Click Chart Price Limit Order Hotkey

[Phil 3]

Hi All,

I'm making this post seeking assistance with a specific hotkey script that I'm having trouble making.  It's a rather simple concept, but despite having it clearly defined in my mind, I am having a hard time finding the resources to execute it.  So, here goes...

The simple function that I am looking for (in a single hotkey) is this - I would like to:

1.) Be able to select a limit order price by clicking on the chart (and would like it to be ask + 0.05 for long positions, or bid -0.05 for short positions).

2.) Execute the order at a specific share size defined by the quantity related hotkey that is pressed after purchase price is selected by clicking.

3.) Automatically set a stop loss at -$150 for any quantity share size chosen.

If anyone is able to help with this, or share their similar hotkey script, I would be extremely grateful!  Thanks!

 

- Phil

[Justin 262]

Hey Phil, welcome!

You might want to check out Kyle's hotkeys. It's very similar to what you are trying to achieve.

In one hotkey, you click on the chart where you want to set your stop loss, and when you hit the hotkey, it will buy at the current price (which you can set to limit and ask + 0.05), and it will auto calculate exactly how many shares to buy based on your risk ($150), for whatever the stock price is. So if it hits your stop, you'll be out $150.

 

[Phil 3]

Hey Justin,

Thanks for the reply and for the suggestion!  I actually already use Kyle's hotkeys, and you're right, they are very similar to what I'm trying to accomplish.  The reasons I'm trying to construct this updated hotkey is that I would like to have absolute control over the amount of shares I purchase and at what price.  Kyle's hotkeys are absolutely great, but offer only the ability set the exact price of your stop, not your entry.  So in effect I need the opposite of what the keys give - that being a very specific limit order for entering a trade, and a non-specific stop loss that just gets me out at $150 loss (or any defined dollar value).  The reason for all of this is that I've gravitated towards trading smaller cap, lower float stocks, and have found that they really jump around, making specific entry prices/share sizing hard to nail with Kyle's keys.  You're right, I could just define my $150 stop loss level and enter, but in that split second the stock could have popped $0.20 away from what I would have considered a reasonable entry point.  

Does this make sense?

 

Thanks again for your help and suggestions!

-Phil

 

[Justin 262]

Hey Phil,

Yes, this makes perfect sense! If it's possible is the next question....  The problem is the stop size. Trying to edit the stop portion of an order is a bit difficult in DAS.

One clarification question. The hotkey will have a set share size built in? Like you'll have one hotkey that does 100 shares, and another that does 250, etc.?

[Phil 3]

Hi Justin,

Thanks again for getting back.  To answer your question - yes, I was planning on making different hotkeys for something like 100, 250, 500, and 1000 shares.  Perhaps just 250, 500 and 1000.  If there was a way to do so, I could customize the data in the stop portion of each key to ensure a $150 stop across the board.  Thanks again!

- Phil

[Justin 262]

Hey Phil,

Ok, I think I've got something. The only issue is that there isn't (I believe...) a way to set a future price to buy/sell at that will trigger on the ASK or BID when it gets there. You can only set a specific price for a future open order to trigger at. Please someone correct me if I'm wrong on this.

If you click on a price on the chart, fire this hotkey script, it will set an LIMIT order where you clicked. If it gets triggered, it will buy (for the long hotkey...) 100 shares and set a stop loss below that price, that will limit any loss to $150:

For LONG:
Price=Price;Share=100;Route=Limit;TIF=DAY+;BUY=Send;StopPrice=150/Share;StopPrice=Price-StopPrice;TriggerOrder=RT:STOP STOPTYPE:MARKET PX:StopPrice ACT:SELL STOPPRICE:StopPrice QTY:Pos TIF:DAY+;

For SHORT:
Price=Price;Share=100;Route=Limit;TIF=DAY+;SELL=Send;StopPrice=150/Share;StopPrice=Price+StopPrice;TriggerOrder=RT:STOP STOPTYPE:MARKET PX:StopPrice ACT:BUY STOPPRICE:StopPrice QTY:Pos TIF:DAY+;

[Phil 3]

Hey Justin,

Wow, man, this is absolutely excellent!  Thanks so much for taking the time here for me.  I really appreciate it.  

