Horizontal Lines

[SCTS 10]

I am wondering if you could help me with programming a Tradestation channel/Indicator.

 

Basically, for every single day, for the first 5 (or X) bars of my chart... I'd like the indicator to determine the highest and the lowest prices of the first five bars... then plot one horizontal line across the chart for the high and one for the low and stay that way for the rest of the day.

 

The next day... it repeats...

 

I'd like it to do that so when I view many different stocks... I don't have to manually set the two lines for every single stocks I want to look at.

 

Because indicator are programmed by bars, it can be any timeframe.

 

I don't need the horizontal line of the previous day to stay there... they can actually expire and disappear from the chart. However, it would be interesting to see the historical plotting of the indicator... sort of like Bollinger Bands. I think it would be interesting to have this option and toggle on and off if possible.

 

For simplicity... all I would like to have is the two horizontal lines of the day.

[BlueHorseshoe 10]

Hi SCTS,

 

Try the following code:

 

inputs:starttime(0835),x(5);
vars:count(0),upperbound(0),lowerbound(0);

if t=starttime then count=1
else count=count+1;

if count=x then begin
upperbound=highest(h,x);
lowerbound=lowest(l,x);
end;

plot1[x-1](upperbound);
plot2[x-1](lowerbound);

 

There are two inputs that you will need to manage. The first is starttime - you'll need to enter the closing time of the first bar of your 'day' for whatever timeframe you use for charting. For the ES this would be 0835 exchange time for a five minute chart, for example.

 

If you only ever look at cash session data for stocks then there is a simpler and more efficient way to achieve this - just let me know and I'll tweak it.

 

The second input is X - as defined in your post. This is just the number of bars into the session from which the channel is calculated.

 

I have attached a screenshot to show how this looks on my chart (with X=3).

 

Any problems, just give me a shout!

 

BlueHorseshoe

[SCTS 10]

Hi there,

 

I created a new Indicator and verified it to get it active on Tradestation.

 

When I want to plot it, it would not plot on the primary stock chart... instead, it wanted to great a subgraph 5 and it does nothing down there.

 

I never programmed a new indicator from scratch so I am really lost. Any help is greatly appreciated.

 

I am not sure what you mean by cash sessions... All I would like to know is the high and the low for the 3 bars since the market open... for example... the market opens at 0930 and each bar is 10 minutes... during that 30 minutes... all I need to know is the highest price and the lowest price of that half hour time period. Then plot the horizontal line for the high and horizontal for the low... stay that way until tomorrow... a new cycle.

Edited September 28, 2013 by tradingwizzard

[SCTS 10]

Hi there,

 

I figured it out... my timing on the chart did not match the start time....

 

For example, my chart was set to 8 minutes and I was trying to get it to see 10 minutes increment...

 

So with start time as 0940... there was no data because it was 0938.

 

 

This works perfect! That's awesome! Thank you.

Edited September 28, 2013 by tradingwizzard