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Strategy name: Entry threshold with offsets
This strategy consists of two scenarios. A long scenario and a short scenario.
“+” = amount of ticks above current bar open price
“-“ = amount of ticks below current bar open price
Threshold = profit side offset & loss side offset combined to create a bracket
Profit side offset = current bar open price + (offset value in ticks)
Loss side offset = current candle open price - (offset value in ticks)
Offset values are defined by user in the strategy setup window.
LONG SCENARIO RULES
Profit side offset should have a value range from 0 to +5 ticks in a long scenario in reference to current bar open price
Loss side offset should have a range value of 0 to -5 ticks in a long scenario in reference to current bar open price
If current ask price = (profit side offset value )or (loss side value) or any price in between these two values place a “buy ask order”
If current ask price is > (profit side value) place a “buy limit order” @ (profit side value)
If current ask price is < (loss side value) place a “buy stop limit order” @ current bar open price
If current ask price
SHORT SCENARIO
Profit side offset should have a value range of 0 to -5 ticks in a short scenario in reference to current bar open price
Loss side offset should have a value range of 0 to + 5 ticks in reference to current bar open price
If current bid price = (profit side offset value ) or (loss side value) or any price in between these two values place a “sell bid order”
If current bid price is < (profit side value) place a “sell limit order” @ (profit side value)
If current bid price is > (loss side value) place a “buy stop limit order” @ current bar open price
LONG SCENARIO EXAMPLE
profit side offset value is set to +2
Loss side offset value is set to -2
Candle open price = 100 (in this example)
Ask Price is at 98 when I hit the buy button
buy ask limit order is set @ 98
Ask Price is at 99 when I hit the buy button
buy ask limit order set at 99
Ask Price is at 100 when I hit the buy button
buy ask limit order is set at 100
Ask Price is at 101 when I hit the buy button
Buy ask limit order is set at 101
Ask Price is at 102 when I hit the buy button
buy ask limit order set at 102
Ask Price is at 103 when I hit the buy button
buy limit order set at 102
And any ask price above 102 will be a 102 buy limit order
Ask price is at 97 when I hit the buy
buy stop limit order set at 100
And any ask price below 98 wil be a buy stop limit at 100
Same thing for a short scenario but inverse. So I will sell the bid any bid price below the profit side offset will be a limit order set on the offset and any bid price above the loss side offset will be a sell stop limit at current bar open price
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