As the markets aren't open now I'm only able to mess with this in Das replay mode currently, and I don't think you're able to open a stop order in replay, just Market/Limit orders.  It seems to work in that regard just fine, though!  I'll be messing around with it in simulator when the markets open up tomorrow. 

One thing that is just now jumping out at me is that I may have made a mistake when mentally considering a limit order as the best option for entry.  I say this because, what I am really trying to accomplish is to have an order sitting and waiting, say, above a key resistance level, ready to trigger as soon as price breaks that level and gets to my defined entry price.  As long as I am right there watching things (and I always will be), this script works fine because the limit order will get me in at my selected price, or better.  This "better" is the heart of the issue, however.  Would it make more sense for the entry order to be a stop order with a trigger price?  That way, in my mind, you could click on your desired entry price before a stock has broken the key resistance level, and your order would not trigger until price reached that price.  Right now, the hotkey, when pressed, will enter the position automatically if price is anywhere below the selected price (for a long position), and does not sit waiting to trigger when that price is reached.  How easy would it be to change the Limit order function, to, what I believe, is a stop limit with trigger price?  Or am I totally off base about something?

Again, thank you so much for looking at this for me.  It means a lot, and is the exact type of peer-to-peer support that joining a community is all about.

- Phil

[Brendon 146]

8 hours ago, Phil Muka said:

Hi Justin,

Thanks again for getting back.  To answer your question - yes, I was planning on making different hotkeys for something like 100, 250, 500, and 1000 shares.  Perhaps just 250, 500 and 1000.  If there was a way to do so, I could customize the data in the stop portion of each key to ensure a $150 stop across the board.  Thanks again!

- Phil

Hi Phil, just my 2 cents budding in as usual, I would not use a fixed $150 loss per trade (although that could be helpful from blowing up of course). I would always use R/R. Your long term green success is a ratio of your accuracy and r/r per trade. You throw an arbitrary number in there and it will mess with it. 

[Phil 3]

Hey Brendon,

You're absolutely right, especially for the type of trading that this community focuses on.  The $150 is somewhat arbitrary, and I plan on playing around with different dollar values on that definitely.  The reason for a blanket stop price, like the $150 (though it could be set at anything), is that I'm gravitating more towards a lower float, lower price trading style.  I've read both of Andrew's books and have tried my hand for about 4 months with the mid-large cap stocks, with higher float, and I'm just not having much great success.  Recently I have been following another trading website's watchlist/strategy and am having much greater success with buying or selling, waiting for a quick pop, and immediately taking profit and calling it a day.  That is the reason for seeking out this different hotkey setup, where the stop loss is not so much a definition of your risk, as it is a backup to bail you out if a move has gone against me beyond an acceptable amount.  With these lower float plays it either goes your way quickly, or it doesn't, and in most cases I'm able to watch the tape and exit immediately if I don't see the requisite green/red prints and higher volume coming in to support the desired move.  So in that scenario the stop is simply there as an absolute backup bailout tactic if things really take a turn for the worse.  

My plan is to trade these low floats at the open, and then likely jump back into the BBT watchlist looking for, at first, Peter's lightning bolt strategy (which was a strategy that I really have taken a liking to).  Obviously it's not that the BBT R/R setups don't work, as they do for so many in this community, I have just found that I am having better luck with these lower floats right at the open, and that taking advantage of these really quick pops and/or washouts is more in line with my personality.  Thanks for your two cents, though, I'm a huge fan of any and all dialogue about this stuff.

- Phil

[Justin 262]

43 minutes ago, Phil Muka said:

Would it make more sense for the entry order to be a stop order with a trigger price? 

I'm not 100% sure what you mean by this. Can you explain further?

44 minutes ago, Phil Muka said:

Right now, the hotkey, when pressed, will enter the position automatically if price is anywhere below the selected price (for a long position),

Yeah, the hotkeys only work when you put the price below (when long) or above (when short). Do you want to be able to enter an open order above the current price (if going long) because you want it to fill if it starts heading in your direction? Because in my mind, I just see that as a worse entry... But maybe I'm not interpreting what you're saying properly.

