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Instructions for the Precision stop for MultiCharts.

 

Precision Stop for Multicharts instructions for use.

Importing into Multicharts

In Multicharts open up the power language editor and click on file, import read only then select the file I sent you

Precision stop indicator and the Precision stop signal for Multicharts.

(There are several functions which need to be complied. PrecisionStop2013MC (indicator), PrecisionStop2013MC(signal) PrecisionStop2013stanceMC (function) PrecisionStop2013MC(function)  PrecisionNOISE and PrecisionVOLA which need to be compiled manually before precision stop will function.

Multicharts set up and instructions

  1. Create a chart window with the symbol of your choice
  2. Plot the Precision Stop indicator
  3. You will need to set max number of bars the study will reference to “user specified “ 80 ( same for signal and indicator)

 

 

  1. Subchart 1
  2. Scaling Same as symbol
  3. update every tick

Once you have decided approximate settings for the indicator you are add the signal.

Precision Stop Signal for Multicharts set up

  1. Add the signal to the chart making sure you first type in 80 into the maximum bars this study will reference window.
  2. You can decide how much comissions to add basis of what you are trading.
  3. Decide if you wish to hold overnight or not and for overnight select FALSE in the position window in the inputs.
  4. If you choose TRUE then Precision Stop will close out trades at the "end time" you type into the inputs.
  5. If you want to ensure a reasonable time to allow a trade to grow then you can input a "last trade time"
  6. Position True setting will hold trades overnight and only exit when the stop is triggered.

Precision Stop Multiple settings

Make a visual observation of the points where Precision Stop changes from long to short, and then adjustments can be made as follows

 

  1. Right click on PS and select format precision stop
  2. If PS appears to close to the price action, then increase the MULTIPLE setting
  3. if PS appears to far away from the price action, then reduce the MULTIPLE setting
  4. Suggested MULTIPLE  values for differing time frames

 

    • Weekly – Monthly charts       3 – 7
    • Daily charts                          0.25 – 6
    • Hourly charts                     0.25 – 3
    • Minute charts                     0.01 – 0.7
    • Second charts                   0.001- 0.2
    • Tick- Change                     0.001- 10

 

You will also see the features MAXPERCENT and MINPERCENT

These are to prevent PS from going too tight to the price, or too far away from the price, and if you notice the stop is not getting tighter when reducing MULTIPLE values, you may like to try reducing MINPERCENT.

 

Once you have established settings that look approximately correct to suit your trading style, then you can add the Precision Stop SIGNAL.

Making sure you repeat the above procedures to set max number of bars the study will reference to “user specified “ 80 and all the relevant MULTIPLE, MAXPERCENT and MINPERCENT.

At this point you can choose POSITION to be true or false

 

  • POSITION TRUE will let the PS continue naturally always “in” the market long or short and it will never flatten positions.
  • POSITION FALSE (day trading mode enabled ) This mode enables the user to configure at which time the system will exit all trades which is ENDTIME. (set to 2 or 3 minutes before the close time)
  • LASTTRADETIME is the latest time that the system is allowed to enter a short or long trade and is designed to prevent trades being placed just a few minutes before the ENDTIME you specify.

 

Once you have decided on your time frames and parameters, you can then add commissions and slippage to the properties and begin optimizing to test the best parameters.

Note: The MULTIPLE setting is most sensitive to small changes, and huge differences to performance can be observed from small changes in this setting. Generally to get maximum efficiency it is best to first optimize a broad range of MULTIPLE values and then plot the results to see if you have a BELLCURVE shaped distribution of readings.

If you achieve this, then there is a good chance that the PS will work very well in the mid point of the BELLCURVE. If you do not see a bell curve distribution then experiment with different time frames of the market and different MULTIPLE settings. The final system you select to use should produce a nice smooth rising equity curve chart with low draw downs which are low relative to the profit achieved. If you have not produced a smooth rising equity curve, then you will likely not have the best results from PS in the modes selected.

See the tutorial video on this link  http://www.precisiontradingsystems.com/Stop.htm

 

 Trouble shooting

 

If you get this error message it means either your license has expired or you are using it on a pc which is not registered to this product.

 

 

 

 

 

If you get this error message you have not input 80 into the max bars the study will reference box in properties tab.

 

 

If you cant get Precision Stop to exit trades at the specified time, you may have forgot to set position to FALSE in the inputs box

 

 

It is not always possible to achieve a suitable performance report when testing PS, and if you have the slightest doubt that the PS is not robust in the chosen market and timeframe then it is often best to select another market and/ or timeframe to test.

This is a trend following method, which will win handsomely in trending periods if set up correctly.

Finally, if you experience any difficulties in your application of this product, please drop me an email to precisionts@gmail.com and will try to resolve your issue.

I wish you the best of success with your trading!

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