Technical Studies Reference

This reference contains descriptions and instructions for the studies (also known as indicators) in Sierra Chart. For more detailed information, if necessary, about the studies, refer to the many books available on technical analysis and the abundant amount of technical analysis information on the Internet.

Refer to the Chart Studies documentation page for complete instructions on applying, setting Inputs for and adjusting settings for the chart Studies described here.

The default study Input values are not necessarily the recommended or optimized values to use.


On This Page


1 Divided by Price

The formula for the 1 Divided by Price study is: 1 divided by the price graph bar values. This is typically used for currencies.

For example, if currency chart is GBP per USD, then it will be converted to USD per GBP. Or the other way around.

Another study that may be useful for you is the Multiply Bars By -1 study.

When using the 1 Divided by Price study, the Volume at Price data will not be inverted. To invert the data you need to use the Invert Prices setting.

Inputs

  • This study has no Inputs

AC/DC Histogram (Bill Williams Acceleration/Deceleration Oscillator)

This study calculates the Bill Williams Acceleration/Deceleration Oscillator.

Formula:
AvgDiff = MovingAverage(InputData,Length2) - MovingAverage(InputData, Length1)
MovingAverage(AvgDiff - MovingAverage(AvgDiff,Length4), Length3)

The Length* variables in the MovingAverage function indicates the number of data elements used in the calculation.

Account Balance Graph - External Service

The study displays the Account Balance as a graph. When the study is initially calculated or recalculated, all chart bars/columns will show the same Account Balance which is the current Account Balance. As time goes by and the Account Balance changes, then the chart bars where the balance has changed will indicate the new Account Balance at that point in time. The Account Balance is the Current Cash Balance available from your external trading service, if it provides Account Balance data. This is not a simulated trading Account Balance.

If the trading service you are using supports multiple trade accounts, then this will be the balance for the selected Trade Account in the chart.

Inputs

  • This study has no Inputs.

Account Balance Text - External Service

The study displays the Account Balance as text which can be positioned anywhere on the chart. The Account Balance is the Current Cash Balance available from your external trading service, if it provides Account Balance data. This is not a simulated trading Account Balance.

If the trading service you are using supports multiple trade accounts, then this will be the balance for the selected Trade Account in the chart.

Inputs

  • Initial Horizontal Position From Left: This Input specifies the initial relative position from the left side of the chart that the text will appear at. The value can be from 1 to 150. This Input is ignored if Display in Fill Space is set to Yes.
  • Initial Vertical Position From Bottom: This Input specifies the initial relative position from the bottom of the Chart Region that the text will appear at. The value can be from 1 to 100. 1 is at the bottom of the region and 100 as at the top of the region.
  • Display in Fill Space: When this Input is set to Yes, then the text will be displayed in the Right Side Fill Space.
  • Use Current Price for Vertical Position: When this Input is set to Yes, then the vertical position of the text is controlled by the current price for the symbol and not by the Vertical Position from Bottom Input.
  • Transparent Label Background: When this Input is set to Yes, then there will be no background coloring drawn for the Account Balance text.

Accumulation / Distribution

This study calculates and displays the Williams Accumulation/Distribution Index.

The formula is as follows:

If (CurrentClose > PriorClose) Then
   AccumulationDistribution = AccumulationDistribution[-1] + (CurrentClose - MinimumOf(CurrentLow, PriorClose) )

Else If (CurrentClose == PriorClose) Then
   AccumulationDistribution = AccumulationDistribution[-1]

Else If (CurrentClose < PriorClose) Then
   AccumulationDistribution = AccumulationDistribution[-1] + (CurrentClose - MaximumOf(CurrentHigh, PriorClose) )

Inputs

  • This study has no Inputs.

Accumulation / Distribution Flow

Cumulative sum of (Close - Open) / (High - Low) * Volume.

Inputs

  • PrevClose: If this Input is set to 1 (yes), then the formula is: Cumulative sum of (close - previous close) / (high - low) * volume

Adjusted Cumulative Value

The Adjusted Cumulative Value study performs the following calculation:

  1. For each bar in the chart the following is calculated:
  2. An Exponential moving average of a length specified by the Long Term Smoothing Length Input is calculated.
  3. The difference between the Input Data Input value and the Exponential moving average result calculated in the prior step, at the same chart bar is calculated.
  4. The difference in the prior step is then summed with each prior difference. Therefore, this is a running sum calculation. This is the displayed result.

For some background as to why this study was developed, refer to Market Statistics Calculations Compared to Other Data Services.

Inputs

Advance Decline Line

This calculates the Advanced Decline Line from the data for a symbol that indicates the number of Advancing Issues minus Declining Issues on an exchange.

This data is provided with the Sierra Chart Market Statistics Data Feed. The symbol for the NYSE is NISS-NYSE. This study can be applied to a chart of the NISS-NYSE symbol.

ADX

Average Directional Movement Index. This is calculated according to the Welles Wilder formulas.

How ADX is calculated:

Given the Open, High, Low and Close data for the bars in the chart, the True Range (TR) is calculated. Refer to True Range for the calculation method.

+DM is calculated as the largest part of the current range (High minus Low) that is outside of the previous range if it is up.

-DM is calculated as the largest part of the current range (High minus Low) that is outside of the previous range if it is down.

n equals the DX Length Input.

A summation of the True Range values (STR) over n periods is calculated, by the formula:
Current STR = Previous STR - (Previous STR/n) + TR.

A summation of the +DM values (+SDM) over n periods is calculated, by the formula:
Current +SDM = Previous +SDM - (Previous +SDM/n) + (+DM).

A summation of the -DM values (-SDM), over n periods is calculated, by the formula:
Current -SDM = Previous -SDM - (Previous -SDM/n) + (-DM).

The Plus Directional Indicator (+DI) is calculated by dividing +SDM by the True Range (STR).

The Minus Directional Indicator (-DI) is calculated by dividing -SDM by the True Range (STR).

The absolute value (DI DIFF) is calculated as +DI minus the -DI.

Similarly DI SUM is equal to the Sum of +DI and the -DI.

The Direction Movement Index (DX) is calculated by dividing the DI DIFF by the DI SUM.

The ADX is calculated by smoothing the Direction Movement Index (DX) with a Wilder's Moving Average of length set by the DX Moving Average Length Input.

ADXR

Average Directional Movement Index Rating. This is calculated according to the Welles Wilder formulas.

How ADXR is calculated:

The ADXR is calculated by adding the current ADX to the ADX n bars ago and dividing the result by 2. Where n equals ADXR Interval.

ARMS Ease of Movement

ARMS Ease of Movement calculates the Arms' Ease of Movement Value (EMV).

Inputs

  • Volume Divisor:The value that the volume is divided by.

Aroon Indicator

This study calculates and displays the Aroon Indicator.

Aroon Oscillator

This study calculates the difference between the Aroon Up and Aroon Down values from the Aroon Indicator.

Ask Volume

The Ask Volume study displays the Ask Volume for each bar. Ask Volume is the volume of trades that occurred at the Ask price or higher. Depending upon the Data or Trading service you are using, you may not receive historical Ask Volume when historical data is downloaded from the service. Not all services will provide this.

Ask/Bid Volume Difference Bars

This study displays candlestick bars which represent the difference between Ask Volume and Bid Volume for each of the main price bars in the chart. The High of a candlestick bar indicates the maximum difference between Ask Volume and Bid Volume that occurred during the formation of the main price graph bar. The Low of a candlestick bar indicates the minimum difference between the Ask Volume and Bid Volume during the formation of the main price graph bar.

In order to see these bars historically and for them to be accurate, there are some settings that need to be correct. Also, not all Data or Trading services provide historical data needed for these types of bars. Follow the instructions in the Tick by Tick Data Configuration page.

Inputs

The study has no Inputs.

Automatic Trendlines

This study will draw a line along the highs and a line along the lows over the Length bars at the end of the chart.

Inputs

  • Length: The number of bars at the end of the chart for this study to look at to identify the Highs and Lows to draw the Trendlines along.
  • Skip Last N Bars: The number of bars from the end of the chart that are ignored. If this is set to 2 and the Length is set to 50, then the study will look back 50 bars starting from the third bar at the end of the chart. The third bar will also be included.
  • Show Up Line: If this is set to Yes, the Up Line will be displayed.
  • Show Down Line: If this is set to Yes, the Down Line will be displayed.
  • Number of New Bars Before Auto-Adjustment: If this is set to 0, the Lines will automatically readjust at every chart update. If it is set to a number greater than 0, then the Lines will only readjust after the specified number of new bars are added to the chart.

Auto Retracement/Projection

The Auto Retracement/Projection study automatically calculates and displays retracement or projection lines based upon the High to Low price range for the specified time period.

The time period is set with the Time Period Unit and the Time Period Unit Length Inputs.

For each bar in the chart, the High and Low for the specified time period is determined up to that bar and not beyond, and the percentages specified with the Level 1-14 Percentage Inputs are used to calculate the retracement/projection lines for that bar.

When the Calculation Method is Retracement and the High is the reference value, controlled by the Calculation Reference Value Input, each of the percentages are multiplied by the High to Low price range and added to the Low to create the retracement levels.

When the Calculation Method is Retracement and the Low is the reference value, controlled by the Calculation Reference Value Input, each of the percentages are multiplied by the High to Low price range and subtracted from the High to create the retracement levels.

As the High to Low price range changes for the time period, then the retracement/projection levels will also change because the price range is changing.

When the Calculation Reference Value Input is set to Automatic, then in the case of either a Retracement or Projection calculation, the study looks at the opening price for the time period and compares it to the closing price of a bar to know whether the Retracement or Projection lines should be calculated from the High or the Low price.

In the case when prices are declining and the Calculation Method is Retracement, then the Retracement lines are calculated from the Low of the period. In the case when prices are rising and the Calculation Method is Retracement, then the Retracement lines are calculated from the High of the period.

When the Calculation Reference Value Input is set to Automatic, then during the time period for which the Retracement/Projection lines are for, if there is a change with the relationship between the Open price for the time period and the current Close/Last price at a bar, then this will cause at that bar a reversal of the calculations which are described in the prior paragraph.

For example, the Close was previously above the Open, but on the bar currently being calculated it is below the Open. This will cause a reversal of the calculation.

Inputs

  • Time Period Unit
  • Time Period Unit Length
  • Calculation Method: This Input sets the calculation method. This can either be Projection or Retracement.
  • Level 1-14 Percentage: This Input specifies the percentages for the Retracement/Projection lines. .01 equals 1%.
  • Calculation Reference Value: This sets the reference level for the retracement/projection line calculations to be either Automatic, or specifically from the High or the Low for the specified time period.
  • New Period at Day Session Start When Using Evening Session: When this Input is set to Yes and Evening Session Times are defined in the Session Times, then the calculation will reset and there will be a new period at the beginning of the evening session. This only applies to Intraday charts.
  • Round to Nearest Tick Size: When this Input is set to Yes, then the retracement/projection levels are rounded to the Tick Size setting in Chart Settings.

Average True Range

This study calculates the True Range of the bars and a moving average of those true ranges.

Refer to True Range for the calculation method for True Range. After the True Range is calculated, a Moving Average is calculated of the True Range values.

Average Daily Range

The Average Daily Range study calculates and displays the average of the range from the High to Low over the specified number of chart bars. The number of chart bars is specified with the Length Input.

This study only functions properly on a Historical Daily chart. A Historical Daily chart can be opened with File >> Find Symbol >> [select symbol] >> Open Historical Chart.

Once you add this study to a Historical Daily chart, the study can be overlaid to an Intraday chart by using the Study/Price Overlay study.

Inputs

Average Price for Bar

Inputs

  • Average Formula:

Awesome Oscillator / Bill Williams Awesome Oscillator

This study calculates the Awesome Oscillator.

Formula:
Median = (High + Low) / 2
AwesomeOscillator = MovingAverage(Median, MovAvgLength1, MovingAverageType) - MovingAverage(Median, MovAvgLength2, MovingAverageType)

Bands/Envelope

This study calculates and displays bands a percentage of the Input Data Input or a fixed value above and below the main price graph.

For example, if the Input Data is Last/Close and the Percentage Input is set to .001 (.1%), then the Last price will be multiplied by .1%. This result will be added to the Last price and the Top Band will be drawn using this value. The Bottom Band is based upon the Last price minus this result.

Inputs

  • Input Data
  • Percentage/Fixed Value: This Input sets the Percentage, where 1 percent is .01, to multiply the Input Data by. Or sets the Fixed Value to add or subtract from the Input Data.
  • Bands Type: Sets the bands type to either a Percentage or Fixed Value.

Bar Difference

This study calculates and displays the difference between the Input Data 1 Input and Input Data 2 Input for each bar in the chart. By default, each of these Input Data Inputs refers to the specific bar being calculated. For example, by default it calculates the difference between the High and Low of a bar, indicating its range.

Inputs

  • Input Data 1. This is High by default.
  • Input Data 2. This is Low by default.
  • Input Data 2 Offset: This Input specifies bar offset for Input Data 2. The offset is considered negative and refers to prior bars. If this is set to 1, then this means Input Data 2 refers to the prior bar. For example: If Input Data 1 is set to High and Input Data 2 is set to Low and Input Data 2 Offset is set to 1, then for each bar in the chart, this study will graph the difference between the calculated bar's High and the Low of the prior bar.

Bar End Time

This study calculates and displays the bar ending time for chart bars based upon a specific amount of time in an Intraday chart, like 1 minute bars. It does not work properly with Number of Trades, Volume, Range, Reversal, Renko, or Delta chart bars.

By default, it has no visible subgraphs. Instead, you will need to refer to the Window >> Tool Values Window to see the values.

Inputs

  • This study has no Inputs.

Bar Numbering

The Bar Numbering study displays under the chart bars the bar number. Numbering starts at 1 counting from the beginning of the chart or from the start of the trading day based upon the chart Session Times.

Inputs

  • Display At Bottom: Set this Input to Yes to display the bar number labels along the bottom edge of the chart.
  • Text Labels Percentage Offset (1 = 1%): This Input only applies if Display at Bottom is set to No. This Input specifies the offset as a percentage of the price of a chart bar, to offset the bar number label below the Low of the chart bar.
  • Number Every N Bars: In order to reduce the amount of bar numbering labels and to improve performance, it is best to not label every chart bar. This Input controls the skipping of chart bars for labeling, so that every Nth bar is labeled. For example, if it is set to 2, then every second chart bar is labeled.
  • Number Of Bars to Label: This Input specifies the number of chart bars to add number labels to. This is counted from the end of the chart. If this is set to -1, then all chart bars will have a label according to the Number Every N Bars Input.
  • Do Not Reset at Start of New Day: When this is set to Yes, then the numbering starts from the first bar in the chart and continues to increment for each bar in the chart. When this is set to No, the numbering resets back to 1 at the Session Times >> Start Time in the Session Times settings. Or the Session Times >> Evening Start when using the Evening Session.

Bar Price Change Difference - 2 Chart

This study calculates the bar to bar price change for two charts which are used in the calculation and then calculates the difference between the result of those two price changes.

The following is the formula performed at each bar in the chart: (Chart 1 Close - Chart 1 Previous Close) - (Chart 2 Close - Chart 2 Previous Close). When finding the corresponding bar in Chart 2, a nearest match using the Date-Time is used.

Inputs

  • Chart 2 Number: This input specifies the Chart Number of the second chart used in the calculation.

Bar Time Duration

This study displays bars indicating The time duration of bars in the chart. It uses a simple calculation method. It cannot always be completely accurate when there are times in the chart where There are gaps in trading.

The time values contained within the study Subgraph for the Bar Time Duration study are represented using the SCDateTime Format.

Inputs

  • Use Maximum Duration: When this Input is set to Yes, then the maximum time duration for any bar will be limited by the Maximum Duration Input.
  • Maximum Duration: This specifies the maximum time duration the Bar Time Duration study will display for any bar in the chart, even if it exceeds this time.

Bid & Ask Prices

The study displays the Bid and Ask price for the latest trade at each bar in the chart. This study only works with Intraday charts.

For this study to have the necessary data it requires, it is necessary to set Sierra Chart to a Tick by Tick Data Configuration.

Depending upon the source of historical Intraday data for the particular Data or Trading service you are using, historical Bid and Ask prices data may not always be available. Data received and stored in real-time will always have Bid and Ask data available.

The Bid and Ask Prices study uses the Bid and Ask prices at the time of the latest trade in each bar. These Bid and Ask prices only update when there is a trade. However, at the last bar in the chart the latest Bid and Ask prices are used.

Displaying the Bid and Ask Price at Every Trade

  1. Select Chart >> Chart Settings.
  2. Set the Use Number of Days to Load >> Days to Load setting to a small number like 1 or 2.
  3. Set the chart bars to 1 Number of Trades Per Bar by setting Intraday Chart Bar Period >> Bar Period Type to Number of Trades Per Bar. In the box below enter 1. For complete details, refer to Time Period Per Bar/ Amount of Data Per Bar.
  4. Press OK.
  5. Add the Bid & Ask Prices study to the chart. For instructions, refer to Adding/Modifying Chart Studies.
  6. The data from the study can be overlaid to other charts by using the Study/Price Overlay study.

Displaying Numeric Values For Bid and Ask at Each Bar

To display the Bid and Ask prices values as text instead of lines, set the Draw Style for the Bid and Ask Subgraphs to Value of Subgraph.

Bid Ask Volume Ratio

This study calulates the Bid Ask Volume Ratio. It is calulated as follows:

TotalVolume = BidVolume + AskVolume;
Ratio = 100.0f * (AskVolume - BidVolume) / TotalVolume;
MovingAverage (Ratio)

Bid Volume

The Bid Volume study displays the Bid Volume for each bar. Bid Volume is the volume of trades that occurred at the Bid price or lower. Depending upon the Data or Trading service you are using, you may not receive historical Bid Volume when historical data is downloaded from the service. Not all services will provide this.

Bid Volume vs Ask Volume

This study displays the volume of trades that have occurred at the Ask price or higher and the volume of trades that have occurred at the Bid price or lower. Each column has the the Bid volume and Ask volume for the time period of the underlying bars.

By default, the Bid volume bars are negative and the Ask volume bars are positive.

Volume Filtering

It is possible to set upper and lower volume filters, to filter out the volume of trades at or above and at or below the specified volume values. This set the volume filter, select Chart >> Chart Settings >> Advanced Settings 2 on the menu. For complete documentation for the volume filtering settings, refer to Chart Settings.

Inputs

  • Invert Study: When this Input is set to Yes, the study is inverted. This means Bid volume becomes positive and Ask volume becomes negative.
  • Show Bid Volume As Positive: With this Input is set to Yes, the Bid volume bars will be positive and will overlap the Ask volume bars.
  • Try Use Non-Zero Bid/Ask Volumes for Difference: This Input should almost always be set to No. This is for special purposes. When this Input is set to Yes, then when calculating the difference between Ask volume and Bid volume, nonzero values will be used by searching back from the current bar being calculated, for a nonzero Ask Volume or Bid Volume value if one of them is zero.

Bid & Ask Depth Bars

The Bid & Ask Depth Bars study creates Candlestick bars below the main Chart Region on the chart based upon the Bid Market Depth quantity totals and Ask Market Depth quantity totals which occur during the formation of each chart bar.

Bid Market Depth and Ask Market Depth quantity totals are calculated every time there is a change with Market Depth at the best Bid and Ask level only. This includes either the prices or quantities change. This creates a snapshot of total Bid Market Depth and total Ask Market Depth at that moment in time. The snapshots are then used in the formulas.

The Bid & Ask Depth Candlestick bars display the highest and lowest values of the calculated formulas as specified by the Mode Input, for the time duration of the chart bar.

The Mode Input specifies the formula to use. The following formulas are available:

  • Ratio: ((Total Ask Depth - Total Bid Depth) / (Total Ask Depth + Total Bid Depth)) * 10.
  • Difference (Ask - Bid): Total Ask Depth - Total Bid Depth.
  • Sum: Total Ask Depth + Total Bid Depth.
  • Number Bid/Ask Records: Total Number Bid/Ask Records within the chart bar.
  • Bid Depth vs Ask Depth: Total Ask Depth - Total Bid Depth. The Bid Depth vs Ask Depth Mode does not display Candlestick bars, and instead displays the Bid depth and Ask depth as histogram bars, and the difference as a line.
  • Sum Bid Side: Total Bid Depth.
  • Sum Ask Side: Total Ask Depth.
  • Difference (Bid - Ask): Total Bid Depth - Total Ask Depth.
  • Cumulative Difference (Ask - Bid): Running sum of (Total Ask Depth - Total Bid Depth).
  • Cumulative Difference (Bid - Ask): Running sum of (Total Bid Depth - Total Ask Depth).

The Cumulative Difference calculation options maintain a cumulative running sum of the depth difference.

On the Subgraphs tab of the Study Settings window for this study, the color settings for the first 4 Subgraphs control the Candlestick colors. You can also choose another Graph Draw Type such as OHLC Bar if you do not want to use Candlesticks.

This study depends upon Time and Sales data which contains the Bid Depth and Ask Depth quantity totals at each best Bid and Ask update. The number of records of Time and Sales data that are stored per symbol is set through Global Settings >> Data/Trade Service Settings >> Number of Stored Time and Sales Records.

You may want to increase that setting when using this study to provide more history for the study. However, it is not recommended to increase that setting too high because it does consume more memory. It is necessary to reconnect to the data feed,(File >> Disconnect and File >> Connect to Data Feed) when changing that setting for it to go into effect.

When reloading the chart with Chart >> Reload and Recalculate, the displayed bars with this study will be reduced based upon the number of Time and Sales records set with the Number of Stored Time and Sales Records setting.

Bill Williams AC

Inputs

Bill Williams Alligator

Calculates and displays the Bill Williams Alligator study.

Bill Williams Fractal Signals

The study calculates and displays the Bill Williams Fractal signals.

The formulas are described below. The [n] notation refers to the bar ahead or behind from the bar currently being calculated. A positive n refers to a bar ahead and a negative n refers to a bar behind the current bar. == means equals.

A buy fractal signal will be given when the following is true.

		( 
		BarHigh[Index] > BarHigh[1] 
		and BarHigh[1] > BarHigh[2] 
		and BarHigh > BarHigh[-1] 
		and BarHigh[-1] > BarHigh[-2] 
		and BarLow >= BarLow[1]
		and BarLow >= BarLow[-1] 
		and BarLow[-1] > BarLow[-2]
		) 
		
		OR
		
		( 
		and BarHigh > BarHigh[2] 
		and BarHigh > BarHigh[3] 
		and BarHigh > BarHigh[-1] 
		and BarHigh > BarHigh[-2]
		and BarHigh == BarHigh[1]
		) 
		OR
		
		( 
		and BarHigh > BarHigh[3] 
		and BarHigh > BarHigh[4] 
		and BarHigh > BarHigh[-1] 
		and BarHigh > BarHigh[-2] 
		and BarHigh == BarHigh[1] 
		and BarHigh[1] == BarHigh[2]
        

A sell fractal signal will be given when the following is true.

 ( 
		BarLow < BarLow[1]
		and BarLow[1] < BarLow[2]
		and BarLow < BarLow[-1]
		and BarLow < BarLow[-2] 
		) 
		||
		( 
		BarLow < BarLow[2]
		and BarLow < BarLow[3]
		and BarLow < BarLow[-1]
		and BarLow < BarLow[-2]
		and BarLow == BarLow[1]
		) 
		||
		( 
		BarLow < BarLow[3] 
		and BarLow < BarLow[4] 
		and BarLow < BarLow[-1] 
		and BarLow < BarLow[-2] 
		and BarLow == BarLow[1] 
		and BarLow[1] == BarLow[2]
		)
        

Inputs

  • Arrow Offset Percentage: This is a percentage where 1 equals 1%. This specifies a percentage of the High to Low range of a bar which is used to offset the Up and Down triangles (default Subgraph Draw Style) from the High and Low of a bar, respectively.

Bill Williams MA

Inputs

  • Moving Average Length
  • Teeth Offset
  • Bill Williams Smoothed (0), Exponential (1) or Simple (2) Moving Averages: This Input indicates whether a Bill Williams Smoothed, Exponential, or Simple Moving Average calculation will be used.

Bollinger Bands

Bollinger Bands are plotted at standard deviation levels above and below a moving average. Since standard deviation is a measure of volatility, the bands are self-adjusting, widening during volatile markets and contracting during calmer periods. We also offer a generic Standard Deviation Bands study which offers some additional flexibility with Inputs.

Bollinger Bands: %B

%B is a study related directly to Bollinger Bands. It is a measure of where the last price is in relation to the bands. Bandwidth is given by the following formula:

%B = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)

Inputs

  • Input Data
  • Moving Average Type
  • Length
  • Standard Deviations
  • Use Bollinger Middle As Base: When this Input is set to Yes, this will shift the calculations around the middle band line. When the price is at the high band, the reading will be 1.0 (+100%), and when the price is at the lower band, the reading will be -1.0 (-100%).

Bollinger Bands: Bandwidth

Bandwidth is a study related directly to Bollinger Bands. It is a relative measure of the width of the bands. Bandwidth is given by the following formula:

BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band

Candlestick Patterns Finder

For documentation, refer to the Candlestick Patterns Finder documentation.

CCI Predictor

The CCI Predictor study is used with Intraday Range bar charts. It will draw arrows on the last column of a CCI (Commodity Channel Index) study that indicate the possible closing values of the CCI at the last bar.

Follow these general instructions to use the study:

  1. Open a new or go to an existing Intraday chart.
  2. In Chart >> Chart Settings for the chart. Set the Bar Period Type to Range per Bar - Standard and specify the number of Ticks in the box below. Otherwise, the study will not work as expected.
  3. Add the Commodity Channel Index study to the chart.
  4. Add the CCI Predictor study to the chart.
  5. Both the Commodity Channel Index study and the CCI Predictor study need to be set to the same Chart Region.
  6. Make sure the Length Input with the CCI Predictor study is set to the same Length as the Commodity Channel Index study.

