trading with conditions based on index oversold / overbought

Author: trade4more

Creation Date: 9/12/2008 7:41 AM

Wealth Lab » WealthScript (.NET) » trading with conditions based on index oversold / overbought

trade4more

9/12/2008 7:41 AM

I created a rule based strategy. Can I add a condition that checks the overbought/oversold level of a index if I am trading a stock in that index? For instance if I am going long on stock xyz I would like to also check if the .spx daily CMO (and possibly check if the weekly or monthly CMO is rising) is rising above -40 or not above +40 or has been above +40 for 2 days? I have a feeling that I can not do it in a rule based strategy so is there an example of code that could be added to a strategy?

Cone

9/12/2008 8:47 AM

There are some simple "External Symbol" wizard conditions, but to get the indicator of an external symbol, you need to code it yourself. See DataSeries > Accessing Secondary Symbols in the WealthScript Programming Guide.

trade4more

9/13/2008 11:36 AM

Thanks, Still have some issues. I'm not sure if I actually want to do this but for testing at this point.

I created the below:

CODE:
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But now I don't know how to reference the external symbol for the BuyAtMarket where I want the spx CMO below 40 but greater than 0 and rising.

So the buy for the symbol if it has crossed over -50 on the CMO is something like this:
if (CrossOver(bar, CMOSeries_3, -50.00))

Than check the status of the CMO .spx secondary and make sure it meets the criteria I want it at. Is it spxBarsCMO and if so how would I code it?

CODE:
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Eugene

9/13/2008 12:28 PM

CODE:
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Size:

Color:

[CODE]using System;
using System.Collections.Generic;
using System.Text;
using System.Drawing;
using WealthLab;
using WealthLab.Indicators;

namespace WealthLab.Strategies
{
	public class MyStrategy : WealthScript
	{
		protected override void Execute()
		{
			try
			{
				Bars spxBars = GetExternalSymbol( ".SPX", true );
				DataSeries spxBarsCMO = CMO.Series( spxBars.Close, 20 );
				
				ChartPane spxBarsPane = CreatePane(35,true,true);
				ChartPane spxBarsCMOPane = CreatePane(35,true,true);
				PlotSeries(spxBarsCMOPane, spxBarsCMO, Color.Blue, WealthLab.LineStyle.Solid, 1);
				PlotSymbol(spxBarsPane, spxBars, Color.Black, Color.Black);
				DrawHorzLine(spxBarsCMOPane,40,Color.Red, WealthLab.LineStyle.Dashed,1);
				DrawHorzLine(spxBarsCMOPane,-40,Color.Red, WealthLab.LineStyle.Dashed,1);
				
				bool spxCmoCondition;
				
				for(int bar = 20; bar < Bars.Count; bar++)
				{
					if (IsLastPositionActive)
					{
						//code your exit rules here
					}
					else
					{
						//So the buy for the symbol if it has crossed over -50 on the CMO is something like this:
						if (CrossOver(bar, CMO.Series( Close, 20 ), -50.00))
						
						/* I would like to also check if the .spx daily CMO is rising above -40 
						or not above +40 or has been above +40 for 2 days? */

if( ( spxBarsCMO[bar] > spxBarsCMO[bar - 1] ) &
								( ( spxBarsCMO[bar-1] < -40 ) || 
								!( spxBarsCMO[bar-1] > 40 ) ||								
								( CumUp.Series( spxBarsCMO, 1 )[bar] >= 2 ) ) )								
								
								BuyAtMarket( bar+1 );
					}
				}
			}
			catch
			{
				PrintDebug( "No data or could not find SPX" );
			}
		}
	}
}[/CODE]

trade4more

9/13/2008 4:14 PM

It works for the longs!!!, but tried to edit for the shorts and it doesn't do it. I tried to reverse the logic but dont' quite understand the Syntax I get a Index was out of range. Must be non-negative and less than the size of the collection.
Parameter name: index

Here is the code,