The test will only be run for the visible data. To do this, right-click on one of the strategy signal annotations and select “Show Report”:Ī quick backtest report will be calculated. Once you have the strategies set up, you can run a report of all the signals on the chart. Finally, we exit the short at the end of the day. Otherwise you’ll see both when they happen. This will only happen if your entry signal one direction is the same as the exit signal the other direction. The strategy basically went from long +1 to short -1 in the same instant. There was actually a signal for a LONG_EXIT at the same time as the SHORT_ENTRY, but the new entry signal takes precedence on the chart. The next day, we get whipsawed with a long entry followed by a short entry. The strategy exits at the close of the day. When the fast EMA crossed under the slow one on a bar closing basis, I went short at the closing price of that bar. You can see that we went short right after the open on the first day.
#Thinkorswim after hours code#
These are not automatic settings I had to create code inside the strategy scripts. I constrained my strategies to enter trades only during market hours and to always exit at the close. Here’s an overview of how the strategies look on the chart: I added two EMA’s to the chart that match those in my strategies. Then your studies can be dropped right into a strategy, sans-plots of course. Because of this, it’s a good practice to code all of your studies with def and rec variables only, and then define plots at the end. Note that strategies may NOT have any plots in them! If you want to see your indicators on the chart, you must also add the matching studies. In this example, I chose ES on a 24 hour chart, 30 min bars over 5 days. 50 for ES, 20 for NQ and 5 for YM.Īfter your strategies are added to the chart, set up the timeframe and duration that you want to run. If you want P&L in dollars, enter the dollars per point of your contract, i.e. For futures, if you enter 1 your P&L from the strategy report will be in points. Click “Properties for All” and you get this form:įirst, you can set the number of simultaneous trades to be taken. The next thing to do is to set the global properties for your strategy execution. I give it as a simple example that is easy to understand. This is not a recommendation to use this EMA cross method!! It will probably lose you money. This method trades both long and short, so I need at least 4–one LONG_ENTRY, one LONG_EXIT, one SHORT_ENTRY and one SHORT_EXIT. In this example, I have added strategies I wrote based on an exponential moving average (EMA) cross. You add the strategies to your chart just like you add studies. You can also save and load strategies to/from a folder on your computer. You can create new strategies or click on an exsisting one to edit it or see the source code. You can see the available strategies in the list on the left. On your chart, click the button labeled “Studies”, then select “Edit Strategies”. You add strategies to charts in a way similar to how you add studies. Just use condition and price with no offset. If you use condition and price then the strategy will intuitively appear on the bar you are calculating it from. One gotcha is that the order will be added on the bar AFTER condition is true. The rest comes in fleshing out the details of your trade signals that will set condition to 1 and decide what price to fill at. Once you have the ENTRY or EXIT declaration made with an “AddOrder” statement, you have all the required pieces of a strategy. The order is triggered if condition = 1, and the price specified is the “fill” price. Strategies are triggered by the use of the code: one “LONG_ENTRY” and two “LONG_EXIT” strategies, where one exit might represent a profit target and the other one a stop loss. I say “at least” above because you could have more than one entry or exit strategy per trade direction, i.e. If you go long and short, you need at least one of each of the four types. For a long only method, you would need at least one “LONG_ENTRY” strategy and one “LONG_EXIT” strategy. Each strategy script must be declared to be one (and only one) of the following:įor each trade direction you want to use, you need at least one entry strategy and one exit strategy. However, besides painting an annotation on your charts, you can run a simple and quick backtest with your strategies to see the past results, and get a report of the profit or loss from the trades. Strategies can’t be used to execute actual trades (at least not yet). You can also create sets of rules for generating entry and exit signals for trades. In Think or Swim’s Think Desktop software, you can create your own indicators. UPDATE 3-16-2009: Strategies now work on all charts, not just intraday.
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