Package: DIDA's Kiwi
Trendline Limit Entry for TradeStation
Have you ever wished you
could just place a line on the chart and have the
platform buy or sell at that level without further
ado?
Even better, how about a
smart program that draws buy/sell lines for you, let's
you drag them around and activate/deactivate them at
will?
CodeForTraders is pleased to offer DIDA's Kiwi
Trendline Limit Entry Package for TradeStation.
What It Is
The
Kiwi Trendline Limit Entry Package is a strategy and
a set of functions that will place Buy and SellShort
trendlines on the chart for you and subsequently let
you manage the placement and activation of these
trendlines for actual trading.
In a phrase:
Chart Trading !
What It Does
The
Kiwi Trendline Limit Entry Package allows you to
make a manual entry into the TS automated trading
environment (similar to
MEA, but different).
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 with a limit
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 decided on-the-fly the level at which the entry would take place!
To reiterate, the trade you
get is an automated trade. You
instruct the Autotrader where to enter, and
it does so. Hence, you can (and must)
use an
automated exit (e.g. '_Stops & Targets', or any
other) to close the trade.
What It Looks Like
Observe the yellow and cyan
horizontal trendlines:
These
lines were automatically placed by the Kiwi TL Limit
Entry strategy, a bit above and below the current
market. As shown, the lines are inactive.
You may drag them around at will. Until you
activate them, the lines are inert.
Notice the text to the
left of the line? When you are ready to
activate the line, simply change the color of that
text to White, using your right mouse button menu, and the line will become
active for trading. Notice the red 'SE
Lmt LIVE' text below,
indicating an active Short Entry line:
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 a trade is entered,
the opposite line switches from being an entry line
to being an optional profit target. Notice the lower
line is now "SX", for short-exit (but not LIVE
yet):
Activation is the same for
exit lines as for entry lines. if you wish to
activate the an exit line, change its color to
White, and on the following tick it will become
active (notice "SX Lmt LIVE" below):
If you wish, you may pair
any automated exit strategy of your choice with the
TL Limit Entry trader for automatic exit management
once you are in the trade. (You probably want
to do this to create a stop loss.)
The on-chart text to the
right functions the same way - set the color of the
desired action to White, and it will happen on the
next tick.
Both inactive and active
lines may be dragged, for maximum flexibility.
Want to see it in action?
Here's a video:
Video: Kiwi TL Limit
Strategy - Activating and Moving the Lines
Imagine How You Could Trade
1.
Trade congestion boundaries or Fib levels as they
develop live, with no need for complex
pre-calculation.
2.
Go long at support or short at resistance, even if
the support/resistance is a level that was
established days ago.
3.
Drag your line behind the market and get filled on a
retracement.
4. Use your
imagination!
What You Get
