Thursday, September 09, 2010
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Williams %R Overbought / Oversold [WROO]

Descripton 
Summary:
This trading system script uses a Williams %R indicator to generate trading signals whenever the underlying symbol is overbought or oversold.

Rules:
1. Buy Market - When the Williams %R shows the symbol is oversold.
2. Sell Market - When the Williams %R shows the symbol is overbought.
3. Sell Short Market - When the Williams %R shows the symbol is oversold.
4. Buy To Cover Market - When the Williams %R shows the symbol is overbought.


Variables
TypeIdentifierDescription
IntegerArray_WRKeysUse for holding all of the Williams %R indicator keys indexed by symbol index.
Number_overboughtValueUse for the minimum value above which the underlying indicator is considered overbought.
Number_oversoldValueUse for the maximum value below which the underlying indicator is considered oversold.
Boolean_enableShortingUse for indicating whether to enable the trading system script to short symbols.
Number_stopLossUse for the percent distance from the current price in which to place a stop order which would limit the maximum loss.
Number_takeProfitUse for the percent distance from the current price in which to place a limit order which would take profit after a specified gain.
Number_trailingStopUse for placing a trailing stop order which would limit the maximum trailing loss.
Boolean_isPercentUse for indicating whether the trailing stop is measured in percent or absolute value.

OnInitialize
Function Parameters
TypeIdentifierDescription
IntegerperiodsUse for the number of periods to include in the Williams %R indicator. [Default 10]
NumberoverboughtValueUse for the minimum value for the Williams %R above which the underlying indicator is considered overbought. [Default -20]
NumberoversoldValueUse for the maximum value for the Williams %R below which the underlying indicator is considered oversold. [Default -80]
BooleanenableShortingUse for indicating whether to enable the trading system script to short symbols. [Default False]
NumberstopLossUse 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).
NumbertakeProfitUse 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).
NumbertrailingStopUse for placing a trailing stop order which would limit the maximum trailing loss. [Default 0] (0 to ignore).
BooleanisPercentUse for indicating whether the trailing stop is measured in percent or absolute value. [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 _WRKeys(SymbolCount() - 1)
	 ' Iterate over all of the account symbols.
	For i As Integer = 0 To SymbolCount() - 1
		 ' Create a WR indicator for each account symbol.
		_WRKeys(i) = IndicatorWR(i, periods)
		 ' Add the indicator to the symbol chart.
		ChartIndicator(i, 0, C_MERGE_LEFT, _WRKeys(i),C_LINE, 1,0)
	Next

OnSymbolBar
Function Parameters
TypeIdentifierDescription
IntegersymbolIndex
Implementation
	 ' Get the indicator value for the specified symbol index.
	Define value As Number = IndicatorValue(_WRKeys(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
TypeIdentifierDescription
IntegerArraysymbolIndexes
Implementation


    

        

    


            

            

        

    

    

     
    

    

        

            

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