RussWilliamL

Just to confirm, the proper order is: 1. double click the StopLoss price 2. hit the entry button (order fills) 3. hit the exit button (without clicking on anything) 4. go for a swim in the pool 5. come back later and count your money I'm glad to give back to the community. (and programming hotkeys is fun!) Good luck! Russell

Okay, I've got some HotKey Scripts for you to TRY OUT IN SIM. (never test things live) Each trade has two HotKeys. The first one is the entry order where you double-click your Stop-Loss point. (I basically just removed the TriggerOrder from your HotKey Script and moved it to my Exit Script) The second one is the exit order which you would place immediately after your entry order is completely filled. Don't double-click anything between the "fill" and when you activate the Exit HotKey because it gets it's calculations from your Entry HotKey. Here is what the Exit HotKey does: 1. places a one-share RangeMarket order with a 1R/1R range. 2. Triggers a remaining-shares RangeMarket order with a 3R/BE range. There is no other way to do what you want (as far as I know) without the tiny one-share order to trigger the Stop-Loss move to B/E. With these HotKeys, this is what "should" happen (and it worked for me in SIM today). If your 1R Stop-Loss is hit, the Trigger order exits your WHOLE position "near" your target Stop-Loss. If the 1R profit point is reached, you will exit one share, then the Trigger order will be sent so that you will either profit 3R or B/E on the remaining position. (You could change the exit orders to exit more of your position at 1R if you want to use these HotKeys to "partial" at 1R... something like Share=POS*.5 or Share=POS*.33 with your Trigger order remaining Share=POS) Be aware, the first exit order of one share will cost you about $1 in fees more per trade if you are with IB. (I mistakenly said $2 earlier) (Fees are no longer a danger when your orders are more than 200 shares) Here are the Scripts, you should be able to copy-paste them directly into your HotKeys. LONG ENTRY CXL ALLSYMB; StopPrice=Price; DefShare=BP*0.975; Price=Ask-Price+0.00; SShare=25/Price; Share=DefShare-SShare; DefShare=DefShare+SShare; SShare=Share; Sshare=DefShare-SShare; Share=0.5*SShare; TogSShare; ROUTE=LIMIT; Price=Ask+0.1; TIF=DAY+; BUY=Send; DefShare=200; Price=Ask-StopPrice*3+Ask; LONG EXIT CXL ALLSYMB; Route=STOP; StopType=RangeMKT; LowPrice=StopPrice; HighPrice=AvgCost-StopPrice+AvgCost; Share=1; TIF=DAY+; Sell=Send; TriggerOrder=RT:STOP STOPTYPE:RANGEMKT LowPrice:AvgCost HighPrice:Price ACT:SELL QTY:POS TIF:DAY+; SHORT ENTRY CXL ALLSYMB; StopPrice=Price; DefShare=BP*0.975; Price=Price-Bid+0.00; SShare=25/Price; Share=DefShare-SShare; DefShare=DefShare+SShare; SShare=Share; Sshare=DefShare-SShare; Share=0.5*SShare; TogSShare; ROUTE=LIMIT; Price=Bid-0.1; TIF=DAY+; SELL=Send; DefShare=200; Price=StopPrice-Bid*3; Price=Bid-Price; SHORT EXIT CXL ALLSYMB; Route=STOP; StopType=RangeMKT; HighPrice=StopPrice; LowPrice=AvgCost+AvgCost-StopPrice; Share=1; TIF=DAY+; Buy=Send; TriggerOrder=RT:STOP StopType:RangeMKT LowPrice:Price HighPrice:AvgCost ACT:BUY QTY:POS TIF:DAY+; Hope this helps, Best, Russell Landwehr

i'm looking through these hotkeys... is there a reason you are entering with a LIMIT order? do you get filled every time? Are you using Interactive Brokers? (I think I have some HotKeys for you. I'm going to test them in SIM tomorrow before I post them)

Heya, I replied to your new post about this (after i got an email notification that you'd replied here, otherwise i wouldn't have seen it)

Would you post the script you are using for your entry? I think there might be a way to do this. It would require you to place (immediately after entry) a one-share (Shares=1) range order at 1R/SL with a remaining position (Shares=POS) range trigger order set for 3R/BE. Of course you would be throwing away about $2 in fees every trade for the convenience of being able to walk away, and one of your shares would only profit 1R. Also if the one-share order hit your stop before making it to 1R, there would be some extra slippage while the POS trigger order executed and stopped you out. Russell

