Mandatory Indicators
StockHero allows an indicator to be set as Mandatory (or Required). A mandatory indicator basically means that the entry/exit condition MUST contain the signal for this indicator before the entry/exit condition is considered fulfilled.
A mandatory indicator will make more sense if a user has set at least two indicators for the entry/exit condition. Sometimes, a user may create up to 5 indicators and set the condition that at least two of them needs to be met before the entry/exit condition is fulfilled. However, the user may require one of the 5 indicator to be present and hence, will tag that indicator as "Mandatory".
The table below shows an example of when entry/exit condition is considered fulfilled. An (R) beside the indicator denotes a Mandatory indicator.
Indicators | Combination | Signal Received | Condition Met? |
|---|---|---|---|
RSI, Volume | 1 of 2 | RSI | Y |
RSI(R), Volume | 1 of 2 | Volume | N |
RSI(R), Volume | 1 of 2 | RSI | Y |
RSI,EMA(R),Stoch RSI | 2 of 3 | RSI, Stoch RSI | N |
RSI,EMA(R),Stoch RSI | 2 of 3 | RSI, EMA | Y |
RSI,EMA(R),Stoch RSI | 2 of 3 | EMA, Stoch RSI | Y |
RSI(R),EMA,SRSI, BB, Volume | 2 of 5 | EMA, SRSI | N |
RSI(R),EMA(R),SRSI, BB, Volume | 3 of 5 | EMA, SRSI, BB | N |
RSI(R),EMA(R),SRSI, BB, Volume | 3 of 5 | RSI, EMA, Volume | Y |
Mandatory indicators offer traders a powerful option to remove "noise" from the market.
You can also set a TradingView signal as a "Required" indicator. If this is enabled, you will need to set the Validity period. The Validity period refers to how long should StockHero hold a TradingView signal before the next TradingView signal is received.
For example, if you set "60" seconds as the Validity period, and TradingView Signal 1 is received, the next TradingView Signal 2 that arrives within 60 seconds from the receipt of Signal 1, StockHero will evaluate Signal 1 as a REquired signal and execute the trade. If Signal 2 arrives after 60 seconds from the receipt of Signal 1, the bot will not execute. This is because Signal 1 is set as a "Required" indicator.