The Hidden Pending EA

[Over60]

Hi Milanese,

Moving on…

After some testing, the EA (version “M”) works well so far.

There is no question concerning trade-management, to use a further EA to supervise the orders after open.

I´d like to request for an additional option by true/false, to offset the opposite hidden pending (hedge-order) according to the current price-movement. Similar like a trailing-stop.

The so called hedge-pending by using bidirectional should not remain fixed at the starting position after attaching the EA and by entry of the second pending (by stacking, “scaling in”) in any order-direction, the hedge-pending should move by the already defined (original setup) distance.
This feature should work in both directions and it might be sense to switch such feature on or off.
I do not expect conflicts in advance, but it should be mentioned, if price will turn in the opposite direction several times, even by triggering the second or third stacking level in choppy market situations.

Stay tuned…
Thanks in advance for your attention.

Trade well my friends
Over60

[milanese]

Thank you for your input over60 . I added your proposed function and did too some updates to the EA for more functionality and safety.
The EA is with RemoveEAcode updated to work with last builds, new function CheckForOpenTrades that avoids wrong pendingprices when EA is reintialised, but you should still never change the TF on the chart the EA is set, and newMoveOppositeOrderWithPrice that moves the price from the opposite order if this is wished(OOTB this is set to false), use OppositeMoveLevel to set the pip value that the HiddenPendingOrder will be moved and MinDistanceForOppositeMoveToPricefor setting the min distance the new OppositePendingOrder must have to the actual price..


As always new version is attached to first post!

Cheers

Tommaso

[Over60]

Hi Milanese,

In advance many thanks.

I´m appreciate that you are not only a coder and even and although I did not described it in details, which additional setups have to be implemented to use this feature.

Great, that´s like mind reading and that kind of cooperation makes me very happy.

Anyway I´d wish, that the followers will report their experiences, to try and use this new feature to be aware of risk- and money-management.

A nice weekend to all of you.

Trade well my friends
Over60

[milanese]

Hi all,

please redownload the new version as I made a copy-paste error in the new MoveTheOpposite routine..

Cheers

Tommaso

[Haggadah]

Thank you for your input over60 . I added your proposed function and did too some updates to the EA for more functionality and safety.
The EA is with RemoveEAcode updated to work with last builds, new function CheckForOpenTrades that avoids wrong pendingprices when EA is reintialised, but you should still never change the TF on the chart the EA is set, and newMoveOppositeOrderWithPrice that moves the price from the opposite order if this is wished(OOTB this is set to false), use OppositeMoveLevel to set the pip value that the HiddenPendingOrder will be moved and MinDistanceForOppositeMoveToPricefor setting the min distance the new OppositePendingOrder must have to the actual price..


As always new version is attached to first post!

Cheers

Tommaso

Hi Tommaso,

In regards to the Stacking Feature when using the Limit Orders. For example a buy limit order, where orders is placed away behind the price, once a trade is open, the stacking follow the same logic, it goes back behind your open trade as defined in your initial limit order and send a trade. The same is true with the sell limit order. I used the DistancePendingToPrice in this case.

Thank you,

Haggadah.

[Over60]

Hi Milanese,
@Haggadah,

Thanks for your comments and testing.
Up to now, I did not yet play with limit orders.
If I understand you correct, you reported, that after open of a placed pending limit order, the stacking function creates a new pending limit order by the predefined distance below (buy limit) or above (sell limit) in reference to the current price instead of stacking in order direction.
Is that, what you described? It should not be.

From my point of view, limit orders (basically) are normally used to catch the price near the maximum deviation (or call it volatility limit range) in reference to the current price, not expecting that the price will cross these price-limit by a further big movement (tolerance-band).
The limit orders might be useful especially during high volatility periods, if e.g. news suddenly will create temporary and huge spikes in any directions. It seems to me, that you will use limit-orders to catch corrections in order direction?
If we are well prepared (trading breakouts and reversals), we can catch spikes or even a homerun by scaling in (…by stacking), take profit and afterwards trading the CT-reversal in the same manner. Not necessary to mention, that slippage during a fast spike-period sometimes will prevent getting an order filled (depends on broker).
Therefore limit orders are preferred and applied to catch the price nearby limit regions and to trade afterwards countertrend (CT).
As long as I´m live in the market, I do not prefer limit orders for hedging in small ranges and fast moevements. As an alternative being absent, I can place limit orders manually to protect my order scenario, but than I have to dispense the advantage of the stacking feature, if price turns.

