe referencing different price series for such conditions.

- Regarding B, you may see that your conditions examples also demonstrate create time filters for trading.

Conditions examples - https://ninjatrader.com/support/help...on_builder.htm

- Regarding C, the example below demonstrates how to halt trading after certain conditions are met.

Halting a strategy - https://ninjatrader.com/support/help...nce_user_d.htm

You may also wish to reference our DailyLossLimit examples for tracking a daily loss limit, to give some direction for a Daily Profit limit.

https://ninjatrader.com/support/forum/forum/ninjatrader-8/strategy-development/93881-daily-loss-limit-examples#post93881

Let us know if you have any additional questions.

[neshnix89]

Dear Jim,

Can you explain more on A? I'm not sure how to create these conditions in my strategy. How will i be able to measure the candle body size? How do i able to flip the position when the opposite signal is triggered? Maybe a simple example may help me to understand it. Thanks for the help.

[neshnix89]

Dear Kate/Jim,

Any update on the help requested above? Appreciate the help.

[NinjaTrader_Kate]

Hello neshnix89,

Thank you for your reply.

I do apologize for the delay as we weren't receiving notifications for forum posts for a bit. That's been fixed now.

If I'm understanding correctly, you want to exit if the prior bar is a down bar, the current bar is an up bar, and the difference between the open and close of the current bar is greater than the difference between the open and close of the prior down bar, is that right?

Thanks in advance; I look forward to assisting you further.

[neshnix89]

Dear Kate,

No worries I understand. I was able to achieve what I want earlier. Appreciate your help.

I am developing another strategy using the zig-zag indicator (which comes with ninjatrader). Can you help to explain how I would specify the top of each zig zag as shown below and use them as points to draw a horizontal line and to enter when they cross above or below the line?

[NinjaTrader_Emily]

Hello neshnix89,

Thank you for your note.

The Strategy Builder has access to the Value plots ZigZagHigh and ZigZagLow. Using ZigZagHigh would give you the value for the highs, or the tops of each zig zag. You could create conditions and actions that draw the horizontal lines if you want the visual representation of the price crossing the line, or you could create a condition where if the price crosses the ZigZagHigh value the action would be to enter.

I have created an example strategy that prints the Close price and the latest Zig Zag High price. Then, when the Close crosses above the Zig Zag High, another print is generated showing that the cross happened. You should be able to modify this script to draw at the value of the ZigZagHigh and/or create entry conditions as desired.

ZigZagHighPrintsExample_NT8.zip

Please let us know if we may be of further assistance.

[neshnix89]

Dear Emily,

Thanks for the help. Does it available in the attached indicator? I could not find it. Appreciate if you could help.

[NinjaTrader_Kate]

Hello neshnix89,

Thank you for your reply.

The indicator you posted does not include exposed plots for ZigZagHigh and ZigZagLow and would not be able to be utilized in the Builder in the same way as the built in ZigZag indicator in Emily's example, no.

Please let us know if we may be of further assistance to you.