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Price Open
Introduction
Price Open is not a technical indicator. It represents the opening price of the current bar. Price Open can be placed in the Open Slot only. Here it determines the price used by the Open Strategy to send entry orders. If the strategy includes opportunity of adding, reducing, closing or reversing of an opened position, the opening price of the bar is used also.
Price Open defines an entry point only. It does not include a logic condition and cannot determine the direction of the trade.
If we do not use Open Filters and the Close Slot does not include a logic condition, new positions can be opened in both directions.
Example:
[Open] Price Open
[Close] Moving Average
Logic It does not act as a Filter.
Smoothing Method Simple
Base Price Close
Period 21
Shift 0
Use previous bar value True
In this strategy, the direction of the position is not specified. This leads to sending orders for opening a long and a short position at the beginning of the bar. The second order will close the position opened from the first order with loss equal to the Spread.
Calculation
Price Open does not need of additional calculations. It uses the opening price of the current bar.
Parameters
Price Open has not parameters.
Usage
We use Price Open in the Open Slot to determine the price of entry orders. The positions will be opened at the beginning of the bar. If the strategy includes open filters' indicators with base price different than opening price of the bar we have to tick the check box Use previous bar value in the indicator parameters dialogue. The reason is that the opening price is the only known bar's price at the moment. You can find additional explanations here.
[Open] Price Open
[Filter] MACD
Logic The MACD line crosses above the zero
line.
Smoothing Method Exponential
Base Price Close
Period Slow Line 26
Period Fast Line 12
Period Signal Line 9
Use previous bar value True
[Close] Close and Reverse
In this example, a new long position will be opened at the opening price of the bar, when the MACD line crosses above the zero line during the previous bar. Because, the Close and Reverse logic is used in the Close Slot, the Open Strategy will determine the position reversing. That will be happened at the opening price of the bar when the MACD line crosses below the zero line.