I got this buy and hold label from Ken Rose on Trader Talks TDA and I am posting it here for your thoughts. His suggestion is to enter an amount in the script being tested like $10,000 and then compare Floating P/L report results to the buy and hold amount generated by the script and shown on the label. He says, there will be a difference in the amounts because Floating P/L does not have the ability to do compounding over time but if the results are withing 90-100% then may consider it a good strategy. In theory that sounds good but this is my thought in reading the script and after addding input tradeSize = 10000; and placing the word tradesize in the order statements of my scripts, but disclaimer I'm not a coder. I don't see where there's an amount specified in the buy and hold script so that no matter what results one gets in the Floating P/L report from testing ones strategy, it is still comparing apples to oranges because both scripts don't state the same amount. Here's the script, What are your thought?
# #Received from [email protected] # #Buy and Hold Yield #------Calculating Yield def FirstPrice = compoundValue(1, if barNumber() < barnumber() then close else firstprice,close); def HPY = (close-firstPrice)/firstPrice; #------Placing Yield on the chart AddLabel(Yes, Concat(Round(hpy,4)*100, "% Buy and Hold Yield"));