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Price Close
Introduction
"Price Close" represents the closing price of the bar. It can be used for determining the entry or the exit points.
Calculation
"Price Close" is equal to the closing price of the current bar.
Parameters
There are no parameters.
Usage
"Price Close" can be placed in the Open Slot or in the Close Slot.
In the Open Slot it determines the entry level on the market. Every time when the Open Strategy gives a signal, a new market order will be send at the end of the bar. The order price will be equal to the closing price of the current bar.
Using "Price Close" in the Open Slot leads to opening, adding, reducing or reversing the position from the Open Strategy at the end of the bar. It is not necessary to tick "Use the previous bar value" checkbox because all the indicators calculated during the bar have its final values. A disadvantage is that we lose a rollover tax because the position will be transferred to the next bar immediately after its opening.
Using "Price Close" in the Close Slot means that the position will be closed at the end of the bar on its closing price. Transferring to the next bar is not possible.
When we use "Price Close" for the closing level, we can use Close Filters also. They change the closing logic. At the end of the bar, FSB checks the logic conditions of the close filters. If there is one satisfied close filter logic, FSB will close the position. In the other case, the position will be transferred to the next bar.
Summary
- Price Close in the Open Slot - Determines the entry level.
The position will be opened at the end of the bar and will be transferred to the next bar. We pay a rollover fee. - Price Close in the Close Slot - Determines the exit level.
- Without Close Filters.
The position will be closed at the end of the bar. - With Close Filters.
The close filters logic will be checked at the end of the bar. If the logic allows, the position will be closed.
- Without Close Filters.