looking for help with Buy Custom with OCO bracket using Study

[Joby]

Hello,
I am a newbie to the thinkscript and trying to creates a OCO buy order using RSI Study.

My idea is create a buy order using RSI utilizing the extreme sell of conditions also like :
if (RSI crosses above 10, 15, 20, 25 or 30) then buy the specified quantity

I wrote the code as below (I added it from the order template using the *=>Study=>Edit=>Think Script Editor)

def rsi = RSI(14, 70, 30, close, AverageType.WILDERS, yes);
def buyScan = (rsi crosses above 10 or rsi crosses above 15 or rsi crosses above 20 or rsi crosses above 25 or rsi crosses above 30) and ask is less than PivotPoints()."pp";
plot buySig = buyScan;

It is not showing any error but not working and when I go back to the Think Script editor window it is showing {tho=true}

Could you please help with this

 

[GeeVeee]

I think it is possible using a study

 

[rad14733]

@joby I'm not 100% certain that Thinkscript follow parenthesis in the manner that orther languages do... I have found that unless you use if...then...else nested clauses you have to pair all of your criteria... By that I mean rsi crosses above 10 and ask is less than PivotPoints()."pp" or rsi crosses above 15 and ask is less than PivotPoints()."pp" or rsi crosses above 20 and ask is less than PivotPoints()."pp" or rsi crosses above 25 and ask is less than PivotPoints()."pp"...

 

[GeeVeee]

@rad14733 - THANK YOU. I am testing this code and will keep you posted.

 

[FL_Mech_Engineer]

I think it is possible using a study

Yes, a study triggered order is possible, but not sure about OCO. You can only setup a single order triggered from custom study. It will execute exactly only once, no way around it by design. So, not sure how or if an OCO will work or not. So if you're trying to build yourself a bot, you will need to use another program that accesses the API.

P.S. RSI can and will go overbought and oversold for extended durations. It is the dead last study type you want a computer automatically trading your funds by. It works... until it doesn't

 

[GeeVeee]

Yes, a study triggered order is possible, but not sure about OCO. You can only setup a single order triggered from custom study. It will execute exactly only once, no way around it by design. So, not sure how or if an OCO will work or not. So if you're trying to build yourself a bot, you will need to use another program that accesses the API.

P.S. RSI can and will go overbought and oversold for extended durations. It is the dead last study type you want a computer automatically trading your funds by. It works... until it doesn't

Thanks for detailed reply. I am trying to create a bot to automate trading. Could you please help?

 

[rad14733]

@GeeVeee The only way to truly automate trading with TD-Ameritrade is to use their API and code in another programming language like Python, Java/Javascript, or other... Using the method I described above is the only way to automate trading in Thinkorswim aside from bracket orders in Active Trader but those are only a once and done option...