Exit with limited points

shamrozkadiwal

shamrozkadiwal

New member
I am working on a strategy where I am using two indicators: the TSI (true strength index) and the SMI (stochastic momentum index). When they both cross above or below, it triggers the buy order and exits when it reaches n points or ticks.

Now that I've figured out how to enter as a buy or sell, I'm stuck on how to exit at a specific point or tick value. Could you please help me figure that out? I am not an expert in coding.

Thank you,



#
# TD Ameritrade IP Company, Inc. (c) 2007-2022
#

declare lower;


#####################################################
################## True Strength Index ##################
#####################################################

input longLength = 25;
input shortLength = 13;
input signalLength = 13;
input averageType = AverageType.EXPONENTIAL;

def diff = close - close[1];
def doubleSmoothedAbsDiff = MovingAverage(averageType, MovingAverage(averageType, AbsValue(diff), longLength), shortLength);

plot TSI;
plot Signal;

TSI = if doubleSmoothedAbsDiff == 0 then 0
else 100 * (MovingAverage(averageType, MovingAverage(averageType, diff, longLength), shortLength)) / doubleSmoothedAbsDiff;
Signal = MovingAverage(averageType, TSI, signalLength);

plot ZeroLine = 0;

TSI.SetDefaultColor(GetColor(1));
Signal.SetDefaultColor(GetColor(8));
Signal.hide();
ZeroLine.SetDefaultColor(GetColor(5));


#####################################################
############### Stochastic Momentum Index ##############
#####################################################

input over_bought = 50.0;
input over_sold = -50.0;
input percentDLength = 3;
input percentKLength = 5;

def min_low = lowest(low, percentKLength);
def max_high = highest(high, percentKLength);
def rel_diff = close - (max_high + min_low)/2;
def diff = max_high - min_low;

def avgrel = expaverage(expaverage(rel_diff, percentDLength), percentDLength);
def avgdiff = expaverage(expaverage(diff, percentDLength), percentDLength);

plot SMI = if avgdiff != 0 then avgrel / (avgdiff / 2) * 100 else 0;
smi.setDefaultColor(getColor(1));

plot AvgSMI = expaverage(smi, percentDLength);
avgsmi.setDefaultColor(getcolor(5));

plot overbought = over_bought;
overbought.setDefaultColor(getcolor(5));

plot oversold = over_sold;
oversold.setDefaultColor(getcolor(5));

#####################################################
################### Buy or Sell Order ###################
#####################################################



def Buy = TrueStrengthIndex("signal length" = 13)."TSI" crosses above TrueStrengthIndex("signal length" = 13)."Signal" within 2 bars and StochasticMomentumIndex("over bought" = 50.0, "over sold" = -50.0)."SMI" crosses above StochasticMomentumIndex("over bought" = 50.0, "over sold" = -50.0)."AvgSMI" within 3 bars;

dey Sell = TrueStrengthIndex("signal length" = 13)."TSI" crosses below TrueStrengthIndex("signal length" = 13)."Signal" within 2 bars and StochasticMomentumIndex("over bought" = 50.0, "over sold" = -50.0)."SMI" crosses below StochasticMomentumIndex("over bought" = 50.0, "over sold" = -50.0)."AvgSMI" within 3 bars;


AddOrder(OrderType.BUY_TO_OPEN, BUY, tickcolor = GetColor(3), arrowcolor = GetColor(3), name = "BUY");
AddOrder(OrderType.BUY_TO_CLOSE, BUY, tickcolor = GetColor(4), arrowcolor = GetColor(4), name = "EXIT");
#AddOrder(OrderType.SELL_TO_OPEN, SELL, tickcolor = GetColor(4), arrowcolor = GetColor(4), name = "SHORT");
#AddOrder(OrderType.SELL_TO_CLOSE, SELL, tickcolor = GetColor(3), arrowcolor = GetColor(3), name = "EXIT");
 
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replace this with yours
AddOrder(OrderType.BUY_TO_OPEN, BUY, tickcolor = GetColor(3), arrowcolor = GetColor(3), name = "BUY");
AddOrder(OrderType.SELL_TO_CLOSE, entryPrice1()+5, tickcolor = GetColor(4), arrowcolor = GetColor(4), name = "LONGEXIT");
AddOrder(OrderType.SELL_TO_CLOSE, entryPrice1()-3, tickcolor = GetColor(4), arrowcolor = GetColor(4), name = "LONGSTOP");
AddOrder(OrderType.SELL_TO_OPEN, SELL, tickcolor = GetColor(4), arrowcolor = GetColor(4), name = "SHORT");
AddOrder(OrderType.BUY_TO_CLOSE, entryPrice1()- 5, tickcolor = GetColor(3), arrowcolor = GetColor(3), name = "SHORTEXIT");
AddOrder(OrderType.BUY_TO_CLOSE, entryPrice1()+3,, tickcolor = GetColor(3), arrowcolor = GetColor(3), name = "SHORTSTOP");
 