Chaikin Money Flow

The Chaikin Money Flow compares the closing price to the daily high-low range to determine how much volume is flowing into, or out of, a security, and then it compares this result to the total volume. It was developed by Marc Chaikin and is similar to the Chaikin Oscillator.

Inputs

Chaikin Oscillator

No information is currently provided.

Inputs

Chande Momentum Oscillator

Calculates and displays the Chande Momentum Oscillator.

Chikou Span

Calculates and displays the Chikou Span.

Chop Zone

This study is used by the Woodies CCI system. For more information, see this support board subtopic.

Clock - RealTime

This study displays the current time in a 24-hour time format on the chart. The time is displayed in the Time Zone setting.

The size of the text is controlled through the Clock Study Subgraph with the Size setting.

Inputs

  • Initial Horizontal Position From Left (1-150): Refer to the documentation for this Input with the Countdown Timer Inputs.
  • Initial Vertical Position From Bottom (1-100): Refer to the documentation for this Input with the Countdown Timer Inputs.
  • Display in Fill Space: Refer to the documentation for this Input with the Countdown Timer Inputs.
  • Transparent Label Background: When this Input is set to Yes, the clock text will be transparent and not completely cover the chart bars.
  • Use Current Price For Vertical Position: Refer to the documentation for this Input with the Countdown Timer Inputs.

Color Bar Based On Above/Below Study

This study compares the selected Input Data Input (Open, High, Low, Last...) of the main price graph to the study Subgraph selected with the Study Reference Input. The main price graph is used when the Based On setting is set to <Main Price Graph>.

If the selected Input Data is above the referenced study Subgraph value at the same bar, then the entire main price graph bar is colored this study's Primary color (the first color button of the Color Bar Subgraph).

If the selected Input Data is below the referenced study Subgraph value at the same bar, then the entire main price graph bar is colored this study's Secondary color (the second color button of the Color Bar Subgraph).

If the values are equal, then the bar is not colored. For this study to work correctly, the Color Bar Subgraph Draw Style must be set to Color Bar.

Inputs

  • Input Data: The selected study Subgraph, set through the Study Reference Input is compared to this selected main price graph data.
  • Study Reference: The Study Reference Input needs to be set to the specific study and the study Subgraph to compare with the Input Data.
  • Mode: Set this to Color Above/Below to color bars where the Input Data is both above and below the selected study Subgraph. Set this to Color below to color bars where only the Below condition is met. Set this to Color above to color bars where only the Above condition is met.
  • Output Input Data Values Instead of 1.0: Set this Input to Yes if you want to output the Input Data values. Set to No to output the value of 1.0. This Input does not have any effect if you use one of the Color Bar Draw Styles.
  • Study Reference Displacement: Internally when the study is comparing the selected Subgraph of the study being referenced to the Input Data, it can look at displaced values of the Subgraph going forward or backward. Enter a positive value to displace it forward or a negative value to displace it backward.

Color Background Based on Alert Condition

Refer to the Color Bar Based On Alert Condition documentation.

Color Bar Based on Alert Condition

Refer to the Color Bar Based On Alert Condition documentation.

Color Bar Based on Slope

This study colors the bars according to whether or not the Subgraph of the study that this study is Based On has a positive or negative slope. The primary Subgraph color is used when the slope is positive and the secondary Subgraph color is used when the slope is negative.

Inputs

  • Input Data: This Input selects the Subgraph from the Based On study that you want to base the coloring on.
  • Use +1 (+slope) and -1 (-slope) for Color Bar Values: When the slope is positive, the color bar value will be 1, and when it is negative the color bar value will be -1.

Color Bar HH/LL

This study will color a chart bar the Color Bar Subgraph Primary color, when the bar's high is higher than the previous bar. It will color a chart bar the Color Bar Subgraph Secondary color, when the bar's low is lower than the previous bar. If both the high and low of a chart bar are higher and lower than the previous bar high and low, then the average of the Primary and Secondary colors will be used to color that bar.

Color Bar Open/Close

This study colors bars based on whether the bar closed higher or lower than it opened. The primary Subgraph color is used when it closes higher, and the secondary Subgraph color is used when it closes lower than it opened.

Commodity Channel Index

The Commodity Channel Index (CCI) measures the variation of a symbols price from its statistical mean. High values show that prices are unusually high compared to average prices, whereas low values indicate that prices are unusually low. It can be used with any type of symbol, not just commodities.

Correlation Coefficient

The study calculates and displays the Correlation Coefficient between Input Arrays 1 and 2. These Input arrays can refer to any Subgraph of the main price graph or any study on the chart. The calculation performed is the Pearson Product-Moment Correlation Coefficient.

Inputs

  • Input Array 1: This Input is used to select the first Input array to use in the Correlation Coefficient calculation. There are two list boxes displayed. The first one is for selecting the main price graph or a study on the chart. The second one selects a specific Subgraph within that selected main price graph or study, to use the data from.

    It is possible to reference the main price graph or study data from another chart. Open the other chart you want to reference. Add the Study/Price Overlay study to the chart containing the Correlation Coefficient study. Configure the Study/Price Overlay study as you require. Once the Study/Price Overlay study is on the chart, you will then be able to set Input Array 1 to this study that is referencing data from another chart.
  • Input Array 2: This Input is used to select the second Input array to use in the Correlation Coefficient calculation. There are two list boxes displayed. The first one is for selecting the main price graph or a study on the chart. The second one selects a specific Subgraph within that selected main price graph or study, to use the data from.

    It is possible to reference the main price graph or study data from another chart. Open the other chart you want to reference. Add the Study/Price Overlay study to the chart containing the Correlation Coefficient study. Configure the Study/Price Overlay study as you require. Once the Study/Price Overlay study is on the chart, you will then be able to set Input Array 2 to this study that is referencing data from another chart.
  • Length

Countdown Timer

The Countdown Timer study displays an advanced bar countdown timer on a chart. This study indicates the remaining time for the last bar in the chart. This study is highly configurable through the many provided study Inputs.

In the Study Settings window for the Countdown Timer study, on the Subgraphs tab, the Font Size of the Countdown Timer text is controlled through the Size setting of the Countdown (SG1) Subgraph.

The foreground color of the countdown text is controlled with the Subgraph Primary color. The background color is controlled with the Subgraph Secondary color.

When the Countdown Timer study is used on a chart with time specific bars (Example: 5 minutes per bar), the remaining time will only advance when trades occur. To overcome this, set the Display Continuous Time Countdown Based on Real-Time Clock Input to Yes. Although using this setting, may not always work properly and will increase CPU usage.

The Countdown Timer can be displayed in any chart region by changing the Chart Region setting in the Study Settings to the Chart Region you want it displayed in. However, when you set it to a Chart Region other than Chart Region 1, you need to be certain you have properly set the Vertical Position Value Input to the value you want the Countdown Timer displayed at in the Chart Region where it is displayed. Otherwise, it will not display.

Moving Countdown Timer

Once the Countdown Timer is added to a chart, it can be moved anywhere on the chart by right clicking on it and selecting Move Drawing. If this command is not displayed, then add it to the Chart Drawing Shortcut menu. Refer to Customizing Chart Drawing Shortcut Menu.

After right clicking on the Countdown Timer text and selecting Move Drawing, move your Pointer to the new location. As you move your Pointer, the Countdown Timer text will move with it. Left click to set the Countdown Timer text into place.

After the Countdown Timer is initially added, modifying the Inputs Initial Horizontal Position From Left and Initial Vertical Position From Bottom will no longer move the Countdown Timer. You need to use Move Drawing as explained in this subsection.

Inaccurate Countdown Time Value

When the Display Continuous Time Countdown Based on Real-Time Clock Input is set to Yes, and the remaining time is clearly inaccurate based upon the timeframe of the chart bars and the last trade time of the last bar in the chart, then the problem is that the computers Date and Time is not set accurately.

Refer to Help Topic 38 for help with this.

Inputs

  • Initial Horizontal Position From Left: This Input specifies the initial relative position from the left side of the chart that the countdown timer will appear at. The value can be from 1 to 150. This Input is ignored if Display in Fill Space is set to Yes.

    This Input only controls the initial position of the Countdown Timer. To later move the Countdown Timer, you need to follow the instructions in Moving Countdown Timer.
  • Initial Vertical Position From Bottom: This Input specifies the initial relative position from the bottom of the Chart Region that the countdown timer will appear at. The value can be from 1 to 100. 1 is at the bottom of the region and 100 as at the top of the region.

    This Input only controls the initial position of the Countdown Timer. To later move the Countdown Timer, you need to follow the instructions in Moving Countdown Timer.
  • Display in Fill Space: When this Input is set to Yes, then the countdown timer will be displayed in the Right Side Fill Space at the second fill space column after the last displayed bar. When this is set to Yes, this overrides Initial Horizontal Position From Left and it is not possible to right-click on the Countdown Timer and use Move Drawing.
  • Display Value Only: When this Input is set to Yes, then the countdown timer value will be is displayed as a value only without any descriptive prefix. In the case of when the chart bars are based upon a fixed amount of time, the remaining time is always displayed in Seconds when this Input is set to Yes.

    When this Input is set to Yes, it is possible to use an Alert Condition Formula with the Countdown Timer study. The countdown time value is outputted to the last Subgraph 1 element for the study. For example, if you want to be alerted when 10 seconds remains on a bar and the chart bars are set to a fixed amount of time, then enter this formula = SG1 <= 10 in the Alerts >> Alert Condition box on the Study Settings window.
  • Display Continuous Time Countdown Based on Real-Time Clock: When this Input is set to Yes and the chart bars are based on a time specific period (not Number of Trades, Volume, Range, Reversal, Renko, Delta Volume, Price Change, Point and Figure bars), then the Countdown Timer will display the remaining time for the bar up to the current second even if there is no trading activity.

    In addition to real-time chart updating, this setting when set to Yes also applies during chart replays. However, if the replay is at a higher speed it may not always be completely precise.

    Note: In the case of real-time chart updating, this setting requires that your computer's clock to be set 100% accurately and that the trades received from the connected Data or Trading service are accurately timestamped. Otherwise, the displayed remaining time will not be accurate.

    Therefore, it is not necessarily a good option to use. For example, your computer's clock may be correct, but the time stamping from the Data or Trading service differs and you can still have an accuracy issue, assuming the external service is being used for trade time stamping.

    For information about synchronizing your computer's clock to an Internet time server for high accuracy, refer to help topic 38.

    When this Input is set to Yes, it will cause continuous redraws of the chart window until a bar completes. Therefore, it will result in increased CPU usage. Therefore, use it only when necessary and only on a few charts. It is not a good idea to use it on many charts because otherwise you may substantially increase the CPU load.

    When this Input is set to Yes, when a chart bar completes, this timer will go to 0. Only when a new bar begins will the timer begin again.
  • Display Remaining Range In Ticks: When this Input is set to Yes and it is a Range bar chart, then the remaining range is shown in ticks rather than the actual remaining value. This requires a correct Tick Size setting. This can be set in Chart >> Chart Settings.
  • Alert On New Bar: When this Input is set to Yes, then when a bar completes, the selected Alert Sound (Alert 1, Alert 2,...) in the Study Settings window will be played.
  • Use Current Price for Vertical Position: When this Input is set to Yes, then the vertical position of the Countdown Timer is controlled by the current price for the symbol and not by the Vertical Position from Bottom Input.

Cumulative Sum of Study

The Cumulative Sum of Study study adds together the values of the selected Study Subgraph within a study, at each chart column, from the beginning of the chart or from the start of the trading day.

Inputs

  • Study and Subgraph to Reference: This Input provides 2 list boxes. In the first list box, select the Study that contains the Subgraph that you want to calculate the cumulative sum of. In the second list box select the particular Subgraph that you want to calculate the cumulative sum of.
  • Reset at Start of Trading Day: When this Input is set to Yes, then the cumulative sum is reset at the start of the trading day. The start of the trading day is determined from the Session Times in Chart >> Chart Settings. This will be the Start Time, or if the Evening Session is enabled, then it will be the Evening Start Time.

Cumulative Delta Bars - Trades

Cumulative Delta Bars - Trades is the cumulative sum, over the data in the chart or the trading day, of the difference between the number of trades at the Ask price and the number of trades at the Bid price, displayed as High-Low CandleStick bars.

Calculation Method

  1. The difference between the number of trades at the Ask price or higher and the number of trades at the Bid price or lower is calculated during the creation of each bar.
  2. The maximum and the minimum of the difference calculated in the prior step are maintained for each bar.
  3. A cumulative sum of the maximum and minimum difference for each bar is calculated from the start of the trading day if the Reset at Start of Trading Day Input is set to Yes. Otherwise, the cumulative sum is from the beginning of the chart.
  4. The candlestick bars plot this cumulative sum of these maximum and minimum values.

You are able to view the number of trades at the ask price or higher by adding the study Number of Trades-Ask to the chart. You are able to view the number of trades at the bid price or lower by adding the study Number of Trades-Bid to the chart.

Important Note: In order for this study to provide an accurate result you must have tick by tick data in the chart data file. Otherwise, the results of this study will be not accurate. To be certain you are maintaining tick by tick data in your chart data files, refer to Tick by Tick Data Configuration.

Using Drawing Tools on Cumulative Delta Bars.

Resolving Cumulative Delta Bars Differences.

Inputs

  • Reset at Start of Trading Day: When this Input is set to Yes, then the cumulative sum calculation is reset at the start of the trading day. The start of the trading day is determined from the Session Times in Chart >> Chart Settings. This will be the Start Time or if the Evening Session is enabled, then it will be the Evening Start Time.

    When it is reset at the start of the trading day, the opening value which will be equal to the Ask Volume and Bid Volume difference at the first trade or Intraday data record, will not be at zero. This is normal and expected.

Cumulative Delta Bars - Up/Down Tick Volume

Cumulative Delta Bars - Up/Down Tick Volume is the cumulative sum, over the data in the chart or the trading day, of the difference between the UpTick Volume and the DownTick Volume, displayed as High-Low CandleStick bars.

Calculation Method

  1. The difference between the Uptick volume and the Downtick volume is calculated during the creation of each bar. Uptick volume is the volume that occurred at a higher trade price than previously. Downtick volume is the volume that occurred at a lower trade price than previously. If the last trade price does not change, then it is considered an uptick if there was previously an uptick or a downtick of of there previously was a downtick.
  2. The maximum and the minimum of the difference calculated in the prior step are maintained for each bar.
  3. A cumulative sum of the maximum and minimum difference for each bar are calculated (separately for the maximum and minimum difference) from the start of the trading day if the Reset at Start of Trading Day Input is set to Yes. Otherwise, the cumulative sum is from the beginning of the chart.
  4. The candlestick bars plot this cumulative sum of these maximum and minimum values.

Important Note: In order for the study to provide an accurate result you must have tick by tick data in the chart data file. Otherwise, the results of this study will not be accurate. To be certain you are maintaining tick by tick data in your chart data files, refer to Tick by Tick Data Configuration.

Using Drawing Tools on Cumulative Delta Bars.

Resolving Cumulative Delta Bars Differences.

Inputs

  • Reset at Start of Trading Day: When this Input is set to Yes, then the cumulative sum calculation is reset at the start of the trading day. The start of the trading day is determined from the Session Times in Chart >> Chart Settings. This will be the Start Time or if the Evening Session is enabled, then it will be the Evening Start Time.

    When it is reset at the start of the trading day, the opening value which will be equal to the Ask Volume and Bid Volume difference at the first trade or Intraday data record, will not be at zero. This is normal and expected.

Cumulative Delta Bars - Volume

Cumulative Delta Bars - Volume is the cumulative sum, over the data in the chart or the trading day, of the difference between the Ask Volume and the Bid Volume, displayed as High-Low CandleStick bars.

Calculation Method

  1. The difference between the AskVolume and the BidVolume is calculated during the creation of each bar. The definition of AskVolume is the volume of trades that occurred at the best Ask price or higher. The definition of BidVolume is the volume of trades that occurred at the best Bid price or lower. If a trade occurs between the Bid and Ask, there is a special algorithm to assign the volume either to the Bid side or the Ask side. In this case, this is based upon whether the trade is an uptick or a downtick. During the creation of a bar, the volume of trades at the Ask is accumulated and the volume of trades at the Bid is accumulated. So in this step, the current difference between total AskVolume and BidVolume for a bar is calculated the time of the trade.
  2. The maximum and the minimum of the difference calculated in the prior step are maintained for each bar. This is called the DifferenceHigh and the DifferenceLow.
  3. CDB = Cumulative Delta Bars in the following description.
  4. A CDB candlestick Open is set to the prior CDB candlestick Close. If there is no prior candlestick or the study is set to reset at the start of the trading day, then this is set to 0. The open is adjusted to be within the range of the High and Low if necessary. So it may not always be equal to 0 in this case.
  5. A CDB candlestick High is set to the prior CDB candlestick Close + the DifferenceHigh for the bar.
  6. A CDB candlestick Low is set to the prior CDB candlestick Close + the DifferenceLow for the bar.
  7. A CDB candlestick Close is set to the prior CDB candlestick Close + (the AskVolume - the BidVolume for the main price bar).
  8. In the case where Reset at Start of Trading Day Input is set to Yes, the CDB candlestick Open, High, Low, Close bar values are reset back to 0. Each of these values also start at 0 at the beginning of the chart.

Important Note: In order for the study to provide an accurate result you must have tick by tick data in the chart data file. Otherwise, the results of this study will be less accurate but still acceptable. To be certain you are maintaining tick by tick data in your chart data files, refer to Tick by Tick Data Configuration.

This study requires historical Bid Volume and Ask Volume data from the Data or Trading service you are using. If it is not available, then during the times you are not connected to the data feed, Cumulative Delta Bars-Volume will be zero or stay the same. On the Supported Data/Trading Services page, the documentation for each service indicates whether historical Bid Volume or Ask Volume is provided.

If a Data/Trading service does not provide historical Bid Volume and Ask Volume, then stay connected to that service as much as possible so that this data can be stored in real-time by Sierra Chart from the real-time data feed.

Using Drawing Tools on Cumulative Delta Bars

It is possible to use any of the drawing Tools on Cumulative Delta Bars. However, there is one special consideration. Since the calculations in the study are cumulative in the case where you have set Reset at Start of Trading Day to No, the bar values for a specific Date-Time in the chart when each new trading day begins and the chart is reloaded, will change. The effect of this is you will notice that chart drawings appear to be moving. Rather what is happening is the Cumulative Delta Bars are moving relative to the chart drawings.

There are two possible solutions to this. You could set the Reset at Start of Trading Day Input to Yes, to have the Cumulative Delta Bars reset every day. This will eliminate the problem. The other possibility is for each new day that occurs, increase Chart >> Chart Settings >> Days to Load by 1. Or select Use Date Range and set the From date, leave the To date at 0.

Resolving Cumulative Delta Bars Differences

You may notice a difference with Cumulative Delta Bars values compared to another chart within your own copy of Sierra Chart or compared to another user running Sierra Chart. This section does not provide help comparing Cumulative Delta Bars to other charting and trading programs, since there are too many variables involved to get an exact match.

Confirm the following are the same between the two charts or copies of Sierra Chart used in the comparison.

  1. You are using the same Cumulative Delta Bars study. There are 3 different versions of these.
  2. The same market data feed needs to be used between the two copies of Sierra Chart you are comparing. A data feed that provides consistent market data needs to be used. Most Data/Trading services Sierra Chart supports provide a consistent market data feed. All of the Sierra Chart provided Data services do provide a consistent market data feed.
  3. Sierra Chart needs to be set to store Tick by Tick Data in Intraday chart data files.
  4. The Time Zone in Global Settings >> Data/Trade Service Settings needs to be the same if you are comparing between two different copies of Sierra Chart.
  5. The Session Times in Chart >> Chart Settings need to be 100% identical. The New Bar At Session Start and Load Weekend Data options in Chart Settings to be set the same.
  6. The Days to Load or the Date Range From Date must be the same. This only applies if Reset at Start of Trading Day Input with the Cumulative Delta Bars study is set to No. Otherwise, these settings are not going to be relevant. If the Reset at Start of Trading Day Input is set the No, then it is 100% critical that there is Tick by Tick data for all of the data in the chart data file that is loaded into the chart. With a service like IQ Feed that provides a limited amount of historical Tick data during market hours, there is a good probability this will not be the case.
  7. To ensure the data is consistent between two different copies of Sierra Chart, re-download the data in the Intraday chart by selecting Edit >> Delete All Data and Download.

Inputs

  • Reset at Start of Trading Day: When this Input is set to Yes, then the cumulative sum calculation is reset at the start of the trading day. The start of the trading day is determined from the Session Times in Chart >> Chart Settings. This will be the Start Time or if the Evening Session is enabled, then it will be the Evening Start Time.

    When it is reset at the start of the trading day, the opening value which will be equal to the Ask Volume and Bid Volume difference at the first trade or Intraday data record, will not be at zero. This is normal and expected.

Current Price Line

This study displays a horizontal line on the chart at the most current price level for the symbol of the chart. It has various Inputs to configure it.

This study can also be used to display the value at the last chart column of another study Subgraph on the chart as a horizontal line. To do this, set the Based On setting to the study you want to draw a horizontal line for. Set the Input Data Input to the particular study Subgraph you want the horizontal line for. In this case, you must set the Use Last Trade Price From Current Quote Data Input to No.

Inputs

  • Number of Bars to Display On: This Input specifies the number of bars to display the current price line on. Use 0 to draw the line only on the most recent day in the chart.
  • Input Data: This Input controls what price the Current Price Line is based on. The default is Last.
  • Display Current Price Line on Chart Bars: When this Input is set to Yes, the Current Price Line will be displayed on the chart bars. When it is set to No, then it will not be displayed on the chart bars. The default for this Input is Yes.
  • Forward Project Current Price Line: When this Input is set the Yes, the Current Price Line will be drawn in the Right Side Fill Space.
  • Use Last Trade Price From Current Quote Data: When this Input is set to Yes, the last trade price will be used from the Window >> Current Quote Window.

Custom DLL Study

This study is for using older advanced custom studies for Sierra Chart. It is for back compatibility only. Advanced Custom Studies do not require this study unless they are very old.

See the How to Use an Advanced Custom Study documentation page for complete instructions to use an Advanced Custom Study.

See the Creating Advanced Custom Studies and Systems documentation page for complete instructions to create an Advanced Custom Study or System.

Custom Scale Control

Apply this study to a chart. Go to Chart >> Chart Settings, press Scale, and set the Scale Range to Same As Region.

Inputs

  • Percentage: The percentage of the height of the chart that the last bar will fill from high to low.
  • Default Range: The range that is used when the last bar has no range (i.e. high and low are the same).

Daily OHLC

The Daily OHLC study draws the Open, High, Low and Close (abbreviated OHLC) of any previous day or the current day on an Intraday chart. This study is not usually useful on a Historical Daily chart.

The starting and ending times for a day that this study uses are based upon the Session Times in Chart >> Chart Settings.

The start of the day is the Start Time and ends at the End Time. End Time can be set to an earlier time than the Start Time to create a trading day that spans midnight. When using the Evening Session Times, the start of the day is the Evening Start Time.

The default Draw Style for the Subgraphs of this study is Dash. This is normally what you want to use to avoid vertical lines for each of the Subgraphs when there is a significant price change from one trading day to the next.

Referencing Separate Historical Daily Chart

By default, the prices are determined from the Intraday chart that the study is applied to.

Alternatively, the prices can be determined from a separate Historical Daily chart for accuracy. This can be accomplished by setting the study Input: Use this Intraday Chart to No and referring to that Historical Daily chart with the Daily Chart Number Input. Refer to the Daily Chart Number Input description below for instructions.

Displaying the High and Low Lines Incrementally for Day

To display the High and Low for the day, incrementally as they change throughout the day, set the Graph High Low Historically study Input to Yes.

The Reference Days Back study Input must be set to 0 in this case.

It is necessary to set the High and Low Subgraphs to a visible Draw Style.

Displaying Midpoint of High and Low Lines

To display the midpoint of the High and Low Subgraph lines, go to the Subgraphs tab of the Study Settings window for the Daily OHLC study.

Set Draw Style for the HL Avg (Average) Subgraph to Dash or whatever Draw Style that you require to use. Set the Subgraph Color as you require. Close the Study Settings window and the Chart Studies window and you will now see the midpoint of the High and Low displayed.

Displaying Range of Daily High to Low

To display the range of the Daily High to Low, add the Daily OHLC study to the chart.

Refer to Adding/Modifying Studies for instructions.

Add the Study Subgraphs Difference study to the chart and set it to reference the High and Low Subgraphs of the Daily OHLC study. Set the Chart Region for this study to a region other than 1. This study will then indicate the range of the Daily High to Low in a separate Chart Region.

Using Daily OHLC Study with Calculated Spread Chart

Follow the instructions below to use the Daily OHLC study with a spread chart that has been calculated from two separate symbols.

  1. Follow the instructions to use the Difference (Bar) study to calculate the spread between two different symbols. There needs to be a separate Historical Daily chart open for each symbol and the Difference study uses both of those charts. It is applied to one of them and refers to the other.
  2. Set the Difference (Bar) study to Display As Main Price Graph.
  3. Set the Daily OHLC study to refer to the Historical Daily Chart Number that contains the Difference (Bar) study. To do this, set the Use this Intraday Chart Input to No. And set the Daily Chart Number Input to the number of that Historical Daily chart.