Here is a Hotkey Script that will buy a Fixed Number of Shares at Market (for a LONG position) when the price gets to a certain price above the current price. You must double-click the price where you want to place this STOP order. (NOTE: you must also have your MONTAGE WINDOW STYLE set to "Stop Order". ) CXL ALLSYMB; Route=STOP; StopPrice=Price; StopType=Market; Share=10; TIF=Day; Buy=SEND; Here is the version of the script for entering a SHORT position. CXL ALLSYMB; Route=STOP; StopPrice=Price; StopType=Market; Share=10; TIF=Day; Sell=SEND; HTH, Russell Landwehr

If the StopLoss was hit, this order should exit 50% of your position then send the Trigger order for the remainder at AvgCost which would then immediately execute to exit your position

You could make the first order a Range Stop order, but you would need one script for LONG positions, and a different one for SHORT positions. After you are in a position, double click your profit target then activate the hotkey. Once the Range Stop is in place, move your StopLoss portion of the Range Order to where you choose. Try these (IN SIM FIRST!!) and see if they do what you want. (if you want a different risk to reward ratio, you can change the /1 to a /2 or /3 or whatever you choose) FOR A LONG POSITION CXL ALLSYMB; Route=STOP; StopPrice=Price-AvgCost/1; StopType=RangeMKT; HighPrice=Price; LowPrice=AvgCost-StopPrice; Share=POS*.5; TIF=DAY; Sell=Send; TriggerOrder=RT:STOP StopType:Market StopPrice:AvgCost ACT:Sell QTY:POS TIF:DAY; FOR A SHORT POSITION CXL ALLSYMB; Route=STOP; StopPrice=AvgCost-Price/1; StopType=RangeMKT; HighPrice=AvgCost+StopPrice; LowPrice=Price; Share=POS*.5; TIF=DAY; Buy=Send; TriggerOrder=RT:STOP StopType:Market StopPrice:AvgCost ACT:BUY QTY:POS TIF:DAY;

I'm guessing you are talking about having a Trigger order that is a Range Stop order where the high and low are calculated on R.

In order to do this, you would need two trigger orders. The first trigger order would be a range stop order for 25% of your position and then the second would be the standard stop order for 75% of your position. After the Range Stop is triggered, you can manually move the regular stop to break even. There is a problem with this, though. If your dynamically calculated position is an odd number of shares, the 25% and 75% would not equal your complete position. In that case, you would need to manually change one of the orders.

What is this witchery? This is the first I've seen "SwitchTWnd". I've been using "FocusWindow MONTAGE1" since my montage window is named MONTAGE1.

Do you mean 0.50R or $0.50?

Hi Ywiratania. My modifications of Peter B's script are below. Remember this script is for Interactive Brokers. It will not work with other brokers. Also, make sure you use it in SIM first before going live so that you can be certain there is not a catastrophic error in the script that would lose you a lot of money. I cannot guarantee they will work for you. I will be testing the Market versions for myself Monday in SIM. The portion that makes sure the Trigger order will create the Stop Orders is "Price=Round2;" added to the original script. The portion that changes the entry from a LIMIT order to a Market order, is by replacing "ROUTE=SMRTL;" with "ROUTE=SMRTM;". The portion that changes the Triggered Range Order from a LIMIT order to a MARKET order, is by replacing "STOPTYPE:RANGE" with "STOPTYPE:RANGEMKT". ------------------------------------------------------------------------------------------------------------------- Long LIMIT entry $100 risk with 1.5 to 1 stop range LIMIT exit CXL ALLSYMB;StopPrice=Price-0;DefShare=BP*0.975;Price=Ask-Price+0.00;SShare=100/Price;Share=DefShare-SShare;DefShare=DefShare+SShare;SShare=Share;Sshare=DefShare-SShare;Share=0.5*SShare;TogSShare;ROUTE=SMRTL;Price=Ask+0.1;TIF=DAY+;BUY=Send;DefShare=200;Price=Ask-StopPrice*1.5+Ask;Price=Round2;TriggerOrder=RT:STOP STOPTYPE:RANGE LowPrice:StopPrice HighPrice:Price ACT:SELL QTY:POS TIF:DAY+; ------------------------------------------------------------- Short LIMIT entry $100 risk with 1.5 to 1 stop range LIMIT exit CXL ALLSYMB;StopPrice=Price+0;DefShare=BP*0.975;Price=Price-Bid+0.00;SShare=100/Price;Share=DefShare-SShare;DefShare=DefShare+SShare;SShare=Share;Sshare=DefShare-SShare;Share=0.5*SShare;TogSShare;ROUTE=SMRTL;Price=Bid-0.1;TIF=DAY+;SELL=Send;DefShare=200;Price=StopPrice-Bid*1.5;Price=Round2;Price=Bid-Price;TriggerOrder=RT:STOP STOPTYPE:RANGE LowPrice:Price HighPrice:StopPrice ACT:BUY QTY:POS TIF:DAY+; ------------------------------------------------------------- Long MARKET entry $100 risk with 1.5 to 1 stop range MARKET exit CXL ALLSYMB;StopPrice=Price-0;DefShare=BP*0.975;Price=Ask-Price+0.00;SShare=100/Price;Share=DefShare-SShare;DefShare=DefShare+SShare;SShare=Share;Sshare=DefShare-SShare;Share=0.5*SShare;TogSShare;ROUTE=SMRTM;TIF=DAY+;BUY=Send;DefShare=200;Price=Ask-StopPrice*1.5+Ask;Price=Round2;TriggerOrder=RT:STOP STOPTYPE:RANGEMKT LowPrice:StopPrice HighPrice:Price ACT:SELL QTY:POS TIF:DAY+; -------------------------------------------------------------- Short MARKET entry $100 risk with 1.5 to 1 stop range MARKET exit CXL ALLSYMB;StopPrice=Price+0;DefShare=BP*0.975;Price=Price-Bid+0.00;SShare=100/Price;Share=DefShare-SShare;DefShare=DefShare+SShare;SShare=Share;Sshare=DefShare-SShare;Share=0.5*SShare;TogSShare;ROUTE=SMRTM;TIF=DAY+;SELL=Send;DefShare=200;Price=StopPrice-Bid*1.5;Price=Round2;Price=Bid-Price;TriggerOrder=RT:STOP STOPTYPE:RANGEMKT LowPrice:Price HighPrice:StopPrice ACT:BUY QTY:POS TIF:DAY+; ---------------------------------------------------------------- Best, Russell Landwehr