Last edited:
Upvote 0 Downvote
Goingdark365 said:
replace this with yours
AddOrder(OrderType.BUY_TO_OPEN, BUY, tickcolor = GetColor(3), arrowcolor = GetColor(3), name = "BUY");
AddOrder(OrderType.SELL_TO_CLOSE, entryPrice1()+5, tickcolor = GetColor(4), arrowcolor = GetColor(4), name = "LONGEXIT");
AddOrder(OrderType.SELL_TO_CLOSE, entryPrice1()-3, tickcolor = GetColor(4), arrowcolor = GetColor(4), name = "LONGSTOP");
AddOrder(OrderType.SELL_TO_OPEN, SELL, tickcolor = GetColor(4), arrowcolor = GetColor(4), name = "SHORT");
AddOrder(OrderType.BUY_TO_CLOSE, entryPrice1()- 5, tickcolor = GetColor(3), arrowcolor = GetColor(3), name = "SHORTEXIT");
AddOrder(OrderType.BUY_TO_CLOSE, entryPrice1()+3,, tickcolor = GetColor(3), arrowcolor = GetColor(3), name = "SHORTSTOP");
Click to expand...

You are awesome! It works great.
The only issue is that my TSI and SMI indicators show up on the chart which makes it very difficult to read the candles. I tried to change the plot to def but it threw an error. Any suggestions?

"C:\Users\charo\Downloads\Screenshot 2023-01-04 114140.jpg"
 
Upvote 0 Downvote
see if this what you looking for
Code: 
#
# TD Ameritrade IP Company, Inc. (c) 2007-2022
#




#####################################################
################## True Strength Index ##################
#####################################################

input longLength = 25;
input shortLength = 13;
input signalLength = 13;
input averageType = AverageType.EXPONENTIAL;

def diff = close - close[1];
def doubleSmoothedAbsDiff = MovingAverage(averageType, MovingAverage(averageType, AbsValue(diff), longLength), shortLength);

plot TSI;
plot Signal;

TSI = if doubleSmoothedAbsDiff == 0 then 0
else 100 * (MovingAverage(averageType, MovingAverage(averageType, diff, longLength), shortLength)) / doubleSmoothedAbsDiff;
Signal = MovingAverage(averageType, TSI, signalLength);

plot ZeroLine = 0;

TSI.SetDefaultColor(GetColor(1));
Signal.SetDefaultColor(GetColor(8));
Signal.hide();
ZeroLine.SetDefaultColor(GetColor(5));


#####################################################
############### Stochastic Momentum Index ##############
#####################################################

input over_bought = 50.0;
input over_sold = -50.0;
input percentDLength = 3;
input percentKLength = 5;

def min_low = lowest(low, percentKLength);
def max_high = highest(high, percentKLength);
def rel_diff = close - (max_high + min_low)/2;
def diff1 = max_high - min_low;

def avgrel = expaverage(expaverage(rel_diff, percentDLength), percentDLength);
def avgdiff = expaverage(expaverage(diff, percentDLength), percentDLength);

def SMI = if avgdiff != 0 then avgrel / (avgdiff / 2) * 100 else 0;
#smi.setDefaultColor(getColor(1));

def AvgSMI = expaverage(smi, percentDLength);
#avgsmi.setDefaultColor(getcolor(5));

def overbought = over_bought;
#overbought.setDefaultColor(getcolor(5));

def oversold = over_sold;
#oversold.setDefaultColor(getcolor(5));

#####################################################
################### Buy or Sell Order ###################
#####################################################



def Buy = TrueStrengthIndex("signal length" = 13)."TSI" crosses above TrueStrengthIndex("signal length" = 13)."Signal" within 2 bars and StochasticMomentumIndex("over bought" = 50.0, "over sold" = -50.0)."SMI" crosses above StochasticMomentumIndex("over bought" = 50.0, "over sold" = -50.0)."AvgSMI" within 3 bars;

