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Instructions for the Precision stop for Tradestation

 

Precision Stop for Tradestation and Multicharts instructions for use.

Importing into Tradestation

In Tradestation, open power editor and import the Precision stop indicator and the Precision stop signal for Tradestation.

(There are two extra functions required, called PrecisionNOISE and PrecisionVOLA which should verify automatically)

 

Tradestation set up and instructions

  1. Create a chart window with the symbol of your choice
  2. Plot the Precision Stop indicator
  3. You will need to set max number of bars the study will reference to “user specified “ 90
  4. Subchart 1
  5. Scaling Same as symbol
  6. update every tick

 

Make a visual observation of the points where Precision Stop changes from long to short, and then adjustments can be made as follows

 

  1. Right click on PS and select format precision stop
  2. If PS appears to close to the price action, then increase the MULTIPLE setting
  3. if PS appears to far away from the price action, then reduce the MULTIPLE setting
  4. Suggested MULTIPLE  values for differing time frames

 

    • Weekly – Monthly charts       3 – 10
    • Daily charts                           1 – 6
    • Hourly charts                     0.25 – 3
    • Minute charts                     0.01 – 0.7
    • Second charts                   0.001- 0.2
    • Tick- Change                     0.001- 10

 

You will also see the features MAXPERCENT and MINPERCENT

These are to prevent PS from going too tight to the price, or too far away from the price, and if you notice the stop is not getting tighter when reducing MULTIPLE values, you may like to try reducing MINPERCENT.

 

Once you have established settings that look approximately correct to suit your trading style, then you can add the Precision Stop SIGNAL.

Making sure you repeat the above procedures to set max number of bars the study will reference to “user specified “ 90 and all the relevant MULTIPLE, MAXPERCENT and MINPERCENT.

 

At this point you can choose POSITION to be true or false

 

  • POSITION TRUE will let the PS continue naturally always “in” the market long or short and it will never flatten positions.
  • POSITION FALSE (day trading mode enabled ) This mode enables the user to configure at which time the system will exit all trades which is ENDTIME. (set to 2 or 3 minutes before the close time)
  • LASTTRADETIME is the latest time that the system is allowed to enter a short or long trade and is designed to prevent trades being placed just a few minutes before the ENDTIME you specify.

 

Once you have decided on your time frames and parameters, you can then add commissions and slippage to the properties and begin optimizing to test the best parameters.

Note: The MULTIPLE setting is most sensitive to small changes, and huge differences to performance can be observed from small changes in this setting. Generally to get maximum efficiency it is best to first optimize a broad range of MULTIPLE values and then plot the results to see if you have a BELLCURVE shaped distribution of readings.

If you achieve this, then there is a good chance that the PS will work very well in the mid point of the BELLCURVE. If you do not see a bell curve distribution then experiment with different time frames of the market and different MULTIPLE settings. The final system you select to use should produce a nice smooth rising equity curve chart with low draw downs which are low relative to the profit achieved. If you have not produced a smooth rising equity curve, then you will likely not have the best results from PS in the modes selected.

 

See the tutorial video on this link  http://www.precisiontradingsystems.com/Stop.htm

 

It is not always possible to achieve a suitable performance report when testing PS, and if you have the slightest doubt that the PS is not robust in the chosen market and timeframe then it is often best to select another market and/ or timeframe to test.

This is a trend following method, which will win handsomely in trending periods if set up correctly.

Finally, if you experience any difficulties in your application of this product, please drop me an email to precisionts@gmail.com and will try to resolve your issue.

I wish you the best of success with your trading!

 

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RISK DISCLOSURE

 

  • Futures, Forex and Stock trading contain substantial risk and are not for every investor.

  • An investor could potentially lose all or more of the initial investment.

  • Risk capital is money that can be lost without jeopardizing ones financial security or lifestyle.

  • Only risk capital should be used for trading

  • Only those with sufficient risk capital should consider trading.

  • Past performance is not necessarily indicative of future results.

 

 

 

 

 

 

 

 

HYPOTHETICAL PERFORMANCE DISCLOSURE

 

Hypothetical performance results have many inherent limitations, some of which are described below. no representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk of actual trading. for example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all which can adversely affect trading results.