Inputs

  • Use this Intraday Chart: This Input specifies whether or not this study will refer to a separate Historical Daily chart to determine the OHLC data from. If this is set to Yes, this study will use the Intraday chart this study is applied to determine the OHLC data from for a particular day. If this is set to No, this study will refer to a separate historical daily chart. This chart is specified with the Daily Chart Number Input.
  • Daily Chart Number: This Input only applies if Use this Intraday Chart is set to No. The reason you would want to reference a Historical Daily bar chart is to obtain accurate OHLC data, since Intraday charts may be not be 100% precise.

    Or if you want to see the 24 hour OHLC lines on a Day session only Intraday chart. TheDaily Chart Number Input needs to be set to the number of the Historical Daily chart with the same symbol within the same Chartbook as the chart this study is on.

    If for example you apply this study to an Intraday chart with symbol ABC, then you would need to open a Historical Daily chart or Intraday chart set to a period of 1 Day per bar, for symbol ABC and set the Daily Chart Number Input with this study to the Chart Number of the Daily bar chart.

    Chart Numbers are displayed along the top line chart after the #.

    In the case where you want to see 24 hour OHLC lines on a Day session only Intraday chart, then refer to the documentation for Pivot Points for complete instructions on how to accomplish this. Since the technique is the same with this study.
  • Reference Days Back: This Input by default is set to 1. This Input specifies the number of days back that the Open, High, Low, and Close lines for each day in the chart are referenced from. For example, if this is set to 1, then for each day in the chart the Open, High, Low, and Close is determined from the prior day. If you set this to 0, then the Open, High, Low, and Close are based upon the day for which the lines are drawn upon.
  • Graph High Low Historically (0 Reference Days Back):If this Input setting is set to Yes, then the High and Low lines will display the Highest High and Lowest Low that exist for the day at the exact moment in time where they are drawn. Rather than a flat line across the entire trading day which represents the Highest High and Lowest Low of the entire day. This Input only applies if the Reference Days Back Input is set to 0.
  • Use Saturday Data: When this Input is set to No, Saturday data is ignored in the calculations. When it is set to Yes, then Saturday data is used in the calculations. Saturday data normally is only going to be present when using far Eastern world time zones.
  • Number of Days To Calculate: This Input sets the number of days to draw Daily OHLC lines across, starting from the end of the chart.
  • Round to Tick Size: When this Input is set to is set the Yes, the Open, High, Low, and Close values are rounded to the nearest tick.
  • Use Day Session Only: When this Input is set to Yes, and you have defined and enabled both the standard and evening Session Times in Chart >> Chart Settings, then the Open, High, Low, Close lines will be based upon the Day Session only as specified by the Start Time and the End Time Session Times. Refer to Session Times for more information.
  • Graph Open and Close Historically (0 Reference Days Back):
  • Display on Day Session Only: When this Input is set to Yes, the Open, High, Low, and Close lines are drawn only on the Day Session if you have defined and enabled both the standard and evening Session Times in Chart >> Chart Settings. The Day session is set by the Start Time and the End Time Session Times. Refer to Session Times for more information.
  • Display Total Daily Volume Only: When this Input is set to Yes, the total daily volume for the day specified by the Reference Days Back Input, will be displayed.

    All of the other study Subgraphs for the prices (OHLC) will be ignored/hidden since they use a different scale. The Draw Style for them on the Subgraphs tab will be set to Ignore and they cannot be changed from Ignore.

    When this Input is set the Yes, it is then necessary to set the Chart Region setting in the Study Settings window to a Chart Region other than 1 to prevent the main price graph of the chart from being made flat from a very different scale used for the total Daily Volume.
  • Draw Zeros: When this Input is set to Yes, then any of the visible Subgraph lines that contain zero values will be drawn at the zero level on the chart. This is for special purposes and normally this Input needs to be set to No.

Daily OHLC - Single Point

The study is identical to the Daily OHLC study, except that rather than drawing lines at the Open, High, Low and Last prices for the trading day, it will draw a single marker at these points in the chart were these prices occurred at. Refer to the image.

Inputs

  • This study has the same Inputs as Daily OHLC except for: Reference Days Back (will always be 0), Graph High Low Historically (this is always No).

Daily Range Band

The Daily Range Band calculates and displays on an Intraday chart, Daily (1 Day) bands based upon either an Average True Range or an Average Daily Range from a Historical Daily chart.

To use the study, first open a Historical Daily chart for the same symbol as the Intraday chart. Add to the Historical Daily chart one of these studies: Average True Range or Average Daily Range. This will be considered the Range study.

Next open an Intraday chart for the symbol, and apply the Daily Range Band study.

Set the Range Study Reference Subgraph Input. Refer to the description for the Input below.

The output consists of two study Subgraphs that form the upper and lower bound of the predicted range using the days High and Low and the Range study referenced.

  • Upper Band: (Minimum(Low for day, Previous day close) + Range Study Reference Subgraph for the corresponding day) * BandMultiplier.
  • Lower Band: (Maximum(High for day, Previous day close) - Range Study Reference Subgraph for the corresponding day) * BandMultiplier.

Inputs

  • Range Study Reference Subgraph: This sets the particular Chart and Study Subgraph to reference the Range study for calculating the Daily Range Bands. The Chart will be the Historical Daily chart.
  • Gap Adjust With Yesterdays Close: When this Input is set to Yes, the prior days close is used along with the current days High or Low to adjust for any price caps.
  • Number of Days to Display (0 = All): When this is set the default of 0, the Daily Range Bands are calculated across all days in the Intraday chart. When this is set to a nonzero value, the Daily Range Bands are calculated across the specified number of days.
  • Band Multiplier: This is the amount to multiply the Upper Band and the Lower Band by. The default is 1.
  • Daily Range Displacement: Displaces the Range Study Reference Subgraph, the specified number of bars. Setting this to 1 will cause the stable range value from the prior day to be used instead of the value for the current day which is still updating.
  • Use High/Low from Historical Daily Chart: When this input is set to Yes, then the High and low for a day in the Intraday chart is taken from the Historical Daily chart referred to by the Range Study Reference Subgraph Input.
  • Stop Updating High/Low When Projected Range Met: When this Input is set to Yes, the projected range will stop updating once the Upper Band or Lower Band has been reached.

Demand Index

Calculates James Sibbet's Demand Index using the standard method.

Inputs

  • Buy/Sell Power Length
  • Buy/Sell Power Moving Average Length
  • Demand Index Moving Average Length

Demarker

Calculates and displays the Demarker study.

Inputs

Detrended Oscillator

Detrended Oscillator Formula: Close price of the bar being calculated minus the Moving Average of the past Closing prices over the specified Length.

Detrended Oscillator - DiNapoli

Calculates and displays the DiNapoli Detrended Oscillator.

Difference (Bar or Single Line)

This study calculates the difference between two charts. Refer to the Multiple Chart Studies instructions for the steps to use this type of study. These two charts must be open at all times and be within the same Chartbook for this study to work properly.

The displayed graph can be either a Bar or Single Line. If you use the Bar version, the actual graph type is set through the Graph Draw Type setting on the Subgraphs tab of the Study Settings window for the study.

For every bar/column in this study, it references the corresponding bar/column in the chart being referenced (through the Chart 2 Number Input). This is the nearest matching Date-Time value in the chart being referenced compared to the Date-Time of the corresponding bar in the chart this study is on.

The Single Line version of this study calculates the difference between the selected Input Data of the chart this study is applied to and the same Input Data element in the chart specified with the Chart 2 Number Input. For example, if the Input Data Input is set to Last, then it is the difference between the Last value of a bar in the chart that this study is applied to and the Last value of the corresponding bar in the specified chart.

The Bar version of the Difference study calculates the difference between the Open, High, Low, and Close values independently, for each bar in the chart the study is applied to and the corresponding bar in the chart being referenced which is specified by the Chart 2 Number Input.

If the Open or the Close differences exceed the High or Low differences, then the High and/or Low are adjusted so that the Open or Close differences do not exceed them. For the greatest accuracy you may be interested in the High Accuracy Spread study configuration.

When either chart used in the calculation is updated, then the last column of the study and any new columns of the study in the chart are updated.

Directional Movement Index

Welles Wilder's Plus and Minus Directional Indicators +DI and -DI.

Inputs

Directional Movement Oscillator

Calculates the difference between the Directional Indicators -DI and the +DI.

Inputs

Dispersion

Calculates the Dispersion(Variance) of the latest Inputs. This is calculated by summing up the value of the mean, of the values, minus the current value squared divided by the number of values:
Sum( ((Mean-Value)^2) / Number of Values )

Depth of Market Data

This study will display the current Depth of Market Data. It is intended to be used with the Spreadsheet Study.

When using this study, also add the Spreadsheet Study to your chart. The depth of market data will be visible at column AA, or after on the Spreadsheet depending upon what other studies are on the chart and the number of Formula Columns.

Since the study graph itself is probably not very informative to be viewed directly on a chart, you will probably want to hide it. To do this, enable the Hide Study setting in the Study Settings window for this study.

Donchian Channel

For each bar in the chart, this study draws a line at the level of the highest high and the lowest low of the number of bars specified with the Length Input. By default this study uses a displacement of +1 which forward shifts the study by one bar. This study also draws an average line for the highest high and lowest low.

Inputs

Double Stochastic

This study calculates and displays the Double Stochastic study.

Double Stochastic - Bressert

This study calculates and displays the Double Stochastic using the Bressert calculation method.

DownTick Volume

This study will display DownTick Volume, if possible, for a bar. Downtick volume is the volume of trades that occurred at a lower price than before. Trades that occurred at the same price and where the prior trade was at a lower price, are also considered downticks. This study only works on Intraday charts.

This study will only function accurately and correctly when you have tick by tick data in the chart data file. Refer to Tick by Tick Data Configuration for instructions to store chart data in a tick by tick format. If the real-time received data is stored as 1 Tick, however the historical data downloaded is not 1 Tick, then the times in the chart where you do not have 1 Tick data in the chart, this study will not function correctly.

Elder Ray

Calculates and displays the Elder Ray study.

Force Index

No information is currently provided.

Inputs

  • This study has no Inputs.

Force Index Average

Exponential average of the force index.

Heikin-Ashi

The Heikin-Ashi study calculates and displays Heikin-Ashi bars. These are average price bars. By default these bars are displayed in the Chart Region below the main price graph.

If you want to view the Heikin-Ashi study as the main price graph, open the Study Settings window for the Heikin-Ashi study and enable the Display As Main Price Graph option.

The Heikin-Ashi is calculated with the following formula:

Heikin-Ashi Close: haClose = (Open + High + Low + Close) / 4.
Heikin-Ashi open: haOpen = (yesterday's haOpen + yesterday's haClose) / 2
Heikin-Ashi high: haHigh = the higher of today's High, and today's haOpen
Heikin-Ashi low: haLow = the lower of today's Low, and today's haOpen

Inputs

  • This study has no Inputs.

Heikin-Ashi Smoothed

The Heikin-Ashi Smoothed study is based upon the standard Heikin-Ashi study with additional moving average calculations. The following is the calculation formula for the bars:

  1. The current bar Open High Low Close values are smoothed individually using Moving Average Type/Period 1.
  2. The Heikin-Ashi bar Open High Low Close values are set using the smoothed values from step 1. This is performed using the standard Heikin-Ashi formula.
  3. The final Heikin-Ashi Open High Low Close values are calculated by doing a second smoothing of the bar values from step 2 using Moving Average Type/Period 2.

Inputs

Herrick Payoff Index

The Herrick Payoff Index helps to show the amount of money flowing into or out of a futures contract. This study uses Open Interest in its calculations. Therefore, the symbol of the chart must contain Open Interest. Only Historical Daily data charts provide Open Interest, not Intraday charts.

The best analysis will be achieved by using Open Interest data that includes the total Open Interest for all the contracts for the underlying market. Some data services will provide open interest data this way or use certain symbols to provide total Open Interest for all contracts for the underlying market.

Inputs

  • Value of a .01 move: This is the price value of a .01 price move.
  • Smoothing multiplier: This is a smoothing multiplier. Using a larger value makes the Herrick Payoff Index less smooth and using a smaller value makes the Herrick Payoff Index more smooth.
  • Maximum or Minimum Open Interest: 1= maximum, 2= minimum: In the calculation of the Herrick Payoff Index, it is necessary to determine the maximum or minimum of the open interest at the current calculation index and the prior index. Set this Input to 1 to use the maximum or to 2 to use the minimum between the current open interest and the prior open interest. Formulas: max(CurrentOpenInterest, PriorOpenInterest), min(CurrentOpenInterest, PriorOpenInterest).
  • Divisor: This divisor is used to scale up or down the Herrick Payoff Index.

High/Low for Time Period | High/Low for Time Period - Extended

The High/Low for Time Period and High/Low for Time Period - Extended studies will draw lines in the chart for each day at the Highest price for the time spanning the Start Time to End Time study Inputs and at the Lowest price for the same time period.

With the High/Low for Time Period version of the study, the lines are only drawn from Start Time to End Time study Inputs. There is no consideration of the Session Times in Chart >> Chart Settings.

With the High/Low for Time Period - Extended version of the study, the lines will be drawn beginning at the Start Time Input and go to the end of the primary session as specified with the Session Times in Chart >> Chart Settings. The lines will not extend beyond of the end of the primary session. Therefore, if you have set the Start Time Input with the study which begins in the prior day and the Session Start Time for the chart is set to 0:00:00, the lines will not extend beyond 00:00:00 in the chart.

This study is typically used to draw the Opening Range across the day in the chart or to draw the overnight session High and Low on the Day session.

The Start Time and End Time Inputs can specify times which are within the times of a chart bar, but the actual High and Low used will be based upon the visible bars. For example, if the chart bars are of a 1 hour timeframe and you have specified a Start and End Time that span 15 minutes only, then because this amount of time is within a bar, the lines will be based upon the High and the Low of the 1 hour bar that contains the specified 15 minutes.

If you need to draw lines on an Intraday chart for the current day that represent the highest High and the lowest Low for the day, then you will want to use the Daily OHLC study and set the Reference Days Back Input with that study to 0.

Inputs

  • Start Time: This is the start time that you want to determine the High and Low prices from. This can be later than the End Time. If it is later than the End Time, then it is considered in the prior day. The Start Time must be within the time range of the Session Times, otherwise no lines may be displayed.
  • End Time: This is the end time that you want to determine the High and Low prices to. This can be earlier than the Start Time.
  • Input Data High: This can be changed from the default and set to the particular Study Subgraph to use as the High when basing this study on another study. Refer to Input Data.
  • Input Data Low: This can be changed from the default and set to the particular Study Subgraph to use as the Low when basing this study on another study. Refer to Input Data.
  • Display High and Low Incrementally: When this Input is set to Yes, then the High and Low at each bar represent the highest high and lowest low that have occurred from the Start Time up until and including that bar. Rather than there being a consistent highest high and lowest low spanning all the bars from the Start Time to the End Time.

Using the High/Low For Time Period Study on Another Study

It is supported to base the High/Low For Time Period study on another study in order to determine the Highest and Lowest values for a specific period of time for the other study it is based on. To accomplish this, set the Based on setting in the Study Settings window to the other study that you want to base the study on. Also, set the Chart Region setting to the same chart region that contains the study you are basing the High/Low For Time Period study on.

Highest High/Lowest Low Over N Bars

For each bar in the chart, this study draws a line at the level of the highest High of the last N bars including the currently calculated bar. N is set with the Length Input.

And for each bar in the chart, this study draws a line at the level of the lowest Low of the last N bars including the currently calculated bar.

This study is also known as the Donchian Channel. Sierra Chart also provides a Donchian Channel study. This study is the same except that the Donchian Channel study is displaced forward by 1 bar by default.

This study can also be displaced by 1 or more bars by using the Displacement setting on the Subgraphs tab in the Study Settings window for the study.

It is possible to calculate the difference between the Highest High and the Lowest Low study Subgraph values. To do this add the Study Subgraphs Difference study to the chart and set it to reference the Highest High and Lowest Low Subgraphs in the Highest High/Lowest Low Over N Bars study.

Historical Volatility Ratio

This study calculates the Historical Volatility Ratio.

Horizontal Lines

The Horizontal Line study is used for drawing one or more horizontal lines on other studies and on the main price graph.

The lines can be drawn in any region on the chart by setting the Settings >> Settings and Inputs >> Chart Region setting in the Study Settings window to the Chart Region you want to display the lines in.

The Horizontal Lines study can be added as many times as you require to a chart.

The Horizontal Lines study supports drawing up to 40 horizontal lines. The value of each of the lines is set through the corresponding Line [N] Value: Input.

The visibility of a horizontal line is controlled through the Subgraphs >> [select Subgraph] >> Draw Style setting in the Study Settings window, for each horizontal line Subgraph. To display a horizontal line, set the corresponding Subgraph to a visible Draw Style. To not display a particular horizontal line, set its Draw Style to Ignore.

Filling the Area between Two Horizontal Lines

If you want to use the Horizontal Lines study draw a rectangular filled region between two levels on a chart, then follow these general instructions:

  1. On the Settings and Inputs tab of the Study Settings window for the study, set the Chart Region setting to 1.
  2. Enable the Draw Study underneath Main Price Graph option.
  3. Set the Line 1 Value Input to the top value of the rectangular region.
  4. Set the Line 2 Value Input to the bottom value of the rectangular region.
  5. On the Subgraphs tab of the Study Settings window for the study, set the Draw Style for the Line 1 Subgraph to Fill Rect Top.
  6. Set the Draw Style for the Line 2 Subgraph to Fill Rect Bottom.
  7. Set the Draw Style for all other Subgraphs to Ignore.
  8. Change any other Subgraphs settings as required. For the color settings it is recommended to use a color similar to the background of the chart.

Inputs

  • Line [N] Value: The level to draw a horizontal line at within the Chart Region the study is set to display in.

Horizontal Line at Time

The Horizontal Line at Time study will draw a horizontal line starting from the Start Time Input at the level of that bar specified with the Input Data Input, all the way up until the bar the next occurrence the time is encountered. At that new encountered time, the level will change to the Input Data value on the new bar.

Inputs

  • Input Data
  • Start Time: This Input sets the starting time in an Intraday chart to begin drawing the horizontal line from.

Inertia

This study calculates and displays the Inertia study. The step-by-step calculation method is explained below.

The components of the Relative Vigor Index (RVI) are calculated as follows. We let \(C_i\), \(O_i\), \(H_i\), and \(L_i\) be the closing, opening, high, and low prices at time index \(i\), respectively.

Close-Open Average:

$$CloseOpenAvg_i =\frac{(C_i-O_i)+2(C_{i-1}-O_{i-1})+2(C_{i-2}-O_{i-2})+(C_{i-3}-O_{i-3})}{6}$$ $$CloseOpenAvg_i = \frac{1}{3}\sum_{k=1}^3{\frac{(C_{i-k+1}-O_{i-k+1})+(C_{i-k}-O_{i-k})}{2}}$$

The summand is the average of the difference in the closing and opening prices for consecutive values of the index, and \(CloseOpenAvg_i\) is the average of three of these averages.

High-Low Average: $$HighLowAvg_i = \frac{(H_i-L_i) + 2(H_{i-1}-L_{i-1})+2(H_{i-2}-L_{i-2})+(H_{i-3}-L_{i-3})}{6}$$ $$HighLowAvg_i = \frac{1}{3}\sum_{k=1}^3{\frac{(H_{i-k+1}-L_{i-k+1})+(H_{i-k}-L_{i-k})}{2}}$$

The summand is the average of the difference in the closing and opening prices for consecutive values of the index, and \(HighLowAvg_i\) is the average of three of these averages.

For the next calculations, let \(d\) be the starting value of the index, and let \(r\) be the RVI Length, which is an input. For \(i=d\), we have the following.

RVI Numerator:

$$RVINum_i = \sum_{k=1}^r{CloseOpenAvg_{k+i-1}}$$

This is the sum of the sequence of \(CloseOpenAvg\)'s starting at \(CloseOpenAvg_i\) and ending at \(CloseOpenAvg_{r+i-1}\).

RVI Denominator:

$$RVIDenom_i = \sum_{k=1}^r{HighLowAvg_{k+i-1}}$$

This is the sum of the sequence of \(HighLowAvg\)'s starting at \(HighLowAvg_i\) and ending at \(HighLowAvg_{r+i-1}\).

RVI:

From these we calculate the RVI as follows.

$$RVI_i=\left\{ \begin{matrix} \frac{RVINum_i}{RVIDenom_i} & RVIDenom_i \neq 0 \\ 0 & RVIDenom_i=0 \end{matrix}\right .$$

Inertia Calculation:

The inertia of the RVI is precisely the Linear Regression Indicator (LRI) of the RVI. The LRI is described in detail in Moving Linear Regression / Moving Average - Least Squares. We let \(l\) be the Linear Regression Length, which is an input. The regression statistics are calculated for each \(i\) where the data points are taken \(l\) at a time. Explicit formulas are given below.

$$b_i=\frac{l \cdot \sum_{k=1}^l{(k+i-1)RVI_{k+i-1}}-\sum_{k=1}^l{(k+i-1)}\cdot \sum_{k=1}^l{RVI_{k+i-1}}}{l \cdot \sum_{k=1}^l{(k+i-1)^2}-\left(\sum_{k=1}^l{(k+i-1)}\right)^2}$$ $$a_i=\frac{\sum_{k=1}^l{RVI_{k+i-1}}-b_i \cdot \sum_{k=1}^l{(k+i-1)}}{l}$$ $$LRI_i=a_i+lb_i$$

Inertia 2

This study calculates and displays the Inertia 2 study. The step-by-step calculation method is explained below.

The components of the Relative Vigor Index (RVI) are calculated as follows. We let \(C_i\) be the closing price at time index \(i\). We also let \(r\) be the RVI Length and let \(s\) be the Standard Deviation Length, both of which are inputs.

Standard Deviation:

The \(i^{th}\) moving average of the closing prices taken \(s\) at a time is given as follows.

$$\overline{C}_i=\frac{1}{s}\sum_{k=1}^s{C_{k+i-1}}$$

This is the average of the sequence of \(C\)'s starting at \(C_i\) and ending at \(C_{s+i-1}\). This will enter into our formula for standard deviation, which is given as follows.

$$StdDeviation_i=\sqrt{\frac{1}{n}\sum_{k=1}^s{\left(C_{k+i-1}-\overline{C}_i\right)^2}}$$

This is the standard deviation of the sequence of \(C\)'s starting at \(C_i\) and ending at \(C_{s+i-1}\).

RVI Up:

$$RVIUp_i=\left\{ \begin{matrix} StdDeviation_i & C_i > C_{i-1} \\ 0 & C_i \leq C_{i-1} \end{matrix}\right .$$

According to this formula, \(RVIUp_i\) is nonzero if and only if the closing price is increasing.

RVI Down:

$$RVIDown_i=\left\{ \begin{matrix} 0 & C_i > C_{i-1} \\ StdDeviation_i & C_i \leq C_{i-1} \end{matrix}\right .$$

According to this formula, \(RVIDown_i\) is nonzero if and only if the closing price is nonincreasing.

RVI Up Average:

$$RVIUpAvg_i=\left\{ \begin{matrix} \frac{(r-1)RVIUpAvg_{i-1}+RVIUp_i}{r} & r \neq 0 \\ 0 & r=0 \end{matrix}\right .$$

This moving average is a recursion relation with \(RVIUpAvg_0=0\).

RVIDownAvg:

$$RVIDownAvg_i=\left\{ \begin{matrix} \frac{(r-1)RVIDownAvg_{i-1}+RVIDown_i}{r} & r \neq 0 \\ 0 & r=0 \end{matrix}\right .$$

This moving average is a recursion relation with \(RVIDownAvg_0=0\).

RVI: From these we calculate the RVI as follows.

$$RVI_i=\left\{ \begin{matrix} \frac{RVIUpAvg_i}{RVIUpAvg_i+RVIDownAvg_i} & RVIUpAvg_i+RVIDownAvg_i \neq 0 \\ 0 & RVIUpAvg_i+RVIDownAvg_i=0 \end{matrix} \right .$$

Inertia Calculation:

The inertia of the RVI is precisely the Linear Regression Indicator (LRI) of the RVI. The LRI is described in detail in Moving Linear Regression / Moving Average - Least Squares. We let \(l\) be the Linear Regression Length, which is an input. The regression statistics are calculated for each \(i\) where the data points are taken \(l\) at a time. Explicit formulas are given below.

$$b_i=\frac{l \cdot \sum_{k=1}^l{(k+i-1)RVI_{k+i-1}}-\sum_{k=1}^l{(k+i-1)}\cdot \sum_{k=1}^l{RVI_{k+i-1}}}{l \cdot \sum_{k=1}^l{(k+i-1)^2}-\left(\sum_{k=1}^l{(k+i-1)}\right)^2}$$ $$a_i=\frac{\sum_{k=1}^l{RVI_{k+i-1}}-b_i \cdot \sum_{k=1}^l{(k+i-1)}}{l}$$ $$LRI_i=a_i+lb_i$$

Initial Balance

The Initial Balance study calculates and displays lines on the chart calculated from the High to Low price range for the specified period of time set with the study Inputs.

For example, if the Initial Balance Type is set to Daily and the Start Time is set to 9:30:00 and the End Time is set to 9:59:59, then the price range for this time period is the Initial Balance.

This study supports up to 6 extension lines above and below the High and Low Initial Balance lines. The multiplier for these lines is set through the Extension Multiplier # study Inputs.

Alternatively, it is possible to use the High/Low for Time Period study to calculate and draw Initial Balance lines.

The time period specified by the Start Time and End Time study Inputs, that the Initial Balance is calculated from cannot be less than the timeframe of the chart bars. And the timeframe of the chart bars must be evenly divisible into the Initial Balance time period for the Initial Balance lines to be accurate.

For example, if the Initial Balance is set to be a time period of 10 minutes, it is not possible to calculate this from chart bars with a 30 minute timeframe per bar.

