Autotrading the Intrabar ER

The @ER2 chart in the Intraber ER workspace is set up for you to look at performance reports and backtesting. Do NOT use the ER2Z06 chart for performance reports, as it does not calculate backtested trades in the same manner as it takes trades going forward. This is because it uses market orders, and the intrabar backtested market orders do not calculate correctly. The @ER2 chart uses limit orders, and the back calculations are closer to reality. We have 1 tick slippage built into the backtesting, and $2.30 commission on either side of the trade.

Use the ER2Z06 chart to autotrade. You MUST have Enable Intrabar Orders checked. In order to see this, and assure yourself that it is correct, right click on the chart, choose Format Strategies, then Format, then the Calculation tab. Be sure Enable Intrabar Order generation is checked. The middle radio button below that should have a dot in it. See the image below:

VERY IMPORTANT Right click on the chart, choose Format Strategies, and Format, then the Inputs tab. You will see two new parameters, UseMarketOrdersOnEntry, and UserMarketOrdersOnExit. YOU MUST HAVE UseMarketOrdersOnEntry = 1 to autotrade. If you have it anything else, the strategy will get you into a trade many times, with many more contracts than you wanted. BE SURE it is 1.

Set UserMarketOrdersOnExit = 0, which makes the targets be limit orders.

Now be sure your automation properties are right for this chart. Right click on the chart, choose Format Strategies, then Properties, then the Automation tab. Click the top radio button, "Strategy will fill non-historical orders based on price activity." This means the strategy will go on doing what it does, not worrying about what your real position is. Thus, since we are using market orders for entry and limit orders for exit, you probably want to check the box "Replace strategy exit limit orders with market orders <your choice> seconds after the strategy has filled the order" so that you will be sure to exit when the strategy exits. All other check boxs on that page should be unchecked. The image below shows the settings, with a 3 second delay before the exit limit order is changed to a market order. You will find out with experience what value works best for you in that setting.