Hello,
I'm new to Wealth Lab - I already read many articles and watched videos but I can't find an answer to my question.
I'm trying to build a Bollinger Bands(BB) + RSI strategy with the blocks provided on Wealth Lab 7.
My Situation:
1.Entry:
1.1 Buy:
-Conditions in order to buy:
1.If the lower BB (standard deviation=2 and 50 days) is hit by the chart
+
2.RSI is below 40
-> My problem here:
-Which block/move do I have to use that both conditions should be fulfilled in order to buy?
-Which condition block do I have to chose to describe that the chart should hit the lower BB (standard deviation=2 and 50 days) ? (I already tried "Indicator crosses signal line" with the BB but thats not right)
I'm new to Wealth Lab - I already read many articles and watched videos but I can't find an answer to my question.
I'm trying to build a Bollinger Bands(BB) + RSI strategy with the blocks provided on Wealth Lab 7.
My Situation:
1.Entry:
1.1 Buy:
-Conditions in order to buy:
1.If the lower BB (standard deviation=2 and 50 days) is hit by the chart
+
2.RSI is below 40
-> My problem here:
-Which block/move do I have to use that both conditions should be fulfilled in order to buy?
-Which condition block do I have to chose to describe that the chart should hit the lower BB (standard deviation=2 and 50 days) ? (I already tried "Indicator crosses signal line" with the BB but thats not right)
Rename
Hi,
I'd say it's "Indicator compare to Indicator" with the following settings:
Indicator 1 = Low
is = less than
Indicator 2 = BBLower
Is this what you had on mind?
Conditions are automatically ANDed when you drop them onto a Block:
https://www.wealth-lab.com/Discussion/-quot-And-quot-quot-Or-quot-5597
QUOTE:
-Which condition block do I have to chose to describe that the chart should hit the lower BB (standard deviation=2 and 50 days)
I'd say it's "Indicator compare to Indicator" with the following settings:
Indicator 1 = Low
is = less than
Indicator 2 = BBLower
Is this what you had on mind?
QUOTE:
-Which block/move do I have to use that both conditions should be fulfilled in order to buy?
Conditions are automatically ANDed when you drop them onto a Block:
https://www.wealth-lab.com/Discussion/-quot-And-quot-quot-Or-quot-5597
@Eugene
Hello Eugene,
thanks for your fast answer.
-So by “Indicator 1= Low” ->So by "low" it means the lowest point of the chart through the day? If yes then "High" means the highest point of the chart through the day?
-If I want to describe that the chart hits the upper BB Band in order to sell I have to do the block like this, right ? :
Indicator 1 = High
is = greater or equal than
Indicator 2 = BBUpper
-Also I have a question regarding the order of my Buy,Short, Sell and Cover blocks: Do they have to have a specific order in which I place them or it doesn’t matter ? F.e:
Buy-Block
….
Short Block
…
Sell Block
….
Cover Block
…..
-If I want to place a Take-Profit on a Buy or a Short Position as soon as the Chart hits the 50 Moving Average then which blocks do I have to use?
-For a Take-Profit and a Stop-Loss on a Buy order I have to use 2 seperate Sell-at-Market-Open Blocks due to the fact that they are an OR order, right?
Sorry for all these questions and thank you for your time again.
Hello Eugene,
thanks for your fast answer.
-So by “Indicator 1= Low” ->So by "low" it means the lowest point of the chart through the day? If yes then "High" means the highest point of the chart through the day?
-If I want to describe that the chart hits the upper BB Band in order to sell I have to do the block like this, right ? :
Indicator 1 = High
is = greater or equal than
Indicator 2 = BBUpper
-Also I have a question regarding the order of my Buy,Short, Sell and Cover blocks: Do they have to have a specific order in which I place them or it doesn’t matter ? F.e:
Buy-Block
….
Short Block
…
Sell Block
….
Cover Block
…..
-If I want to place a Take-Profit on a Buy or a Short Position as soon as the Chart hits the 50 Moving Average then which blocks do I have to use?
-For a Take-Profit and a Stop-Loss on a Buy order I have to use 2 seperate Sell-at-Market-Open Blocks due to the fact that they are an OR order, right?
Sorry for all these questions and thank you for your time again.
QUOTE:You're right.
-If I want to describe that the chart hits the upper BB Band in order to sell I have to do the block like this, right ? :
QUOTE:
-Also I have a question regarding the order of my Buy,Short, Sell and Cover blocks: Do they have to have a specific order in which I place them or it doesn’t matter ?
Interesting question. I just tried both an "incorrect" and a right order and the code behind is correct. However, some exit signal names were reversed. So I'd recommend you use the "correct" order which is:
Buy-Block
Sell Block
Short Block
Cover Block
QUOTE:
-For a Take-Profit and a Stop-Loss on a Buy order I have to use 2 seperate Sell-at-Market-Open Blocks due to the fact that they are an OR order, right?
Yes.
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