For example, of the Initial Balance lines for a 10 minute period will not be completely accurate if the chart bars are 3 minutes because 3 does not divide evenly into 10. The Initial Balance lines will also not be precise on chart bars which have a variable time period per bar like Number of Trades, Volume, Range, Reversal, Renko, Delta Volume, Price Change, Point and Figure bars. However, there is a solution to this and that is to overlay the Initial Balance lines using the Study/Price Overlay study from a chart with the appropriately set time period per bar.

Inputs

  • Initial Balance Type: This Input sets the overall timeframe of the Initial Balance calculations. The choices are Daily, Weekly, Weekly Include Sundays, Intraday.

    When this Input is set to Intraday, then the Initial Balance lines repeat by the time specified by the Intraday: Num Minutes Input setting, within the Start Time to End Time time range.
  • Start Time: This Input specifies the starting time for the Initial Balance time period when the Initial Balance Type is set to Daily or Intraday.

    If the time range between the Start Time and End Time is not included in a particular trading day on the chart, then there will not be any Initial Balance lines displayed for that trading day. The prior trading day will not be referenced in this case. The starting and ending of a trading day is defined by the Session Times settings for the chart.
  • End Time: This Input specifies the ending time for the Initial Balance time period when the Initial Balance Type is set to Daily or Intraday. This ending time is included in the time range.

    Also refer to the information provided with the Start Time Input.
  • Weekly: Num Days: In the case of when the Initial Balance Type is set to Weekly, this specifies the number of days from the start of the week that the Initial Balance is determined from.
  • Round Extensions to Tick Size: When this Input is set to Yes, then the resulting values of each of the Extension lines is rounded to the nearest chart Tick Size.
  • Number of Days to Calculate: This Input specifies the number of days to calculate and display Initial Balance lines for. This is relative to the last date in the chart. This specifies the actual number of calendar days from the last date in the chart. Therefore, if the last day in the chart is 2016-01-30 and Number of Days to Calculate is set to 10, then the first date that the Initial Balance lines will be calculated for and displayed on is 2016-01-21.
  • Intraday: Num Minutes: When the Initial Balance Type Input is set to Intraday, then the Initial Balance lines repeat by the time specified by the Intraday: Num Minutes Input setting, within the Start Time to End Time time range. If the number of minutes specified with this Input exceeds the time range between Start Time to End Time, then no lines will display.
  • Extension Multiplier 1: This description applies to this Input and the following Extension Multiplier # Inputs.

    The difference between the Initial Balance (IB) High and the Initial Balance (IB) Low Subgraphs is calculated. This is the Range. This Range is multiplied by the value of the Extension Multiplier 1. This amount is then added to the Initial Balance High value and subtracted from the Initial Balance Low value. These results then are drawn as the extension lines.
  • Extension Multiplier 2: Refer to the description for the Extension Multiplier 1 Input.
  • Extension Multiplier 3: Refer to the description for the Extension Multiplier 1 Input.
  • Extension Multiplier 4: Refer to the description for the Extension Multiplier 1 Input.
  • Extension Multiplier 5: Refer to the description for the Extension Multiplier 1 Input.
  • Extension Multiplier 6: Refer to the description for the Extension Multiplier 1 Input.

Inside Bar

This study will color bars that have an inside bar pattern. An inside bar is a bar that has a lower high and a higher low than the previous bar.

Inputs

  • This study has no Inputs.

Inside or Equals Bar

This study identifies an Inside or Equals bar.

Inputs

  • This study has no Inputs.

Inverse Fisher Transform

The Inverse Fisher Transform applies the Inverse Fisher Transform formula to any study. Add this study to a chart and set the Based On setting to the study that you want to apply the formula to. This study must also be added to the chart. Set the Input Data Input to the Subgraph of the study you are basing this study on that you want the Inverse Fisher Transform applied to. This study has a moving average to smooth the final output.

Inverse Fisher Transform with RSI

The study calculates the Inverse Fisher Transform of an RSI.

Inputs

  • Line Value: The value at which the horizontal line is drawn.

Island Reversal

This study will place a point at the high of all bars that have an up island reversal pattern and will place a point at the low of all bars that have a down island reversal pattern.

Inputs

  • This study has no Inputs.

Kagi Chart

A Kagi Chart is a chart that ignores time and displays lines where the thickness and direction of the line signify how the price is moving. If a Kagi line exceeds the prior high point of the Kagi chart, the line becomes thick. If a Kagi line falls below the prior low point, the line becomes thin.

This study can be applied to a chart of any time period. Although bars of a very short duration, like under 10 seconds, would create the most accurate Kagi chart. You may wish to use a longer time period for different results. The study can be applied to Historical Daily Charts as well.

Inputs

  • Use Percentage for Reversal: The reversal amount required for a Kagi Line can be either a percentage or a fixed amount. To use a percentage, set this Input to Yes.
  • Reversal Percentage: This Input specifies the percentage of the Kagi line ending price of the first column in the chart, that prices need to reverse by to switch the direction of the Kagi line. Use Percentage for Reversal must be set to Yes for this Input to be used.
  • Fixed Reversal Amount: This Input specifies fixed amount that prices need to reverse by to switch the direction of the Kagi line. Use Percentage for Reversal must be set to No for this Input to be used.

KD - Fast

The Stochastic study compares where a symbols price closed relative to its price range over a given time period as specified by the Length Inputs.

KD - Slow

The Stochastic study compares where a symbols price closed relative to its price range over a given time period as specified by the Length Inputs.

The Stochastic-Slow study differs from Stochastic-Fast, by calculating a moving average of the Fast %D line. This result is known as the Slow %D. The study displays the Fast %D (Slow %K) line and the Slow %D line.

Kijun-Sen

This study calculates and displays the Kijun-Sen study.

Kiwi's Trailing Stop

Calculates and displays the Kiwi's Trailing Stop study.

Inputs

  • Use 2 Subgraphs: Set this Input to Yes to use 2 subgraphs. Or to No to use 1 Subgraph.
  • ATR Length
  • ATR Factor

Kurtosis

The general form or a quantity indicative of the general form of a statistical frequency curve near the mean of the distribution. The Excel help screens tell us that "kurtosis characterizes the relative peakedness or flatness of a distribution compared to the normal distribution. Positive kurtosis indicates a relatively peaked distribution. Negative kurtosis indicates a relatively flat distribution" (Microsoft, 1996).

Inputs

  • Input Data
  • Weight: No information is currently provided.

Line

The Line study is for drawing lines on other studies and on the main price graph. Lines can be drawn in any region on the chart. The Line study can be added as many times as you require to a chart, to draw multiple lines.

If you wish to overlay the Line study on another study, then be sure to set the Chart Region setting in the Study Settings window for the Line study, to the same region number where the other study is displayed.

Inputs

  • Value: The level to draw a horizontal line at within a chart region.

Linear Regression End Channel

The Linear Regression End Channel study calculates and draws a linear regression line across the specified bars at the end of the chart and a surrounding channel the specified number of standard deviations away from the linear regression line.

Inputs

  • Input Data
  • Number of Bars: The number of bars from the last bar in the chart to calculate and draw the Linear Regression line and channel lines across. This does not apply if Use Start Date/Time instead of Number of Bars is set to Yes.
  • Number of Deviations: The standard deviation multiplier for the surrounding channel lines.
  • Use Start Date/Time instead of Number of Bars: When this Input is set to Yes, the study will begin from the Start Date and Time Input.
  • Start Date and Time: If the Use Start Date/Time instead of Number of Bars Input is set to Yes, the study will begin from this Input. If the Start Date and Time are too far away from the end of the chart, the study will only draw lines for the last 5000 bars.
  • Calculate on Bar Close: When this Input is set to Yes, then the last bar in the chart is not included in the calculations. This gives the Linear Regression End Channel greater stability.

    When this Input is set to No, the last bar is included in the calculation and the lines are continuously updated as the last bar changes.

    When you are comparing the Linear Regression End Channel to a manually drawn Linear Regression channel using the drawing tool, the Chart Drawing does not recalculate with bar updates. Therefore, it is a snapshot in time and may not continue to match.

    When this Input is set to Yes, and you compare it to a Linear Regression Chart Drawing drawn across the same bars, there will be a match and continue to be a match as the chart bars are updated.

    When comparing to a Linear Regression Chart Drawing, to ensure you have a match, you may need to uncheck Chart Settings >> Advanced Settings >> Adjust Tool Values to Tick Size before using the Linear Regression drawing tool.

Linear Regressive Slope

No information is currently provided.

Load Day Session Only at Open

This study when applied to a chart, will disable Chart >> Chart Settings >> Session Times >> Use Evening Session, if it is enabled and the Session Times >> Start Time has been encountered according to the current time or the time of the replay.

This study should be used only on a very small number of charts because it does cause a reloading of the charts, which can place a higher CPU load on your system while the charts are being reloaded. This will cause Sierra Chart to become less responsive during the time the Intraday charts are being loaded.

The study only works with Intraday charts.

Inputs

This study has no inputs.

MACD

The Moving Average Convergence/Divergence (MACD) is a trend-following momentum indicator that shows the relationship between two moving averages of prices. The MACD was developed by Gerald Appel. In Sierra Chart you have a choice of the Moving Average type to use in the calculations.

Market Facilitation Index

The market Facilitation Index, created by Dr. Bill Williams, attempts to determine the efficiency of price movement by quantifying the price movement per unit of volume. This is done by taking the day's range (high minus low), multiplying it by the multiplier, and dividing it by the total volume for the period.

Inputs

Market Structure MSL/MSH

This study identifies Market Structure Lows and Highs on the chart. The bars where these occur will be colored. The color to use is controlled through the Subgraph color settings. You can also optionally show labels on the bars.

Inputs

  • Draw Labels: If this is set to Yes, then HH (Higher High), LH (Lower High), LL (Lower Low), HL (Higher Low) labels will be displayed.
  • Y Offset for Labels: This is the actual price value that you want to offset the labels from the Highs or Lows of the price bars. Usually 0 is fine unless the labels are too close.
  • Display Price Values: When this Input is set to Yes and the Draw Labels Input is also set to Yes, then the low or high price for the bar will be displayed as well.

McClellan Oscillator - 1 Chart

The McClellan Oscillator is a market breadth indicator that is based on the smoothed difference between the number of advancing and declining issues on an exchange. This version of the study uses 1 chart.

This study is normally used on Historical charts.

Add this study to the chart of a symbol that indicates the Advancing Issues minus the Declining Issues.

This data is provided with the Sierra Chart Market Statistics Data Feed. The symbol for the NYSE is NISS-NYSE. This study can be applied to a chart of the NISS-NYSE symbol.

Inputs

  • This study has no Inputs.

McClellan Summation Index - 1 Chart

The McClellan Summation Index study calculates and displays the McClellan Summation Index. It is a market breadth indicator based on the McClellan Oscillator. This version of the study uses 1 chart.

This study is normally used on Historical charts.

Add this study to the chart of a symbol that indicates the Advancing Issues minus the Declining Issues.

This data is provided with the Sierra Chart Market Statistics Data Feed. The symbol for the NYSE is NISS-NYSE. This study can be applied to a chart of the NISS-NYSE symbol.

Inputs

  • This study has no Inputs.

Momentum

The Momentum indicator measures the amount that a symbols price has changed over a given time span.

Formula:(InputData / InputData Length periods ago) * 100

Momentum Trend

A point is drawn on the bar high if the Momentum (same as the Momentum study) is up. A point is drawn on the bar low if the Momentum is down.

Momentum with Moving Average

The Momentum study with a simple moving average.

Money Flow Index

The Money Flow Index (MFI) is a momentum indicator that measures the strength of money flowing in and out of a security. It is related to the relative Strength Index (RSI), but whereas the RSI incorporates only prices, the MFI accounts for volume.

Inputs

Moving Average Difference

Calculates the difference between two simple moving averages. The moving averages are of the midpoints of a bar ((High + Low)/2). Formula: Moving Average 2 - Moving Average 1. Rising values are drawn a different color than falling values.

Moving Average Envelope

The Moving Average Envelope study draws a top and bottom band or envelope above and below the moving average. Each of the bands are the specified Fixed Value from the moving average or the specified Percentage from the moving average.

Inputs

  • Input Data
  • Percentage or Fixed Value: Select either Percentage or Fixed Value. In the case of Percentage, set the percentage with the Percentage Input. In the case of Fixed Value, set the fixed value with the Fixed Value Input.
  • Percentage: If Percentage or Fixed Value is set to Percentage, enter the percentage with this Input to multiply the moving average by. This result is added and subtracted to/from the moving average. .01 = 1%.
  • Fixed Value: If Percentage or Fixed Value is set to Fixed Value, enter the fixed value with this Input to add and subtract this fixed value to/from the moving average.
  • Moving Average Type
  • Moving Average Length

Moving Average - Adaptive

This study calculates the Perry Kaufman adaptive moving average. Reference: Stocks & Commodities V13:6: (267): Sidebar: Adaptive Moving Average.

Inputs

  • Length
  • Fast Smoothing Constant: No information is currently provided.
  • Slow Smoothing Constant:No information is currently provided.

Moving Average - Exponential

This study calculates an exponential moving average of the data specified by the Input Data Input.

The higher the setting for the Length Input, the increase in sensitivity with the exponential moving average calculation to past values as the amount of historical data in the chart changes. Even bar values which are before the Length Input setting also have an effect upon the exponential moving average values. The exponential moving average calculation uses the prior exponential value in its calculation and this is the reason for the sensitivity because prior values have a continuous effect going back all the way to the first bar in the chart.

Therefore, merely by changing the Chart >> Chart Settings >> Use Number of Days to Load >> Days to Load, for a long Length exponential moving average will alter the the result at a particular chart column even though the days removed or loaded in the chart is prior to the exponential moving average value at a particular chart column going back by the number of bars specified by the Length Input.

This is something important understand about the nature of the exponential calculation and you should question as to whether it is even an appropriate calculation method for your method of analysis. The exponential moving average should not be used with long Lengths. Instead use Moving Average - Simple.

Moving Average - Hull

Calculates and displays the Hull Moving Average.

Moving Averages

This study calculates and draws 3 moving averages of any type.

Moving Average - Rolling High Accuracy

The Moving Average - Rolling High Accuracy calculates at each chart bar, an average of all of the prices which make up the chart bars over the specified time period. This study relies on the underlying Volume at Price data in the chart to achieve its high accuracy.

It is necessary for Sierra Chart to be configured for a tick by tick data configuration for the study to it achieve its high accuracy.

To do Weekly and Monthly time periods with this study does not make sense with a rolling calculation because this study does not reference specific segments of time like the start of the week or the start of the month. Instead it back references data at each chart bar by the specified time period. Therefore, just simply set the Time Period Length and Time Period Type Inputs with the study to 7 Days or 30 Days respectively to effectively accomplish this.

If you have set the Time Period Type and Time Period Length Inputs so that the Moving Average calculation is across a large number of bars in the chart and there is a large number of bars loaded into the chart based upon the current Chart Settings, then the study can take an extended time to do the initial calculations and the program user interface will be frozen during this time. Therefore, it is necessary to be careful with these Input settings in order to not put too much of a processing burden on the program.

Inputs

  • Time Period Type: This Input specifies the time period type. It can be either Days, Minutes, or Bars. When set to Bars, then this means the number of bars set by the Time Period Length will be used in the calculation.

    When this Input is set to Days, the Time Period Length specifies the number of Trading days the calculation is performed over. Trading days are determined using the Session Times. For example, if Time Period Length is set to 2, then the prior trading day as determined by the Session Times, and all of the current trading day is included in the calculation. Therefore, it is not in this case a 2 day trailing calculation going back 48 hours from the current Date-Time.
  • Time Period Length: This Input specifies the number of Days, Minutes or Bars depending upon whether Time Period Type is set to Days, Minutes or Bars.
  • Exclude Weekends in Day Count: When this Input is set to Yes, Saturday and Sundays are skipped when determining how many days back to include in the calculation according to the Time Period Length Input.
  • Use Fixed Offset Instead of Std. Deviation: .
  • Band 1 Std. Deviation Multiplier/Fixed Offset: .
  • Band 2 Std. Deviation Multiplier/Fixed Offset: .
  • Band 3 Std. Deviation Multiplier/Fixed Offset: .
  • Band 4 Std. Deviation Multiplier/Fixed Offset: .

Moving Average - Simple

This study calculates a simple moving average of the data specified by the Input Data Input.

The simple moving average calculation is very simple. At every bar/column in the chart, it is the sum of the Input Data values from the number of columns specified by the Length Input, divided by the Length value.

Moving Average - Smoothed

Calculates and displays the Smoothed Moving Average.

Moving Average - Triangular

A triangular moving average places the majority of the weight on the middle portion of the price series.

Moving Average - Triple Exponential

Calculates and displays the Triple Exponential Moving Average.

Moving Average - Volume Weighted

This study calculates a volume weighted moving average of the Input Data by placing more weight on the prices with a higher volume.

Moving Average - Weighted

This study calculates a weighted moving average of the Input Data.

A weighted moving average gives more emphasis to the more recent Input Data in the chart.

Moving Average - Welles Wilders

Calculates and displays the Welles Wilders Moving Average.

Calculation Method for Wilder's Moving Average

  1. The first Input data array element from the chart base graph is ignored.
  2. When we encounter an output data array element that is equal to zero (this is the moving average output data array), this will usually occur when we are on the second Input data array element, then we calculate an average over the Length number of elements using data from the Input data array. Zero values from the Input data array are skipped in the calculation.
  3. We only perform the following calculations when we have a nonzero prior output data array element.
  4. CurrentMovingAverageValue = PriorMovingAverageValue + ((1.0/ Length)*(CurrentInputDataValue -PriorMovingAverageValue))
  5. CurrentMovingAverageValue is our result that goes to the output data array.
  6. Steps 2 and on are repeated for each Input data array element.

Moving Linear Regression / Moving Average - Least Squares

The Moving Linear Regression and the Moving Average - Least Squares studies calculate and display the value of a linear regression line of the selected Input Data (Open, High, Low, Close) over the specified Length.

Therefore, any point along the Linear Regression study line is equal to the ending value of a Linear Regression line. For example, the ending value of a Linear Regression line that covers 10 closing prices will have the same value as a Moving Linear Regression line with a Length of 10 at the same bar.

For the calculation method, refer to the LinearRegressionIndicator_S function in the /ACS_Source/SCStudyFunctions.cpp file in the folder Sierra Chart is installed to.

If you draw a Linear Regression Chart Drawing over the same Length that you have set in the study Inputs for this study, then where that drawing ends, it will have the same value as the Moving Average - Least Squares study.

Next we describe the calculation of the Linear Regression Indicator. In the regression model, the independent variable is \(x_i=i\), and the dependent variable is \(y_i\), which is passed to the function. The index \(i\) runs from \(1\) to \(n\). The regression model is of the form \(y=a+bx\), where \(a\) is the \(y-\)intercept, and \(b\) is the slope. The Linear Regression Indicator function computes the following sums, several of which are needed in the regression model.

$$sum_x=\sum_{i=1}^n{i}=\frac{n(n+1)}{2}$$ $$(sum_x)^2=\left(\sum_{i=1}^n{i}\right)^2=\frac{n^2(n+1)^2}{4}$$ $$sum_{x^2}=\sum_{i=1}^n{i^2}=\frac{n(n+1)(2n+1)}{6}$$ $$sum_y=\sum_{i=1}^n{y_i}$$ $$(sum_y)^2=\left(\sum_{i=1}^n{y_i}\right)^2$$ $$sum_{y^2}=\sum_{i=1}^n{y_i^2}$$ $$sum_{xy}=\sum_{i=1}^n{x_iy_i}=\sum_{i=1}^n{iy_i}$$

These sums are used to compute the regression statistics, as shown below.

Slope:

$$b=\frac{n \cdot sum_{xy}-sum_x \cdot sum_y}{n \cdot sum_{x^2}-(sum_x)^2}$$

Intercept:

$$a=\frac{sum_y-b \cdot sum_x}{n}$$

Linear Regression Indicator: The Linear Regression Indicator, or LRI, is the \(y-\)coordinate of the right endpoint of the linear regression trendline. It is calculated as follows.

$$LRI=a+bn$$

This is illustrated in the following figure. The data points are shown in blue, the regression line is shown in black, and the LRI is shown in red.

Multiple Chart Studies

These instructions are for studies that use 2 or more charts in their formula. For example, the Ratio (Bar/Single Line) or Difference (Bar/Single Line) require 2 charts. There are other studies which use two or more charts as well.

  1. Open 2 charts, if they are not already open. To open the charts use File >> Find Symbol >> [select symbol] >> Open Intraday Chart/Open Historical Chart. These are the two charts used in the calculation. For example, if you want to calculate the difference between symbol A and symbol B, then open chartsfor both of these symbols.
  2. Each chart has a number. Let us assume that the two charts opened have chart Numbers #1 and #2 respectively.
  3. Add the Ratio (Bar) or Difference (Bar) study to the chart identified as #1. Or, whatever study you need to work with that requires a second chart in its calculation. You can also add the Single Line version of these studies. Chart Numbers are displayed along the Region Data Line at the top of the chart and on the title bar of the chart. For example, the formula for Difference is Chart #1 - Chart #2. Therefore, the Difference study, or whatever study you want to work with, needs to be added to the chart to the left of the minus operator in this particular example.



    For instructions to add a study to the chart, refer to Adding/Modifying Studies.
  4. Set the Chart 2 Number Input with the study, to Chart #2.
  5. Press OK to close Study Settings window.
  6. Press OK to close the Chart Studies window.
  7. You will now see the Ratio or Difference calculation (or whatever the result is based upon the study you are using) displayed in Chart Region 2 on Chart #1.
  8. To understand how each chart fits into the calculation, we will explain this with the Ratio (Bar) study. If you add the Ratio study to Chart #1 and set the Chart 2 Number Input to Chart #2, then #1 will be divided by #2 (#1 / #2). So the chart that the study is applied to, is used on the left side of the division operator.
  9. The Days To Load and Time Period per Bar settings for a chart, that is referenced by one of these studies, cannot be changed. They are set to the same settings as the chart that is referencing it. If they are changed, then they will be changed back to the same settings as the chart containing the study that is referencing it.

Displaying As Main Price Graph

If you want to make a study that uses multiple charts, the main price graph in the chart, and allow other studies to be applied to it, then enable the Display as Main Price Graph option in the Study Settings window for the study. Once you do this, other studies you have applied or will apply to the chart, will then be based upon this multiple chart study.

Inputs

  • Input Data (applies only to multiple chart studies that use a single line and not a price bar style)
  • Chart 1, 2, 3 Multiplier: Value to multiply the selected Input Data or the bar in chart 1, 2, or 3 by. Chart 1 is the chart the study is applied to.
  • Chart 2, 3 Number: The Chart Number of the second or third chart to use in the study formula. Select the chart from the list of charts. The first chart used in the calculation is the chart that the study is applied to.
  • Chart 1 Addition: This Input adds the specified amount to chart 1 after multiplying chart 1 by the Chart 1 Multiplier.

Multiply Bars By -1

This study multiplies the main price graph bar values by -1. This is one method of inverting the bars.

By default, this study will display in a another Chart Region on the chart window. To replace the main price graph with the study, go to the Study Settings window for the study and enable the Display As Main Price Graph option.

Inputs

  • This study has no Inputs.

Murray Math

This study calculates Murray Math Lines.

Inputs

  • Square Width:The width of the Square. In other words, the number of bars to use in the calculation.
  • Use Last Bar as End Date-Time:If this is set to Yes, the Murray Math study will be calculated using the bars at the end of the chart. The Murray Math lines will be redrawn for every new bar added to the chart. If this Input is set to No, the Murray Math will be calculated using the bars beginning with the bar at the End Date-Time Input, and going back the number of bars specified with the Square Width Input. This Input is set to Yes by default.
  • End Date-Time: The Date-Time which will be the last bar used in the calculation. The calculation will go back from this Date-Time the number of bars specified with the Square Width Input. By default, the End Date-Time Input is not set and will not be used unless the Use Last Bar as End Date-Time Input is set to No.

Mutual Fund Bars

This study is used with Mutual Fund symbols and creates OHLC bars from the data.

Inputs

  • This study has no Inputs.

Narrow Range Bar

Identifies Narrow Range bars.

Inputs

  • Number of Bars to Compare: This Input specifies the number of bars prior to the bar being evaluated, to compare the range of the bar being evaluated to the range of those prior bars.

Negative Volume Index

The Negative Volume Index (NVI) increases on days when the volume decreases from the previous day.

Inputs

  • Input Data
  • Initial Value:The initial starting value for the study. This value should be close to the average price of the symbol to allow the study to be overlaid on the main price graph.

New Daily High/Low Alert

This study will trigger an alert when a new 24 hour high or low is encountered in an Intraday chart. This study can only be reliably used on an Intraday chart.

The 24 hour time period is determined from the chart Session Times.

This study does not work reliably on a Historical Daily chart.

For this study to work reliably under all conditions, use Sierra Chart version 1412 or higher.

Inputs

Number of Trades

This study is for Intraday charts only. It will show the number of trades per bar for bars built from data collected while connected to the data feed.

Inputs

  • This study has no Inputs.

Number of Trades - Ask

This study is for Intraday charts only. This study will display for each bar, the total number of trades which occurred at the Ask price or higher.

For this study to work properly, a Tick by Tick Data Configuration is necessary.

This study will not display any data if Ask Volume is not available.

In the case of Volume, Number of Trades, and Range a bar charts, the data from this study may not be correct if Chart >> Chart Settings >> Split Data Records is enabled, unless there is tick by tick data in the data file and the chart bars are based upon a Number of Trades or a Range.

Inputs

  • This study has no Inputs.

Number of Trades - Bid

This study is for Intraday charts only. This study will display for each bar, the total number of trades which occurred at the Bid price or lower.

