trading with conditions based on index oversold / overbought
Author: trade4more
Creation Date: 9/12/2008 7:41 AM
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trade4more

#1
I created a rule based strategy. Can I add a condition that checks the overbought/oversold level of a index if I am trading a stock in that index? For instance if I am going long on stock xyz I would like to also check if the .spx daily CMO (and possibly check if the weekly or monthly CMO is rising) is rising above -40 or not above +40 or has been above +40 for 2 days? I have a feeling that I can not do it in a rule based strategy so is there an example of code that could be added to a strategy?
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Cone

#2
There are some simple "External Symbol" wizard conditions, but to get the indicator of an external symbol, you need to code it yourself. See DataSeries > Accessing Secondary Symbols in the WealthScript Programming Guide.
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trade4more

#3
Thanks, Still have some issues. I'm not sure if I actually want to do this but for testing at this point.

I created the below:

CODE:
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But now I don't know how to reference the external symbol for the BuyAtMarket where I want the spx CMO below 40 but greater than 0 and rising.

So the buy for the symbol if it has crossed over -50 on the CMO is something like this:
if (CrossOver(bar, CMOSeries_3, -50.00))

Than check the status of the CMO .spx secondary and make sure it meets the criteria I want it at. Is it spxBarsCMO and if so how would I code it?

CODE:
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Eugene

#4
CODE:
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trade4more

#5
It works for the longs!!!, but tried to edit for the shorts and it doesn't do it. I tried to reverse the logic but dont' quite understand the Syntax I get a Index was out of range. Must be non-negative and less than the size of the collection.
Parameter name: index

Here is the code,
CODE:
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Eugene

#6
My try:
CODE:
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trade4more

#7
I'm not quite sure if I understand this one line, could you explain what it does?

CODE:
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Eugene

#8
Highlight the indicator's entry (CumDn) in the Indicators list and click the "More info" link.