Hot keys for defining capital(BP), Stop loss and target profit

[tradingmama 0]

Hi, 

I'm a new memeber here. I'm trying to start small and not complicate with partials and share size. I'm comfortable trading by defining how much capital i want to use per trade, stop loss and profit target. I'm planning to start with a small capital and I don't want to spend time calculating how many shares I could buy. I tried the current risk based hotkeys. I understand It's a great tool but I feel like i'm still not at that point in my trading journey. 

 

Does anyone have/know hot keys where I can say ok use 3000 USD to buy me this share and set the stop loss at x.yz and take profit when it hits y.xz.

 

I really liked the hot key where you could double click for your stop loss and it calculates how many shares you could buy. Only problem I have is I want to define my capital/BP. Even in simulator, I don't want to use all I have, I want to see what happens when I use only 10k because that's all I will be able to use when I go live. 

 

Thanks in advance.

Edited August 10, 2021 by tradingmama
Spelling

[tradingmama 0]

Thank you very much. I will try this on simulator. 

[RussWilliamL 21]

On 8/11/2021 at 3:52 AM, peterB said:

if you want to change the target just rewrite the StopPrice*2 to StopPrice*X (where 2 is 2R)

 

 

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

[NikkiB 22]

1 minute ago, RussWilliamL said:

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

Wow Russell - thanks for this info!  I had the same exact problem when changing it to 1.5 and gave up, just figured it was too much math/decimals for it to work.  Thanks for the solution!

[RussWilliamL 21]

3 hours ago, peterB said:

just curious why do you need a 1.5 R/R target?

 

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

[NikkiB 22]

I'm glad Russell got to this before me so I can just copy his answer instead of typing it all out myself because my answer is the same 🙂  Basically making the R's and win/loss ratio work for me based on all the data I'm collecting.  I'm horrible at trade management.  I enter trades at good spots, but then I panic and exit too early.  Trying to somewhat "automate" my exits so I'm not in control of them, or at least have the R value on my chart so I can take most of my shares off then and let the rest ride.  Being able to break it down even smaller to a .5R value (with any whole number) helps with the options of what's best to do.  And ditto - not looking to make a killing, just a steady ROI every day/week/month.

[NikkiB 22]

For me - not necessarily 1.5R, but some R, and being able to try it with a .5 increment is incredibly helpful.  I am finding that taking smaller R's and having a higher win rate is more beneficial to me so far.

ETA - And yes, all or nothing most of the time.  I find I start partialling out too much and end up wasting my money on commissions.

Edited August 26, 2021 by NikkiB

[RussWilliamL 21]

21 hours ago, peterB said:

so you both do 1.5R all or nothing?

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

[RussWilliamL 21]

21 hours ago, NikkiB said:

For me - not necessarily 1.5R, but some R, and being able to try it with a .5 increment is incredibly helpful.  I am finding that taking smaller R's and having a higher win rate is more beneficial to me so far.

ETA - And yes, all or nothing most of the time.  I find I start partialling out too much and end up wasting my money on commissions.

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.

[NikkiB 22]

100% agree!  Higher share size, smaller R and little-to-no partialling has made a huge difference.  Most of the time now I’m excited to get that commissions report email from IB after 5pm - I used to dread it!

Edited August 27, 2021 by NikkiB

[RussWilliamL 21]

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.

 

Edited August 28, 2021 by RussWilliamL

[Ywiratania 0]

On 8/26/2021 at 2:18 AM, RussWilliamL said:

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

Hi Russell.

I'm new in trading and still using sim. I'm facing the same random problem that the Trigger order would flow. May I know the hotkey script from Limit to Market both for long and short?

[RussWilliamL 21]

7 hours ago, peterB said:

just use STOPTYPE:RANGEMKT  instead of STOPTYPE:RANGE

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

[RussWilliamL 21]

On 12/4/2021 at 1:27 AM, Ywiratania said:

Hi Russell.

I'm new in trading and still using sim. I'm facing the same random problem that the Trigger order would flow. May I know the hotkey script from Limit to Market both for long and short?

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

Edited December 9, 2022 by RussWilliamL

[Ishyster 2]

On 12/4/2021 at 10:46 PM, RussWilliamL said:

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=BP0.975;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=BP0.975;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=BP0.975;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=BP0.975;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

I love these scripts, but lets say instead of the profit target being 1 or 2R, what if I wanted it .50 above my entry price on my long or -.50 below my entry on my short?