Package: Manual Entry Automation (MEA)
IOG for MultiCharts
Have you
ever wished you could eyeball the market
as it unfolds and issue an entry order at the exact
best spot (per your seasoned trader's judgment!),
and then rely on MultiCharts to immediately take
over managing an automated exit for you -
unemotionally taking profits and cutting losses
according to your carefully chosen plan?
Not
being able to trade manually in MultiCharts has been
a significant frustration for many.
CodeForTraders is pleased to offer the solution,
Manual Entry Automation (MEA) IOG for MultiCharts.
What It Is
The
MEA package consists of three small Windows applications and a
specially coded MultiCharts signal that speak to
each other through the MultiCharts GlobalVariable
area.
The
MultiCharts signal acts as a "listener", and it
is meant to run with Automation ON, awaiting your
entry instructions which you provide via the Windows
application. This signal has been coded to
take advantage of Intrabar Order Generation (IOG) so that it may be
applied to a chart of any timeframe, yet still act
on a tick-by-tick basis.
The
Windows applications have are designed to reside in
the MultiCharts program directory, ready for you to
launch whenever you need them. Once launched,
you may leave one or more
of the 3 entry boxes minimized, re-opening instantly
as necessary.
The
MEA package works on any MultiCharts symbol
which accepts "normal" automation. Stocks,
futures, bonds, FOREX - all may now be entered
manually with tick-based timing, and exited
automatically with unemotional alacrity.
What It Looks Like
The
Market Entry form, eager to get you in after the next
tick:
The
Limit Entry form, itching to get you your desired
price:
The
Stop Entry form, preventing that train from leaving
without you:
These boxes pop up from and dismiss to the Windows
Taskbar at your command,
practically instantaneously.
What It Does
When
you hit the Buy or Sell Short button, special flags
are written in the MC Global area specifying the
elements of your
order -
then, the "Listener" signal, on the
very next tick, reads your order specification and places
the order - in the automated environment.
Since your entry order is actually placed by the
MC Autotrader, your entry
is an automated entry in every respect - except that
you decided when that entry would take place!
The Implications
Some
of today's most famous and most successful traders
assert that the very best trades are often found
when systematic analysis is combined with
experienced discretion.
After a basic setup situation is found, the ability of the brain to visually integrate
multiple screens of complex visual information, and
be aware of the general market environment, and
be aware of today's news, and intuit the
market's "shakes and fakes" is unsurpassed.
By applying technical
analysis in
MultiCharts, you may find many potential trading
setups each day - and there is perhaps no superior substitute for the
trader's judgment when it comes to weeding out the
truly exceptional setups from the ordinary or
misleading ones.
On
the Exit side though ...
Once you have a position on, dollar pressure,
time pressure, and ego pressure all combine to make
exits much more emotional and difficult to evaluate
well than entries. Also, timing can often be
critical with exits. If you have multiple
positions on, several positions can easily cream
your bankroll in the background while you are
sitting there desperately trying to decide what to
do about one.
The
human, far from being the perfect judge of exits, is
more often the very cause of a disastrous exit!
Therefore, NOT screening exits through our brains
may be an advantage. The mistake you prevent
could save your account.
In a
nutshell, the "Manual Entry - Automated Exit"
scenario puts the human to work where the human is
arguably best, and puts the computer to work where the
computer is arguably best.
This is something that many of us
may have intuited already - but this "sweet scenario" has not
been conveniently available for MultiCharts until
now.
For maximum flexibility,
you can also manually trigger an exit of your whole
position at any time via the provided 'Close
Position' button.
Imagine How You Could Trade
1.
You have the MC Scanner showing you
Overbought/OverSold conditions and Breakouts on a
symbol list of your choice, for which you have
pre-prepared automated charts running the MEA
Listener and a desired exit signal. Based on the
Scanner, you see a steady stream of setups throughout
the day.
With
one click, you choose a "primed" symbol and see
multiple-timeframe charts and all the indicators you
know and love. Your brain takes it all in, and
in a moment you think "Trade NOW!".
You pop up the GV_Entry_Market box
(shown above).
You
verify the Symbol and Size you want. You click
on Buy or Sell Short.
You
are done. You go back to perusing the
Scanner for your next opportunity while your
favorite exit signal manages the trade.
No
nail-biting eyeballs-glued-to-the-screen watching of
every tick. No fumbling and cursing with
'_Historical Entry'. No perturbation of your
trader's cool. You are serene as you await the
outcome of all the trades you've chosen.
2.
You've got today's Floor Pivots and Fib Levels on
the screen. You see the price action getting
close to a key support or resistance point.
You decide you want to bet on a reversal, but you
only want the trade if you can get a good price.
You
pop up the GV_Entry_Limit box (shown above).
You verify the Symbol and Size you want, and you set your Limit Price.
You click on Buy or Sell Short.
You
are done. You move on to other things.
If the scenario plays out as you expect, you'll be
in, at the price you wanted. The Autotrader
will cash you out, win or lose, while you see what's
going on on the next chart.
3.
The market has wound into a tight range intraday.
Your analysis of the higher timeframes tells you
which side you are interested in betting on if a
Breakout were to occur.
You
pop up the GV_Entry_Stop box
(shown above). You verify the Symbol and
Size of interest, and you set the Stop price
which would represent a Breakout to you.
You click on Buy or Sell Short.
You
are done. If the train leaves the station,
you'll be on it. If the Breakout turns into a
Fakeout, your automated exit keeps your loss small,
leaving you psychologically calm and ready to make a
clear evaluation of your next opportunity.
Videos
This video
demonstrates MEA IOG for MultiCharts in action:
Manual Entry Automation with
IOG Scale-Out Exits
What You Get
