Studies: Study on Study

Ensign Windows has the ability to calculate study values from other studies (a Study on a Study).  For example, a Moving Average can be calculated for a Parabolic Stop.  Or, an RSI can be calculated from a Stochastic study.  The ability to place studies on other studies is a powerful extension to Ensign Windows analysis tools.  There are many combinations of placing studies on studies.

Placing a Study on a Study
First, place a study on a chart.  Then place the second study on a chart.  The second study must then be configured to calculate from the first study's values instead of from the chart bar prices.  A study on a study can only calculate from studies that were previously placed on the chart.  For example, the first study placed on a chart cannot calculate from the 2nd study, however, the 2nd study can calculate from the 1st.  The Chart Objects list keeps track of the order in which studies are placed on the chart.  The study list can be re-arranged if necessary by using the Up and Down arrows in the  Chart Objects  window.

Next, open the properties window for the 2nd study and change the 'Data Point' setting.  The properties window is displayed by clicking the mouse on a study line, or by clicking the Chart Objects button and then selecting the study, and then clicking on the Properties button.  To calculate a study on another study, the 'Data Point' must be changed to display the 1st study's name (which will be shown in the 'Data Point' drop-down list).

After setting the 'Data Point', an additional drop-down list box will appear in the Properties window.  This drop-down list is used to specify the exact study value to use in the calculation.  Since some studies have more than one line or value, you can select which line or value to calculate from.  After specifying the study value, the 2nd study will redraw using the indicated values from the 1st study.

Parabolic Stop of a Simple Moving Average
Activate a Simple Moving Average study on a chart. Then activate a Parabolic Stop on the chart.  Open the properties window for the Parabolic Stop and select 'AVE' in the 'Data Point' drop-down list box.  Select '1st Average' from the 2nd drop-down list box that shows below the Data Point.  Click OK to close the properties window.  The Parabolic Stop will now calculate from the Simple Moving Average values.

Stochastic of an RSI
Activate a Relative Strength Index study on a chart.  Then activate a Stochastic study on the chart. Open the study properties window for the Stochastic study and select 'RSI' in the 'Data Point' drop-down list box.  Select 'RSI Value' in the 2nd drop-down list box.  Click OK to close the properties window.  The Stochastics study will now calculate from the RSI values.

RSI of a Simple Average of a Volatility Stop
This example involves three studies. First activate a Volatility Stop on a chart.  Then activate a Simple Moving Average on the chart. Open the properties window for the Simple Average and select 'Volatility' from the 'Data Point' drop-down list box.  Then select 'Value' from the 2nd drop-down list box.  Click OK to close the properties window for the Moving Average.

Next, activate a Relative Strength Index study on the chart.  Open the properties window for the RSI and select 'AVE' from the 'Data Point' drop-down list box.  Then select '1st Average' from the 2nd drop-down list box.  Click OK to close the RSI properties window.  The RSI will redraw using values from the Simple Moving Average of the Volatility Stop.

NOTE:  Do not remove the underlying studies from the chart while other studies are being calculated from their values.  The subsequent studies would not calculate properly.