New integrated Entry App available

The new integrated Entry App is available at http://www.fxcodebase.com/code/viewtopic.php?f=39&t=34297 or at http://www.dailyfx.com/forex_forum/signal-strategy-fxcm-marketscope/606777-multiple-take-profit-position-management-fully-automated.html in post #14.

To test this out with a free demo license key, write a request to smarttradingapps@gmail.com

New Integrated App will be released next week

A new App will be released next week.

This App allows to chose the entry type (market entry, stop entry, or limit entry), the number of partial profit Levels (1 - 10), and optional trailing stop for the last limit stage.

There are also further improvements for the robustness against network connection losses of the trading platform before a conditional entry opens a position and after a position close, thus spanning the entire time from App start until App close no matter the entry type chosen.

Stay tuned.

New Position Manager Indicator Version

A new version of the Position Risk Manager indicator is now available.

New features are:

• The Text Box can be placed anywhere on the chart.
• The numerical values are better readable by the enriched number display.
• The lot size is also displayed.

Have a look on the Indicator page of this site and request a demo version if you like what you see.

Updated FAQ section

Two new entries have been added to the FAQ section:


When is manual interaction required?
Once you stop a Limit Entry App or a Stop Entry App, you need to make sure that pending entry orders, which had been set up by the App, are removed manually.
The App has no means to perform an order deletion process upon its termination, unfortunately.


Is there a constraint to stop a running App?
Any of the Apps can be terminated at any time. If a position is still open at the time of terminating the App, the position management can be continued by re-starting the App for the same instrument, direction, and time frame.
If a position had already been entirely closed, the App can run any arbitrary time until the user has an opportunity to terminate it.
Remember that pending entry orders need to be manually removed by the user when terminating a Limit Entry App or Stop Entry App before the entry order had been executed to open a Position.

New Release with Backtesting Capability

The new Release of the Market Entry App, the Limit Entry App, and the Stop Entry App are available at http://www.dailyfx.com/forex_forum/signal-strategy-fxcm-marketscope/606777-multiple-take-profit-position-management-fully-automated.html and also at http://www.fxcodebase.com/code/viewtopic.php?f=39&t=34297#p79244.

Examples of backtests using the MarketScope Strategy Backtester are available on the Apps Backtesting page of this site.

Please do note that the new user input "Backtest" has to be set to "No" for live trading and to "Yes" to conduct a backtest. Updated user guides are available on the respective App pages on this site.

What is next?

As there is apparent interest to verify the multi-stage limit exit management in a backtest, this capability will be added in the coming update.

Further, a user key will be added to improve multi-instance support on the same instrument in the same direction, which is useful for traders re-using the same entry for short-term and long-term Exit strategies.

This will constitute the update for the coming week.

Later, in a second step, I will integrate the three Apps of Stop Entry App, Limit Entry App, and Market Entry App into one single App supporting the entire set of entry features and multi-stage position exit management.

New Update

A new update has been posted under the link in the last post, which contains a small bug fix of some specific input configuration when trailing stops are used.

Please download the new updated versions for your tests.

The update is available at http://www.dailyfx.com/forex_forum/signal-strategy-fxcm-marketscope/606777-multiple-take-profit-position-management-fully-automated.html in post #11 called 'New Update'.

Also at http://www.fxcodebase.com/code/viewtopic.php?f=39&t=34297 in the post called 'Update: New Release of Entry Apps'.

Complete Re-Design of Smart Trading Apps

The Smart Trading Apps have been re-designed to integrate more functionality into each App.

There are three Apps now available which define their respective type of position entry:

Market Entry App: Immediate position entry at market Price

Stop Entry App: Placing a Stop Entry Order for position entry

Limit Entry App: Placing a Limit Entry Order for position entry


Each App allows the user to select a number of 1 to 10 profit taking limit levels. Trailing Stop is optional in each App now with all popular trailing methods.

The Apps are entirely robust against Network failures and PC crashes and allow to continue position exit management thereafter, also over weekends.

New features include:

Risk management option of a percentage of "Discounted Balance", which takes into account the maximum risk of all open positions of the account.

