The
21 Hour Auto Trader is a VertexFX client-side script that is useful to trade
breakouts by employing STOP orders.
This
Auto Trader is very useful during news events when the markets are highly
volatile, and the direction of the breakout cannot be determined initially. For
example, consider a trader who wants to trade in the direction of a breakout
after a news event at 10 am. Once a breakout occurs, the trader wants to place
a trade in the direction of that breakout with a specific take-profit target.
If the breakout does not occur within a specific time, or after the breakout
has occurred but the take-profit is not achieved within a specific time, the
trader wishes to delete the pending order, or close the trade. The 21 Hour Auto
Trader helps the trader accomplish this task by automatically managing this
trade.
At
first step, the Auto Trader places a BUY-STOP order at the ChasStart hour (e.g.
10 am) Limit points above the current Ask price, and a SELL-STOP order Limit
points below the current Bid price.
The
Auto Trader employs OCO (One-Cancels-Other) mechanism for these two orders. If
the BUY-STOP order is executed first, then the pending SELL-STOP order is
immediately deleted. Likewise, if the SELL-STOP order is executed first, then
the pending BUY-STOP order is immediately deleted. Hence, there can be only one
open position initiated by the Auto Trader .
If
a position is opened and exited at take-profit before ChasStop hours (e.g. 8
pm), then the Auto Trader becomes idle. However, if there are pending orders
when the end-time specified by ChasStop hours is reached then these pending
orders are deleted and the Auto Trader becomes idle. Similarly, if the position
is still open at ChasStop hours, it is closed by the Auto Trader . In other
words, the Auto Trader deletes pending orders (if any), or closes open position
(if any) at ChasStop hours and transitions to idle mode.
This Auto Trader does not have a stop-loss since it exits positions at ChasStop hours. It is recommended that the trader set a stop-loss manually if desired.
This Auto Trader does not have a stop-loss since it exits positions at ChasStop hours. It is recommended that the trader set a stop-loss manually if desired.
Configurable Inputs
1.
Lots –.The lot-size of each trade opened by the 21Hour Auto Trader .
2.
ChasStart – The time in hours (24 hour format) when the initial STOP orders are
placed by the 21 Hour Auto Trader . For example, if this value is 10, then the
Auto Trader places the initial orders at 10 am.
3.
ChasStop –.The time in hours (24 hour format) when the Auto Trader closes the
open positions and pending orders opened by the Auto Trader . For example, if
this value is 22, then the Auto Trader closes the open positions (if any) and
pending orders (if any) at 10 pm.
4.
Step –.The distance in points from the current Bid and Ask price where the
initial SELL-STOP and BUY-STOP orders are placed respectively.
5.
TP – The take-profit in points for each trade.
C:\ProgramData\VertexFX Client Terminals\"Company
name"\VTL10\Local VTL Scripts
Then right click on the tree and select refresh or
restart your client station and you will find under VTL local scripts in your client terminal.
You can check this video that talks about 21 Hour expert advisor: