Trading same symbol from multiple charts
Posted: Mar 30 2012
I'm hoping to implement an auto-trade strategy that would be applied to the same symbol on two different charts. I'm trying to sort out the best approach between synchronous and asynchronous mode for this situation. I've reviewed these wiki pages:
https://www.multicharts.com/trading-sof ... _Execution
https://www.multicharts.com/trading-sof ... Instrument
Each chart would execute the same strategy, but would do so at different times of the day and with different inputs. Any orders would be placed in the same direction, based on the long-term market trend. I.e., they might both go long, or both go short. However, they won't go in opposite directions on the same day (one long, one short). Also, since they trade at different times of the day, it wouldn't be possible for each chart to generate an entry order simultaneously, on the same bar.
Under these circumstances, could I use the synchronous trading strategy on both charts? E.g., assume that one chart places a buy limit order at 10:00 AM, that the second chart places a buy limit order at 11:00 AM, and that both orders are filed. If both positions remain open, then my total position at the broker should now be two contracts long, and there should be a corresponding OCA profit target/stop loss order for each contract.
Would the synchronous mode work correctly in these circumstances, showing an open position of one contract on each chart? Also, would MultiCharts transmit the correct profit target/stop loss orders to the broker, one for each chart? (Note that the exit prices for each contract will likely be different, assuming that the entry prices were different.)
Alternatively, would these strategies work correctly if I use async mode, but without using the "convert to market order" option? In particular, what would happen if one strategy places a buy limit order, but that order isn't filled, so my position still remains flat at the broker? Would MultiCharts still transmit the exit orders (profit target/stop loss) to the broker, and is there a risk that the broker (IB) would still fill those orders as sell limit/sell stop orders? (If that's the case, then I could end up incorrectly in a short position.) Or would the broker be smart enough to reject or cancel the exit orders, since the entry order wasn't filled?
Thanks in advance for any help.
https://www.multicharts.com/trading-sof ... _Execution
https://www.multicharts.com/trading-sof ... Instrument
Each chart would execute the same strategy, but would do so at different times of the day and with different inputs. Any orders would be placed in the same direction, based on the long-term market trend. I.e., they might both go long, or both go short. However, they won't go in opposite directions on the same day (one long, one short). Also, since they trade at different times of the day, it wouldn't be possible for each chart to generate an entry order simultaneously, on the same bar.
Under these circumstances, could I use the synchronous trading strategy on both charts? E.g., assume that one chart places a buy limit order at 10:00 AM, that the second chart places a buy limit order at 11:00 AM, and that both orders are filed. If both positions remain open, then my total position at the broker should now be two contracts long, and there should be a corresponding OCA profit target/stop loss order for each contract.
Would the synchronous mode work correctly in these circumstances, showing an open position of one contract on each chart? Also, would MultiCharts transmit the correct profit target/stop loss orders to the broker, one for each chart? (Note that the exit prices for each contract will likely be different, assuming that the entry prices were different.)
Alternatively, would these strategies work correctly if I use async mode, but without using the "convert to market order" option? In particular, what would happen if one strategy places a buy limit order, but that order isn't filled, so my position still remains flat at the broker? Would MultiCharts still transmit the exit orders (profit target/stop loss) to the broker, and is there a risk that the broker (IB) would still fill those orders as sell limit/sell stop orders? (If that's the case, then I could end up incorrectly in a short position.) Or would the broker be smart enough to reject or cancel the exit orders, since the entry order wasn't filled?
Thanks in advance for any help.