Enter or close a trade near close
Author: pestocat2
Creation Date: 4/16/2018 6:26 PM
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pestocat2

#1
I would like enter or close a trade near the end of the day or close. I assume I need to use the intraday candles, I'm thinking 30 minute ones. For the indicator settings I assume I will need to multiply the daily ones by 13 is that correct.
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Eugene

#2
A wise man's question contains half the answer, they say. Naming a topic like "Intraday Trading" is suboptimal and too generalized. Let's make it "Enter or close a trade near close" then. If a topic is named in a more descriptive manner it would pay for itself as a search reveals solutions instantly. For example, if you searched for "close" you'd find this informative thread:

Exit before market close

As an alternative, you can accomplish this on Daily bars with a trick described in the WealthScript Programming Guide > Programming Trading Strategies > Alerts > How to: Alert for AtClose Signals.
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pestocat2

#3
I have looked at "How to: Alert for AtClose Signals" many times and I have not yet understood "bar +1" it would seem that we are buying at the next day opening. What am I missing.
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Eugene

#4
You asked for "enter or close", so this was the exit technique. (A more complicated example can be found in Techniques > Exit Intraday AtClose.)

In general, doing what you said about the indicator settings is incorrect. In Wealth-Lab you can compress intraday data to daily scale as described in the WS Programming Guide > Multi-Time Frame Analysis > Intraday/Daily.
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pestocat2

#5
I want to use daily bars for the indicators with 30 minute intraday bars. Then make the buy/sell 30 minutes before close. I've read and re-read the programming Guide for Intraday trading but don't see a method. The crossover speed should be at the daily rate and not the intraday rate.
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Eugene

#6
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pestocat2

#7
I'm just not getting the concept of using "SetScaleCompressed() or RestoreScale(). What changes do I make to my original indicator settings. I'm having trouble getting this.