Looking for alternative to EntryPrice() for Study

[dank2882]

I was trying to place a simple sale order with

close >= EntryPrice() + .01 or close <= EntryPrice() - .01

As I looked it appears you cannot use EntryPrice() in the buy or sale studies?

Is there an alternative to EntryPrice() that I could use to make this code work?

Thanks ahead of time,

Dan

 

[dank2882]

UPDATE: Spoke with customer service and they informed me that Portfolio functions are only work in Studies and Strategies in TOS. So I am assuming there is no alternatives but just in case there is please let me know.

Dan

 

[merryDay]

@dank2882 So what happens when you create a study that says:

plot Trigger = close >= EntryPrice() + .01 or close <= EntryPrice() - .01;

and you set up your conditional order for Trigger is true????

 

[rad14733]

UPDATE: Spoke with customer service and they informed me that Portfolio functions are only work in Studies and Strategies in TOS. So I am assuming there is no alternatives but just in case there is please let me know.

Dan

I am fairly certain EntryPrice() also works in Conditional Orders, but not 100%... Perhaps it would help if you were to describe, in detail, exactly what you are attempting to achieve...

 

[dank2882]

@dank2882 So what happens when you create a study that says:

plot Trigger = close >= EntryPrice() + .01 or close <= EntryPrice() - .01;

and you set up your conditional order for Trigger is true????

You send the order and it just says waiting for condition and never fills.

 

[rad14733]

You send the order and it just says waiting for condition and never fills.

You won't have an EntryPrice() value until a Buy order has been filled so the code would only be valid for an exit order... Are you attempting to use it for entry or exit...??? Also, for a real order, a Conditional Order, you wouldn't use plot... The code would simply be just as you had in your original post...

close >= EntryPrice() + .01 or close <= EntryPrice() - .01

However, I honestly don't recall whether I ever used EntryPrice() in Conditional Orders... But there really isn't any need to because an actual Limit or StopLoss would be simpler...

 

[dank2882]

You won't have an EntryPrice() value until a Buy order has been filled so the code would only be valid for an exit order... Are you attempting to use it for entry or exit...??? Also, for a real order, a Conditional Order, you wouldn't use plot... The code would simply be just as you had in your original post...

close >= EntryPrice() + .01 or close <= EntryPrice() - .01

However, I honestly don't recall whether I ever used EntryPrice() in Conditional Orders... But there really isn't any need to because an actual Limit or StopLoss would be simpler...

Thanks for all the help Rad, I super appreciate it! Just so you know I am testing with paper so in a sense it is real orders.

I copied your exact code from above and put it into a sell order but lowered it to .001 on both up and down to make sure it would fire right away if it was working (again in paper account) and still just says waiting on condition so I do think the EntryPrice() will only work in Strategies like TOS support said.

Now I think I can I can answer two questions at once with a little explanation of what I am trying to accomplish. I know you cannot fully automate in TOS or TDA without building your own server and using their API but what you can do is sequential orders up to eight. So I basically plan to put in a buy order followed by a sell order. Its way easier to check in after the sequence of eight to make sure everything is going according to plan and then "refill" another set of sequence orders.

The problem I am running into is I place the buy order and then once the sell order goings in I can't base any of the sell on the EntryPrice() but I did figure out that since the orders are automatic (in short sequences) that once I buy and my sell order is added automatically, all I need is the current price once the sell order is entered. I know its not exact but close enough will work for me on this one.

Now trying to find how to obtain and keep that Current Value once the sell order is submitted seems easy but how to keep I can't quite figure out. For example the sale order is submitted and I can just say "close" and have the last value but "close" will continue to change as the market moves forward so how do I set a input or def and have that number stay the same so I can base my conditions off of it?

I really hope this makes sense. Thanks again, feel like I'm getting close.

Dan

 

[rad14733]

@dank2882 Wouldn't Bracket Orders accomplish what you are trying...??? Also, have you watched the YouTube videos for semi-automated trades using Bracket Orders and Conditional Orders...??? I just don't think you're going to be able to successfully daisy-chain multiple entries and exits in the manner you are attempting to describe... Either that or I'm not fully understanding your description of your intent...

 

[dank2882]

I sure have looked at a lot of videos and it comes down to the fact you have to submit each one individually and not daisy-chained like you said. The closest I have gotten to the code for the sell order is

Sell order would be automatically submitted with this code after my buy

def myEntry = if BarNumber() == 1 then close else myEntry[1];

def sell = close > (myEntry + .01) or close < (myEntry - .01);

Plot data = sell;

This code allows me to maintain the same price no matter where I am at in the day, the only problem is its based off bar 1 and not off when my order was submitted. I just can't seem to find any way to identify when my order was submitted without it changing as the day moves forward. If I could find any kind of a link to when the sell order was submitted like, time, number of ticks, bar, anything specific to the order submission I would be good but I can't seem to find anything.

Still hoping some of it makes sense,

Dan

 

[rad14733]

There is no way to extrapolate any trade related data via Thinkscript other than what is provided by the Portfolio functions...

 

[dank2882]

And the crazy part is you can't pull the portfolio information over to the buy/sell side. I have seen that you have worked with the API and I would guess that you can pull portfolio data and then use that info to place your orders.

 

[rad14733]

And the crazy part is you can't pull the portfolio information over to the buy/sell side. I have seen that you have worked with the API and I would guess that you can pull portfolio data and then use that info to place your orders.

Not from within Thinkscript/Thinkorswim... I have only experimented with the API but haven't done any serious coding using the API for anything realtime... I wish I had time to but have had too much on my plate to invest time into it to date...