BreachBots [Beta]

- Text color on your short Breach Bot buttons.BreachBots allow a trader to place an entry order whose price is linked to any study that you use as a 'line in the sand'.

For instance, if you see a Double Bottom, and you think that if price breaches the Double Bottom, that the market will continue downward, you can tie a BreachBot to the Double Bottom and instruct the bot to enter once price breaches the Double Bottom by the number of ticks that you instruct it to.

You can enter using a market order, or a limit order offset.

Another great setup, is the breach of a Neckline within a Head & Shoulders pattern. 

A breach of the neckline is where an Elliott 3 Wave really takes off.

Hence, this is frequently a great place to enter a trade where you can limit your risk - while seeking the trade to ride contiguous range bars in one direction. 

BreachBots can be engaged by clicking on a button on your chart by using either your mouse, or your finger if you have a touch-screen monitor.

You can run multiple BreachBots on the same chart.

If one BreachBot enters a trade, any other BreachBots enabled on your chart will stand down.

The beta consist of 2 different types of BreachBots.

BreachBot 

The first type of BreachBot can be linked to any study subgraph in Sierra Chart and is engaged by clicking a button on your chart.

To apply BreachBot, right-click on the chart that you want to apply the BreachBot to.  Select, 'Studies' then click the 'Add Custom Study' button in the lower right-hand side of the dialogue box.

Navigate to BreachBot(BreachBot.dll vNNNN) and select, 'BreachBot' then click the 'Add' button.

The BreachBot has the following available inputs:

Bot Name - This will be the label that appears on the BreachBot enable\disable button on your chart.

BreachBot Subgraph Reference - This is the subgraph reference that the BreachBot should use as its breach point.

Number of Bars to Keep Alive - Number of bars that the BreachBot will keep the order active until it is filled.  If you want the BreachBot to cancel the entry order after the one bar if the limit entry order is not filled, set this value to 1.

Enrty Offset From Reference Line

Entry Quantity - Number of contracts that the bot should place in the entry order.

Text Color - The color of the text that the BreachBot surfaces the countdown of number of bars remaining before the BreachBot turns itself off.

Entry Style - Limit or Market

Limit Entry Line Color - Color of horizontal line at the price that BreachBot is monitoring for price to trade.

Trigger Line Width - Width of horizontal line at the price that BreachBot is monitoring for price to trade.

Trigger Line Style - Stle of horizontal line at the price that BreachBot is monitoring for price to trade.

Limit Entry Offset - This can be a negative number, 0, or a positive number.   When this number is negative, it means that you are 'paying up'.  For instance, in a Long trade example, if you assign this value to '-1' then the bot will place a limit order 1 tick above the high of your breach bar.

Hence, the limit entry price equals the entry offset price, however (and I know that this is a bit kooky), if you want price to go above the high of your breach bar by one tick and you want to place a limit order one tick above the high of your breach bar then you need to assign the Entry Offset From High/Low of Breach Bar as a positive 1 and the Limit Entry Offset as a negative 1.

E.G.

Entry Offset From High/Low of Breach Bar = 1

Limit Entry Offset = -1

Limit Order Keep Alive - Number of bars that the BreachBot will keep the order active until it is filled.  If you want the BreachBot to cancel the entry order after the one bar if the limit entry order is not filled, set this value to 1.

Long Button Color - Color of your long BreachBot buttons.

Long Button Text Color - Text color on your long BreachBot buttons.

Long Button Border For Fills - Color of your long BreachBot after its entry order is filled.

Short Button Color - Color of your short BreachBot buttons.

Short Button Text Color - Text color on your short BreachBot buttons.

Short Button Border For Fills - Color of your short BreachBot after its entry order is filled.

BreachBot Panel Background Color - Color of the BreachBot's panel's background

BreachBot Panel Text Color - Color of the text on the BreachBot.

BreachBot - Right Click

The second of BreachBot can be applied to any bar that a trader right-clicks on.

To apply 'BreachBot - Right Click', right-click on the chart that you want to apply the BreachBot to.  Select, 'Studies' then click the 'Add Custom Study' button in the lower right-hand side of the dialogue box.

Navigate to BreachBot(BreachBot.dll vNNNN) and select, 'BreachBot - Right Click' then click the 'Add' button.

BreachBot Right-Click has the following available inputs: 

Number of Bars to Keep Alive - This is the number of bars that you want to bot to remain from the Breach Bar.

Entry Offset From High/Low of Breach Bar - This is a positive number and represents how many ticks price needs to trade through the high or low of your assigned breach bar.

Entry Quantity - Number of contracts that the bot should place in the entry order.

Text Color - The color of the text that the BreachBot surfaces the countdown of number of bars remaining before the BreachBot turns itself off.

Entry Style - Limit or Market

Limit Entry Line Color - Color of horizontal line at the price that BreachBot is monitoring for price to trade.

Trigger Line Width - Width of horizontal line at the price that BreachBot is monitoring for price to trade.

Trigger Line Style - Stle of horizontal line at the price that BreachBot is monitoring for price to trade.

Limit Entry Offset - This can be a negative number, 0, or a positive number.   When this number is negative, it means that you are 'paying up'.  For instance, in a Long trade example, if you assign this value to '-1' then the bot will place a limit order 1 tick above the high of your breach bar.

Hence, the limit entry price equals the entry offset price, however (and I know that this is a bit kooky), if you want price to go above the high of your breach bar by one tick and you want to place a limit order one tick above the high of your breach bar then you need to assign the Entry Offset From High/Low of Breach Bar as a positive 1 and the Limit Entry Offset as a negative 1.

E.G.

Entry Offset From High/Low of Breach Bar = 1

Limit Entry Offset = -1

Limit Order Keep Alive - Number of bars that the BreachBot will keep the order active until it is filled.  If you want the BreachBot to cancel the entry order after the one bar if the limit entry order is not filled, set this value to 1.

Hence, BreachBots can be tagged to any 'line in sand' that you deem that price should not cross.

Frequently, these lines in the sand are failed setups, such as failed Double Bottoms\Tops, or failed Right Shoulders, or failed volume spikes.

If you would like to participate in our BreachBot beta, please open a help-desk ticket here and send us your Sierra Chart username and we will set you up.