Metastock Expert Advisor for intra-day Traders
1) Trended System- 4 Seperate Template for on same time internal. Depending on individual risk bearing capacity and nature of trading, a trade need to get involved can choose the template. Depending on the frequency of trade an individual trade wish to get involved.
2) Non Trended System for Sideways Market
Trended System
Terminology
Bar Chart: Each vertical line to form a chart is the bar chart which represents the price movement in 5 minutes. Each vertical line is 5 minutes bar.
Green Up Arrow: Buy signal, objective is to buy on the next opening bar after the current 5 minutes is complete.
BP : Buy Price on which the Green Up Arrow gets confirmed and the buy signal gets confirmed on the buy price which is BP after completion of current 5 minutes.
OBSL : Original Buy Stop Loss, this value is the stop loss level at the point when Buy signal gets confirmed on the buy price (BP), the stop loss indicated value is the original buy stop loss (OBSL)
BT : BT is Buy Target. Three Buy targets are given which are calculated when the buy signal gets confirmed at BP and OBSL
Red Down Arrow: Sell Signal, objective is to sell on the next opening bar when 5 minutes is complete.
SP : SP is the Sell Price on which the Red Down Arrow gets confirmed and the sell signal gets confirmed on the sell price which is SP after completion of current 5 minutes
OSSL: Original Sell Stop Loss, this value is the stop loss at the point when Sell Signal gets confirmed or the sell price (SP), the stop loss indicated value is the original sell stop loss (OSSL)
ST: ST is the Sell Target. Three Sell targets are given which are calculated when the sell signal gets confirmed at SP and OSSL.
CBSL : Current Buy Stop Loss means the current running stop loss for long positions on buy given at BP. If the last signal is the Green UP Arrow then follow the CBSL after buying.
CSSL: Current Sell Stop Loss means the current running stop loss for short positions on sell given at SP. If the last signal is Red Down Arrow then follow the CSSL after Selling
Red Color Dots: Red Color Dots are profit booking alerts for long or buy positions undertaken
Blue Color Dots: Blue Color Dots are profit booking alerts for short or sell positions undertaken.
Application and Action
Buy
As indicated in the terminology, bar charts are displayed and each bar is of 5 minutes duration which take the price movement range of 5 minutes.
Green Up Arrow will come on the chart which indicates Buy signal. The signal gets confirmed only after completion of 5 minutes. Therefore, the action should be take only on the completion of the current price or at the opening of the new bar.
For example.
A buy signal comes at 10:03 then trader will have to wave for 10:05 and when new bar begins at 10:06 then action has to be take to buy at market rate that time or near the BP (Buy Price or below). Higher you buy the risk reward may not be favorable therefore try to buy at BP or below ideally with the indicated OBSL.
Sometimes, it can happen that buy signal will come at 10:03 and by the time 10:05 is complete the signal goes off. This can happen because the signal gets confirmed only on completion of 5 minutes. Therefore, trader will have to wait for confirmation of the signal which can happen only after the completion of the current time bar.
After buying, if CBSL gets violated then exit long or those willing to take higher risk can wait for the confirmed signal of Sell which can happen only on completion of 5 minutes bar before the CBSL value.
After buying if targets are attained exit long and take profits.
Three targets are given.
For trader who buys only 1 contract, if the first target is attained revise the stop loss to BP. If the second target is attained then maintain the stop loss at BP or revise the stop loss to first target. If a third target is attained exit all long positions or revise the stop loss to second target.
For traders who do multiple contracts for them the trade will have to in multiple of 3 contracts. Traders with higher risk appetite only should do more than 1 contract. If first target is attained then take profit in 1 contract and then revise stop loss for 2 contracts to BP. If second target is attained then take profit on the second contract and revise the stop loss or 1st target or maintain at BP price only. If the third target is attained then take profit or revise stop loss to 2nd target.
After attaining all targets for whatever reason trader want to hold positions then it can be CBSL which is the running stop loss for long side.
After buying if Red Color Dots are attained then it is up to the trader if he want to continue the trade or take profit. If he wishes to hold the can continue with the CBSL or exit at target prices levels given
So, Exit is in two forms Targets and Red Color Dots.
