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The Hull Moving Average and the Predictive Average which have been available as DYO implementations are available as studies on the study drop down list. This gives the benefits of the Study Modes for Rising..Falling, Above.. Below, Zones, easy parameter changes, line styles, Data Points, etc. Also, it makes it easier for other studies to reference the built-in study, and the built-in is much faster than the DYO processing, and uses less memory, etc. So, enjoy these favorites. While on the topic of averages, Ensign has added more average formulas and exposed these in all the studies that use averages. This amounted to changing some 30+ different studies. But the end result is a huge leap in flexibility. The Study property form has been redesigned to handle the increased flexibility referred to. Here is the property form for the Moving Average study selection. Note that this form configures 2 averages and each can be independent of the other. Each average can have its own unique data point, such as the 1st average being and average of the bar Highs, and the 2nd average can average the Bar Lows. Use the selections for the Data Points to pick one of a couple dozen choices for the data point.
Average Formulas
Each average can use a different average formula. Use the drop down box by the Ave 1, and Ave 2 parameters to select a formula. This selection list is common through out all studies and offers a list of 10 formula choices. This formula selection list is available in all 30+ studies that use averages. For example, the Relative Strength Index (RSI) itself does not need an average, but the RSI property form allows a 2nd line to be plotted which is an average of the RSI. The average of the study line can use any of the 10 formula selections. You are welcome to select the formulas and see the change it makes to the average curve. One word about the Adaptive formula is that it self adjusts for the momentum of the market. When the momentum picks up, the parameter shortens so the average line tracks the move more quickly. When the momentum slackens, market moves sideways, the parameter adjusts to be bigger so the average line flattens out and tracks further away from the price action. Study Name
A DYO message line or label also uses the comma character as the multi-line separator. Each comma of the DYO label made a new line and the Section Message of Hello,World will print on 2 lines. In the DYO Section Message, the text Hello | World will be treated as a 2 part message for a Boolean flag to resolve, where the True message would be Hello and the False message would be World. So the vertical line in the DYO Section Message is a separator for the Boolean flag pick, and the comma is the DYO text's multiple line separator. Now we get to the study name, like STO 6 & 3. The STO 6 & 3 would be a typical default provide by the program when the Name field on the study form is blank. This would show on the chart objects list and as the sub-window label. The 6 & 3 are the first 2 parameters from the study property form, and helps you identify which study you are referencing. Many of you have multiple copies of the same study, and just have different parameters.
Study Scale
The example on the right would be equivalent to the Default which is 0 to 100 for the range. But you can enter custom values, such as 20 and 80 if that is the range you want Stochastic to plot on. A manually entered range might not be wide enough and the study can possibly plot off range as a result. Possibly a better selection would be to use Data 50 Centerline. The Data 50 Centerline selection will find the highest and lowest values to be plotted by the study, and center that about the 50 line being at mid-panel. Thus if the high is 82 and the low is 40 then the range will be from a low of 18 to a high of 82. The 18 to 82 allows the 82 to plot and keeps the balance above and below 50 equal so 50 falls at mid-panel. For something like Stochastic, if you want a buffer of blank space above and below the highest and lowest value, then select the Data 50 Centerline + 5% selection. The 5% is added to the range to give the buffer space you seek and it looks nice Let me post examples of Sto with various scale selections.
Note in the following example the lowest study value touches the bottom, yet 50% is still mid-panel.
The next example has the +5% for the little buffer space added.
The Bollinger study plots on the chart scale, and thus you need to adjust the chart scale and not a study scale to give yourself the buffer. One change in that aspect is in a chart rescaling, I added more space above and below the plotted bars which will help in this issue of wanting a little more buffer space. So that is one of the subtle feature built into the program.
This last example used just Dataset without centering. Notice the data goes full range, without centering and thus the 50 scale is no longer on the mid-panel position. For some, that is OK and a visual effect they want to see. It magnifies the amplitude of the study being plotted. In summary, the Scale range control available on all studies offers great flexibility. read more » Data Point Last modified 11/2/09 2:44 PM |
The Study Scale list box has 12 selections and they are similar to those on the DYO property form. Use the list to customize the scale range used by a study. Using Stochastic as an example, the default STO scale is fixed at 0..100. However, you can now pick a different scale range, and appropriate ones for STO might be Fixed Range, Data 50 Centerline, and Data 50 Centerline +5%. If Fixed Range is selected then 2 more boxes show on the form for entry of the Range High and the Range Low.
