daily bars: best approach in practice?

[cyman]

Hi there

My strategy uses daily bars on close.

Whats the best option for putting this into production? Ie buy at 3:30pm before close? Buy at open with limit?

Any code snippets to help with that?

I am using paid kinetick data feed and interactive brokers.

Im new to NT7

[NinjaTrader_AlanP]

Hello cyman,

Thank you for your note.

This is the NT8 section of the forum but you mention NT7, I would encourage you to learn NT8 if you’re new to NinjaTrader.

If you run your strategy on Daily Bars, with Calculate set to OnBarClose, then upon a signal, and order will be submitted on the opening of the next bar.

I would suggest watching the Strategy Wizard 301 which goes over using the wizard to create strategies.

https://www.youtube.com/watch?v=FmBiNYsf1e8&index=10&list=PL4D56536A44DD7105

See the NinjaScript Editor Youttube,

https://www.youtube.com/watch?v=K8v_2ONBbqI&index=11&list=PL4D56536A44DD7105

A link to our Help Guide with tutorials can be found below:

http://ninjatrader.com/support/helpGuides/nt7/tutorials.htm

You will find Reference Samples online as well as some Tips and Tricks for both indicators and strategies:

Click here to see our NinjaScript Reference Samples:

http://www.ninjatrader.com/support/forum/forumdisplay.php?f=30

Click here to see our NinjaScript Tips:

http://www.ninjatrader.com/support/forum/showthread.php?t=3229

I would suggest reading about the managed approach at the following link,

https://ninjatrader.com/support/helpGuides/nt8/en-us/?managed_approach.htm

Please let us know if you need further assistance.

[cyman]

Thanks. But whats the best approach people have seen, in practise?

Also: how can I make a daily bar at say 3PM each day?

I see I can choose multiple minutes per bar but that seemed to create a random result. What I want is once per day at Xpm.

Also with daily bars, suppose a stock closes at $100 then after hours opens at $120. That will throw off the algorithm. In practise the buy would happen at $120 not $100. But the bars would only see the closing price. So I really need 15 minute bars with a daily evaluation. Aside from hardcoding (ie if time is blah then do this) is there a better way to do this?

Also consider that I want to test efficiently for optimization so minimal daily bars is ideal.

[NinjaTrader_AlanP]

Hello cyman,

We do not have the data to be able to say what is the best approach people have seen, but perhaps someone on the forum could provide insight.

To create a daily bar at 3PM each day, you could create a session template which has a close time of 3PM, then apply that template to a 1440Min chart. There are 1440 minutes in a day, and this chart would be built of 1 minute data, using a session template would be a way to control the open and close times.

See Trading Hours,

https://ninjatrader.com/support/helpGuides/nt8/en-us/?trading_hours.htm

If a stock closes at 100 and your system submits a buy order, you’d be filled at $120, not $100.

Please let us know if you need further assistance.