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 -
- Market, Limit, or Stop Entry
- # of shares (contracts)
- the limit or stop price (when applicable)
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!
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.
This video demonstrates MEA IOG for MultiCharts in action:
Manual Entry Automation with IOG Scale-Out Exits
What You Get
- The Windows apps which provide you with the dialogs above and write to the GV area to specify your orders.
- The MultiCharts PowerLanguage "Listener" IOG signal which reads the GV area and acts on your Entry, Kill, and Close commands.
- A MultiCharts PowerLanguage "set focus" indicator which, properly configured and used, can often save you from even having to type in symbols and prices.
- A sample workspace which puts it all together.
- Instructions on how to use the apps and the signals
- Customer Support for initial installation.
$400 for a permanent personal-use license - less than you blew on your last terrible entry/exit pair (admit it!). Use the 'Add to Cart' button (above, left) to place your first-time order.
Institutional and multi-person licenses are also available. Please send inquiries to questions@CodeForTraders.com .
This package is delivered in protected format, locked to your MultiCharts customer number. Please provide your MC customer number with your order.
How You Get It
Visit the product page then hit the 'Add to Cart' or 'Buy Now' button.
The package will be emailed to you after your PayPal payment is processed.
Please be aware of the caveats before you order. Thanks!