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The Next Time Event facility allows the chart to be moved forward in time. It can be used to show future trendline values and where they converge, for example the apex of a triangle can be shown at some future point in time. It can also be used to allow space for Eliott Wave predictions to be drawn on to a chart. At present this feature is only available on Long-term charts on a Daily, Weekly and Monthly basis.
The Numerical Analysis function allows users to test the performance of different technical trading tools using their own parameters and testing periods. There are also thousands of moving average combinations, DMIs, Weekly Rules and Parabolics already analysed. It is possible to set a particular starting date for each of your own models to give a particular testing period. It will only work on one active graph at a time and consists of five different reports all inter linked with each other. This is only available on the Advanced Workstation.
OBV is a volume indicator and is, therefore, only used on futures contracts. Joseph Granville developed it in 1963. It assigns the volume for each day a positive or negative value depending on whether the market prices close higher or lower for that day. A higher close from the previous day results in the volume figure for the current day being assigned a plus value, while a lower close from the previous day assigns a negative value. A running cumulative total is then maintained as the market continues to trade. It is the direction of the OBV line that is important and not the actual numbers.
The open is the first price recorded at the beginning of a selected time interval.
This is the testing of different parameters in Studies or oscillators to find out the one that performs the best. TraderMade users can do this by using the Numerical Analysis application, which is available on the Advanced Workstation.
Oscillators are defaulted to plot in their own area directly below the price action. They share the time (y) axis but not the price (x) axis, although they can be overlaid onto the price action if required.
This is the ability to overlay the price action of one particular instrument over the top of another to determine if there is any correlation between the comparative price action. This is only available in TraderMade Workstation.
This is a trend following mechanical trading system developed by J.W Wilder. The name was derived from the pattern formed by the stops. The system is a true reversal system, every STOP being a REVERSAL POINT (SAR), when the SAR is penetrated the position is reversed.
The period is the amount of time represented by each bar/candle/trend bar on the chart. The time period can be changed via the "Display Selection"
There are 3 types of time period available in TraderMade and these are a) Short term, b) Medium term and c) Long term. The Long term is then divided into Daily, Weekly and Monthly periods.
Back to top A point & figure chart is a study of pure price movement, i.e. it does not take time into consideration. When plotting a P&F chart you are asked for a box size, which is the number of points each X or O represents, then you are asked for the number of box reversals, which is the amount of price reversal required to register on the chart. The chart is plotted by changing the price action into the X & O columns depending on the movements in the price. A volatile market will result in a wide chart, whereas a quiet market will result in a narrow chart.
Presets are the users saved charts. They are also known as sessions in some applications. They record everything about the chart saved including lines, time period, instrument, oscillators, studies and text.
The following Prices can be used in Formulas and Technical Analyses:
Open
High
Low
Close
Bar Average (HLC/3)
True High
True Low
Range / True Range
Printing
The TraderMade Workstation application has various printing options.
Print Set-up allows the user to change the Printer settings, orientation and paper size etc.
A pull back line is a trend line that is drawn between a high and a low to identify a resistance line that is now acting as support, or vice versa.
The Range is the difference between the high and the low of a specified interval. The True Range is the greatest of:
1. Current high to current low
2. Previous close to current high or
3. Previous close to current low.
The True Range is used to calculate the DMI.
The 'Real time link' selection allows the users to create DDE links between the TraderMade application and Word and Excel.
Changes chart scale to a rate of change scale.
The formula used to calculate the RSI is as follows:
RSI=100 - (100 / (1+RS)
where RS = Average of "x" days up closes divided by the average of "x" days down closes.
One of the advantages of oscillator analysis is to point out short-term market extremes.
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