Using Streak, I want to place a Buy order on a particular scrip when below condition satisfy: -
How can I add this condition in Streak?
Currently LTP is not supported as it cannot be reliably backtested.
But you can use 1min candle interval close for this.
Here is how:
Candle interval : 1min
Bullish Entry:
Opening range(close,5min) higher than Opening range(open,5min)
and close crosses above Opening range(close,5min)
Bearish Entry:
Opening range(close,5min) higher than Opening range(open,5min)
and close crosses below Opening range(open,5min)
Trade between : 09:31AM and 2:45PM
Note: Opening range lets you access the first candle of the day.
Backtest and check if this matched your requirements as per the charts.
Hope this helps.
What if my strategy is based on higher time frame candle than 1 min? ‘Opening range’ does not support lesser time frames than strategy time frame.
Also, without LTP, price action trading is difficult using Streak. Percentage stop losses are getting hit due to whipsaws and stop losses based on indicators have more draw downs.
Please think of introducing LTP seriously.
You can use the Multi-timeframe function to deal with multiple different timeframes. Note that the lowest timeframe available is 1 min. Opening range allows higher timeframe which will allow you to create strategies based on higher timeframe candle than 1 min
Price action strategies are essentially dependent on patterns and not LTP. Even if you trade using a 15min chart you can create good profit-making strategies. Having said that if your SL is getting triggered easily, you need to widen the SL for the instrument. We are working on adding absolute TP SL and it would be released soon.
Enabling triggers on LTP means trade can be triggered without the formation of a proper candle. Let’s assume you are looking at a 5 min chart and trading, if you place your orders before completion of a 5 min candle, that means you are placing orders before the formation of a pattern. When you place your order, the LTP was near the high of the 5 min candle but after the candle closed, price retraced and closed near to its candle open, forming a Doji. As per the price action theory, trading a Doji would be different. Moreover, the charts that you see has minimum timeframe of 1 min, so anything less that you will not be able to verify using charts.
Hope this gives a better clarification.
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Further, you cannot ensure that the breakout will hold based on proper closing, it purely depends on you strategy. Especially for option buyers the trading time is less and most of the scalping setup and inside candel trading strategies opening candel breakout strategies donot wait for the candel to complete. I am not criticizing the system but i disparately need this feature in streak because it is the best out there in market.
Algo trading with LTP, seriously. What is the requirement of Algo trading if i have one min to plan my trade. Streak mush have been best if LTP and continuous checking of price feature are introduced. I am using tradetron it have both the features I want to switch from tradetron because some times it fails to execute without any reason then i manuall exit may call which takes Less than a 30 second. so please incorporate both the features at the earliest else i need to stick to tradetron
Keeping in mind the need for quick alerts, especially for high volatility scrips, we had introduce Multi-time frame and Multi-time frame feature → refer here . Using multi-time frame you can you get alert before any candle larger than the base time frame closes. So if you are looking a for breakout on 15min, then base timeframe you can keep 1min, and make entry condition like multi-timeframe(15min, close(0) crosses above opening range(15min)). This will check every minute and give an alert before a 15min candle closes.
There are many key reasons why we have not enabled ltp-based alert support, the key being un-verifiability, consistency, backtestibility, and replicability.
This stems from the fact that we(and nearly all brokers) received 1-3 ticks per second, whereas each second can have more than thousands of ticks, and this can cause true highs/lows ticks to not be available at that time, and later be visible on candle charts, leading to confusions for verification.
This can also lead to unmatching alerts across the different accounts, as the sampled ticks(1-3ticks) from that single second can differ across brokers, among other issues mentioned earlier.
To release any feature, we follow strict standards, and we don’t offer anything we believe would not accurately and precisly serve the underlying expectation behind that feature or service, which is why we have refrained from the ltp-based checks.
Having said this, you can try the above solution (Multi-time frame), and if you need more assistance in understanding it, please write to [email protected]. Do note that if your trade opportunity exists for less than a minute, then the above solution would not work for you and you might want to reconsider the strategy as it, but anything other than that should do.
Great! But you should let the trader decide what is best for him, your job should be to provide all the alternative available, please think reconsideration.
Also I have mentioned herein the issue being facing please go through it.
You are only looking at one side of the coin, there is no guarantee that if a one minute candel closes above my resistance level or below a support then it is not a false breakout. As per my setup i don’t mind taking small and frequent losses because of false breakout, but i couldn’t wait for a candel to close as in clear breakout or breakdown, waiting for 1 min candle close can cost me much more than my stoploss arising due to entering in trade without waiting for 1 min close. And these clear breakout are the trades which compensate all the losses and also gives me overall profit.
What i am trying to communicate you is, if it is possible to use LTP price in streak then please don’t restrict it with a false belief that you are protect the trader. I am consistently making profit by using LTP in treadtron, so why to deprive me from using this feature.
One more thing related to backtesting i would like to add. If any trade wants to trade using closing price than introduction of LTP will not have any impact on him. Further, it is always advised by the best trader to consider on 75% of profit of backtesting result, so I guess that the rest 25% will take care of the minor errors arising while back testing using LTP.
At last i want to say that i am not criticizing Streak, as of today i feel that this is the best algo system available, i am writing all this as i desperately want this feature incorporated.
well said, let trader decide. Last Trade Price(LTP) plays a very important role in taking entries.