For this study to work properly, a Tick by Tick Data Configuration is necessary.

This study will not display any data if Bid Volume is not available.

In the case of Volume, Number of Trades, and Range a bar charts, the data from this study may not be correct if Chart >> Chart Settings >> Split Data Records is enabled, unless there is tick by tick data in the data file and the chart bars are based upon a Number of Trades or a Range.

Inputs

  • This study has no Inputs.

Numbers Bars Avg Volume/Price Graph

Numbers Bars Calculated Values

Refer to the Numbers Bars documentation.

Numbers Bars

Refer to the Numbers Bars documentation.

On Balance Open Interest

Calculates and displays On Balance Open Interest. Formula: If current close is greater than prior close, then current on balance open interest will be equal to prior on balance open interest plus the current open interest. If current close is less than prior close, then current on balance open interest is equal to prior on balance open interest minus the current open interest. Otherwise, current on balance open interest will equal the prior on balance open interest.

Inputs

  • This study has no Inputs.

On Balance Open Interest - Short Term

Calculates and displays the On Balance Open Interest over a specific length of bars. For more information, refer to the description for On Balance Open Interest.

Inputs

On Balance Volume

Calculates and displays Cumulative On Balance Volume.

Inputs

  • This study has no Inputs.

On Balance Volume - Short Term

This study calculates On Balance Volume for the specified number of volume bars instead of a continuous cumulative total. The Length Input specifies number of bars.

Inputs

On Balance Volume with Moving Average

Calculates and displays cumulative On Balance Volume and a Simple Moving Average of it.

Open Interest

The Open Interest study displays the Open Interest for futures and options charts.

Open Interest is only available for Historical Daily data type of charts. Not Intraday charts. Therefore, the study only makes sense on Historical Daily data type of charts.

When used on an Intraday chart, it will give the same values as the Number of Trades study.

A Historical Daily data type of chart can be opened through File >> Find Symbol >> [select symbol] >> Open Historical Chart.

Open Interest is the number of outstanding contracts which currently exist for a particular symbol.

When using this study, you may find that for some bars in the chart, there is no Open Interest data. The solution to this is to right-click on the chart with your Pointer before those bars and select Delete and Download Data to re-download the data.

Usually for the current day, Open Interest is not available. It becomes available after the close of the next trading day.

Inputs

  • This study has no Inputs.

Out of Order Timestamps Detector

This study highlights the chart columns where the Date-Time of those columns are out of order Date-Time wise relative to the other chart columns. A vertical line will be drawn at the columns where the out of order Date-Times are found. The color of the vertical line can be set through the Subgraphs tab of the Study Settings window for the study.

Out of order timestamps can prevent Chart Drawings drawn on the chart from appearing.

If an out of order timestamp has been detected, refer to Help Topic 63.

Inputs

  • This study has no Inputs.

Outside Bar

This study will color bars that have an outside bar pattern. An outside bar is a bar that has a lower low and a higher high than the previous bar.

Inputs

  • This study has no Inputs.

Overlay (Bar or Single Line)

This study overlays the main price graph from another open chart on to the chart this study is applied to. Multiple Overlay studies can be added to a chart to overlay more than one main price graph on a chart. This study allows you to view multiple symbols in one single chart.

Scaling: By default, the Scale Range is set to Independent for this study. This allows the Overlay to be visible when overlaying on a graph with a completely different price range. If you are overlaying a graph on a chart with similar prices, the overlaid bars or line will not match the scale of the graph it is overlaid on. To make the graph line match, set the Scale for this study to Automatic. Refer to the Chart Scale and Scale Adjusting documentation for complete instructions for changing the scale.

The graph can be either a Bar or a Single Line. If you use the Bar version, the actual style is controlled with the study's Graph Draw Type setting in the Study Settings window for the study.

Scale Values: When overlaying a graph on another graph in the same Chart Region with differing values, you will need to use an Independent scale. You may also want to see the Values Scale numbers for the graph being overlaid. You are able to view these on the left side of the chart. To do this, select Chart >> Chart Settings >> Advanced Settings. Enable the Use Left Side Scale option.

Step-By-Step Instructions

  1. For this study you will need 2 charts. Make sure you have open the chart that you wish to overlay on another chart. You can open it with File >> Find Symbol if it is not already open.
  2. Open or go to the chart that you want to overlay the main price graph of another chart on. This must be in the same chartbook as the chart you will be overlaying from.
  3. Add the Overlay (Bar or Single Line) study through Analysis >> Studies.
  4. After adding the Overlay study, press the Settings button on the Chart Studies window to open the Study Settings window for the study if it is not already open.
  5. Select the Settings and Inputs tab.
  6. Set the Chart Number to Overlay Input to the chart that you wish to overlay. All of the open charts in the same chartbook will be listed. The main price graph of the chart will be overlaid onto the chart that this study is applied to.
  7. Set the Chart Region to the chart region you wish to display the main price graph overlay in. If you want to overlay it over the main price graph of the chart, set this to 1. If you want to display it below the main price graph, then set the Chart Region to 2.
  8. If you are using the Overlay (Bar) study, then select the Subgraphs tab. Set the Graph Draw Type to the type of price bar that you require.

Inputs

  • Chart Number to Overlay: This is the primary Input for the study. This Input selects the particular chart that you want to overlay the main price graph from. The chart you are overlaying must be open. All open charts within the same Chartbook as the chart you are using this study on, will be listed.
  • Input Data. This Input sets what data array to overlay. This Input is only available with the Overlay (Single Line) study.
  • Multiplier.

Overlay Non-sync

This study overlays a price graph from another chart on a chart. Multiple overlay studies can be added to a chart to overlay more than one price graph on a chart. The price graph you are overlaying can be from a chart with a different time period. Unlike the Overlay (Bar) study, there is no synchronization between the charts.

By default, the Scale Range is set to independent for this study. This allows the Overlay to be visible when overlaying on a graph with a completely different price range. If you are overlaying a graph on a chart with similar prices, the Overlay graph line will not match the scale of the graph it is overlaid on. To make the graph line match, set the Scale for this study to Automatic. Refer to the Study Settings Window section for complete instructions for changing the scale.

The colors of the bars are set through the study color settings.

Inputs

  • Chart Number to Overlay: Identifying number of the chart to overlay on the chart this study is applied to. Chart identifying numbers are right of the # displayed on the title bar of the chart and at the top of the price graph. The chart to overlay must also be open.

Parabolic

Calculates and displays the Welles Wilder Parabolic SAR (Stop and Reversal) study.

The calculation of the Parabolic study is rather elaborate. For an inside view of the calculations, refer to the Parabolic_S function in the /ACS_Source/SCStudyFunctions.cpp file in the Sierra Chart installation folder.

Inputs

  • Input Data High:The default for the setting is High. The Parabolic study uses the High price of a bar in its calculations. This can be changed to any Subgraph value when basing the Parabolic study on another study rather than the main price graph.
  • Input Data Low:The default for the setting is Low. The Parabolic study uses the Low price of a bar in its calculations. This can be changed to any Subgraph value when basing the Parabolic study on another study rather than the main price graph.
  • Start Acceleration Factor:The parabolic study uses an Acceleration Factor in its calculations. This Inputs sets the starting value for this Acceleration Factor. The Acceleration Factor is incremented by the Acceleration Increment Input.
  • Acceleration Increment:This Input sets the Acceleration Increment.
  • Max Acceleration Factor:This Input sets the maximum amount the Acceleration Factor will be set to.
  • Adjust for Gap: If set to 1 the parabolic will be adjusted up or down by the gap amount when a gap occurs at the opening of a new day.

Percent Change Since Open

This study calculates and displays the difference between the last trade/close price of the bar and the Opening price of the trading day, as a percentage.

The time of the Opening price is determined from the Session Times for the chart.

At the chart bar which is the opening bar for the trading day, the percentage difference between the closing price of that bar and the opening price of that bar is calculated and displayed. Therefore, at the very first bar of the day, the percentage difference is not necessarily going to be zero.

Inputs

  • Start Time: By default this is set to Trading Day Start Time which means that the opening price is the opening price at the start of the trading day as set through the Session Times in Chart Settings.

    If this is set to First Bar in Chart, the opening price used for the percentage calculation is the opening of the first bar in the chart and it does not change.

    Through Chart >> Chart Settings, you can control the starting date in the chart or how many days to load in the chart to control the opening price when using First Bar in Chart.

Percentage Price Oscillator

Calculates and displays the Percentage Price Oscillator.

Pivot Points - Daily

Refer to the Pivot Points documentation.

Pivot Points - Variable Period

Refer to the Pivot Points documentation.

Pivot Range - Variable Period

This study function is similar to Pivot Points - Variable Period in regards to its Inputs and general functioning. However, the calculations are different.

This study has 4 Subgraphs. The following is the calculation method for each of the Subgraphs.

  • PPTop = (PreviousPeriodHigh + PreviousPeriodLow + PreviousPeriodClose) / 3
  • PPBottom = PPTop
  • Range = PPTop - ((PreviousPeriodHigh + PreviousPeriodLow) / 2 )
  • Top = PPTop + Range
  • Bottom = PPTop - Range

Inputs

Refer to the documentation for the Pivot Points - Variable Period study for a description of the available Inputs. They are the same.

Point and Figure Chart

Image 1

Point and Figure charts consists of columns of X's or O's. A X column is created when the price of the symbol is going up. An O column is created when the price of the symbol is going down. One X or O is plotted for each price move of the specified Box Size Input. The Box Size is specified as a number of ticks effective with version 1333.

If the price of the symbol reverses direction by the number of boxes specified by the Reversal Size Input or more, then a new column is created in the opposite direction.

The Point & Figure Chart study is a study which is added through Analysis >> Studies.

A more efficient alternative to the Point & Figure Chart study is are Reversal Bars which are set through Chart >> Chart Settings. Refer to Time Period Per Bar/ Amount of Data Per Bar.

The Point and Figure graph columns is built from the underlying chart bars in the chart. If the underlying chart bars are 1 minute, then the Point and Figure columns will be based upon 1 minute bar data. If the underlying chart bars are Daily bars, then the columns will be based upon Daily bar data. If the underlying chart bars are less than a minute or based upon a Number of Trades per bar, then the Point and Figure columns will be based upon that data.

The time period of the underlying data is set by selecting Chart >> Chart Settings on the menu. Refer to Time Period Per Bar/ Amount of Data Per Bar.

Point and Figure charts are based on the High and Low of the underlying bars in the chart. If the Open is greater than the Close of an underlying bar, likely meaning the High was made first, then the High is processed before the Low.

If the Open is less than the Close of an underlying bar, likely meaning the Low was made first, then the Low is processed before the High.

For example, if the Point and Figure column currently being built is up and the underlying data bar is determined to be a rising bar, meaning the Low was made first, then Sierra Chart checks to see if the Low causes a reversal. If it did, a reversal will be made.

Sierra Chart will then look at the High to see if a new box or boxes can be added if no reversal was made from the Low.

Or if a reversal was made from the Low, Sierra Chart will look at the High to see if a reversal needs to be made from the new down column.

When you are using the Point and Figure study on an Intraday chart, for the greatest accuracy and stability you may want to use underlying chart bars which are of a very short duration such as 10 seconds. This will give you the highest accuracy and stability.

If you are using 1 minute underlying bars or a greater time period per bar, then as the last underlying bar is changing in its structure, then you may notice a Point and Figure column disappear and reappear until such time that the underlying bar is completed. To eliminate this disappearing and reappearing effect, set the Ignore Last Bar until Completed study Input to Yes.

For a X or Up column: The Low is at the bottom of the column and the Close and High are the top of the column.

For an O or Down column: The High is at the top of the column and the Close and Low are the bottom of the column.

Volume for a Point and Figure column is the actual trading volume for the column.

There are 2 Graph Draw Types for this study. One will display Point and Figure columns with a normal Open High Low Close (OHLC) bar style and the other uses a X-O column style. Refer to Graph Draw Type and Scaling Point and Figure Chart.

If you are displaying the columns as OHLC bars instead of the X-O style, then you may notice that close price of the last bar goes beyond the High or Low. This Point and Figure Chart image explains this.

Subgraph Color Settings: This information applies when the Graph Draw Type is set to use the OHLC bar style. The Open color sets the Open/Close dashes for Up Bars. The High Color sets the High/Low color for Up Bars. The Low color sets the Open/Close dashes for Down Bars. The Last Color sets the High/Low color for Down Bars.

Why Point & Figure Columns Do Not have the Same High/Low As The Underlying Bars

As with most derivitave type charts, Point & Figure charts do not give you a true representation of the actual underlying prices.

A Point & Figure column High in the case of a down Point & Figure column is always one box size below the prior High. The market may not have traded at that price.

A Point & Figure column Low in the case of an up Point & Figure column is always one box size above the prior Low. The market may not have traded at that price.

The Last price of a Point & Figure column/bar is either going to be at the High or Low depending upon whether the column is an Up or Down column respectively.

Graph Draw Type and Scaling Point and Figure Chart

Point and Figure columns can be displayed either as X's or O's or as Open, High, Low, Close (OHLC) bars through the Subgraphs tab of the Study Settings window for the study. For instructions to open the Subgraphs tab, refer to Subgraphs Tab.

Set the Graph Draw Type setting to Point and Figure X-O Columns or Point and Figure OHLC Bars. OHLC bars is the preferred setting to eliminate scaling problems. Refer to the image below.

When displaying the Point and Figure columns as OHLC bars instead of X's or O's, then if prices are rising, then the close mark will be at the top of the bar. If prices are falling, then the close mark is at the bottom of the bar.

On the last bar, the Close/Last trade price is at the current closing price. The Open mark is at the price where the reversal occurred. Reversals are determined from the High or Low of the underlying bars in the chart.

You can use the Chart Values and Chart Calculator Tools on the bars to check values and take measurements.

When the Subgraphs >> Graph Draw Type setting is set to Point and Figure X-O Columns, then the X's and O's may not look completely square because the chart bars are scaled to fit the width of the chart window and the range of prices on the vertical price scale. Also the Box Size Input affects the height of the X's and O's.

In order to get the X's and O's to be square or nearly square, requires that the Bar Spacing be increased or decreased in the chart and the vertical range of prices be changed by using Interactive Scale Range.

You should really consider whether using X's and O's are practical. We recommend using OHLC bars instead.

Inputs

  • Box Size (in ticks): The Box Size is the Point and Figure Chart Box Size and is the most important study Input to set. It specifies the number of ticks according to the chart Tick Size that each X or O box will be.

    The Tick Size is the minimum price increment for the symbol of the chart. It is essential that the Chart >> Chart Settings >> Tick Size setting is set correctly for the chart for the Box Size Input setting to be accurate.

    If the Tick Size is 0.25 for the chart and you have set this Input to 4, then the actual value will be 1.0.
  • Reversal Size: This is the number of boxes that prices need to reverse by, in order to start a new column.
  • Allow One Box Reversals: If this Input is set to Yes, then one box reversals are supported.
  • New Bar at Start of Day: If this Input is set to Yes, then a new Point and Figure column is started at the begining of a new trading day. This is determined from the Session Times settings in Chart >> Chart Settings.
  • Ignore Last Bar Until Completed: If this Input is set to Yes, then the last bar in the underlying chart is ignored until it completes. It is considered complete when there is a new bar added to the chart.
  • Use Percentage of Last Price for Box Size: When this input is set to Yes, then the Point and Figure Box Size is automatically determined and is a percentage of the last price in the chart. The percentage is set with the Box Size Percentage (%) Input. This calculation is only performed when the study is fully recalculated. This happens when the study is added to the chart, Chart >> Recalculate is selected, when changes are made to the Study Settings or when the Chartbook it is contained in is opened.

    When this input is set to Yes, then the Box Size input is ignored.
  • Box Size Percentage (%): When Use Percentage of Last Price for Box Size is set to Yes, then this Input controls the percentage that the Point and Figure Box Size will be of the last price in the chart.
  • Calculate Only Using Close Prices: When this input is set to Yes , then the High and Low of the underlying chart bars is not used in the calculations and only the closing price of the chart bars is.

Positive Volume Index

The Positive Volume Index (PVI) increases on days when the volume increases from the previous day.

Inputs

  • Input Data
  • Initial Value:The initial starting value for the study. This value should be close to the average price of the symbol to allow the study to be overlaid on the main price graph.

Preferred Stochastic - DiNapoli

This study calculates a special Stochastic.

Previous Bar Close

Displays the Previous Bar Close.

Inputs

  • This study has no Inputs.

Previous/Period OHLC-Variable Period

This study calculates and displays lines for the Open, High, Low, and Close (OHLC) values from the previous or current specified time period, on each bar in the chart.

It can be used both on both Intraday and Historical charts. The calculations are derived from the data in the chart itself.

If the Use Current Period Input is set to Yes, then the OHLC values will be for the current period instead of the previous period.

To do Weekly Open, High, Low, and Close values, set the Time Period Type to Weeks and set the Time Period Length to 1.

When Time Period Type is set to Minutes or Days, the time periods for the OHLC lines are always aligned to the Start Time set in Chart >> Chart Settings.

When back-referencing data for the OHLC values, this study is able to skip periods of time where there is insufficient data to calculate OHLC values from (such as weekends, partial trading days and holidays in the case of a 1-Day period). This is a very useful feature. For more information, refer to the Input Minimum Required Time Period as % below. When using this feature it is necessary to also set the Auto Skip Period of No Trading Input to Yes.

If the Minimum Required Time Period as % is set too high it is possible that the OHLC lines will not appear or another effect is that the OHLC lines will not change from the prior period and stay the same. You may need to reduce the percentage using this Input in the case of Tick, Volume, and Range charts, since those have a variable number of bars per period. You may want to use 20% or lower to avoid skipping a period when the study is back-referencing data.

Missing OHLC Lines: If you are missing the OHLC lines for a particular period in the chart and there is no data for the period of time immediately before the time where they are missing, then the cause is simply due to the prior data not being available.

Inputs

  • Time Period Type: Sets the type of time period for the OHLC lines. This Input works in conjunction with Time Period Length.

    For Open, High, Low, Close lines which need to be based upon a trading day, set this Input to Days (not Minutes) and the Time Period Type Input to 1.

    When using Days and Time Period Length is set to a value greater than 1, then the way this works is that from a reference day (Sunday), the number of days is counted from that day and repeats in segments equal to the Time Period Length. So it is not a rolling time length from day to day or counted from the last day in the chart.
  • Time Period Length: Sets the quantity to be used with Time Period Type. For example, for one hour set this to 60 and Time Period Type to Minutes.
  • Minimum Required Time Period as %: This study employs special logic when looking back at the previous period to calculate the Open, High, Low, Close values from, to determine if there is sufficient data. If there is insufficient data, it looks back to the period before the first period it originally referenced. This is very useful weekends, holidays and partial trading days.

    You can control the functioning of this period skipping feature with this Input. For example, if you want there to be at least 50% or more of the bars needed for a period that the OHLC values are calculated from, then set this Input to 50.

    This Input only applies if Auto Skip Period of No Trading is set to Yes.

    When this study determines the number of bars that are needed for a period, it does not consider the Session Times settings in Chart >> Chart Settings. For example, if you are just including the Day Session only in your chart, then there are going to be fewer bars available. Therefore, you need to consider this when setting this percentage. So if you have less than the full 24 hour session of bars in the chart, then you will need to use a lower percentage to avoid skipping periods.
  • Round to Tick Size: Set to Yes to round off the outputted values to the symbols Tick Size. The Tick Size is set in Chart >> Chart Settings.
  • Use Current Period: When this Input is set to Yes, the OHLC values drawn at a bar will be for the period containing the bar and not the previous period.
  • Display Debugging Output (slows study calculations): Set this to Yes to display debugging output in the Message Log.
  • Forward Project OHLC Lines: Set this to Yes to extent the OHLC lines into the Forward Projection area of the chart on the right side.
  • Number Of Days To Calculate: This Input specifies the number of days in the chart, starting from the last bar, that the study should be calculated over. This includes weekends and days without data.
  • Auto Skip Period of No Trading: Set this to Yes to automatically skip periods of insufficient data in the chart. For more information about this, refer to the Minimum Required Time Period as % Input. Set this to No to prevent automatic skipping of periods of insufficient data. When this is set to No, then this means when referencing the prior period in the chart, the prior period will be used even if there is insufficient data. Sometimes for proper functioning of the study, this needs to be set to No.

Price Volume Trend

The Price Volume Trend is similar in concept to On Balance Volume in that it is a cumulative total of volume that is adjusted depending on changes in closing prices. But whereas OBV adds all volume on days when prices close higher and subtracts all volume on days when prices close lower, the PVT adds only a portion of the daily volume. The amount of volume added to the PVT is a function of the amount by which prices rose or fell relative to the previous day's close.

The PVT is calculated by multiplying the day's volume by the percentage change of the underlying security and adding this value to a cumulative total. For example, if the security closed up 0.5% and volume was 10,000 shares, we would add 50 (i.e., 0.005 * 10,000 = 50) to the PVT. If the security had closed down 0.5%, we would have subtracted 50 from the PVT.

Formula:
PVT = (((Close - Yest_Close) / Yest_Close) * Vol) + Yest_PVT

Where:

Close = Today's closing price
Yest_Close = Yesterday's closing price
Vol = Today's volume
Yest_PVT = Yesterday's Price Volume Trend

Q Stick

Calculates and displays the Q Stick study.

The formula is as follows:

  1. The Last price minus the Open open price is calculated at each chart bar and put into an array.
  2. The summation of this array is calculated at each chart bar going back by the specified Length. This is called the SummationResult.
  3. Q Stick = SummationResult / Length.

Inputs

R Squared

Calculates and displays the R Squared study.

Rahul Mohindar Oscillator

Calculates and displays the Rahul Mohindar Oscillator.

Random Walk Indicator

This study calculates the High and Low Random Walk Indicator. The Random walk indicator is used to determine if an issue is trending or in a random trading range. It attempts to do this by first determining an issue's trading range. The next step is to calculate a series of RWI indexes for the maximum look-back period. The largest index move in relation to a random walk is used as today's index. An issue is trending higher if the RWI of highs is greater than 1, while a downtrend is indicated if the RWI of lows is greater than 1.

Inputs

Range Bar Predictor

Displays the projected High and Low for a range bar.

Inputs

  • This study has no Inputs.

Rate of Change - Percentage

The Rate of Change - Percentage study calculates and displays the difference between the current price or volume and the price or volume the specified number of periods ago. The specified number of periods is set through the Length Input. Use the Input Data Input to specify the price bar item or to specify Volume. This study calculates the difference between prices or volumes as a percentage.

Rate of Change - Points

The Rate of Change - Points study calculates and displays the difference between the current price or volume and the price or volume the specified number of periods ago. The specified number of periods is set through the Length Input. Use the Input Data Input to specify the price bar item or to specify Volume. This study calculates the actual difference between prices or volumes.

Ratio (Bar or Single Line)

Calculates the ratio of two charts. Chart1 / Chart2. This is useful for comparing the relative strength of one chart to another. Refer to the Multiple Chart Studies description for instructions to use this study.

The graph can be either a bar or a single line. If you use the Bar version, the actual price graph draw type is set through the Graph Draw Type setting in the Study Settings window for the study.

Relative Volume

The Relative Volume study calculates and displays bar volume and accumulated volume relative to previous chart bars in a time-based bar chart.

This study must only be applied to chart bars which have a fixed amount of time per bar, for accuracy.

This study can only work properly on an Intraday chart.

Relative Volume Calculation

For each chart bar, the bar volume is expressed as a percentage of the average volume for previous bars with the same time period. For example, the 9:30 bar for the current day is compared against the average of the previous 9:30 bars. The relative bar volume is represented with a histogram bar, which can be colored based on a high/low threshold value.

The relative volume percentage and the underlying average volume are available in two separate subgraphs.

Cumulative Volume Ratio Calculation

For each bar in the chart, the following calculation is done:

For each of the prior days being referenced as specified by the Period Input, the volume from the open for the day determined by the Session Times is added together for each chart bar up to and including to particular time being compared to on the current day. This value is called PriorDayCumulativeVolumeToTime and there is one for each day of the Period.

Each of these PriorDayCumulativeVolumeToTime values is averaged together. The result is: PriorDayAverageCumulativeVolumeToTime.

For the current day, the volume for each chart bar is added together from the open for the day as determined by the Session Times to the particular bar time being compared to. This is called CurrentDayCumulativeVolumeToTime.

The Cumulative Volume Ratio is calculated as: CurrentDayCumulativeVolumeToTime / PriorDayAverageCumulativeVolumeToTime

For Futures Symbols Use Continuous Futures Contract Charts

In the case of a futures symbol, and when the Period Input is set to a higher value, it is recommended to use a Continuous Futures Contract Chart. Otherwise, the study could be referencing data in the chart where the futures contract was not actively traded and therefore give inaccurate results.

Inputs

  • Period: This Input specifies the number of days to include in the Average Volume or Average Cumulative Volume calculation.
  • Accumulation Type: Specifies either All Days or Day Of Week. When Day Of Week is specified, only bars from the same Day Of Week are included in the averages (Example: only Mondays if current bar is a Monday). When All Days is specified, Period consecutive week days are included in the averages.
  • Day Session Only: When this Input is set to Yes, and you have defined and enabled 2 separate Session Times in Chart >> Chart Settings, then the study is only calculated based upon the Day session only as specified by the Start Time and the End Time in Chart Settings. Refer to Session Times in Chart Settings for more information about setting the Session Times.
  • Volume Average Type: When set to Average Volume the prior days values are averaged, and when set to Median Volume the median value of the prior days values is used.
  • High Percent Threshold: When non-zero, the Relative Volume bars will be colored the High Threshold Color when the Relative Volume percentage is greater than or equal to this value. A value of 120 translates to 120 percent.
  • High Threshold Color: Color used to color High Threshold Relative Volume bars.
  • Low Percent Threshold: When non-zero, the Relative Volume bars will be colored the Low Threshold Color when the Relative Volume percentage is less than or equal to this value. A value of 80 translates to 80 percent.
  • Low Threshold Color: Color used to color Low Threshold Relative Volume bars.
  • Exclude Dates: Allows certain dates to be excluded. For example, holidays can skew the calculations greatly. Dates are specified as a comma separated list of values in the YYYYMMDD format (Example: 20150525). Up to 64 dates can be specified.

