Hi
I have a noob question : when you trade on the Daily Timeframe, we all know that the spread is very high at midnight, so it's the worst time to enter the trade.
So if your system is using D1 TF, then how do you trade if you got a new buy signal at 00:00 ? You realistically cannot enter a trade then, because the spread is so high.
so what's the solution ? Do I need to rewrite all my indicators so that they are using another time as my "new day" signal ? (like 9 AM)
or is there another solution ?
thanks so much
Jeff
Re: D1 Question
2You want place an order at daily candle close?ionone wrote: Thu Mar 25, 2021 7:58 pm Hi
I have a noob question : when you trade on the Daily Timeframe, we all know that the spread is very high at midnight, so it's the worst time to enter the trade.
So if your system is using D1 TF, then how do you trade if you got a new buy signal at 00:00 ? You realistically cannot enter a trade then, because the spread is so high.
so what's the solution ? Do I need to rewrite all my indicators so that they are using another time as my "new day" signal ? (like 9 AM)
or is there another solution ?
thanks so much
Jeff
Re: D1 Question
3well yes. If you trade on daily bars, you will have a signal at the close of the day, depending on how your strategy operates of course. But if you use OHLC it will
Re: D1 Question
4Well some brokers have a different daily closing time. IG is the one I have noticed before. But you could try using "GMT time shift chart" for your specific requirement. I haven't used it but I once read in forum about such a utility that creates custom time frame and GMT shift charts. Look up on the web and you will find it hopefully.ionone wrote: Thu Mar 25, 2021 11:19 pm well yes. If you trade on daily bars, you will have a signal at the close of the day, depending on how your strategy operates of course. But if you use OHLC it will
Re: D1 Question
5ok yes, creating custom symbols might be the way...Darks wrote: Thu Mar 25, 2021 11:41 pm Well some brokers have a different daily closing time. IG is the one I have noticed before. But you could try using "GMT time shift chart" for your specific requirement. I haven't used it but I once read in forum about such a utility that creates custom time frame and GMT shift charts. Look up on the web and you will find it hopefully.
another solution would be to rewrite every indicator so that it uses the close value of another hour than 00:00, but it is a lot of work, and if you don't have the code you're screwed...so custom symbols it is...
Re: D1 Question
6I have a question though, custom symbols are good for backtesting, but for live situation, I will need to compute indicators based on the new custom daily timeframe no ? so Custom Symbols don't solve the issue, I would have to recode all the indicators so they use custom buffers with the right daily timeframe hour change ? I don't see any solution to this otherwise
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