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Transform any order into a limit order selectively based on a trading rule
I bet most or all of your trading systems use the same order types to buy and short securities. My strategies also use single order type logic to enter all positions.
Here is a money management script that updates the default order type depending on a trading rule. The script transforms any order into a limit order if the specified rule is true on entry date. The default order, which could be a market order, limit order, stop order or stop limit order, is intercepted in the "OnNewPosition" event of the money management tool and then the rule formula you provide is analyzed and its result is checked. Nothing is performed if the rule is false, however, if it is true then your order is ignored and a new limit order is created.
The order limit price is calculated by multiplying the security price on the signal date by a "Limit %" value you should also provide.
Here is a quick example:
Rule: rsi(14) > 70
Limit %: 1.5
The default order is: Market at open
A buy signal is generated and market at open order is created. Before the order is transmitted, the money management script calls the "OnNewPosition" event.
Our script will calculate the relative strength index (RSI) rule and find that the rule returns "1" (true).
The default order will then be replaced by a limit order whose limit price is: Close price at signal date * -1.5%
Trading financial instruments, including foreign exchange on margin, carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in financial instruments or foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.
