Overnight systems, in which positions are entered after the 4:00 close and closed at the next days open, can be easily implemented in the NeuroShell Day Trader. To create the overnight systems described in Anthony Trongone’s “Hold Overnight Positions” article, create a 30-minute after hours QQQ chart and the following trading strategies. To create a trading strategy, select ‘New Trading Strategy …’ from the ‘Insert’ menu and enter the appropriate long and short entry conditions:
Rising Prices, Expanding Volume System
Generate a sell short MARKET order if ONE of the following are true:
Time=X( Date, 4:00:00 PM )
A>B ( %Change(IfThenElse(Time=X(Date,4:00:00 PM,Close,*), 1 ), 1 )
A>B ( Percent Above(IfThenElse(Time=X(Date,4:00:00 PM,Volume,*) ), 70 )
Generate a cover short MARKET order if ONE of the following are true:
Time=X( Date, 9:30:00AM )
Rising Prices, Contracting Volume System
Generate a buy long MARKET order if ONE of the following are true:
Time=X( Date, 4:00:00 PM )
A>B ( %Change(IfThenElse(Time=X(Date,4:00:00PM,Close,*), 1 ), 1 )
A<B ( Percent Above(IfThenElse(Time=X(Date,4:00:00PM,Volume,*) ), 30 )
Generate a sell long MARKET order if ONE of the following are true:
Time=X( Date, 9:30:00 AM )
Falling Prices, Expanding Volume System
Generate a buy long MARKET order if ONE of the following are true:
Time=X( Date, 4:00:00 PM )
A<B ( %Change(IfThenElse(Time=X(Date,4:00:00PM,Close,*), 1 ), -1 )
A>B ( Percent Above(IfThenElse(Time=X(Date,4:00:00PM,Volume,*) ), 70 )
Generate a sell long MARKET order if ONE of the following are true:
Time=X( Date, 9:30:00 AM )
Falling Prices, Contracting Volume System
Generate a sell short MARKET order if ONE of the following are true:
Time=X( Date, 4:00:00 PM )
A<B ( %Change(IfThenElse(Time=X(Date,4:00:00PM,Close,*), 1 ), -1 )
A<B ( Percent Above(IfThenElse(Time=X(Date,4:00:00PM,Volume,*) ), 30 )
Generate a cover short MARKET order if ONE of the following are true:
Time=X( Date, 9:30:00AM )
Note that the Percent Above indicator is a custom indicator which simply determines the % of previous bar values which are greater than the current bar’s value. Unlike the volume ranking described in the article, the Percent Above indicator analyzes volume ranks based on previous bars only so that a system is more realistic of actual trading in which you don’t know the value of future bars.
After backtesting the trading strategies, use the ‘Detailed Analysis …’ button to view the backtest and trade by trade statistics for the overnight system.
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