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I want to do the following to submit my orders quickly.
1. Check the current bar to see whether it is a bullish bar.
2. If it is, get the high and low of the bar. Use High - Low + 2 ticks as the risk, to see whether the bar is too large for the maximum risk I can tolerate.
3. If the risk is ok, place a stop market order 1 tick above the High the moment the next bar is opened.
4. If the risk is too large, after the current bar is closed, wait for the break of the High of the current bar. Once the High is broken, place a limit order according to the maximum risk.
I am pretty new to Multicharts programming. Please let me know the frame work of this flow. I currently have no idea because this seems to require 2 or 3 entry strategies and I don't know what to do if that's the case.
Thanks.
Can you help answer these questions from other members on NexusFi?
Thank you for the response. However, it won't work according to my plan. If the risk is larger then the risk tolerance, I want the strategy to wait for the break of the current bar and then place a limit order. However, your code places the limit order even if the high of the current bar is not broken.