As a follow-up to yesterday’s announcement that SlopeRules have been substantially upgraded, I thought I’d walk you through a simple example of rule creation.
Let’s say I wanted to create a bullish rule triggered by Bollinger Bands. So I’d create a new rule set and give it a name………..
I would click on Define New Value and choose the Bollinger Band study from the dropdown as the basis for the rule. The dialog box would present to me a chart of the SPY with this study, and I could move the slider bar back and forth to determine a helpful parameter set which appeared to have produced good triggers in the past for getting in and out of a position.
For my “entry” signal, to buy the SPY, I’d fine-tune the settings for the lower band:
And to close the position, I’d find a good parameter for the upper band.
And, thus, I’d have a very simple entry and exit system (click for easier-to-read larger version):
To see if it was any good, I could click the Test button and subject any given symbol to these rules. I choose SPY, and I get solid results:
And that’s it! I made this one yesterday, and I clicked the Share button in order to publish it for sharing with all of our Silver, Gold, and Diamond members. Good stuff!