Renko Chart

The Renko Chart study is an older study that has now been replaced with the new Bar Period Type >> Renko in Ticks setting.

A Renko Chart is a chart made up of boxes which are always the same size. The value of these boxes are specified with the Renko Box Size Input. A Renko box is drawn in a Renko chart when the underlying data in the chart moves by the specified Renko Box Size. In order for this study to work properly, you must set the Renko Box Size correctly. In newer versions, when it is set to 0, Renko Box Size will be automatically set based upon a multiple of the Tick Size. A new box will not be drawn until the Renko Box Size has been met. This study is built from the underlying bars in the chart. By default, the Last/Close values of the underlying bars are examined. For a more stable and complete Renko chart, you will want to set the Use High/Low Values Instead of Last Value Input to Yes.

This study can be applied to a chart of any time period per bar. This is set through Chart >> Chart Settings. Underlying bars of a very short duration, such as under 10 seconds, will create the most accurate chart. You may wish to use a longer time period per bar for different results. The study can be applied to Historical Daily charts as well.

Note: You must have the proper Tick Size set in Chart >> Chart Settings for the study to work properly.

Inputs

  • Renko Box Size: This Input specifies the actual range value (height) of a Renko box on the chart. This is also the amount by which the Last/Close price of the underlying bars in the chart have to move in comparison to the top or bottom of the last drawn Renko box, in order to draw a new box. This Input needs to be a multiple of the Tick Size for the symbol of the chart that the Renko study is applied to.
  • Use High/Low Values Instead of Last Value: Normally, Renko bars are based upon the Last or Close value of the underlying bars in the chart. This is the case when this Input is set to No. When this Input is set to Yes, then the High and Low values of the underlying bars in the chart will be examined to determine if a new Renko bar can be added. This will provide for more complete analysis of the underlying data. This is nonstandard, however it does create more stable Renko chart display and the Renko bars will consider all of the underlying price data.
  • Ignore Latest Underlying Bar until Close: When this Input is set to Yes, then the latest underlying bar in the chart is ignored until it completes. This is useful when Use High/Low Values Instead of Last Value is set to No because when Renko bars are based upon the Last value, as the latest bar is building in real-time, this can cause the last Renko bar to appear and disappear as the condition for creating a bar is being met and not met. Therefore, when this Input is set to Yes, this appearance and disappearance of the latest Renko bar, will never occur.

Renko Chart Enhanced

The Renko Chart Enhanced study is an older study that has now been replaced with the new Bar Period Type >> Renko in Ticks setting.

A classic Renko Chart is made up of bricks which are always the same size. Renko bricks are drawn in a classic Renko chart when the underlying data in the chart moves by the specified Brick Size beyond the previously closed brick.

The Renko Chart Enhanced study significantly improves upon a classic Renko chart to offer more data and options. The primary addition is the tracking of the high and low values that are outside of the classic brick, also called the wick data. The wick data can be displayed by setting the Graph Draw Type to Candlestick. The Candlestick Body Only Graph Draw Type can be used when the wick data should not be displayed.

The Renko Chart Enhanced also draws the final brick as live data is received. The final live brick could be either an up or down brick, and is not determined until the brick is complete. The final brick is never removed, but the Open value of the brick can change when the brick is closed based on the Show Real Open Input.

This study can be applied to a chart of any time period per bar. The time period per underlying bar is set through Chart >> Chart Settings. Underlying bars of a very short duration, such as under 10 seconds, will create the most accurate chart. Avoid 1 tick, see paragraph below. Larger duration underlying bars will be more efficent, but lose detail versus live data. For example, if you are using underlying bars with a relatively long time period, you will have accurate Renko bars when tracking live data, but when you use Chart >> Recalculate you could lose some Renko bars if the underlying bar transistioned between the high/low values multiple times. Another example, would be when you have an extremly large bar due to news.

It is not recommended that you set the underlying bars in the chart to 1 Tick. This could cause some unexpected issues due to repeating timestamps and is not memory or CPU efficient. Generally you should be using underlying bar time frames of 1 second to 1 minute. This study generally will give you 100% accuracy even with 1 minute bars. When you set the underlying bars to 1 tick, the memory required for a bar is allocated for each tick and this is what causes the high memory usage. Alternatively, you could use 1 Tick Range bars. This is memory efficient and still gives you assurance of absolute complete precision under all conditions.

Note: You must have the proper Tick Size set in Chart >> Chart Settings for this study to work properly.

Inputs

  • Brick Size: This Input specifies the actual range value (height) of a Renko brick on the chart in ticks. So, the brick size will be the value of this Input times the Tick Size for the symbol of the chart that the Renko study is applied to.
  • Align to Brick Size: Classic Renko bricks do not have a natural alignment, and are based purely on price. When this Input is set to Yes, the first brick of a session is aligned to the natural size of the brick, aligning all bricks in the session to the natural alignment. For example, if a symbol with a Tick Size of 0.25 was used with a Brick Size of 4, the Brick Size would be 1.00 in terms of price, and would be aligned on even values of 1.00 (i.e. 897.00, 898.00, ...). This Input is only effective when the Brick Size evenly divides into the point value of the symbol.
  • Show Real Open: This Input affects how a brick displayed. When this Input is set to No, a classic Renko brick is displayed, by setting the Open value to the Close plus or minus the brick size. In this case, the true Open value can still be accessed in the True Open Subgraph. When this Input is set to Yes, the open value of the Renko brick is set to the true open, which may distort the Renko brick size, but allows the true Open value to be observed. In this case, the Renko Open value can be accessed in the Renko Open Subgraph.
  • Fill Session Gap: When this Input is set to Yes, Renko bricks will be added to fill the gap between the prior Close and the Open of the bar starting a new session. These fill bricks will have zero volume. When this Input is set to No, fill bricks are not added, and instead the final bar of the previous session is closed as is, and a new bar is started for the new session.

Graph Draw Type

Any Graph Draw Type can be used. The typical Graph Draw Types are given below. To set the Graph Draw Type, open the Study Settings window for the Renko Chart Enhanced study. Go to the Subgraphs tab. Change the Graph Draw Type setting.

  • Candlestick: When this Graph Draw Type is used, the classic Renko brick is represented by the Candlestick body, and the Candlestick wicks will represent the High/Low data that falls outside the Renko brick.
  • Candlestick Body Only: When this Graph Draw Type is used, a classic Renko brick is drawn using the Open and Close values of the bar. The High and Low values are still present in High and Low Subgraphs, but are not displayed. The values can still be used in ACSIL and with the Spreadsheet Studies. The values are also visible in the Window >> Chart Values Window.

Round Price Bars to Tick Size

This study will round the Open, High, Low, and Close values of the price bars exactly to the Tick Size specified in Chart >> Chart Settings. The study is useful where the original values of the chart bars may be in a smaller increment than the desired Tick Size.

  • The study has no Inputs.

Round Study Subgraph to Tick Size

This study will round the selected study Subgraph data to the nearest tick size value based upon the Tick Size setting in Chart >> Chart Settings. The first step is to select the study you want this study based on by using the Based On setting in the Study Settings Window for the Round Study Subgraph to Tick Size study. The next step is to use the Input Data Input and select the study Subgraph you want to round the values for. Also verify you have the proper Tick Size setting in Chart >> Chart Settings.

You probably will want to hide the study that this study is based on. To do this open the Study Settings Window for that study and enable the Hide Study option.

RSI

This study calculates the Welles Wilder Relative Strength Index.

  • Input Data
  • RSI Length
  • RSI Moving Average Length: The length to use for a simple moving average of the RSI.
  • Line 1 Value
  • Line 2 Value
  • Average Type:This Input sets the internal up and down average calculation method. Set to 2 for the standard RSI average calculation method (default). Set to 1 for the Welles average method. Set to 0 for a true standard mathematical average.

RSI - W

This study calculates the Welles Wilder Relative Strength Index. It uses the Wilder's Smoothing Average method for the average upward and downward price change calculation.

SC Woodies Panel

This study displays the Woodies trading group data information panel on the right side of a chart. This study can only be used as part of the Woodies study collections available on the Additional Files page. For more information, refer to that page.

Inputs

  • Panel Range Top Value
  • Panel Range Bottom Value
  • Show Descriptive Labels
  • Number of Fill Space Columns
  • CCI Study Reference
  • Projected Entry Offset in Ticks
  • Use Woodies Background Color
  • Trading Stop Time
  • CCI Predictor Study Reference
  • Show Previous Close
  • Use Secondary Color after Trading Stop Time
  • SideWinder Study Reference
  • Left Edge Text Offset

Senkou Span A

Calculates and displays the Senkou Span A study.

Senkou Span A & B

Calculates and displays the Senkou Span A & B study.

The Study Subgraphs Span A and Span B by default have a Displacement setting of 26. When changing the various Input settings for this study, you may need to change the Displacement Input setting to correspond if needed.

Inputs

Senkou Span B

Calculates and displays the Senkous Span B study.

SideWinder

This study calculates and displays the Woodies trading group Sidewinder study. This study can only be used as part of the Woodies study collections available on the Additional Files page. For more information, refer to that page.

Inputs

  • LSMA Length
  • ESMA Length
  • Trending Threshold
  • Normal Threshold
  • Line Value
  • Tick Value: This should normally be 0 unless you want to override the Tick Size setting for the chart.

Color Settings

SW Top Primary: Color for Normal Up.

SW Top Secondary: Color for Trending Up.

SW Bottom Primary: Color for Normal Down.

SW Bottom Secondary: Color for Trending Down.

Flat Color: Color for Flat Market.

Sine-Wave Weighted Moving Average

Calculates and displays the Sine-Wave Weighted Moving Average study.

Inputs

  • This study has no Inputs.

Spread - 3 Chart

This study uses 3 charts and creates a price bar graph. The formula is: Chart 1 + Chart 2 - Chart 3.

This study can also support this formula: Chart 1 - Chart 2 - Chart 3 by setting the Chart 2 Multiplier Input to a negative value.

Refer to theMultiple Chart Studies section for instructions for this type of study and the available study Inputs.

Spread - Butterfly

This study uses 3 charts and creates a price bar graph. The default formula is: Chart 1 - (Chart 2 * 2) + Chart 3. See the Multiple Chart Studies section for instructions for this type of study and the available study Inputs.

Spreadsheet Study

Refer to the Overview of Spreadsheet Studies documentation page for complete instructions to use this study.

Spreadsheet System/Alert

Refer to the Overview of Spreadsheet Studies documentation page for complete instructions to use this study.

Spreadsheet System/Alert for Trading

Refer to the Spreadsheet Systems, Alerts and Automated Trading documentation page for complete instructions to use this study.

Square of 9

This study calculates Gann's Square of 9 indicator.

Add this study to a chart. Set the Anchor Value, Degrees, and Level Inputs. This study will draw a line at the specified Anchor Value and at the positive and negative degrees from the Anchor line as specified by the Degrees and Level Inputs. To get multiple degrees you need to add this study multiple times to the chart using a different Level Input for each.

If you find that your price graph is getting compressed by the Square of 9 lines, then set the Scale Range Type in the Scale settings for this study to Same As Region.

Inputs

  • Anchor Value: The user designated starting level for the calculations. This is usually a significant high or low in the chart.
  • Degrees: The degrees that you wish to use for the calculations.
  • Level: The degrees level for the lines. For example, if Degrees is set to 22.5 and the Level is set to 1, then lines are drawn at positive and negative 45 degrees from the Anchor Value. If Degrees is set to 22.5 and the Level is set to 2, then the lines are drawn at positive and negative 90 degrees from the Anchor Value. And so on.

Standard Deviation Bands

This study is similar to Bollinger bands, however it is more customizable.

Standard Deviation

Calculates the standard deviation of the data specified by the Input Data Input over the Length number of bars.

Standard Error Bands

This study is similar in appearance to Bollinger bands, however they are calculated and interpreted differently. Where Bollinger bands are plotted at standard Deviation levels above and below a moving average, Standard Error Bands are plotted at Standard Error levels above and below the Linear Regression Indicator.

STIX

The STIX is a short-term trading oscillator that was published in The Polymetric Report. It compares the amount of volume flowing into advancing and declining stocks.

Add this study to a Historical chart for a symbol which indicates the number of advancing issues. Also, open a Historical chart for a symbol which indicates the number of declining issues. Set the Declining Issues Chart Number Input to the declining issues chart number. See the Multiple Chart Studies description for more information.

Inputs

  • Declining Issues Chart Number: Identifying number of the declining issues chart to use in the study formula. Chart identifying numbers are right of the # displayed on the title bar of the chart and at the top of the price graph.

Stochastic - Fast

The Stochastic oscillator compares where a symbol's price closed relative to its price range over a given time period.

Stochastic - Slow

The Stochastic oscillator compares where a symbol's price closed relative to its price range over a given time period. The Stochastic-Slow study differs from Stochastic-Fast, by calculating a moving average of the Fast %D line. This result is known as the Slow %D. The study displays the Fast %D (Slow %K) line and the Slow %D line.

Stochastic Crossover System

The Stochastic Crossover System is a study which displays Up and Down Arrows representing Buy and Sell signals, on the chart based upon the crossover of the Stochastic Slow %K and Slow %D lines.

If Slow %K crosses Slow %D from the bottom and (Slow %K is below Line 2 or Use Buy/Sell Lines is set to No), then a Buy signal is given with an Up Arrow below the Low of the current bar.

If Slow %K crosses Slow %D from the top and (Slow %K is above Line 1 or Use Buy/Sell Lines is set to No), then a Sell signal is given with a Down Arrow above the High of the current bar.

Inputs

Stochastic Momentum Indicator

The Stochastic Momentum Indicator study calculates and displays the Stochastic Momentum Indicator.

Stochastic RSI

Calculates and displays the Stochastic RSI study.

Study Angle

This study calculates the angle of a line (Subgraph) from another study on the chart. The angle is calculated based on the change in points of the Input Data over the specified Length.

The Length is a number of bar columns in the chart. The Value Per Point Input is used to set what the value of a Point is. The output is given in degrees, and the range of the output is between 90 and -90, where a positive value means the study Subgraph line is sloping up and a negative value means the study Subgraph line is sloping down.

To use this study, set the Based On setting in the Study Settings window for the Study Angle study to the study that you want to calculate the angle from. After this, set the Input Data Input to the specific study Subgraph name that you want to calculate the angle for.

Inputs

Study Moving Average

This study is for back-compatibility. You should use the new Based On setting for a study to base a study on another study. For more information, see Technical Study Settings.

Study/Price Overlay

Refer to the Study/Price Overlay study documentation.

Study Overlay - OHLC (Open, High, Low, Close)

This study overlays a study Line/Subgraph from another chart (usually of a shorter duration bar period) onto the chart this study is applied to (usually a longer duration bar period compared to the source chart). It displays it as an OHLC (Open, High, Low, Close) bar.

For example, if you overlay a study line from a 1 minute chart onto a 5 minute chart, then each column for this study in the 5 minute chart will show the Open, High, Low, Close values for the study line from the 1 minute periods during the same 5 minute period. This is useful to be able to create OHLC bars for a study to see its range of values during a longer duration bar by referencing the study Line/Subgraph on shorter duration bars. For the greatest accuracy the shorter duration bars could set to a low value like 5 seconds per bar.

To be able to view the High and Low values for a study based upon a higher timeframe per bar but the study is calculated on a shorter timeframe per bar chart, it is necessary to adjust the Length Inputs of the study on the shorter timeframe per bar chart. The study will need to have its Length Inputs increased by the amount which is equal to the higher timeframe divided by the shorter timeframe. For example, if the study is applied to and being calculated on a 1 second chart and it is overlaid on a 1 minute chart, then you will need to increase the Length Inputs by 60 times. This is imperfect, but it does give some approximation.

One possible use of this study is to create High Accuracy Spread charts.

This study can also be used to overlay a main price graph from one chart on to another chart. To do this, the Study setting in the Chart, Study, Subgraph Reference Input needs to be set to <Main Price Graph>. In this particular case, you most likely will want to set the Subgraph to overlay to Last. And the main price graph should be on a chart which has a shorter timeframe bar compared to the charts this study is on.

Copying Results of Color Bar Based on Alert Condition From Chart Bars with Shorter Time Frame to Chart Bars with Higher Timeframe

The Study Overlay - OHLC study has another useful purpose and that is to copy the results of the Color Bar Based on Alert Condition study when used on chart bars of a shorter time frame to chart bars of a higher timeframe.

Therefore, if any of the chart bars from the shorter timeframe bars, are colored by the study and therefore the study at that bar column is returning TRUE, then one or more of those TRUE results will be copied to the corresponding destination bar column of a higher time frame per bar chart without missing any of these TRUE conditions.

When using Study Overlay - OHLC this purpose, set the Use Zero Values from Source Study Input to No and set Draw Zero Values Input to No.

Inputs

  • Chart, Study, Subgraph Reference: This Input specifies the particular Chart, Study on that Chart, and Subgraph within that Study to reference and to create the Open, High, Low, Close bars from. It is the selected Subgraph which is used in the calculation.

    The chart being referenced must be open and within the same Chartbook. First select the Chart.

    After selecting the Chart, select the Study. After selecting the Study, select the particular Subgraph within that study to reference.
  • Use Zero Values from Source Study: When this Input is set to Yes, then zero values from the referenced source Study Subgraph with a value of zero will be ignored and will not copy to the destination OHLC bars. However, still one or more of the Open, High, Low, Close values for an output bar could be zero because it had to be initialized to 0.
  • Multiplier: The values of the Study Subgraph are multiplied by this number.
  • Draw Zero Values: When this Input is set to No, the Open of a bar will not be drawn if the value is 0. The High and Low of a bar will not be drawn if one of them is 0. And the Close of the bar will not be drawn if it is 0. In the case when this Input is set to Yes, these values will all be drawn.

Study Subgraph Add

This study Adds the specified value to the selected study Subgraph.

To select the study to Add to, set the Based On study setting to that study and set the Input Data Input to the specific study Subgraph in that study to Add the value to.

More than likely you will want to display this study in the same chart region as the study that it is based on.

To do this, set the Chart Region setting in the Study Settings window for this study to the same Chart Region as the study you have based it on using the Based On setting. You can also hide the study you have based this study on by opening the Study Settings window for that other study and enabling the Hide Study option.

Inputs

  • Input Data
  • Amount to Add: This Input sets the amount to add to the selected study Subgraph.
  • Add to Zero Values in Based On Study: When this input is set to Yes, the default, then the Amount to Add is always added to the Input Data of the Based On study. When this is set to No, then at chart columns where the Input Data from the Based On study is 0, then the addition does not occur.

Study Subgraph As Text Above/Below Bar

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Inputs

Study Subgraph Daily High Low

The Study Subgraph Daily High Low study calculates and displays lines for the highest High and lowest Low for the Study Subgraph being referenced, for each trading day.

The trading day is defined by the chart Session Times.

Inputs

  • Study Subgraph Reference: This Input specifies the specific Study and Study Subgraph that you want to calculate the daily High and Low for.

Study Subgraphs Add

Calculates the sum between two study subgraphs. These can be part of different studies on the chart. Formula: Study Subgraph 1 + Study Subgraph 2

Inputs

  • Input Study 1: Use this Input to select the study and study Subgraph for Study Subgraph 1 used in the sum calculation.
  • Input Study 2: Use this Input to select the study and study Subgraph for Study Subgraph 2 used in the sum calculation.
  • Study 2 Subgraph Offset: This Input specifies the offset, in chart bars, from the current bar when determining the value for Study Subgraph 2.

Study Subgraphs Average

The Study Subgraphs Average study calculates the average of two study Subgraphs from the same or different studies on the chart.

The studies to reference are set with the Study Subgraph Reference 1 and Study Subgraph Reference 2 study Inputs.

Inputs

  • Study Subgraph Reference 1: This Input specifies the specific Study and Study Subgraph, that you want to average with Study Subgraph Reference 2.
  • Study Subgraph Reference 2: This Input specifies the specific Study and Study Subgraph, that you want to average with Study Subgraph Reference 1.

Study Subgraph Standard Deviation

This study calculates the standard deviation of the selected study Subgraph over the length specified by the Standard Deviation Length Input. This standard deviation is multiplied by the Standard Deviation Multiplier Input and is added and subtracted to the selected study Subgraph.

To select the study Subgraph to calculate the standard deviation from, use the Based On study setting to select the study and set the Input Data Input to the specific study Subgraph in that study.

More than likely you will want to display this study in the same chart region as the study that it is Based On. To do this, set the Chart Region setting in the Study Settings window for this study to the same Chart Region as the study you have based it on using the Based On setting.

Study Subgraph Subtract

This study Subtracts the specified value from the selected study Subgraph. To select the study to Subtract from, set the Based On study setting to that study and set the Input Data Input to the specific study Subgraph in that study to Subtract the value from.

More than likely you will want to display this study in the same chart region as the study that it is based on. To do this, set the Chart Region setting in the Study Settings window for this study to the same Chart Region as the study you have based it on using the Based On setting. You can also hide the study you have based this study on by opening the Study Settings window for that other study and enabling the Hide Study option.

Inputs

  • Input Data
  • Amount to Subtract: This Input sets the amount to subtract from the selected study Subgraph.

Study Subgraphs Difference

Calculates the difference between two study subgraphs. These can be part of different studies on the chart. Formula: Study Subgraph 1 - Study Subgraph 2. Use the Input Study 1 and the Input Study 2 Inputs to select the study Subgraphs to use in the calculation.

Inputs

  • Input Study 1: Use this Input to select the study and study Subgraph for Study Subgraph 1 used in the difference calculation. You can select <Main Price Graph> to access the main price graph of the chart. In this case, you can set the Subgraph to reference the Open, High, Low, Last, or the many other choices available.
  • Input Study 2: Use this Input to select the study and study Subgraph for Study Subgraph 2 used in the difference calculation. You can select <Main Price Graph> to access the main price graph of the chart. In this case, you can set the Subgraph to reference the Open, High, Low, Last, or the many other choices available.
  • Study 2 Subgraph Offset: This Input specifies the offset, in chart bars, from the current bar being calculated when determining the value for Study Subgraph 2. This is always interpreted as a positive value and it refers to the number of bars back from the current bar. For example, if this is set to 1, then this means that the value for Study Subgraph 2 at the prior bar will be used rather than for the current bar being calculated.

Study Subgraph Multiply

This study Multiplies selected study Subgraph by the specified Multiplier. To select the study to use, set the Based On study setting to that study and set the Input Data Input to the specific study Subgraph in that study to multiply by the specified Multiplier.

More than likely you will want to display this study in the same chart region as the study that it is based on. To do this, set the Chart Region setting in the Study Settings window for this study to the same Chart Region as the study you have based it on using the Based On setting. You can also hide the study you have based this study on by opening the Study Settings window for that other study and enabling the Hide Study option.

Inputs

  • Input Data
  • Multiplier: This Input sets the amount to multiply the selected study Subgraph by.

Study Subgraphs Multiply

Calculates and displays the result between the multiplication of two study subgraphs. These can be part of different studies on the chart. Formula: Study Subgraph 1 * Study Subgraph 2.

Inputs

  • Input Study 1: Use this Input to select the study and study Subgraph for Study Subgraph 1 used in the product calculation.
  • Input Study 2: Use this Input to select the study and study Subgraph for Study Subgraph 2 used in the product calculation.
  • Study 2 Subgraph Offset: This Input specifies the offset, in chart bars, from the current bar when determining the value for Study Subgraph 2.

Study Subgraph Divide

This study Divides the selected study Subgraph by the specified Divider. To select the study to use, set the Based On study setting to that study and set the Input Data Input to the specific study Subgraph in that study to divide by the specified Divider.

More than likely you will want to display this study in the same chart region as the study that it is based on. To do this, set the Chart Region setting in the Study Settings window for this study to the same Chart Region as the study you have based it on using the Based On setting. You can also hide the study you have based this study on by opening the Study Settings window for that other study and enabling the Hide Study option.

Inputs

  • Input Data
  • Divider: This Input sets the amount to Divide the selected study Subgraph by.

Study Subgraphs Ratio

Calculates and displays the Ratio between two study subgraphs. These can be part of different studies on the chart. Formula: Study Subgraph 1 / Study Subgraph 2.

Inputs

  • Input Study 1: Use this Input to select the study and study Subgraph for Study Subgraph 1 used in the ratio calculation.
  • Input Study 2: Use this Input to select the study and study Subgraph for Study Subgraph 2 used in the ratio calculation.
  • Study 2 Subgraph Offset: This Input specifies the offset, in chart bars, from the current bar when determining the value for Study Subgraph 2.

Study Subgraphs Reference

This study references the Subgraphs from two other studies on the same chart and combines them into a single study.

This study has two general purposes. The first purpose is to combine study Subgraphs from two separate studies that are in different Chart Regions into the same Chart Region.

The second purpose is to combine study Subgraphs from two separate studies into a single study, so that a Filled Area can be created between the two study Subgraphs.

Inputs

  • Input Study 1: Use this Input to select the study and study Subgraph to reference.
  • Input Study 2: Use this Input to select the study and study Subgraph to reference.

Sum (Bar)

Calculates the sum of two charts. See the Multiple Chart Studies description for instructions.

Sum All Charts

Calculates the sum of all charts in the chartbook. There are two versions of this study, one of them displays a single line and Sum - All Charts (Bar) displays a complete price bar.

