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OmniPilot Frequently Asked Questions
How can I get OmniPilot to trade the voteline?
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Barry Cohen

Posts: 2295

Joined: 1/1/1900

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Subject : How can I get OmniPilot to trade the voteline?
Posted : 7/12/2012 3:09 PM
Post #21016

Q: OmniPilot has trouble trading & exiting trades according to the signals & exits on the voteline. Is there anything I can do?


When using RT_Trader, you will never be able to get the trade plan to directly sync up with the voteline perfectly all the time, but you can come close. All the following cases can lead to open positions remaining open while the voteline exited or the voteline remaining open while the open positions exited. Here are some important things to consider when trying to do this & some helpful hints.

1. Problem: Trade Plans act immediately while the voteline is dependent on analysis running. Analysis cannot run every time there's a new tick - it would be impossible for the analysis to keep up with the data. So analysis has to be ran at certain times.

Example: A position is opened on a 60 minute bar & it closely matches the signal on the voteline. The next bar forms, then 10 minutes into that bar the Fixed Loss is touched which immediately closes the position. Analysis hasn't ran yet, so the voteline has yet to exit the trade. 50 minutes later analysis runs & the voteline exits at a completely different price then the actual trade.

Solution: In EOD this usually isn't a problem, but in realtime analysis only runs at the start of a new bar. There are options under Test Settings to run analysis more frequently, so enabling them can help. Enabling the option, "OmniPilot closes Positions on Exit Signal" should help as well eliminating instances where open positions remain while the voteline exited. This option was broken, but is working again in OT2012 PR 2R.

2. Problem: The timing of entry order types are handled differently when placing a Trade Plan vs the voteline.

Example: A bar on open trade on the voteline occurs on the new signal bar's open price (the bar following a pending signal). But RT_Trader does not trade pending signals, so when Pilot takes a bar on open in a trade plan it gets in on the NEXT bar's open price (now 2 bars after the pending signal). And of course if the voteline's entry doesn't match the trade plan entry than the stops likely won't match either.

Solution: Use a different order type for your entries since RT_Trader doesn't trade from pending signals. Hopefully we can add an option soon to RT_Trader that will respond to pending signals. The reason RT_Trader trades off New signals is because Pending signals can change. You could get a Pending signal early in the bar, & later in the bar the signal disappears.

3. Problem: Price changes can occur between analysis & opening of trades.

Example: Realtime analysis runs giving a new signal on the voteline for a market order. A trade is then placed for it. It's usually pretty fast, but if the price has changed in the time from when the voteline entered the trade to when the position got entered, then the entry prices will differ between the voteline & the open position. (EOD_Trader waits to enter positions until the entire ToDo List analysis completes, so the timing can be even more dramatic in EOD). This will affect where your stops get placed, so the Trade Plan stops will be placed differently than the stops calculated on the voteline.

Solution: There's no way to get in trades faster, but you can change where the stops are placed. If the Trade Plan's stops are based off entry price, voting/trading differences are more likely to occur. In the trade plan, change the settings for each stop to "adjust entry stop level based on" current bar's open price or the prior bar's high/low or close price. That way, even if the entry price is different your stops will still sync up.

4. Problem: The Trade Plan used for trading may be different than the one used inside the strategy.

Example: Say you're using a certain Trade Plan called "MyTP" as the default with a fixed loss stop set to 2 ATRs & you've selected that Trade Plan inside your strategy. Then later you change the loss stop in MyTP (Under Edit/Trade Plans) to 3 ATRs. The strategy is still using MyTP, but with the loss stop at 2 ATRs. So now the voteline will be far different than any trades that are made through Pilot.

Solution: Just be sure that if you make a change in the Trade Plan, that you also make the change inside the strategy (and vice versa!). You may also use the option to always use the Trade Plan from the strategy under Edit/Trade Plans.

5. Problem: The option in OmniPilot, "OmniPilot closes Positions on Exit Signal", doesn't close positions when a new signal & an exit occur on the same bar.

Example: A market order trade begins on the voteline. RT_Trader opens a position. Later on the same bar analysis runs again & exits on the voteline. The voteline now has no trade while the Trade Plan remains open until another exit occurs (that also isn't on the same bar as a new signal) or the Trade Plan's stops are hit.

Solution: In OT2012 PR 2S, RT_Trader will exit the position when this case occurs.

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