Entry condition depending on external symbol's strengh

Author: 07nioe

Creation Date: 9/23/2014 12:24 PM

Wealth Lab » WealthScript (.NET) » Entry condition depending on external symbol's strengh

07nioe

9/23/2014 12:24 PM

Hi,

is it possible to add an entry condition depending on how the market moves? For example: if the S&P500 is aproaching its highest High of the last 40 day (5% below), use Close> EMA40 as a further filter for the stocks. If the market is still far away from its highest high (more than 5% below), trade without Close>EMA40. The intention is to pick up only the strong stocks in the highest High area.

Thank you again

Best
Niels

Eugene

9/23/2014 1:15 PM

Yes it's possible. If you still haven't reviewed QuickRef (GetExternalSymbol) / WealthScript Programming Guide (DataSeries > Accessing Secondary Symbols), it's about time.

Note: takes at least 120 bars of data to be loaded (for the whys and whereabouts please refer to the WS Guide > Indicators > Stability of Indicators).

CODE:
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Yes it's possible. If you still haven't reviewed QuickRef (GetExternalSymbol) / WealthScript Programming Guide (DataSeries > [i]Accessing Secondary Symbols[/i]), it's about time.

Note: takes at least 120 bars of data to be loaded (for the whys and whereabouts please refer to the WS Guide > Indicators > [i]Stability of Indicators[/i]).

[code]using System;
using System.Collections.Generic;
using System.Text;
using System.Drawing;
using WealthLab;
using WealthLab.Indicators;

namespace WealthLab.Strategies
{
	public class ExtSymStrength : WealthScript
	{
		protected override void Execute()
		{
			EMA ema40 = EMA.Series( Close,40,EMACalculation.Modern );
			
			Bars external = GetExternalSymbol("^GSPC".Trim(), true);
			DataSeries extHigh = external.High;
			DataSeries extHighest = Highest.Series(extHigh, 40);
			DataSeries extNearHigh = extHighest * 0.95;

ChartPane pane1 = CreatePane(35,true,true);
			PlotSymbol(pane1, external, Color.Black, Color.Red);
			PlotSeries(pane1, extHighest,Color.Green,LineStyle.Solid,2);
			PlotSeries(pane1, extNearHigh,Color.Blue,LineStyle.Dashed,2);

for(int bar = GetTradingLoopStartBar(40) * 3; bar < Bars.Count; bar++)
			{
				if (IsLastPositionActive)
				{
					//code your exit rules here
				}
				else
				{
					//code your entry rules here
				
					bool approaching = extHigh[bar] >= extNearHigh[bar];
				
					//if the S&P500 is aproaching its highest High of the last 40 day (5% below), 
					if( approaching )
					{
						SetBackgroundColor(bar, Color.FromArgb(30,Color.Orange));
						
						//use Close> EMA40 as a further filter for the stocks. 
						if( Close[bar] > ema40[bar] )
						{
							SetBackgroundColor(bar, Color.FromArgb(30,Color.Green));
							//...
						}
					}
					else
					{
						//If the market is still far away from its highest high (more than 5% below), trade without Close>EMA40
						SetBackgroundColor(bar, Color.FromArgb(30,Color.Red));
					}
				}
			}
		}
	}
}[/code]