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Custom Entry Logic for Base-Package User
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JimDean
Posted 6/1/2012 3:02 PM (#3677)
Subject: Custom Entry Logic for Base-Package User



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OT2012 pre-release 2M includes something VERY simple, but HUGELY useful for folks who have not yet decided to upgrade to OmniTrader Pro.

There have been two new Systems added to the Base package ... Barry's announcement says:
Added All Bars Long (ABL-S) & All Bars Short (ABS-S) systems to the standard list of systems

The importance of these systems to a Base-package user cannot be overstated.

REASON: this allows a user to create simple Custom Entry Rules that can be used "as if" they were a true System. These rules become part of a Strategy that can be tested and traded, etc.

HOW IT'S DONE: specify one of these new Systems in the Systems block. No Performance block, and set the Vote block to pass through all signals. THEN ADD A FILTER BLOCK - that's where the "magic" occurs. The Filter Block allows you to specify OmniScript formula-rules separately for Long and Short trades, FILTERING OUT unwanted Entries.

HOW IT WORKS: the All Bars Long (ABL-S) System creates a Long entry signal for EVERY BAR. It passes thru the Vote block, and then the Custom Rules you create in the Filter block only KEEPS the signals that you WANT TO USE. From there, everything else works similarly ... you can use confirm blocks, and end it up with Orders Block or Trade Plan or Fulcrum, etc.

Since the Filter Block allows for parameters in its formulae, and those parameters can be OPTIMIZED, you can use Strategy Wizard on this, and use Dynamic Optimization as well.

THE DOWNSIDE:

1. Main one ... OmniScript is NOT OmniLanguage ... OScript allows you to create ONE FORMULA to define your rule. No variables, no looping, and very limited decisionmaking (via iif's). So, only relatively simple things can be modelled. But OScript is flexible enough to do a lot of stuff ... most of the casual requests posted in these forums could be handled pretty closely using this mechanism.

2. None of the nifty legacy OT capabilities related to Performance rules and filtering and Voting amongst several Systems can be used with this approach, since your "entry rules" are to the right of the Vote Block. However, those are things that often confuse and sidetrack newcomers.

CONCLUSION:

This simple addition to the standard bag of tricks will be a great boon to Base-package users, and give them a way to "test the waters" for a while before taking that important step of an upgrade to Pro. It will allow us here, to help Base package users take more control of their trading.
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