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Part 2: Designing a Trading System in MetaStock

David Jenyns

In Part 1 of Designing a Trading System in MetaStock, I had

discussed the major components you needed to be able to track to

create a mechanical entry system. These were measures of price,

liquidity, trend, and volatility. The question now is, how do we

code this into MetaStock?

First, let me offer you the most valuable piece of knowledge I

have acquired over the years about MetaStock formula writing.

This one secret will turn you into a MetaStock master. Do you

think I know all of MetaStock`s hundreds of pre-programmed

formula and propriety indicators? Well, I`m good, but I`m not

that good.

When coding in MetaStock, the key to getting it "right" is to

write what it is you are trying to achieve "down in English".

Once you`ve done this, it is easy to convert it into a MetaStock

formula.

Let`s look at an example. Our first entry condition is a measure

of price. As mentioned in Part 1, you want to set a price

minimum to remove speculative stocks. Please note that the

values you select will depend on the exchange you are trading.

Some markets tend to be more expensive than others. For this

example, we are looking to design a long-term trend following

system to trade on the Australian Stock Exchange.

In Australia anything under $1 could be classed as a speculative

stock. So how do you stipulate that the stocks you want must be

greater than $1? First, "write it in English": You want stocks

with a 21-day average closing price that is greater than $1.

Now, you can convert this into a MetaStock formula.

Using the formula reference section in the MetaStock Programming

Study Guide, you can check the syntax of a moving average. Once

you have this information, it`s simply a matter of plugging in

the correct numbers. Then, by using the "greater than" symbol,

you can stipulate the price to be greater than $1. The MetaStock

code will look like this:

Mov(c,21,s) > 1

Let`s move onto the next component, liquidity. This is a measure

of how much money a stock trades. It is important to identify

stocks that have enough money moving through them so that you`re

never caught with a stock you can`t get out of. For this

example, let`s say we require the 21-day average of volume

multiplied by the closing price to be greater than $200,000. In

MetaStock language this would be:

Mov(v,21,s)*C > 200000

In the next article I`ll go through the last two components

needed to design a mechanical entry system in MetaStock. With

this information, you will be well on your way to starting an

effective, and profitable, trading system in MetaStock.

About the author:

David Jenyns, leading expert in designing profitable trading

systems, MetaStock website offers a huge free collection of

trading related tips and tricks.

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