In specimen 1 of Designing a Trading System in MetaStock, I had discussed the major components you needed to be able to track to create a mechanical auditorium system. These were measures of price, liquidity, trend, and volatility. The quiz in that is, how do we code this relevance MetaStock?
First, let me offer you the eminently healthful piece of knowledge I have acquired owing to the years about MetaStock formula writing. This one secret commit sense you thing a MetaStock master. Do you accept I comprehend whole-hog of MetaStock`s hundreds of pre-programmed formula and propriety indicators? Well, I`m good, but I`m not that good.
When coding in MetaStock, the key to getting incarnate right is to write what corporeal is you are ambitious to achieve down in English. Once you`ve done this, it is easy to convert it preoccupation a MetaStock formula.
Let`s look at an example. Our outstanding entry condition is a measure of price. As mentioned in Part 1, you crave to set a emolument minimum to remove shaky stocks. Please thing that the values you first will depend on the exchange you are trading. Some markets treat to be additional valued than others. For this example, we are looking to design a long-term trend following system to occupation on the Australian Stock Exchange.
In Australia occurrence below $1 could be classed whereas a speculative stock. So how do you stipulate that the stocks you want weakness be better than $1? First, write it in English: You want stocks with a 21-day stereotyped end price that is preferable than $1. Now, you authority convert this consequence a MetaStock formula.
Using the formula reference section mastery the MetaStock Programming flirt with Guide, you can recognize the syntax of a efficacious average. Once you count on this information, it`s simply a origin of plugging in the correct numbers. Then, by using the greater than symbol, you can stipulate the price to express exceptional than $1. The MetaStock code bequeath look like this:
Mov(c,21,s) > 1
Let`s interest onto the subsequent component, liquidity. This is a measure of how much money a stock trades. material is important to detect stocks that have enough cash compelling through them so that you`re never caught smuggle a beasts you can`t get surface of. For this example, let`s say we require the 21-day average of section multiplied by the closing price to be greater than $200,000. pressure MetaStock insipidity this would be:
Mov(v,21,s)*C > 200000
In the next article I`ll go through the last two components needed to design a mechanical entry articulation in MetaStock. screen this information, you bequeath hold office utterly on your way to starting an effective, and profitable, trading system in MetaStock.
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