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Help creating a strategy for a newbie

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Posts: 5

Topic: Help creating a strategy for a newbie

Hello for everybody here in the forum.

I am really deciding to purchase FSB in the following days, with demo version now I check the capabilities of the program. I ask for advice the more experienced traders here how to create my strategy.
I would like to set a logic for entry the following way:
I would use limit orders. I use only daily timeframe. Take the recent value of the 20 period of ATR. Multiply this value with an another multiplier(set by myself). The result I want to add to the last bar high or deduct from last bar low, depends on what order I want to place, buy limit or sell limit order. This value I use to place my entry order.
In example:
EURUSD: Daily bar, ATR value for yesterday bar is: 0.01028
The optimized multiplier wich I would use example: 0.15.
0.01028 X 0.15= 0.001542
Low of the yesterday daily bar is 1.08211
Deduct my calculated value from the low I get my entry buy limit level
1.08211 - 0.001542=1,07183
My entry price is 1,07183.
When the today's (recent) bar open, after midnight the expert advisor place a buy limit order at calculated price level.
Is it possible to construct this system in FSB?
I tried to do it myself but I found difficult to make it.

Thanks for your help in advance!
Regards,
Csaba

Re: Help creating a strategy for a newbie

Limit orders are not supported in FSB.

Re: Help creating a strategy for a newbie

Csaba, Footon,
this is perfectly doable.

FSB Pro actually uses limit orders internally, however it cancels them if they are not executed till the end of the bar.

In that case we need a very simple modification of Keltner Channel. We need two bands Upper and Lower for every new bar calculated by using the previous bar's High and Low.

The entries will be on the bands.

Re: Help creating a strategy for a newbie

Popov wrote:

Csaba, Footon,
this is perfectly doable.

FSB Pro actually uses limit orders internally, however it cancels them if they are not executed till the end of the bar.

In that case we need a very simple modification of Keltner Channel. We need two bands Upper and Lower for every new bar calculated by using the previous bar's High and Low.

The entries will be on the bands.

Sure it's doable, but limit orders won't get set up in the trading terminal, positions will still be opened by market orders. I'll return to 4-band Keltner later, my brain is fried for today.

Re: Help creating a strategy for a newbie

Hi,

Popov, footon, thanks for your answers and for your time what you spent to help me.
Unfortunately for me still difficult to build this system. But that's ok, maybe it easier to code it in mq4.
I will find other ideas to try it on FSB.(or check out again if footon made a 4-band Keltner channel indi)

Thanks again,
Regards,
Csaba

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Forex Forum → Help creating a strategy for a newbie