Transform any order into a limit order selectively based on a trading rule

I bet most or all of your trading systems use the same order types to buy and short securities. My strategies also use single order type logic to enter all positions.

Here is a money management script that updates the default order type depending on a trading rule. The script transforms any order into a limit order if the specified rule is true on entry date. The default order, which could be a market order, limit order, stop order or stop limit order, is intercepted in the "OnNewPosition" event of the money management tool and then the rule formula you provide is analyzed and its result is checked. Nothing is performed if the rule is false, however, if it is true then your order is ignored and a new limit order is created.

The order limit price is calculated by multiplying the security price on the signal date by a "Limit %" value you should also provide.

Here is a quick example:

Rule: rsi(14) > 70
Limit %: 1.5

The default order is: Market at open

A buy signal is generated and market at open order is created. Before the order is transmitted, the money management script calls the "OnNewPosition" event.
Our script will calculate the relative strength index (RSI) rule and find that the rule returns "1" (true).
The default order will then be replaced by a limit order whose limit price is: Close price at signal date * -1.5%

Example:
Limit price = 25.2 * (1 - 0.015) = 24.822

If a short signal were generated then the limit price would be equal to:
Limit price = 25.2 * (1 + 0.015) = 25.578

Technical Analysis

• CNX 100 Weightage
• Average Output Per Year
• Percent High Low Range as a measure of stock volatility
• Strategy Optimization on Random in-sample and out-of-sample Periods
• Convert Seconds to Trading Bars
• Volume Trend Index - Market Indicator
• Benchmark Return in a Trading System Simulation
• Longterm Investments
• Adaptive Strategy Indicator
• Coppock - VLT Momentum Indicator
• More trading objects...

Fundamental Analysis

• ISM Manufacturing PMI Index
• Analyst Days Since Last Rating
• Federal Funds - target rate
• ETF Data: NAV - PE- Fees - Assets - Yield - Beta
• AAII Bull Ratio Sentiment Index
• Ratio of Stocks Outperforming/Underperforming Their Industry
• Historical Earnings Surprise, EPS and Consensus Data
• Index Investment Data for U.S. Futures Markets
• Federal Reserve Flow of Funds - Balance Sheet Historical Data
• All-Star Traders Outperform/Underperform Picks for US Stocks
• More trading objects...