Even though the TradeStation trading bundle comes with a wide range of trading indicators referred to as analysis techniques, many people who utilize TradeStation develop the drive to add or customize their very own signals making use of technical TradeStation code. This article will show how you can create a basic indicator that displays the present trading volume as well as changes the visual signal of that particular volume to green-colored if the price level closes up.
The most convenient method to create a brand-new indicator is to find a preexisting indicator which to some extent covers what’s needed and then modify it again further. For this situation, the Volume indicator that is included with TradeStation provides a sufficient starting point.
To begin managing TradeStation coding, first open the Volume indicator while using the EasyLanguage editor. EasyLanguage is the programming language that TradeStation functions with. Start by right-clicking upon almost any chart, and then opt for Insert Analysis Technique from your pop-up menu. Within the dialog textbox which presents itself, select the Indicator tab, and then scroll right down to discover the Volume indicator from the list. Please click once on the Volume indicator row to spotlight this, and then select the Edit EasyLanguage tab below the list textbox. Any EasyLanguage editor will open having the coding for your Volume indicator all set with regards to editing.
EasyLanguage coding is divided in to 3 areas. The 1st block specifies the actual Inputs. These kinds of inputs are only allowed to be altered through formatting an indicator after it has been put into a TradeStation table. Following Inputs tend to be the Variables. Those initialize as soon as the indicator initially launches during the session, and their values are generally modified using coding. Just after these 2 blocks will be the exact coding which completes. This is exactly what needs to be modified for our scenario.
To begin with look for the subsequent line of coding:
Plot1( Volume Value, “Volume” ) ;
Sections involving coding which start with Plot1, Plot2, and so on, draw graphic features such as bars and lines on a chart. In the matter of the actual Volume indicator, this particular line of coding plots the value associated with the present volume for that bar, VolumeValue. This value is additionally granted the label “Volume” which enables an end user to recognize and then adjust the appearance of any plot inside the Format Analysis Technique dialog textbox. Nonetheless, an individual can only customize the standard colors, widths, and then styles from the plots. In order to complete our example, coding needs to be altered.
Position the cursor right after the line previously mentioned and click Enter on your computer keyboard to create a brand-new line. Now type in the next distinctive line of coding:
If Close > Open then SetPlotColor(1, Green);
Don’t forget to include the semicolon after the line, or the actual coding will not verify.
That line just put in is really a conditional statement which says, in simple terminology, in the event the ending price (Close) from the present bar is greater as compared to the opening price (Open) from the current bar then customize the plot color (SetPlotColor) from the Plot1 component to Green (1,Green).
So now press the F3 key or just select the Verify tab in order to compile the coding.
Well done. The Volume indicator finally plots as green whenever price closes higher than the open, and you’ve put together your very first TradeStation indicator.
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