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I saw several posts about and thought I might be able to quickly offer some additional info. First of all, I use studies and alerts to automate the scan of watchlists of MANY stocks and ETF's for breaks of support, resistence, trendlines, etc. I've taught many people how to do this as a first, simple use of Amibroker. It has a couple of issues / limitations, though, and some have been touched on and some have not.
So, here's what I've found -
- Sloped lines drawn in log-scale were a problem prior to version 5.25. The KB article code does not fully address the "ray" tool, but 5.25 does. USE 5.25.
- I believe that there is an issue with the lookback parameter to the Alert() function that's fairly easy to show. Perhaps there is something that I'm not seeing, but I simply coded my own lookback by moving the status to the last bar and went on.
- Studies work fine for scanning for conditions and signaling alerts, but IN PRACTICE, there are some limitations -
- Multiple studies with the same ID can be common - particularly for support and resistance, and even for trendlines. When you do this, the Study() function retrieves the FIRST one drawn. In practice, if you leave up old lines, you want the last one drawn. Since all studies are kept with the ID, it would be nice if the Study() function had an instance parameter that allowed the retrieval of all studies with a particular ID.
- Two character ID's can be restrictive when you have multiple lines of support, trendlines, etc. The primary abbreviations are obvious - UP, DN, SU, RE, ST for up,down, support, resistence, stop. I also use LE,LX,SE,SX for long entry,long exit, short entry, short exit. The choices for secondary abbreviations are not so obvious because of the 2 character limit.
I'm a quant by nature, so it is a little odd for me to be place emphasis on a visual technique like studies and alerts. But, I've found that it is one that even the most novice user can embrace and use to get quick benefit from Amibroker.
-- BruceR
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