Package: DIDA's Kiwi
Trendline Breakout Trading for TradeStation
Draw a line for your
Breakout entry, and draw a line for your trailing
exit - what could be easier?
Even better, how about if a
smart program draws entry/exit lines for you, let's
you drag them around and activate/deactivate them at
will?
CodeForTraders is pleased to offer DIDA's Kiwi
Trendline Breakout Trading Package for TradeStation.
What It Is
The
Kiwi Trendline Breakout Trading Package is a strategy and
a set of functions that will place long entry (LE),
short entry (SE), long exit (LX), and short exit (SX)
trendlines on the chart for you and subsequently let
you manage the placement and activation of these
trendlines for actual trading.
In short, breakout trading
entries
and trend-trailing exits directly on the chart!
What It Looks Like
Observe the bold yellow and
cyan trendlines (labeled 'SE' and 'LE'). These are your breakout entry
lines. The darker yellow and cyan trendlines
are the corresponding exit lines.
These lines were automatically placed by the Kiwi TL
Breakout
Entry strategy, a bit above and below the current
market. As shown, the lines are inactive.
You may drag them around at will.
Notice that text to the
left of the line? When you are ready to
activate the line, simply change the color of that
text to White and the line will become
active for trading. On each bar, a Buy Market
entry order will be placed when price crosses the LE line (if
active), and a SellShort Market entry order will be
placed when price crosses the SE line (if active).
Alternatively, you may
activate an entry line by dragging its label text
upwards (just a bit will do). As with the
color change, this will be detected on the next tick
and the line will then be activated.
Once an order fills at (or
just beyond) one
of the entry lines, the matching exit line is
activated, and the other entry line is deactivated.
You may wish to pair a
separate exit strategy with the
TL Breakout Entry strategy
for stylized automatic exit management once you are in the
trade, or you can simply let the active exit trendline manage
the trade, moving it at will, for example, to
tighten up a trailing stop on profits.
Notice that the default
placement of the exit line (as shown above) acts as
a stop-loss when the trade is very young, but
becomes a trailing profit exit as the trade ages.
Note, all the TLs, both
entry and exit will issue market orders when crossed
by price.
So, you get at-market entries and at-market exits with this
product. If you prefer to work with limit orders,
check out DIDA's
Kiwi Trendline Limit Entry
Package, or Progster's
MEA instead.
What It Does
The
Kiwi Trendline Breakout Trading Package allows you to
make a manual entry into the TS automated trading
environment (similar to
MEA).
What we mean by "manual
entry" is that you do not have to pre-compute your
entry logic or levels ahead of time. Instead,
you simply place the line(s) on the chart by eye at
whatever levels you wish to enter (once penetrated)
with a market order.
Since your entry order is actually placed by the
Autotrader (and not via the Order Bar), your entry
is an automated entry in every respect - except that
you use a TL to draw the level at which the trade
takes place!
To reiterate, the trade you
get is an automated trade. You
have instructed the TS Autotrader where to enter,
and it has done so. As previously
mentioned, you may pair any automated exit strategy
with the TL Breakout trader for automatic exit
management, and/or you may simply let the exit be
managed by the exit trendline that is already
built-in.
Here is a video showing
trendline breakout entry and exit in action:
Video: Kiwi TL BO Strategy -
Discretionary Trading with Trendlines
Imagine How You Could Trade
1.
Trade a breakout of congestion as it develops live,
exiting as soon as the newly established trend
falters.
2.
Aggressively trade the first break of a trend in
progress, placing the entry TL according to your own
eye.
3.
When price is creating a triangle, draw the geometry
yourself and trade the breakout in either
direction.
What You Get