Inputs

  • This study has no Inputs.

Sum All Charts (Bar)

Inputs

  • This study has no Inputs.

Sum Charts From List

The Sum Charts From List study will create chart bars that are the sum of the data in the specified list of charts and then divide that sum by a divisor.

In other words, the Open, High, Low, Close, Volume, Open Interest/Number of Trades bar data are based upon the individual sum of the Open, High, Low, Close, Volume, Open Interest/Number of Trades bar data from the list of charts.

The Open values are summed and divided by the Divisor Input, the High values are summed and divided by the Divisor Input, the Low values are summed and divided by the Divisor Input, and the Close values are summed and divided by the Divisor Input. The same with the Volume values. They are summed and divided by the Divisor Input

Inputs

  • Divisor: The sum of all charts is divided by this value. If you leave this value at 0, then it will equal the number of charts specified in your List of Chart Numbers.
  • Synchronize Charts: When this is set to Yes, then the chart this study is applied to controls the time periods of the other charts, making them all the same time period per bar.
  • List of Chart Numbers: This is a comma separated list of the charts that you want to sum. Each chart has a number, and it is shown after the number sign (#) in the Region Data Line in Chart Region 1 (this is at the top of the chart), and on the title bar of the chart window. Example: #4. These are the numbers that you enter in this list, and they need to be separated by commas. Example list: 1, 2, 3, 5. All of the charts need to be open and need to remain open. All of the charts also need to be in the same Chartbook that this study instance is contained within.

    It is supported to specify a multiplier for each individual chart. To specify the optional multiplier enter an asterisk (*) after the Chart Number, followed by the multiplier value. Example: 1*1.5, 2*.2, 3*1, 5*3. The general format is: [ChartNumber]*[Multiplier], [ChartNumber]*[Multiplier], .... The multiplier can also be negative. For example, if you want to subtract the value of a particular chart use a multiplier of -1.

    This multiplier will be applied to the Open, High, Low, Close bar values.

    The inverse of the multiplier is also applied to the Volume, Open Interest/Number of Trades bar values. For example, a multiplier of 2 becomes .5 and this is multiplied by the volume values.

Summation

Calculates and displays the Summation of the Input Data.

Inputs

Summation Periodic

Synthetic VIX

This is a synthetic volatility index study. The formula is: (Highest(Close,22) - Low) / (Highest(Close,22)) * 100.

Inputs

Swing High and Low

This study marks Swing Highs and Swing Lows on the chart by placing an arrow above the chart bar for a Swing High and below the bar for a Swing Low.

A Swing High is when the bars on both sides of a bar have a lower high than that bar. The Length Input specifies how many bars on either side of the bar to compare to. By default this is 1. If it is set to 2, then 2 bars on either side of a bar would need to have a lower high for there to be a Swing High. If the Allow Equal High/Low Bars Input is set to Yes, then the bars on either side of a bar can have an equal high.

A Swing Low is when the bars on both sides of a bar have a higher low than that bar. The Length Input specifies how many bars on either side of the bar to compare to. By default this is 1. If it is set to 2, then 2 bars on either side of a bar would need to have a higher low for there to be a Swing Low. If the Allow Equal High/Low Bars Input is set to Yes, then the bars on either side of a bar can have an equal low.

This study has a dependency upon the Price Display Format / Value Format for the main price graph in the in the chart for it to work properly. Therefore, the setting must be correct. The Price Display Format is set through Chart >> Chart Settings.

In the case where a study is set to display as the main price graph, then you need to adjust the Value Format for that study and this is set through the Study Settings window for that study.

A Swing High or Swing Low will never be identified on the last bar in the chart because it is not possible to determine that. Also, the most recent Swing High or Swing Low could change as the latest bar in the chart changes.

Inputs

  • Arrow Offset as Percentage: This specifies the offset as a percentage that the arrows should be placed away from the High or Low of a bar. The offset is calculated by taking the range of the bar and multiplying it by the percentage.
  • Length: The Length Input specifies the the number of bars to the left and to the right of a bar, not including the bar itself, to look for Swing High or Low patterns. The pattern must exist both to the left and to the right for the specified number of bars in order for there to be a detected Swing High or Low. For more details, refer to the description above.
  • Allow Equal High/Low Bars: When this Input is set to Yes, then the bars on either side of a bar can have an equal High or Low for the pattern to be considered a Swing High or Low.

Symbol Display

The Symbol Display study displays the symbol of the chart on the chart.

The size of the text is controlled through the Symbol Study Subgraph with the Size setting.

The Initial Horizontal / Vertical Position Inputs set the initial position for the Symbol. The symbol can then be moved later by left clicking on it when a non-drawing tool is active. Move your Pointer to move it to a new location and then left click again.

Inputs

  • Initial Horizontal Position From Left (1-150): Refer to the documentation for this Input with the Countdown Timer Inputs.
  • Initial Vertical Position From Bottom (1-100): Refer to the documentation for this Input with the Countdown Timer Inputs.
  • Display in Fill Space: Refer to the documentation for this Input with the Countdown Timer Inputs.
  • Transparent Label Background: When this Input is set to Yes, the clock text will be transparent and not completely cover the chart bars.

Tenkan-Sen

Calculates and displays the Tenkan-Sen study.

Text Display For Study

The Text Display for Study, is a study which is designed to give you a large text display of the value at the last bar in the chart of the selected Subgraph of the selected Study on any chart in the Chartbook.

The study Subgraph can also be from the same chart that this study is applied to. You can position this value text display anywhere on the chart. Use the Study And Subgraph To Display Input to select which study Subgraph to display as large text.

Once you have the value of a study Subgraph for the last bar displayed, as text on the chart, you may not want to view the original study any longer. To do this go into the Study Settings window for the study and enable Hide Study.

Setting the Text Font Size

To set the font size of the text, open the Study Settings window for this study. For instructions, refer to the Adding/Modifying Studies section.

Select the Subgraphs tab. Adjust the Width/Size setting for the Text Display Subgraph.

Inputs

  • Horizontal Position From Left: This Input specifies the relative position from the left side of the chart that the study value text will appear at. The value can be from 1 to 150. This Input is ignored if Display in Fill Space is set to Yes.
  • Vertical Position From Bottom: This Input specifies the relative position from the bottom of the Chart Region that the study value text will appear at. The value can be from 1 to 100. 1 is at the bottom of the region and 100 as at the top of the region.
  • Display in Fill Space: When this Input is set to Yes, then study value text will be displayed in the Right Side Fill Space.
  • Study And Subgraph To Display: This Input provides 3 list boxes allowing you to select a specific Chart, Study and the study Subgraph that you want to display the last value of as a large text display. If you do not see the particular study you want to select listed and it is on the same chart and in the list of Studies to Graph in the Chart Studies window, then you need to first Apply the studies to the chart before you can select them if they were not applied to the chart before.
  • Subgraph Columns Back: The default value for this Input is 0. It specifies from the last column/bar in the chart, how many columns/bars back to get the value from the study Subgraph to display. For example if this is 1, then the second to last value in the study Subgraph being referenced, will be displayed by this study as text.

    This can also be set to a negative value to reference study Subgraph values after the last column/bar in the chart. This would be for studies that draw past the last bar in the chart.
  • Prefix Text for Displayed Value: You are able to specify text that the displayed value will be prefixed with. This Input allows you to specify the text. This allows you to label the displayed value so you know exactly what it is when looking at it on the chart. The final output will be: [Prefix Text]: [value].

Three Line Break Chart

A Three Line Break chart displays boxes using only the Last/Close prices of the underlying bars in the chart. Only the Last/Close prices are used. Not the High or Low. Although with the Input Data Input you can select another bar element instead, such as an Average Price.

If an underlying bar Last price exceeds the current bar box High price, a new Uptrend box is drawn. The opening price of the new box is the same as the previous box close price unless the Show Real Open Input is set to Yes.

If the Last price exceeds the current bar box Low price, a new Downtrend box is drawn. The opening price of the new box is the same as the previous box close price unless the Show Real Open Input is set to Yes.

Nothing happens if the Last price is within the current bar box High and Low price.

If there is a consecutive number of boxes in the same direction, Uptrend or Downtrend boxes, then the Last price must go below or go above the lowest price or highest price respectively, of the specified number of consecutive boxes for a new box to be drawn. The number of consecutive boxes is specified with the Consecutive Boxes to Break (n) Input. Otherwise, if the number of consecutive boxes is less than the specified number (Consecutive Boxes to Break (n) Input), the Last price only needs to go below or go above the lowest price or the highest price respectively, of only the current bar box to make a new box unless the Must Break Consecutive Boxes < n is set to Yes.

For example, if Consecutive Boxes to Break (n) is set to 3, and the last 3 boxes are all Downtrend boxes, then in order for a new Uptrend box to be drawn, the underlying bar Last trade price must be higher than all 3 Downtrend boxes.

The Three Line Break chart draws the final box as live data is received. The final live box could be either an up or down box, and is not determined until the box is complete. The final box is never removed, but the Open value of the box can change when the box is closed based on the Show Real Open Input.

This study can be applied to both Intraday and Historical daily charts. The period of the underlying bars can be any period. Although bars of a very short duration, such as under 10 seconds, would create the most accurate chart. You may want to use a longer time period per bar for different results.

Inputs

  • Input Data
  • Consecutive Boxes to Break (n): The number of consecutive boxes in the same direction that have to be exceeded to start a new box.
  • Must Break Consecutive Boxes < n: If this Input is set to Yes, then the Last price must exceed the High or Low of consecutive Uptrend or Downtrend boxes that are less than the number specified with Consecutive Boxes to Break (n). If this Input is set to No, then only the High or Low level of the prior box needs to be exceeded to start a new box.
  • Show Real Open: This Input affects how a box displayed. When this Input is set to No, a classic Line Break box is displayed, by setting the previous Close. In this case, the true Open value can still be accessed in the True Open Subgraph. When this Input is set to Yes, the open value of the Line Break box is set to the true open, which may distort the Line Break box, but allows the true Open value to be observed. In this case, the Line Break Open value can be accessed in the Line Break Open Subgraph.

Graph Draw Type

Any Graph Draw Type can be used. The typical Graph Draw Types are given below. To set the Graph Draw Type, open the Study Settings window for the Three Line Break Chart study. Go to the Subgraphs tab. Change the Graph Draw Type setting.

  • Candlestick: When this Graph Draw Type is used, the classic Line Break box is represented by the Candlestick body, and the Candlestick wicks will represent the High/Low data that falls outside the Line Break box.
  • Candlestick Body Only: When this Graph Draw Type is used, a classic Line Break box is drawn using the Open and Close values of the bar. The High and Low values are still present in High and Low Subgraphs, but are not displayed. The values can still be used in ACSIL and with the Stritch it studies. The values are also visible in the Window >> Chart Values Window.

Time and Sales Ask Size

Time and Sales Bid Size

The Time and Sales Ask/Bid Size studies display the individual best Bid Size or Ask Size values that have been received from the data feed for the symbol.

There is a direct column to column correspondence between these studies which display the Bid Size or Ask Size and the Time and Sales Bid and Time and Sales Ask studies. What this means is that at any column in the chart, the values you see for the Bid and Ask prices will correspond to the sizes you see from the Time and Sales Bid Size and Time and Sales Ask Size studies.

This study has a dependency on the Time and Sales data. To adjust the number of stored Time and Sales records, refer to Number of Stored Time and Sales Records.

Display Sizes/Quantities As Values

To display the Bid or Ask Sizes/Quantities as values instead of a line, go to the Subgraphs Tab in the Study Settings window for the study. Set the Draw Style for Subgraph 1 (SG1) to Value of Subgraph.

Inputs

  • Size Filter >=: Any Bid/Ask Size which equals or greater than this value, will be displayed and not filtered. The default value is 1.
  • Size Filter <= (0 means no limit): Any Bid/Ask Size which equals or is less than this value, will be displayed and not filtered. The default value is 0 which disables this filter.

Time and Sales Bid & Ask

The Time and Sales Bid & Ask studies display the individual best Bid and Ask Size prices that have been received from the data feed for the symbol.

There is a direct column to column correspondence between these studies which display the Bid and Ask prices and the Time and Sales Bid Size and Time and Sales Ask Size studies. What this means is that at any column in the chart, the values you see for the Bid and Ask prices will correspond to the sizes you see from the Time and Sales Bid Size and Time and Sales Ask Size studies.

This study has a dependency on the Time and Sales data. To adjust the number of stored Time and Sales records, refer to Number of Stored Time and Sales Records.

Time and Sales Price

Time and Sales Price is a study that displays the prices from the individual trades received. Sierra Chart must be connected to the Data Feed to receive Time and Sales data. To connect to the data feed, select File >> Connect to Data Feed.

At each chart column only the Bid Subgraph or the Ask Subgraph will be set with the price of the trade depending upon whether the trade occurred at the Bid or Ask price.

Bid Subgraph: Prices of the trades that occurred at the Bid price or lower.

Ask Subgraph: Prices of the trades that occurred at the Ask price or higher.

This study has a dependency on the Time and Sales data. To adjust the number of stored Time and Sales records, refer to Number of Stored Time and Sales Records.

Inputs

  • Volume Filter >=: This Input setting will filter out all trades with a volume that is below the given value. Only trades with a volume of this setting or higher will be displayed.
  • Volume Filter <= (0 means no limit): This Input setting will filter out all trades with a volume that is above the given value. Only trades with a volume of this setting or lower will be displayed. Use a value of 0 to ignore this setting.

Time and Sales Time

Time and Sales Time is a study that displays the times of the individual trades received. These times directly correspond to the prices shown with the Time and Sales Price study. Sierra Chart must be connected to the Data Feed to receive Time and Sales data. To connect to the data feed, select File >> Connect to Data Feed.

This study has a dependency on the Time and Sales data. To adjust the number of stored Time and Sales records, refer to Number of Stored Time and Sales Records.

Inputs

  • Volume Filter >=: This Input setting will filter out all trades with a volume that is below the given value. Only trades with a volume of this setting or higher will be displayed.
  • Volume Filter <= (0 means no limit): This Input setting will filter out all trades with a volume that is above the given value. Only trades with a volume of this setting or lower will be displayed. Use a value of 0 to ignore this setting.

Time and Sales Total Ask Size Depth

Time and Sales Total Bid Size Depth

The Time and Sales Total Ask/Bid Size studies display the total of the Bid Size Depth or the Ask Size Depth from the market depth that has been received from the data feed for the symbol. The totals are captured any time the best Bid price, Ask price, Bid Size, or Ask Size values change.

All market depth sizes/quantities are totaled/summed. You can see all market depth levels through File >> Open Market Depth Window.

There is a direct column to column correspondence between these studies which display the Total Bid Size Depth and Total Ask Size Depth, and the Time and Sales Bid & Ask study. What this means is that at any column in the chart, the values you see for the Bid and Ask prices will correspond to the quantities you see from the Time and Sales Total Bid Size Depth and Time and Sales Total Ask Size Depth studies.

This study has a dependency on the Time and Sales data. To adjust the number of stored Time and Sales records, refer to Number of Stored Time and Sales Records.

Inputs

  • Size Filter >=: Any Total Bid/Ask Depth Size which equals or greater than this value, will be displayed and not filtered. The default value is 1.
  • Size Filter <= (0 means no limit): Any Total Bid/Ask Depth Size which equals or is less than this value, will be displayed and not filtered. The default value is 0 which disables this filter.

Time and Sales Volume

Time and Sales Volume is a study that displays the volumes of the individual trades received. Sierra Chart must be connected to the Data Feed to receive Time and Sales data. To connect to the data feed, select File >> Connect to Data Feed.

Bid Subgraph: Volumes of the trades that occurred at the Bid price or lower.

Ask Subgraph: Volumes of the trades that occurred at the Ask price or lower.

This study has a dependency on the Time and Sales data. To adjust the number of stored Time and Sales records, refer to Number of Stored Time and Sales Records.

Inputs

  • Volume Filter >=: This Input setting will filter out all trades with a volume that is below the given value. Only trades with a volume of this setting or higher will be displayed.
  • Volume Filter <= (0 means no limit): This Input setting will filter out all trades with a volume that is above the given value. Only trades with a volume of this setting or lower will be displayed. Use a value of 0 to ignore this setting.

Time Line

This study draws a vertical line at every instance of the specified time on an Intraday chart. If you want lines at other times, then add this study multiple times to the chart, and configure each one appropriately.

There is also the Vertical Grid which can be configured for the chart instead of using this study.

This study uses 2 Subgraphs for drawing the vertical line. These are SG1 (Subgraph 1) and SG2 (Subgraph 2). If you want to change the Draw Style to draw, for example, a point on the high of the bar to highlight a particular time, then set the Draw Style for SG1 to Point on High and set the Draw Style for SG2 to Ignore.

Or you could set the Draw Style for SG1 to Color Bar to color the bars in the chart at the specified time and set the Draw Style for SG2 to Ignore.

Refer to the Adding/Modifying Studies documentation to change Subgraph settings.

Inputs

  • Time of Line: The time where you want a Time Line displayed for each day in an Intraday chart. This needs to be entered in a 24-hour time format. Example 4 PM would be entered at 16:00:00.
  • Display Custom Label: Set this Input to Yes to display a custom text label at the bottom of the Time Line.
  • Label Vertical Position %.: This Input specifies the percentage, where 1 equals 1%, that the custom text label is positioned from the bottom of the Time Line.
  • Custom Label Text: This Input specifies the Text to display at the bottom of the Time Line when Display Custom Label is set to Yes.

    To set the font size for the custom label text, go to the Subgraphs Tab of the Study Settings window for the study. Select the Custom Label Color and Text Size Subgraph and set the Size to the point size you require for the font.
  • Display in Forward Projection Area: When this Input is set to Yes, then this means that the Time Line will also be displayed in the Forward Projection area after the last bar in the chart, if there is a matching time.
  • Allowed Range for Match in Minutes: The Time Line is drawn at chart bars that have the nearest matching time to the specified time. In the case where there is not an exact match, this Input specifies the number of minutes before and after the bar time, where a closest match is allowed.

    For example, if the Time of Line Input is set to 09:00:00 and the time of the nearest matching bar in the chart during a day is 09:10:00 and Allowed Range for Match in Minutes has a setting of 5, then there will not be a Time Line drawn at the 09:10:00 bar because according to this Input, there is no matching chart bar during the day for the specified time.
  • Matching Method: This Input specifies the method by which the Time of Line Input setting is matched with the chart times. This can be either Nearest or Containing. When this is set to Nearest, then the bar with the nearest matching time compared to Time of Line is where the Time Line will be displayed. When it is set to Containing, then this means that the Time of Line needs to contain the chart bar time for it to be displayed on that bar.

Time Series Forecast

The Time Series Forecast study calculates and displays the sum of the Moving Linear Regression and the Linear Regressive Slope studies.

Time Range Highlight

This study highlights the background of Chart Region 1 across the time range specified through the Start Time to End Time Inputs. Start Time and End Time can be reversed if you want to highlight across midnight.

Verify the Subgraph Color is set to what you require for the study and gives you the amount of contrast that you need. This is set through the Subgraphs tab of the Study Settings window for the study.

Inputs

  • Start Time: The starting time to begin the highlight. This can be a time which is less than the End Time in which case it starts in the previous day.
  • End time: The ending time to end the highlight.

Time Range Highlight - Transparent

This study highlights the background of Chart Region 1 across the time range specified through the Start Time to End Time Inputs. Start Time and End Time can be reversed if you want to highlight across midnight. The background coloring is Transparent with this study.

Verify the Subgraph Color is set to what you require for the study and gives you the amount of contrast that you need. This is set through the Subgraphs tab of the Study Settings window for the study.

Inputs

  • Start Time: The starting time to begin the highlight. This can be a time which is less than the End Time in which case it starts in the previous day.
  • End time: The ending time to end the highlight.

TPO Profile Chart

The TPO Profile Chart study displays a TPO Profile chart. For complete documentation, refer to TPO Profile Charts.

TPO Value Area Lines

The TPO Value Area Lines study displays the Value Area High, Value Area Low, and Point of Control (POC) based upon the Time Price Opportunity (TPO) time blocks for each specified time period in the chart. The time length for each period is set through the study Input settings.

A TPO represents the trading at a particular price or price range for a specific period of time. This is one continuous period of time. The price or price range is specified with the Price Increment in Takes Input setting. The time length of the period of time is set with the TPO Letter Time Length in Minutes Input.

For complete details on how the Value Areas and Point of Control are calculated, refer to the Calculations section on the TPO Profile Chart documentation page.

It is essential that the Tick Size in Chart >> Chart Settings is set correctly when using the TPO Value Area Lines study. Verify the Tick Size is set correctly. This is the smallest increment that the symbol trades in.

The time period that the TPO Point of Control and Value Area Lines span for a period is set through the Time Period Type and Time Period Length study Inputs. In the case of Intraday charts, the time period is relative to the Session Times set in Chart >> Chart Settings for the chart the study is on. The starting time for each Intraday period will be based upon the Start Time or if the Evening Session is enabled, then it will be the Evening Start Time.

Basing on Specific Number of Bars.

To base the TPO Value Area Lines study on a specific number of bars, set the chart bars to a fixed timeframe/period per bar. For instructions, refer to Changing Period of Chart Bars.

Multiply the number of bars you want to base the TPO Value Area Lines study on by the timeframe per bar. For example if the chart bars have a timeframe of 5 Minutes each, and you want to base a study on 12 bars, then this is 12 * 5 = 60 Minutes.

In this particular case the next step is to set the Time Period Type Input to Minutes and the Time Period Length Input to 60.

Inputs

  • Draw Developing Value Area Lines: When this Input is set to No, the Value Area Lines are the same across the entire specified time period as defined by the Time Period Length and the Time Period Type Inputs. They are the Value Area of the entire time period being referenced.

    When this is set to No and Reference n Periods Back is set to 0, then as the specified time period develops during chart updating, the Value Area and Point of Control lines will change.

    When this Input is set to Yes, the Value Area Lines at each bar represent the Value Area from the beginning of the time period up until that bar. There is no consideration of the remaining bars within the same time period. This Input is assumed to be No if the Reference n Periods Back is set to a value other than 0.
  • Price Increment In Ticks: The Price Increment In Ticks specifies the grouping of prices. The price increment can be as small 1 which represents the Tick Size for the symbol. 1 is the default. Example: If a sub period within the specified Time Period has a price range from 1110.5 to 1114, the tick size for the symbol is .25, and the Price Increment In Ticks is set to 4, this will group prices into the following price groups: 1111, 1112, 1113, 1114. The price group for 1111 will include the range from 1110.5 to 1111.25. A Price Increment In Ticks of 2 in this same example, will group prices into the following price groups, 1110.5, 1111, 1111.5, 1112, 1112.5, 1113, 1113.5, 1114. The price group for 1110.5 will include the range from 1110.25 to 1110.5.
  • Time Period Type: Sets the type of time period for the TPO Point of Control and Value Area lines. This Input works in conjunction with Time Period Length. For a 1 Day period, set this to Days.
  • Time Period Length: Sets the quantity to be used with Time Period Type. For example, for a period of 1 Day, set this to 1 and set Time Period Type to Days.
  • TPO Letter Time Length in Minutes: This is the amount of time for each TPO time block which are used to calculate the Value Area Lines from. The default is 30 minutes. This Input only applies to Intraday charts. If the Time Period Type Input is set to Years, this Input does not apply. The TPO time block is internally set to 1 month for Years. The TPO Letter Time Length in Minutes is also known as the Sub Period time length.

    The timeframe/period per bar in an Intraday chart must evenly divide into this time block specified. For more information, refer to Incorrect Value Area or Point of Control Values.
  • TPO Value Area %: This percentage specifies the percentage around the Point of Control that the Value Area High and Low are calculated from. The default is 70%. Refer to Calculations for details.
  • Reference n Periods Back: This Input only applies when Draw Developing Value Area Lines is set to No. This Input sets the number of periods (1 day, 1 Week,...) back that the TPO Value Area and Point of Control lines will reference. If it is set to 0, then the lines are calculated based upon the period they are drawn on. If it is set to 1, they will reference the prior period. If it is set to 2, then the Value Area and Point of Control lines will reference 2 periods back.
  • One Period Only at End of Chart: When this Input is set to Yes, then there will be just one set of lines for the Value Area and Point of Control for the specified Time Period Type and Length at the end of the chart. For example, if the Time Period for the Value Area calculations is set to 1 Day, then the Value Area High, Value Area Low, and Point of Control will be displayed at the end of the chart going back 24 hours.

    The lines will always be for the duration of the specified Time Period Type and Length and not less. When using this option, there is not any consideration of weekend days. Therefore, if this Input is set to Yes and the Time Period Length and Type are set to 3 Days, then on a Monday at 12:00:00, the starting Date-Time will be Friday at 12:00:01.
  • New Period At Day Session Start When Using Evening Session (1 Day Period Only): When this Input is set to Yes and you have defined separate Evening Session times in Chart >> Chart Settings, then separate Value Area Lines and Point of Control will be calculated and displayed for both the Day session and the Evening session. Normally there will be one set of lines that starts at the Evening session time. When this Input is set to Yes, then at the day session Start Time a new set of Value Area Lines and Point of Control will begin.

Trade Management by Study

For complete documentation for the Trade Management by Study study, refer to Study Controlled Targets and Stops.

Trade Volume Index

The Trade Volume Index shows whether a symbol is being accumulated (purchased) or distributed (sold). It should be used on Intraday charts with a very short time period per bar. The TVI is based on the premise that trades taking place at higher "asking" prices are buy transactions and trades at lower "bid" prices are sell transactions.

Inputs

Trading: Closed Profit/Loss

For information about the Trading Studies available, refer to the Trade Data Chart Studies section.

Trading: Closed Profit/Loss

For information about the Trading Studies available, refer to the Trade Data Chart Studies section.

