Description:
The Date & Time function serves as a valuable tool in trading scripts, aiding in the determination of entry and exit points based on specific time conditions, thus enhancing the precision of trade execution strategies.
Definitions:
- Time: Specify the entry time in military format (e.g., "1130").
- Day of Week: Choose a number from 1 to 7 to specify the desired day of the week for entry.
- Day of Month: Select a number from 1 to 31 to indicate the desired day of the month for entry.
- Week of Month: Pick a number from 1 to 4 to denote the desired week of the month for entry.
- Week of Year: Indicate a number from 1 to 52 to specify the desired week of the year for entry.
- Month of Year: Choose a number from 1 to 12 to indicate the desired month of the year for entry.
Use Cases:
- Market Opening Strategy: Utilize Candle Time to enter trades after the initial volatility settles, typically within the first hour of market opening, to capture more stable price movements.
- Intraday Reversal Strategy: Implement Candle Time to identify potential reversal points during specific times of the trading day, such as after lunchtime or towards the market close, to capitalize on shifts in market sentiment.
- End-of-Day Strategy: Employ Candle Time to trigger trades during the last hour of trading each day, capturing potential price fluctuations as traders adjust their positions before the market closes and taking advantage of liquidity trends.
This feature can be used in:
- Market Scanner
- Strategy Tester
- Multi-Factor Alerts
- Smart Checklist
Do you want to learn more? Check out our video to see how to use the indicator in backtesting.
May 10, 2024