Beginner EMA Day Trading Forex Algorithm Questions and Review! by Pcnpj

Pcnpj

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Hey all!

Somewhat new to Quant Connect and was wondering if I could get a review or advice with a simple EMA 5, 20 (Minute, Intra-Day) cross over algorithm I've developed.

Advice moreso on the implementation itself and less on the strategy. A few particular things I wish to have feedback on:

1. Am I using the best practices for orders? I have read that for trading, limit orders are a must.

2. I am using the ATR indicator value to gauge my stop loss (2 x ATR below current) and take profits (1 x ATR above current). Anyone have anything thoughts on this? I thought it was better than having a fixed X amount of pips.

3. I've made it so that my stop loss and take profit orders are in sync. I cancel the other when one order if filled. Is this the correct thinking?

Any other feedback is appreciated and applied when I get this to apply to multiple currency pairs.

Thanks!

Marc

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Pcnpj

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Pcnpj

6.6k Pro ,

Also note the false condition in the code (I forgot to exclude it before attaching). I was trying to implement some sort of trailing stop if the orders were not getting fulfilled (fluctuates between my stopLoss and stopProfit).

Alexandre Catarino

Pro ,

Hi Marc Khristian Partoriza ,

For the buy limit order, we need to set the limit price above the current one. Moreover, since the algorithm is trading forex that is really liquid, we probably would be OK using market orders.

I am not sure about the part of placing stop and take-profit orders after an MA cross. We normally place them as soon as the order that opens a position is filled. That should be done in the OnSecuritiesChanged method. Additionally, if the MA crosses down, then we send a market order to exit and cancel then stop and take-profit orders.

Pcnpj

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