Sell
As indicated in the terminology, bar charts are displayed and each bar is of 5 minutes duration which take the price movement range of 5 minutes.
Red Down Arrow will come on the chart which indicates Sell signal. The signal gets confirmed only after completion of 5 minutes. Therefore, the action should be take only on the completion of the current price or at the opening of the new bar.
For example.
A sell signal comes at 10:03 then trader will have to wave for 10:05 and when new bar begins at 10:06 then action has to be take to sell at market rate that time or near the SP (Sell Price or above). Lower you sell the risk reward may not be favorable therefore try to sell at SP or above ideally with the indicated OSSL.
Sometimes, it can happen that sell signal will come at 10:03 and by the time 10:05 is complete the signal goes off. This can happen because the signal gets confirmed only on completion of 5 minutes. Therefore, trader will have to wait for confirmation of the signal which can happen only after the completion of the current time bar.
After selling, if CSSL gets violated then exit short or those willing to take higher risk can wait for the confirmed signal of Buy which can happen only on completion of 5 minutes bar before the CSSL value.
After selling if targets are attained exit sell position and take profits.
Three targets are given.
For trader who sell only 1 contract, if the first target is attained revise the stop loss to SP. If the second target is attained then maintain the stop loss at SP or revise the stop loss to first target. If a third target is attained exit all long positions or revise the stop loss to second target.
For traders who do multiple contracts for them the trade will have to in multiple of 3 contracts. Traders with higher risk appetite only should do more than 1 contract. If first target is attained then take profit in 1 contract and then revise stop loss for 2 contracts to SP. If second target is attained then take profit on the second contract and revise the stop loss or 1st target or maintain at SP price only. If the third target is attained then take profit or revise stop loss to 2nd target.
After attaining all targets for whatever reason trader want to hold positions then it can be CSSL which is the running stop loss for short side.
After selling if Blue Color Dots are attained then it is up to the trader if he want to continue the trade or take profit. If he wishes to hold the can continue with the CSSL or exit at target prices levels given
So, Exit is in two forms Targets and Blue Color Dots.
Result
Results are favorable in the smooth in trended moves as it is a trend following technique.
Results are unfavorable on excess volatility is shortest time span.
Results are unfavorable on excess congestion or excess narrow movement leading to oscillation of signals.
Chart Sample Picture
2) Non Trended System for Sideways Market
Sideways System
Terminology
SMABT- Sideways Market Alternative Buy Target
SWBP- Sideways Buy Price
SBSL- Sideways Buy Stop Loss
SBT- Sideways Buy Target
SMAST- Sideways Market Alternative Sell Target
SWSP- Sideways Sell Price
SST- Sideways Sell Target
SSL- Sideways Sell Stop loss
Blue Color Bar- Sideways marking as per our definition
Red Down Arrow- Sell Signal
Green Up Arrow – Buy Signal
Red Color horizontal Line – SSSL mentioned above- Sideways Sell Stop Loss
Pink Color horizontal Line- SBSL mentioned above- Sideways Buy Stop Loss
Application
1) Buy on the Green Up Arrow
2) After buying if SBSL is violated then exit long positions. Pink Color horizontal Line shows the SBSL value. When violated first time exit long.
3) If Buy Green Up Arrow comes again then Buy with the indicated SBSL
4) After buying exit long positions to take profit at SBT(Sideways Buy Target- 3 Targets are given).
5) Alternatively, also take into consideration SMABT- SIDEWAYS MARKET ALTERNATIVE BUY TARGET
6) Exit Long positions when target are attained
7) Stop loss are generally smaller and Profit range are more.
8) Buy Signal will come or Sell Signal will come on chart when the bar color is blue. The signals will be shown only if the sideways market definition created by us which is depicted by blue color bars.
9) Sell on the Red Down Arrow
10) After selling if SSSL is violated then exit short positions. Red Color horizontal line shown SSSL value. When violated first time exit long.
11) If Sell Red Arrow comes again then Sell with the indicated SSSL
12) After selling exit short positions to take profit at SST(Sideways Sell Target-3 Targets are given)
13) Alternatively, also take into consideration SMAST- SIDEWAYS MARKET ALTERNATIVE SELL TARGET
Chart Sample Picture
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4 Charts with trended system on 5 minutes chart
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