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Gentlemen,
I continue to play around with TS Text Indicators, out of curiosity and
as sort of a "do-it yourself", "learn-at-home" project. I've been using
Omega software now practically from its beginning, and just got on to
Text Indicators, thanks to, among others on this list, Bob Fulks. So,
I'd like to share the "fruits of my labor" with you, not that they're
anything particularly remarkable --- I'm more amazed that they do what
they do than anything else, especially for being such simple little
programs.
Indicator #1: Dynamic Arrow to the Right of Closing Price on Chart
(@TextCurrentC<=.ela).
Nothing new --- I've posted this here before and am reposting it for
completeness.
Indicator #2: As Above Plus Dynamic Value of Closing Price in Text
(@TextCurrentCText.ela)
Same as above. In other words, not only does the arrow follow the
current close but just to the right of the arrow is the value of the
current close in text. For, example, if the current close is 999.50,
then immediately to the right of the current close on the chart is
<=999.50.
Indicator #3: Dynamic Arrow to the Right of Current Indicator Value on
Price Chart Plus Dynamic Value of Current Indicator Value in Text
(@TextCurrentIndic.ela). Similar to above although with an Indicator on
a Price Chart. For example, if the Indicator is a 10-period simple
moving average of the Close, the Indicator is plotted on a Price Chart,
and the current value of the Indicator is 995.75, then immediately to
the right of the end of the Indicator plot is <=995.75.
Notes ---
A. I have not found a way to plot text indicators on anything but a
Price Chart, for example, on an Indicator subgraph, such as on Subgraph
2: Indicator below Subgraph 1: Price Chart. One of the consequences of
this is that the values plotted by Text Indicators have to be close to
those plotted in the Price Chart. For example, not only haven't I found
any way to plot a Text Indicator on, for example, an indicator such as a
Stochastic in Subgraph 2, the Text Indicator on an indicator such as a
Stochastic won't effectively plot even on a Price Chart because of the
substantial difference in values between those of the Stochastic (from 0
to 100) and the Price Chart (unless the latter has a range between
approximately 0 and 100). It appears that Text Indicators are, in fact,
limited to Text ShowMes --- if so, a major limitation to Text
Indicators. I hope that I am wrong about this, and that you'll tell me
so --- or, if I'm right, that some of you have found work-arounds to
these limitations and would be willing to share them.
B. For these indicators to plot dynamically, check "Update Every Tick".
C. To plot these indicators effectively, set "Bars to the Right" > 0
--- I suggest, for example, 10.
D. These indicators plot effectively only with minute-based charts ---
they can produce artifacts on tick-based charts, especially when
Ticks/Minute > Ticks/Bar. Try it on something like a 5-Tick ES chart
and see for yourself. The arrow's location progresses to the right in
time only upon the next decrement in TS time, ie, minute, so as bars are
produced following the last time decrement, they start to overlap the
arrow. One work-around for this would be to set "Bars to the Right" to
an appropriately large number.
E. There's no "magic" in my choice of the combined symbols "<" and "="
to make a left-pointing arrow. Try some others at your discretion.
Furthermore, you have some control over its location, as well as its
color (but apparently not its strength), under the ELA rules. (Its
strength appears to be set by your choice of Price Chart font.)
F. These indicators were programmed with TS2Ki. I believe they will
also work with TS4 with a little modification. For example, for any
Indicator lacking a plot statement, the plot statement "IF False THEN
Plot1(0,"");" (without the bracketing quotation marks --- but with the
internal quotation marks) needs to be added at the end.
G. I've attached to this Email the three indicators, in ela format and
combined into one file called TextStudies.els.
To your health & profitable trading,
Richard
Attachment:
Description: "TEXTSTUDIES.ELS"
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