Because of missing testing, I cannot report, what will happen, if both order features are simultaneously have been set to true?

With other words, I would expect, that after hitting and open e.g. a buy limit pending order, the stacking feature should work in buy direction and vice versa.
In addition and I suppose that was what you described, to set e.g. a buy pending and buy limit pending simultaneously to true (…in one direction, sorry, I did not yet tested), the limit pending could work like a hedge trade during a X-correction in the main direction and by stacking, even previous orders are still working.
Anyway I assume, that a.m. described limit-order-functionality simultaneously applied, will probably lead to conflicts and malfunctions.


I assume what you intend to do, I will not disregard this idea and it could make sense to use both order features simultaneously as described above, but independent from coding efforts and restrictions, that would probably imply further settings, e.g. different distances, true-false options etc.., especially applied for scalping. Maybe ”Milanese” can clarify, how and if the EA will support this simultaneously setting and operate?

BTW: Unfortunately the EA works only once on an instance (pair and platform) to avoid conflicts resp. malfunction.
The solution suggested by “Milanese” was to use further Empty4-instances, what has been already mention here in the thread.

If I´m wrong, do not hesitate to correct my assumptions and statements.
Thanks for your comments and attention.

Stay tuned…
Trade well my friends
Over60

[Haggadah]

Over60 & Tommaso:

Thank you. That's right. Once a limit buy order is filled where pending is place below the price, the Stacking when flag as Yes is looking for a trade for example a 30 pips distance stacking. If price goes down against your buy position, the stacking feature will trigger a buy position 30 pips below when price is going down. It follows the logic of the limit order.

The EA is supposed to be looking a trade 30 pips up from your first position not behind.

I hope this help.

Haggadah

[milanese]

Over60 & Tommaso:

Thank you. Just to clarify what I was saying. Once a limit buy order is filled where pending is place below the price, the Stacking when flag as Yes is looking for a trade for example a 30 pips distance stacking. If price goes down against your buy position, the stacking feature will trigger a buy position 30 pips below when price is going down. It follows the logic of the limit order.

The EA is supposed to be looking a trade 30 pips up from your first position not behind.

I hope this help.

Haggadah

I understand your idea, but it will make the EA more complicated, so I will wait with this change for other inputs from users using the EA, if they will find this feature too usefull.

Cheers

Tommaso

[Over60]

@Haggadah

That is what I did like to explain.

The first entered limit-order would run into loss by stacking new limit-orders by the defined distance. Maybe the stacked orders will run all into loss. On the other side I expect, that the limit orders by some tolerance will perform as countertrend to compensate a temporary reversal. If the first triggered limit-order does not perform a countertrend, I must have to close it in any way.
The question is, if you really intend to proceed with limit-orders in such way to invest with limit-orders in the actual price-movement, as long price run further on against you, because nearby limits, I expect that price will turn resp. revers? Using bidirectional ordering you sell and buy in order-direction, but depending on the price-movement not with stacking limit-orders in any actual loosing direction.
From my point of view that is not correct, if the EA performs as described and you deal in that way.
Limit-orders have to be trade countertrend and have to stack in the direction of countertrend.

Trade well my friends
Over60

[Haggadah]

Over60 & Tommaso:

Thank you. Just to clarify what I was saying. Once a limit buy order is filled where pending is place below the price, the Stacking when flag as Yes is looking for a trade for example a 30 pips distance stacking. If price goes down against your buy position, the stacking feature will trigger a buy position 30 pips below when price is going down. It follows the logic of the limit order.

The EA is supposed to be looking a trade 30 pips up from your first position not behind.

I hope this help.

Haggadah

I understand your idea, but it will make the EA more complicated, so I will wait with this change for other inputs from users using the EA, if they will find this feature too usefull.

Cheers

Tommaso

Tommaso,

Thank you. In case people want to use the limit orders in conjunction with the Stacking feature, know that the way how it works is what have been discussed above.

As it is, I will not be using stacking with limit orders.

Haggadah.