ProRealTime

With ProRealTime you can completely customise your trading experience, setting up the platform in exactly the way you want it.

From changing the colour of the charts and the platform, to customising your trading hours to be in line with the New York or London open or close – you’ll have access to an editable workspace that gives you what you need, when you need it.

A price action algorithmic trading strategy will look at previous open and close or high and low points on a candlestick chart, and the algorithm would trigger a buy or sell order if similar levels were achieved in the future. You could, for example, create an algorithm to enter buy or sell orders if the price moves above point X, or if the price falls below point Y. This is a popular algorithm with scalpers who want to make a series of quick but small profits throughout the day on highly volatile markets – a process known as high-frequency trading (HFT).

To create a price action trading algorithm, you’ll need to assess whether and when you want to go long or short. You’ll also need to consider measures to help you manage your risk, such as stops – including trailing and guaranteed stops – and limits.

You can configure a price action trading algorithm according to the market, the time frame, the size of the trade and what time of day the algorithm should operate.

A technical analysis algo trading strategy is concerned with technical indicators such as Bollinger bands, stochastic oscillators, MACD, the relative strength index and many more. With this strategy, you’d create an algorithm to act on the parameters of these indicators, such as closing a position when volatility levels spike. Aside from the ones mentioned here, you can also build indicators yourself on platforms such as ProRealTime.

To create a technical analysis strategy, you’ll need to research and be comfortable using different technical indicators. For example, you can create algorithms based on Bollinger bands to open or close trades during highly volatile times. Whether you open or close depends on your attitude to risk, and whether you have a long or short position in a rising or falling market.

With a technical analysis strategy, you’re less focused on price and more interested in using indicators or a combination of indicators to trigger your buy and sell orders.

A combination algorithmic trading strategy uses both price action, and technical analysis, to confirm suspicions about price action by analysing charts with indicators. Algorithms can then enter buy or sell orders based on this information.

To create a combination trading strategy, you’ll need to carry out analysis of price action on an underlying market. This means having an understanding of different technical indicators and what they tell you about an asset’s previous price movements.

In a combination strategy, you’ll need to establish whether you want to go long or short, and at what time you want the algorithm to trade. You can configure a combination strategy according to the market, the time frame, the size of the trade and the different indicators that the algorithm is designed to use.