def Sell = TrueStrengthIndex("signal length" = 13)."TSI" crosses below TrueStrengthIndex("signal length" = 13)."Signal" within 2 bars and StochasticMomentumIndex("over bought" = 50.0, "over sold" = -50.0)."SMI" crosses below StochasticMomentumIndex("over bought" = 50.0, "over sold" = -50.0)."AvgSMI" within 3 bars;
AddOrder(OrderType.BUY_TO_OPEN, BUY, tickcolor = GetColor(3), arrowcolor = GetColor(3), name = "BUY");
AddOrder(OrderType.SELL_TO_CLOSE, entryPrice()+5, tickcolor = GetColor(4), arrowcolor = GetColor(4), name = "LONGEXIT");
AddOrder(OrderType.SELL_TO_CLOSE, entryPrice()-3, tickcolor = GetColor(4), arrowcolor = GetColor(4), name = "LONGSTOP");
AddOrder(OrderType.SELL_TO_OPEN, SELL, tickcolor = GetColor(4), arrowcolor = GetColor(4), name = "SHORT");
AddOrder(OrderType.BUY_TO_CLOSE, entryPrice()- 5, tickcolor = GetColor(3), arrowcolor = GetColor(3), name = "SHORTEXIT");
AddOrder(OrderType.BUY_TO_CLOSE, entryPrice()+3, tickcolor = GetColor(3), arrowcolor = GetColor(3), name = "SHORTSTOP");
 
Last edited:
Upvote 0 Downvote
Goingdark365 said:
see if this what you looking for
Code: 
#
# TD Ameritrade IP Company, Inc. (c) 2007-2022
#




#####################################################
################## True Strength Index ##################
#####################################################

input longLength = 25;
input shortLength = 13;
input signalLength = 13;
input averageType = AverageType.EXPONENTIAL;

def diff = close - close[1];
def doubleSmoothedAbsDiff = MovingAverage(averageType, MovingAverage(averageType, AbsValue(diff), longLength), shortLength);

plot TSI;
plot Signal;

TSI = if doubleSmoothedAbsDiff == 0 then 0
else 100 * (MovingAverage(averageType, MovingAverage(averageType, diff, longLength), shortLength)) / doubleSmoothedAbsDiff;
Signal = MovingAverage(averageType, TSI, signalLength);

plot ZeroLine = 0;

TSI.SetDefaultColor(GetColor(1));
Signal.SetDefaultColor(GetColor(8));
Signal.hide();
ZeroLine.SetDefaultColor(GetColor(5));


#####################################################
############### Stochastic Momentum Index ##############
#####################################################

input over_bought = 50.0;
input over_sold = -50.0;
input percentDLength = 3;
input percentKLength = 5;

def min_low = lowest(low, percentKLength);
def max_high = highest(high, percentKLength);
def rel_diff = close - (max_high + min_low)/2;
def diff1 = max_high - min_low;

def avgrel = expaverage(expaverage(rel_diff, percentDLength), percentDLength);
def avgdiff = expaverage(expaverage(diff, percentDLength), percentDLength);

def SMI = if avgdiff != 0 then avgrel / (avgdiff / 2) * 100 else 0;
#smi.setDefaultColor(getColor(1));

def AvgSMI = expaverage(smi, percentDLength);
#avgsmi.setDefaultColor(getcolor(5));

def overbought = over_bought;
#overbought.setDefaultColor(getcolor(5));

def oversold = over_sold;
#oversold.setDefaultColor(getcolor(5));

#####################################################
################### Buy or Sell Order ###################
#####################################################



def Buy = TrueStrengthIndex("signal length" = 13)."TSI" crosses above TrueStrengthIndex("signal length" = 13)."Signal" within 2 bars and StochasticMomentumIndex("over bought" = 50.0, "over sold" = -50.0)."SMI" crosses above StochasticMomentumIndex("over bought" = 50.0, "over sold" = -50.0)."AvgSMI" within 3 bars;

def Sell = TrueStrengthIndex("signal length" = 13)."TSI" crosses below TrueStrengthIndex("signal length" = 13)."Signal" within 2 bars and StochasticMomentumIndex("over bought" = 50.0, "over sold" = -50.0)."SMI" crosses below StochasticMomentumIndex("over bought" = 50.0, "over sold" = -50.0)."AvgSMI" within 3 bars;
AddOrder(OrderType.BUY_TO_OPEN, BUY, tickcolor = GetColor(3), arrowcolor = GetColor(3), name = "BUY");
AddOrder(OrderType.SELL_TO_CLOSE, entryPrice()+5, tickcolor = GetColor(4), arrowcolor = GetColor(4), name = "LONGEXIT");
AddOrder(OrderType.SELL_TO_CLOSE, entryPrice()-3, tickcolor = GetColor(4), arrowcolor = GetColor(4), name = "LONGSTOP");
AddOrder(OrderType.SELL_TO_OPEN, SELL, tickcolor = GetColor(4), arrowcolor = GetColor(4), name = "SHORT");
AddOrder(OrderType.BUY_TO_CLOSE, entryPrice()- 5, tickcolor = GetColor(3), arrowcolor = GetColor(3), name = "SHORTEXIT");
AddOrder(OrderType.BUY_TO_CLOSE, entryPrice()+3, tickcolor = GetColor(3), arrowcolor = GetColor(3), name = "SHORTSTOP");
Click to expand...

Everything is aligned as I wanted. I really appreciate your help
 
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