Let me know!

[Phil 3]

Hey Justin,

Yea, I think in this regard an open order at a set price point above (if long) or below (if short) would be best.  I know it seems a little strange, but this would be for the scenario where, for example, you're fairly certain a stock will pop when it breaks a resistance level, but you don't want to enter until just after it beaks that level, because if it doesn't break it, price could quickly shoot off in the opposite direction.  In other words, if you think price is going to pop if, say, the $5 level is broken to the upside, you could have an order ready and waiting at, say, $5.01 or $5.02.  Otherwise, you could click on that price, but could get filled at whatever the price is at that moment before the actual break of the key level, which may or may not ever happen.  Of course I'd still be able to enter with the script you provided, but I would have to be right there manually hitting the hotkey as the resistance level was broken, which could be tough given how quickly these things can pop.  What seems like a better option is to have an order ready and waiting to fill just above (for a long)  the resistance level, without having to rely on catching it quickly with the hotkey when price breaks it.  Does that make sense? Thank you again.

- Phil

[Ranajit Chatterjee 10]

Can you please share the strategy ("Recently I have been following another trading website's watchlist/strategy")  you have found? @Phil Muka

[Phil 3]

Hey Ranajit,

Great hearing from you.  Yea I have no problem sharing the name of the other website I've signed up for one month of.  But first I will say, Andrew's books, as well as a number of youtube videos, have taught me all of the very important key concepts about trading that I know.  From technical analysis, to various strategies/patterns, to reading the Level 2, to having realistic expectations about my trading journey, and, most importantly, keeping a keen eye on risk management.  As I said above, I have been trading live with BBT for about 4 months, but am basically breaking even.  A friend of mine whose interest I helped pique in trading ended up signing up with a website called Investor's Domain.  Now if I'm breaking any rules of this forum by mentioning other services, I am unaware of any rules against this and apologize.  That said, the service is definitely not as well organized as Bear Bull Traders, but it is not so much the service, as it is the style of trading that tends to match better with my personality, I believe.  Take all of this with a grain of salt, however, because I have not gone live yet.  That said, I find lower priced, lower float stocks, tend to make wild and volatile movements, but they do appear to really respect key levels, especially pre-market levels.  The idea with this type of trading is to look for a quick pop at a significant level, get in, and get out very quickly and then walk away with your profit for the day.  To be honest it kind of reminds me of the way Andrew trades - looking for quick moves in the first 15-30 minutes of the day or so and knowing when to take a profit and leave.  All of this said, I may end up failing miserably, we'll just have to see.  So far though I've been doing pretty well in simulator, and my friend has been doing quite well live.  Small caps scare the crap out of me with their volatility, but in a strange way they somehow feel more predictable at certain key levels than mid-large cap stocks do, for me anyways, and the moves are extremely quick.  Like I said above, I plan to try these out using some revamped hotkeys Justin is graciously helping me with here, but then will also be scanning through my BBT watchlist looking for, at first, Peter's VWAP Lightning Bolt setup (with low risk) for late morning plays.  Thanks for the question, and I wish you the best of luck on your own journey.

- Phil

[Justin 262]

Hey Phil, what your wanting with the open order above the price does make sense. But once again... not sure if it’ll work  

I’ll crack at it tomorrow!

[Justin 262]

Hey @Phil

So this allows you to place an order (when going long) above the current price. When it triggers it will automatically set a stop loss $150 below your entry.

ROUTE=STOP;StopType=LIMIT;StopPrice=Price;Share=100;TIF=DAY+;BUY=SEND;StopPrice=150/Share;StopPrice=Price-StopPrice;TriggerOrder=RT:STOP STOPTYPE:MARKET PX:StopPrice ACT:SELL STOPPRICE:StopPrice QTY:Pos TIF:DAY+;

This is for Short:

ROUTE=STOP;StopType=LIMIT;StopPrice=Price;Share=100;TIF=DAY+;SELL=SEND;StopPrice=150/Share;StopPrice=Price+StopPrice;TriggerOrder=RT:STOP STOPTYPE:MARKET PX:StopPrice ACT:BUY STOPPRICE:StopPrice QTY:Pos TIF:DAY+;