Thanks Peter. I see this was added to v5.6.4.15 in October. I totally missed it when reading through the release notes. Russell

I just found a problem with Range orders. It places a Market Stop on the loss side, but a Limit Order on the profit side. Friday, SQ tickled my profit target and sent the Limit Order, but the Limit Order didn't get filled. Meanwhile, the Stop Market order portion of the Range was cancelled. THEN the price dropped BELOW my previous 1R Stop Loss part of the Range order, but the Stop wasn't there to catch it. Luckily SQ came back up and filled the Limit Order. However, I'm concerned. Now I'm considering NOT using Range orders as part of my Exit Strategy. Well, first I'm going to look into the "risk controls" page in DAS. Perhaps I can set a control that will catch this problem on a per-position basis. OR... maybe use that risk control as my 1R Stop, and just set a profit-taking TriggerOrder... just thinking out loud now.

I'm with you on that. In every back-test I've done, partialing has come out low on the ROI list, and the commissions are important to consider. Of course, with higher share size, the commissions aren't quite as impactful.

Correct, I don't take partials, besides, Isn't that the intent of your hotkey script?

Hi Peter B, I'm developing a strategy that fits my personality and methods. The strategy is based on the 5-min ORB. After back-testing the strategy, I found 1.5R profit was my sweet-spot. At 1.5R profit, a 40% win-rate is break-even and a 50% win-rate is my target; with an expectation of about a 60% win-rate. A 50% win-rate returns 0.25R profit per trade. A 60% win-rate returns 0.50R profit per trade. For myself (a beginning day-trader) the conservative 1.5R/R reduces the "pressure". I expect to increase the win/loss ratio once I'm better at picking the right stocks to trade. (my back-test yielded a 63% win-rate) This "conservative" strategy fits my personality, methods, and goals. In the past I was swing trading successfully using an extremely conservative method. A friend of mine, who's been trading much longer than I, said, "but you're leaving so much money on the table!" So I let him get in my head and I changed my strategy... and turned a winning strategy into a losing one that I was unable to bring myself to "reset" to my original strategy. I don't need to make a "killing", only this steady ROI to meet my targets. All the best, Russell Landwehr

I ran into a problem when I changed the target to 1.5 (instead of an even number) (I also changed the script to a market entry instead of limit) anyway, the problem: Randomly the TriggerOrder wouldn't flow. It wouldn't give an error or anything, it just wouldn't show up. I fixed the problem by adding Price=Round2; after the StopPrice*1.5; (and also in the same place on the Short version of the script) Now the TriggerOrders execute smoothly every time. Best, Russell Landwehr

what was your resolution to this problem? (I'm struggling with short position range orders)

I like to create custom spoken alerts using Amazon's Polly. (my favorite voice is Emma). My most recent custom alert audio (and new favorite) is attached as an mp3. If you want to add it to your alerts, you will need the WAV file which is located here: DOWNLOAD "STOP TRADING" ALERT WAV Then place the WAV file in your DAS main folder and set up your alert as shown in the attached screenshot. Russell Landwehr Stop Trading alert.mp3

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