Difference between High and Low of previous day in Rules
Author: vinnycruz
Creation Date: 9/7/2019 11:59 AM
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vinnycruz

#1
Hi, i know its a dumb question.
i'm trying to use the strategy builder, and make a dave landry strategy, i found where i can put to sell at market when prices cross below price from previous day, wich is my stop loss, but i couldn't find where to put to sell at market when the price goes up 100% or 200% the difference between high and low from previous day (previous day bar), wich would be my take profit.

Can anyone help?
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Eugene

#2
There is no "difference" indicator for use in Rule-based Strategies, neither there is a condition like that. If you don't plan on resorting to Strategy code (otherwise let me know because creating an example of this strategy in C# code should be trivial) then we have to be a little creative:

1. The difference between high and low from previous day can be measured by the TrueRange indicator. Note that it's not exactly the High to Low difference because TR also includes any gap. To my mind it should suffice as a quick & dirty workaround.

2. Choose "Indicator is X% above its value a number of bars ago" from Conditions tab > General Indicators group. Add the condition.

3. Now click in the field on the right of the "Indicator" label. If WL throws an error message, simply cancel it and repeat. Choose "TrueRange" from "Standard Indicators" and OK. Then choose your TrueRange Percent (e.g. 200%) which is the difference. Leave "Lookback period" as is (1 by default means that the rule applies to the previous day).

In the end you should have something like this:

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