Slippage compensation for StopLoss and all Limit levels configurable for Stop Entry Order and Limit Entry Order

Improved user interactivity to allow the user to manually adjust the Stop Price Level and have the App check on this to determine the more favourable Stop Price Level (the App's Stop or the User Stop).

Download the new Entry Apps from http://www.dailyfx.com/forex_forum/signal-strategy-fxcm-marketscope/606777-multiple-take-profit-position-management-fully-automated.html

Please do note that the Apps are not designed for the MarketScope backtester. Try them on a demo account for LIVE trading!
Happy Trading!

Indicator for Risk Management

I designed an indicator for the visual display of the risk management options that all of my Entry Apps have built-in.

 

This may be useful for traders to quickly grasp the position size for a new trade to be entered on the chart instrument of MarketScope.

 

It allows to select four different modes on how to calculate the position as a percentage of the

1. Account Balance
2. Account Equity
3. Account Margin
4. Discounted Account Balance

 

The Discounted Balance uses the Account Balance minus the maximum possible loss of all open positions of the account, whose StopLoss is set to a possible loss. Positions, whose stop level is at break-even or beyond at a profit level, are not accounted for.

 

The indicator also plots the envisaged Stop Level onto the chart, which I find quite useful.

 

There is one constraint for the use of this indicator:

 

If you are looking to open a long position, the indicator needs to be applied to an ASK price series of the chart instrument.

If you are looking to open a short position, the indicator needs to be applied to an BID price series of the chart instrument.

 

Happy Trading!

 

 

 

 

I posted the indicator for download at:

http://forexforums.dailyfx.com/indicator-sdk-support/613943-risk-position-manager-indicator.html

http://www.fxcodebase.com/code/viewtopic.php?f=39&t=40698

New Risk Management Option is now available - Try it out!

The former Entry Apps have had risk management options to calculate the position size as a percentage of the available account equity, balance, or margin, thus giving the user three options.

A new risk management option has been added as a fourth option, which is to use a percentage of what I call a "Discounted Balance".
The discounted balance is simply the account balance minus the maximum possible loss of all open positions of any instrument of the account, depending on their current StopLoss price level.

It is worth-wile noting that an open position, whose StopLoss level has already reached break-even or any further profit level, does not contribute to the reduction of the position size. Only open positions, whose StopLoss level will yield a possible loss, contribute to the reduction of the size of the Position to be opened.

Hence, this is a more conservative risk management for traders who work with a larger number of open positions at the same time and provides for the most realistic risk scenario, since all possible losses are acccounted for when calculating the available money to trade with.
Examples can be downloaded from http://forexforums.dailyfx.com/signal-strategy-fxcm-marketscope/606777-multiple-take-profit-position-management-fully-automated.html#post1637430 or from http://www.fxcodebase.com/code/viewtopic.php?f=39&t=34297&sid=ca17c8bf9653224bfb76b7588ae4ac39.

Happy Trading!

Request a Demo License

In case you want to try out an App with a specific configuration of your choice, send a request for a demo license key to smarttradingapps@gmail.com.

New Risk Management Option

There is a further risk management option being developed as to calculate the position size.

The current options are based on calculation of a user-defined percentage of available equity, balance, or margin, which in turn yields the number of lots of the size of the position to be entered.

The new option will be named "Balance Discounted" and will calculate the available balance minus the worst-case risk of all open positions of any instrument of the user account, which is derived from the StopLoss distance of these open positions.

This may slow down the entry a bit since the App will need to request data from the trading server for any of these instruments, which the App itself does not intend to open a position. But, this remains to be tested to see if there is any serious impact on entry latency or not.

Advanced Risk Management

I am collecting valuable inputs from users as to add more features to the Risk Management.

One is to account for the maximum possible losses of open positions of an account, as to determine the available equity, balance, and margin.

Another one is to define an optional global risk, such that only a limited number of open positions can be made at a time, which respects the global maximum risk.

If you have more suggestions, you are welcome to drop me a note with your ideas.

Happy Trading!