Create and Test Forex Strategies
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====== Exit Rules ====== | ====== Exit Rules ====== | ||
- | The Exit Rules are responsible for closing positions. There are only three possible points for closing a position: at Stop Loss, ay Take Profit, and at Bar Open. Since the Stop Loss and Take Profit are part of the Expert Properties, we will describe | + | The Exit Rules are responsible for closing positions. There are only three possible points for closing a position: at Stop Loss, at Take Profit and at Bar Open. Since the Stop Loss and Take Profit are part of the Expert Properties |
- | + | ||
- | Let's see several examples: | + | |
===== No Exit Rule Indicators ===== | ===== No Exit Rule Indicators ===== | ||
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</ | </ | ||
- | When you create a new expert, the program starts without | + | When you create a new strategy it will contain no Exit rules and that is a perfectly valid exit condition. If there are no Exit rules the strategy will close all positions at the next Bar Open. This is indicated |
===== One Exit Rule Indicator ===== | ===== One Exit Rule Indicator ===== | ||
- | You can add Exit Rules indicators by using the "Add a new exit rule" | + | You can add Exit Rules indicators by using the **+ Add a new exit rule** button at the bottom |
- | All of the indicators | + | All of the indicators |
<WRAP group> | <WRAP group> | ||
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The example above shows one Exit Rule indicator – Bollinger Bands, with a logical rule: "The bar opens above Upper Band". | The example above shows one Exit Rule indicator – Bollinger Bands, with a logical rule: "The bar opens above Upper Band". | ||
- | The condition "The bar opens above Upper Band" can be either true or false. If you have an open long position and it happens that the current bar opens above the upper Bollinger band, the expert | + | The condition "The bar opens above Upper Band" can be either true or false. If you have an open long position and it happens that the current bar opens above the upper Bollinger band, the strategy |
Let's now imagine that we have a short position and the bar also opens above the Upper band. The rule in the indicator slot is satisfied for a long position, but it is not satisfied for a short one because your rule for short positions follows the opposite logic. If we have to put it explicitly: close short when "The bar opens below the Lower Band". Because we are short and the exit rule doesn' | Let's now imagine that we have a short position and the bar also opens above the Upper band. The rule in the indicator slot is satisfied for a long position, but it is not satisfied for a short one because your rule for short positions follows the opposite logic. If we have to put it explicitly: close short when "The bar opens below the Lower Band". Because we are short and the exit rule doesn' | ||
- | ===== Two Exit Rules ===== | + | ===== Multiple |
- | When there are more than one Exit Rules, the program closes a position at Bar Open when at least one of these rules is satisfied. This is a key difference between the Entry and the Exit Rules. The program is very sensitive when it decides to close a position. No matter how many exit rules we have, only one of them is enough to close the position. Of course if both conditions are fulfilled the position is also closed. | + | When there are multiple |
<WRAP group> | <WRAP group> | ||
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</ | </ | ||
- | Let's see a case when we have a long position and two Exit Rules. If the first of these is satisfied for a long position and the second one is satisfied for a short position. What do you think it will happen? The program will close the long position because a single signal for closing is enough, no matter what the second one is showing. | + | Let's see a case when we have a long position and two Exit Rules. If the first of these is satisfied for a long position and the second one is satisfied for a short position. What do you think it will happen? The program will close the long position because a single signal for closing is enough, no matter what the second one is. |
~~DISQUS~~ | ~~DISQUS~~ | ||