Hi, any opinion on how we should make decisions on candle close? I mean, compute all calculations on candle close, and any entry or exit should happen at the open of the next candle. What would be the best approach?
@Tradehull_Imran any opinion on this topic ?
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@Hemant_Kumar Everything should be on candle close but it is relative to the timeframe. A candle is a story that is playing out and based on the timeframe that you are monitoring, your duration of hold will be decided. Let the current story play out and enter at the next candle based on your understanding of the story which played out in the previous candle.
working on candle close can be fairly easily done by algo
- First we call chart data this will give us completed candle as well as running candle
- then we compute all indcators
- the via code we find completed candle
- we check our entry conditions on completed candle
- if entry conditions match we place order
so actually we dont wait for candles to close, we simply call chart data
look for previous completed candle, check our conditions and enter
@Tradehull_Imran When you say “call chart data“, you will need to configure a proper interval i.e. call get chart data every 5 mins or 15 mins etc. Now the main caveat with this approach is that it should sync up with the normal duration i.e. 12:00, 12:15 or 12:00, 12:05 etc. If its 12:05, 12:20; it won’t be ideal is what I have seen because then its like taking a decision in between the story.