Indicator Overbought / Oversold [IOO]

Descripton

Summary:
This trading strategy script generates orders based on the overbought / oversold status of a single indicator.

Rules:
1. Buy Market - When the indicator is oversold.
2. Sell Market - When the indicator is overbought.
3. Sell Short Market - When the indicator is overbought.
4. Buy To Cover Market -  When the indicator is oversold.

Variables

Type	Identifier	Description
IntegerArray	_indicatorKeys	Use for holding all of the indicator keys duplicated from the specified indicator key and indexed by symbol index.
Number	_overboughtValue	Use for the minimum value above which the underlying indicator is considered overbought. [Default 80]
Number	_oversoldValue	Use for the minimum value below which the underlying indicator is considered oversold. [Default -80]
Boolean	_enableShorting	Use for indicating whether to enable the trading system script to short symbols.
Number	_stopLoss	Use for the percent distance from the current price in which to place a stop order which would limit the maximum loss.
Number	_takeProfit	Use for the percent distance from the current price in which to place a limit order which would take profit after a specified gain.
Number	_trailingStop	Use for placing a trailing stop order which would limit the maximum trailing loss.
Boolean	_isPercent	Use for indicating whether the stop loss, take profit and trailing stop are measured in percentages or absolute values.

OnInitialize

Function Parameters
Type	Identifier	Description
Indicator	indicatorKey	Use for the indicator key to duplicate for all of the account symbols and with which trading signals will be generated.
Number	overboughtValue	Use for the minimum value above which the underlying indicator is considered overbought. [Default 80]
Number	oversoldValue	Use for the minimum value below which the underlying indicator is considered oversold. [Default -80]
Boolean	enableShorting	Use for indicating whether to enable the trading system script to short symbols. [Default False]
Number	stopLoss	Use for the percent distance from the current price in which to place a stop order which would limit the maximum loss. [Default 0] (0 to ignore).
Number	takeProfit	Use for the percent distance from the current price in which to place a limit order which would take profit after a specified gain. [Default 0] (0 to ignore).
Number	trailingStop	Use for placing a trailing stop order which would limit the maximum trailing loss. [Default 0] (0 to ignore).
Boolean	isPercent	Use for indicating whether the stop loss, take profit and trailing stop are measured in percentages or absolute values. [Default True]
Implementation
' Assign the script parameters to script variables. _overboughtValue = overboughtValue _oversoldValue = oversoldValue _enableShorting = enableShorting _stopLoss = stopLoss _takeProfit = takeProfit _trailingStop = trailingStop _isPercent = isPercent ' Use for holding indicator keys based on the specified indicator key, indexed by symbol index. Redefine _indicatorKeys(SymbolCount() - 1) ' Iterate over all of the account symbols. For i As Integer = 0 To SymbolCount() - 1 ' Create an indicator for each account symbol, based on the specified indicator. _indicatorKeys(i) = IndicatorCopy(indicatorKey, i) ' Add the indicator to the symbol chart. ChartIndicator(i, 0,C_MERGE_LEFT, _indicatorKeys(i),C_LINE,1, 0) Next

OnSymbolBar

Function Parameters
Type	Identifier	Description
Integer	symbolIndex
Implementation
' Check whether the current symbol is a futures contract which isn 't a front month contract If (SymbolInstrument(symbolIndex) = C_FUTURES And Not SymbolIsFrontMonthContract(symbolIndex)) Return End If ' Get the indicator value, indexed by bar index. Define value As Number = IndicatorValue(_indicatorKeys(symbolIndex)) ' Oversold. If (value < _oversoldValue) Then ' If a short position exists then generate a buy to cover order. If (_enableShorting And PositionExists(C_OPEN, symbolIndex, C_SHORT)) Then ' Generate a buy to cover market order. BrokerMarket(C_BUY_TO_COVER, symbolIndex, 0, C_DAY, "Oversold.") End If ' If no long open positions exist. If (Not PositionExists(C_OPEN, symbolIndex, C_LONG)) ' Generate a buy market order. Define orderIndex As Number = BrokerMarket(C_BUY, symbolIndex, 0, C_DAY, "Oversold.") ' Set a stop loss on the order. BrokerSetStopLossPercent(orderIndex, _stopLoss, True) ' Set a take profit on the order. BrokerSetTakeProfitPercent(orderIndex, _takeProfit, True) ' Set a trailing stop loss on the order. BrokerSetTrailingStopLoss(orderIndex, _isPercent, _trailingStop) End If ' Overbought. ElseIf (value > _overboughtValue) Then ' If a long open position exists. If (PositionExists(C_OPEN, symbolIndex, C_LONG)) ' Generate a sell market order. BrokerMarket(C_SELL, symbolIndex, 0, C_DAY, "Overbought.") End If ' If no short open positions exist. If (_enableShorting And Not PositionExists(C_OPEN, symbolIndex, C_SHORT)) Then ' Generate a sell short market order. Define orderIndex As Number = BrokerMarket(C_SELL_SHORT, symbolIndex, 0, C_DAY, "Overbought.") ' Set a stop loss on the order. BrokerSetStopLossPercent(orderIndex, _stopLoss, True) ' Set a take profit on the order. BrokerSetTakeProfitPercent(orderIndex, _takeProfit, True) ' Set a trailing stop loss on the order. BrokerSetTrailingStopLoss(orderIndex, _isPercent, _trailingStop) End If End If

OnExchangeBar

Function Parameters
Type	Identifier	Description
IntegerArray	symbolIndexes
Implementation