Trading: Daily Profit/Loss

For information about the Trading Studies available, refer to the Trade Data Chart Studies section.

Trading: Losing Trades

For information about the Trading Studies available, refer to the Trade Data Chart Studies section.

Trading: Maximum Drawdown

For information about the Trading Studies available, refer to the Trade Data Chart Studies section.

Trading: Maximum Runup

For information about the Trading Studies available, refer to the Trade Data Chart Studies section.

Trading: Position

For information about the Trading Studies available, refer to the Trade Data Chart Studies section.

Trading: Profit/Loss Text

For information about this Trading Study, refer to the Trading: Profit/Loss Text Study section.

Trading: Total Quantity Filled

For information about the Trading Studies available, refer to the Trade Data Chart Studies section.

Trading: Total Trades

For information about the Trading Studies available, refer to the Trade Data Chart Studies section.

Trading: Triggered Limit Order Entry

For information about the Trading Studies available, refer to the Trade Data Chart Studies section.

Trading: Winning Trades

For information about the Trading Studies available, refer to the Trade Data Chart Studies section.

TRIX

TRIX is a momentum indicator that displays the percent rate-of-change of a triple exponentially smoothed moving average of a security's closing price. It is designed to keep you in trends equal to or shorter than the number of periods you specify.

True Range

The True Range study calculates and displays the True Range. The following is the calculation method.

HighLowRange = High - Low
HighToPreviousCloseDifference = AbsoluteValue(High - Last[-1])
LowToPreviousCloseDifference = AbsoluteValue(Low - Last[-1])
TrueRange = max(HighLowRange, max(HighToPreviousCloseDifference, LowToPreviousCloseDifference))

Inputs

This study has no Inputs.

True Strength Index / Ergodic

The Ergodic and True Strength Index are the same studies.

The True Strength Index is based on Bill Blau's ergodic True Strength Index. This study produces 3 lines, the TSI (True Strength Index), the Signal Moving Average (exponential moving average of the TSI), and the Oscillator (Difference of Signal and TSI).

The calculation method is as follows. EMA = Exponential Moving Average.

Numerator = EMA( EMA(Price - LastPrice, LongExpMALength), ShortExpMALength)
Denominator = EMA( EMA( Abs(Price - LastPrice), LongExpMALength), ShortExpMaLength)

TSI = Multiplier * Numerator / Denominator
SignalMA = EMA(TSI, SignalMALength)
Oscillator = TSI - SignalMA

Up/Down Volume Ratio

The study calculates the ratio of the difference between up volume and down volume, to the total volume per bar.

TotalVolume = UpVolume + DownVolume.

VolumeRatio = 100 * (UpVolume - DownVolume) / TotalVolume.

MovingAverage(VolumeRatio, AverageLength).

Inputs

Ultimate Oscillator

Price oscillators typically compare a symbol's smoothed price with its price n bars ago. Larry Williams noted that the value of this type of oscillator can vary greatly depending on the number of bars used in the calculation. So he developed the Ultimate Oscillator, which uses weighted sums of three oscillators, each of which uses a different time period. The three oscillators are based on Williams definition of buying and selling "pressure".

UpTick Volume

This study will display UpTick Volume, if possible, for a bar. Uptick volume is the volume of trades that occurred at a higher price than before. Trades that occurred at the same price and where the prior trade was at a higher price, are also considered upticks. This study only works on Intraday charts.

This study will only function accurately and correctly when you have tick by tick data in the chart data file. Refer to Tick by Tick Data Configuration for instructions to store chart data in a tick by tick format. If the real-time received data is stored as 1 Tick, however the historical data downloaded is not 1 Tick, then the times in the chart where you do not have 1 Tick data in the chart, this study will not function correctly.

Vertical Horizontal Filter

The Vertical Horizontal Filter determines whether prices are in a trending phase or a congestion phase. Reference: August 1991 issue of Futures magazine, Adam White.

Volatility - Chaikins

Chaikins Volatility compares a spread between a symbols high and low prices. It quantifies volatility as a widening of the range between the high and the low price.

Inputs

Volatility - Historical

This study calculates historical volatility.

Inputs

  • Input Data
  • Length
  • Number of Bars per Year: In order for this study to calculate historical volatility correctly, it is necessary for you to enter the number of bars in your chart that make up a one-year time period.

Volatility Trend Indicator

No description is provided.

Inputs

  • Average True Range Length: This is the length of the Average True Range calculation used in the study.
  • Average True Range Moving Average Type: This is the type of moving average used in the Average True Range calculation used in the study.
  • ATR Multiplier: This is the value multiplied by the Average True Range result used in the study calculations.
  • Max. Dynamic Period for Trend Calculation: This Input specifies the maximum length in bars when determining the highest and lowest prices beginning at the current calculation index and going back by this calculated period length.
  • Dynamic Period Input Data: This Input specifies the particular element of a bar to use when determining the highest and lowest prices over the calculated period length. By default it is set to Last. This is a standard Input Data Input.

Volume

This study displays Share or Contract volume. If symbol does not report real-time volume, then this study, when used on an Intraday chart, will show the number of trades per bar.

Volume bars are color coded based upon whether the corresponding price bar is up or down. To choose the up and down colors, click on the Subgraphs tab in the Technical Study Settings window and set the Primary and Secondary colors for the first Subgraph.

Inputs

  • Color Based On...: Enter a 0 to base the color coding on the difference between the close minus the previous close. Enter a 1 to base the color coding on the difference between close minus open.

Volume - Bitcoin

The Volume - Bitcoin study is used for the symbols listed in File >> Find Symbol >> Bitcoin.

It displays volume for Bitcoin symbols. It is necessary to use this study to get an accurate volume display rather than using the standard Volume study for these symbols. This study uses the Volume Display Format setting for the symbol in the Global Symbol Settings.

Volume At Price Threshold Alert

The Volume At Price Threshold Alert study gives an alert when the Bid Volume, Ask Volume or Total Volume at any price level within the current bar exceeds the specified threshold.

Both an audible and a text message alert is given. An email or SMS message can also be sent. The text message is displayed in Window >> Show/Hide Alert Manager >> Alerts Log. If you only want the text message, set the Bid/Ask/Total Volume Alert Input to No Alert.

This study has 3 Subgraphs, one each for Bid Volume, Ask Volume and Total Volume. By default the Draw Style for these are set to Ignore. If you set them to a visible Draw Style, then make sure the study is as far down in the list of Studies to Graph in the Chart Studies window as possible. Otherwise, the particular Draw Style you are using may be drawn behind other studies on the chart.

A study Subgraph can only draw one value at each chart bar. Therefore, for each chart bar, it is only possible to draw the particular Draw Style at one price level within the chart bar where the volume threshold was first detected. Therefore, even if multiple price levels within the Bar meet the Volume Threshold, each study Subgraph will only draw at one price level.

To verify if one of the threshold alerts is true at a particular chart column, you can use the Chart Values tool to examine any of the trigger values for a bar. If a trigger value is zero for a bar, then it is not triggered. Otherwise, there should be a marker at the trigger value.

Inputs

  • Bid Volume Threshold (Zero disables): This Input sets the Bid Volume value that has to be met or exceeded at any price level within the current bar to generate an alert.
  • Bid Volume Alert: This Input sets the Alert Sound Number to use when the Bid Volume Threshold has been met. To configure the Alert Sound Number, refer to Alert Sound Settings.
  • Ask Volume Threshold (Zero disables): This Input sets the Ask Volume value that has to be met or exceeded at any price level within the current bar to generate an alert.
  • Ask Volume Alert: This Input sets the Alert Sound Number to use when the Ask Volume Threshold has been met. To configure the Alert Sound Number, refer to Alert Sound Settings.
  • Total Volume Threshold (Zero disables): This Input sets the Total Volume value that has to be met or exceeded at any price level within the current bar to generate an alert.
  • Total Volume Alert: This Input sets the Alert Sound Number to use when the Total Volume Threshold has been met. To configure the Alert Sound Number, refer to Alert Sound Settings.

Volume Bar Range Ratio

The formula for Volume Bar Range Ratio is Bar Volume / (Bar High - Bar Low).

Inputs

  • The study has no Inputs.

Volume by Price

The Volume by Price Study overlays Volume Profile graphs onto a regular bar chart.

The volume at each price level for a particular time range is displayed as horizontal bars in the background of the bar chart.

For complete instructions, refer to the Volume by Price Study page.

Volume Distribution Paint Bar Study

The Volume Distribution Paint Bar study colors existing price bars according to the volume distribution The Open, High, Low, Last values of the price bars remain the same.

The coloring is based on the Volume at Price distribution. The volume distribution over price is represented as a percentage range from 0-100 from the low price to the high price that was traded at for a bar.

Using the Volume at Price data for each bar, the mean, mode, and top/bottom N% bands from this volume data are colored to show how the volume is distributed across price.

There are many color settings supported with this study. To set the colors, select the Subgraphs tab on the Study Settings window for this study. Select the particular Subgraph that you want to change the color of and press the colored button to change the color.

Other than the Close Subgraph each of the Subgraphs which controls a color, has a second Subgraph below it to color a range. This second Subgraph has a color of white and that particular color is not used. For example Top % High and Top % Low form a Draw Style pair. However, only Top % High is used to control the color for the Top Volume Percentage.

Inputs

  • Minimum Range In Ticks: This Input is used to make sure the Mean and Mode section highlights of the bar are visible, and to specify the height in ticks of the Mean and Mode sections of the bar. Specify this as an integer value representing the number of price Ticks.
  • Bottom Volume Percentage: This Input specifies the percentage of the volume to display in the lower tail of the distribution. The valid values are 0-100, and a value of 1.0 represents 1%. So a value of 15 would color the bottom portion of the bar that represents where the 15% of the volume traded by price.
  • Top Volume Percentage: This Input specifies the percentage of the volume to display in the upper tail of the distribution. The valid values are 0-100. The high percentage is represented as 100 minus the percentage. For example, a value of 85 represents the Top 15% of the volume (100 - 85 = 15). Another way of thinking about the value is where on the 0 to 100 distribution should the coloring start.

Volume Weighted Average Price (VWAP) with Standard Deviation Lines

This study calculates and displays the Volume Weighted Average Price (VWAP) over the specified period of time for the symbol of the chart. This calculation gives greater weight to trade prices that have a higher volume. The calculation resets at the begining of each new period.

For additional information on the calculation method, refer to Volume Weighted Average Price.

The start of the trading day is determined from the Session Times set in Chart >> Chart Settings. For example, when the Time Period Length and Time Period Type are set to 1 Day, then the calculations will begin at the start of each trading day according to the Session Times.

The study also supports calculating and displaying Fixed Offet/Standard Deviation band lines. The Standard Deviation is calculated based on the volume weighted difference of the selected Input Data, like the last trade price of the bars, and the VWAP. For additional information, refer to Standard Deviation.

Displaying or Hiding Standard Deviation/Fixed Offset Band Lines

Up to 4 Standard Deviation/Fixed Offset lines based upon the Volume Weighted Average Price line can be displayed. To display these standard deviation band lines, follow the steps below.

  • Open the Study Settings window for the Volume Weighted Average Price study on the chart. For instructions, refer to Adding/Modifying Chart Studies.
  • Select the Subgraphs tab.
  • The Standard Deviation/Fixed Offset lines are labeled Top Band 1-4 and Bottom Band 1-4. To make a line visible, set its Draw Style to Dash or another visible Draw Style. To hide it, set its Draw Style to Ignore.

Refer to the description for the Band # Std. Deviation Multiplier/Fixed Offset Input, for information about how these lines are calculated.

Differences Between VWAP and Standard Deviation Lines On Different Timeframe Bars

The VWAP is a fairly simple calculation, but is very dependent on the data that it is calculated using. For the highest accuracy and the same values on different timeframe bars, it is necessary to set the Base on Underlying Data Input to Yes, so that the study uses the underlying data that makes up the bars. It is also necessary to have tick by tick data in the chart data file for the highest accuracy. Refer to Tick by Tick Data Configuration.

When you compare VWAPs on different timeframe bars, the values will be exact when using Base on Underlying Data. If Base on Underlying Data is set to No, the values will be different and this is expected.

The Standard Deviation Bands for the Volume Weighted Average Price on different timeframe bars will be different. This is because the Standard Deviation is calculated using the chart bar values, and you can vastly different values. For example, you only have every fifth value on a 5 minute bar chart versus a 1 minute bar chart.

Standard Deviation Calculation

The standard deviation calculation is calculated as follows:

  1. float CumulativeBarStandardDeviationDifferenceSquaredTimesVolume = 0
  2. The following repeats at each bar.
  3. Diff = CurrentBarPrice - VolumeWeightedAveragePriceAtBar
  4. BarPriceStdDevDiffSquared = (Diff * Diff)
  5. CumulativeBarStandardDeviationDifferenceSquaredTimesVolume += (BarPriceStdDevDiffSquared * BarVolume)
  6. CalcResult = CumulativeBarStandardDeviationDifferenceSquaredTimesVolume + BarPriceStdDevDiffSquared * BarVolume
  7. StandardDeviation = SquareRoot (CalcResult / CumulativeVolumeForPeriod)
  8. StandardDeviationWithDistanceMultiplier = StandardDeviation * DistanceMultiplier

Inputs

  • Input Data
  • Time Period Type: Sets the type of time period for the calculation. This Input works in conjunction with Time Period Length. For a 1 Day period, set this to Days. The number of Days specified always refers to calendar days and not trading days.
  • Time Period Length: Sets the quantity to be used with Time Period Type. For example, for a period of 1 Day, set this to 1 and set Time Period Type to Days.
  • Base on Underlying Data: This Input setting only applies to Intraday charts and not to Historical charts. When this Input is set to No, which is the default, then the price and volume data for the calculations are based on the bars in the chart. The last trade price of the bar is used, which is the default, and the total volume of the chart bar is used.

    To base the calculations on the underlying price and volume data which generally is more detailed than the chart bars, set this Input to Yes. When this Input is set to Yes, the chart may be automatically reloaded to load in the more detailed Volume at Price data.

    It is recommended when using this setting that since Intraday charts are required, select Chart >> Chart Settings and select Chart Data Type >> Intraday Chart Only to always ensure the chart is set to use Intraday data.
  • Start Date-Time: This Input can optionally be set to a starting Date-Time to begin the calculations at for the Volume Weighted Average Price study. It is necessary to specify both the Date and the Time together. The Start Date-Time setting does not refer to the starting time of day when the Time Period Length and Type is set to set to 1 Day.
  • Use Fixed Offset Instead of Standard Deviation: Refer to the description for Band # Std. Deviation Multiplier/Fixed Offset, for information about this Input.
  • Band # Std. Deviation Multiplier/Fixed Offset: When the standard deviation Top # Band and Bottom # Band Subgraphs are set to be displayed, this Input specifies how far the band lines are from the Volume Weighted Average Price line.

    When the Use Fixed Offset Instead of Standard Deviation Input is set to No, then this Input specifies the standard deviation multiplier. For example, if the Input was set to 2.0, then the band would be offset by 200% of the standard deviation.

    In the case when the Use Fixed Offset Instead of Standard Deviation Input is set to Yes, then this Input becomes a fixed offset and is used to offset the Bands from the Volume Weighted Average Price by the specified amount. Bands 1-4 are offset by the exact amounts.

Volume Weighted Average Price (VWAP) - Rolling with Standard Deviation Lines

The Volume Weighted Average Price (VWAP) - Rolling with Standard Deviation Lines study calculates and displays the volume weighted average price over the specified period of time for the symbol of the chart.

This calculation gives greater weight to trade prices that have a higher volume.

This study uses the same calculation as the standard Volume Weighted Average Price (VWAP) study does, except that for every bar in the chart it calculates volume weighted average price over the specified period of time starting at the bar going back by that specified period of time. As the chart updates the calculation is done in an efficient way by removing old data and then adding in new data. So the calculation period is continuously rolling.

This differs from the standard Volume Weighted Average Price study which segments the overall time in the chart by the specified period of time and incrementally calculates the volume weighted average price at each bar within that period of time and resets itself when a new time segment is encountered. At each time segment there is a set starting point.

For additional information on the calculation method, refer to Volume Weighted Average Price.

The study also supports calculating and displaying Standard Deviation/Fixed Offset band lines. In the case of the Standard Deviation calculation, this is based on the volume weighted difference of the selected Input Data, like the closing price of the chart bars, and the VWAP value. For additional information, refer to Standard Deviation.

Displaying or Hiding Standard Deviation/Fixed Offset Band Lines

Up to 4 Standard Deviation/Fixed Offset lines based upon the Volume Weighted Average Price line can be displayed. To display these standard deviation band lines, follow the steps below.

  • Open the Study Settings window for the Volume Weighted Average Price - Rolling study.
  • Select the Subgraphs tab.
  • The Standard Deviation/Fixed Offset lines are labeled Top Band 1-4 and Bottom Band 1-4. To make a line visible, set its Draw Style to Dash. To hide it, set its Draw Style to Ignore.

Refer to the description for Band # Std. Deviation Multiplier/Fixed Offset, for information about how these lines are calculated.

Differences Between VWAP and Standard Deviation Lines On Different Timeframe Bars

Refer to Differences Between VWAP and Standard Deviation Lines On Different Timeframe Bars for the standard Volume Weighted Average Price study.

Values calculated by this study will be different from the non-rolling Volume Weighted Average Price because a rolling period of time is used and there is no resetting at the beginning of a new time segment.

Inputs

  • Input Data
  • Time Period Type: Sets the type of time period for the calculation. This Input works in conjunction with Time Period Length. The Time Period Type can be one of the following:
    • Days - Trading Days: The Time Period Length Input specifies the number of Trading days the calculation is performed over. When using Days - Trading Days the VWAP calculation is rolling day by day and not bar by bar.

      For rolling bar by bar, set Time Period Type to Days - 24 Hour Period or Minutes and specify the number of Days or Minutes with the Time Period Length Input.

      A trading day is from the Session >> Start Time to the End Time settings in the chart. For complete details, refer to Session Times.
    • Days - 24 Hour Period: The Time Period Length Input specifies the number of rolling 24-hour periods (days) the calculation is performed over. When using Days - 24 Hour Period the calculation is rolling bar by bar.
    • Minutes: The Time Period Length Input specifies the number of minutes. The VWAP calculation will be rolling bar by bar.
    • Bars: The Time Period Length Input specifes how many bars the VWAP calculation is performed over The VWAP calculation will be rolling bar by bar.
  • Time Period Length: Sets the quantity to be used with Time Period Type. For example, for a period of 1 Day, set this to 1 and set Time Period Type to Days.
  • Base on Underlying Data: When this Input is set to No, which is the default, then the price and volume data for the calculations are from the bars in the chart. The last trade price of the the bar is used, the default, and the total volume of the chart bar is used.

    To base the calculations on the underlying price and volume data which is more detailed than the chart bars, set this Input to Yes. When this Input is set to Yes, the chart will be automatically reloaded to load in the more detailed Volume at Price data if it is not already voted.
  • Start Date-Time: This Input can optionally be set to a starting Date-Time to begin the calculations at for the Volume Weighted Average Price study. It is necessary to specify both the Date and the Time together. To disable the Start Date-Time Input, set it to a date before the first date in the chart. This will effectively disable it.
  • Exclude Weekends in Date Look Back: When this Input is set to Yes, Saturday and Sundays are skipped when determining how many days back to include in the calculation according to the Time Period Length Input. This input applies when Time Period Type is set to Days - Trading Days or Days - 24 Hour Period. This option must still be set to Yes even when weekends are excluded from the chart in Chart >> Chart Settings >> Session Times.
  • Use Fixed Offset Instead of Standard Deviation: Refer to the description for Band # Std. Deviation Multiplier/Fixed Offset, for information about this Input.
  • Band # Std. Deviation Multiplier/Fixed Offset: When the standard deviation Top # Band and Bottom # Band Subgraphs are set to be displayed, this Input specifies how the band lines are calculated.

    When the Use Fixed Offset Instead of Standard Deviation Input is set to No, then this Input specifies the standard deviation multiplier. For example, if the Input is set to 2.0, then the band would be offset by 200% of the Standard Deviation calculation result.

    In the case when the Use Fixed Offset Instead of Standard Deviation Input is set to Yes, then this Input becomes a fixed offset and is used to offset the Bands from the Volume Weighted Average Price by the specified amount. Bands 1-4 are offset by the exact amounts specified.

Volume - Colored Based on Bar Closes

This study displays Volume per bar.

A Volume bar is colored the Volume Subgraph Primary color if the closing price of the corresponding bar is higher or equal to the previous bar.

A Volume bar is colored the Volume Subgraph Secondary color if the closing price of the corresponding bar is lower than the previous bar.

Inputs

  • This study has no Inputs.

Volume - Colored Based on Volume

This study displays Volume per bar.

A Volume bar is colored the Volume Subgraph Primary color if its volume is higher or equal to the previous bar volume.

A Volume bar is colored the Volume Subgraph Secondary color if its volume is lower than the previous bar volume.

Inputs

  • This study has no Inputs.

Volume - Down

The study will display the total volume of a chart price bar, if the bar is considered an Down bar. A Down bar is determined by comparing the Close of a bar to the Open of the bar or to the prior Close.

Inputs

  • Compare Close With: This Input sets the value for the Close of a bar to be compared with. If you want the Close compared to the Previous Bar's Close, enter 0. If you want it compared to the Current Bar's Open, enter 1.

Volume - Up

The study will display the total volume of a chart price bar, if the bar is considered an Up bar. An Up bar is determined by comparing the Close of a bar to the Open of the bar or to the prior Close.

Inputs

  • Compare Close With: This Input sets the value for the Close of a bar to be compared with. If you want the Close compared to the Previous Bar's Close, enter 0. If you want it compared to the Current Bar's Open, enter 1.

Volume Value Area Lines

The Volume Value Area Lines study calculates and displays the Volume Value Area High (VVAH), Volume Value Area Low (VVAL), and Volume Point of Control (VPOC) on a chart for the specified time period.

For information on how the Value Area and Point of Control are calculated, refer to the Calculations section on the TPO Profile Chart study page.

It is essential that you properly set the Tick Size for the symbol you are applying this study to. This is set in Chart >> Chart Settings. If the Tick Size is not set correctly, it can cause long chart data load times and inaccuracies with this study.

The starting time for each time period in the chart for the calculations is based upon the chart Session Times. The time period for the calculations is set through the Time Period Type and Time Period Length study Inputs.

If you want to calculate the Volume Value Area High/Low and Volume Point of Control for a time period other than the supported time periods available with this study, like a number of bars, then use the Volume by Price study and set it to display only the Volume Value Area High/Low and Volume Point of Control lines. Refer to Calculating and Displaying Developing Point of Control, Value Area High/Low, Volume Weighted Average Price Lines for instructions.

Inputs

  • Draw Developing Value Area Lines: This specifies how the Value Area Lines are calculated. If this Input is set to No, Value Area Lines are the same across the entire specified Time Period. They simply are the Volume Value Area of the entire time period being referenced. If this Input is set to Yes, Volume Value Area Lines at each bar are the current Volume Value Area lines at that bar. These values change throughout the day and the values at the end of the day are the same as the next days Value Area Lines if Draw Developing Value Area Lines is set to No and the Input Value Area Lines of n Days Back is set to 1.
  • Time Period Type: Sets the type of time period for the study lines. This Input works in conjunction with Time Period Length. For a 1 Day period, set this to Days.
  • Time Period Length: Sets the quantity to be used with Time Period Type. For example, for a period of 1 Day, set this to 1 and set Time Period Type to Days.
  • Volume Value Area %: This setting specifies the percentage for the Volume Value Area. The default is 70%.
  • Reference n Periods Back: This setting is only valid if Draw Developing Value Area Lines is set to No.

    This setting specifies how many time periods back the Volume Value Area and Point of Control lines, are based upon. If this is set to 1 and the Time Period is set to 1 Day, then for each 1 Day period in the chart, the lines are based upon the prior day. So they are forward projected by 1 Day. When you set this to 0, then the Value Area and Point of Control lines use data from the current period that the lines are drawn on. If the latest period is incomplete, then the lines will update as new data is added to the latest period. As the lines update for the latest period, they will update for the entire period if Draw Developing Value Area Lines is set the No. If Draw Developing Value Area Lines is set to Yes, then they will just update for the current bar.
  • New Period At Day Session Start When Using Evening Session: When you have specified Evening Session Times in Chart >> Chart Settings and this Input is set to Yes, the Volume Value Area and Point of Control lines for the Day session and Evening session for a 1 Day period will be calculated separately. This Input is only applies if the Time Period is 1 Day. Otherwise it is ignored.

    When this Input is set to Yes, the time period for chart bars must not be greater than the time span of either the main session or the evening session.

Vortex

Weighted Average Oscillator

This study calculates the difference between a slow and fast weighted moving averages.

William's %R

William's %R is a momentum study that measures overbought/oversold levels. It was developed by Larry Williams.

Inputs

  • Length
  • Invert: To invert this study, set this Input to 1.

Woodies CCI Trend

This study is used by the Woodies trading group trading method. This study is meant to be used as part of the Woodies study collections available on the Additional Files page. For more information, refer to that page.

Woodies EMA

This study is used by the Woodies trading group trading method. This study is meant to be used as part of the Woodies study collections available on the Additional Files page. For more information, refer to that page.

Woodies ZLR System

This study is used by the Woodies trading group trading method. This study is meant to be used as part of the Woodies study collections available on the Additional Files page. For more information, refer to that page.

Write Bar and Study Data To File

This study will write the Date, Time, Open, High, Low, Last, Volume, # of Trades, OHLC Avg, HLC Avg, HL Avg, Bid Vol, Ask Vol bar data that is loaded into the chart and the study Subgraph values for each chart bar for the studies on the chart, to the specified text file and update that file in real-time.

Each line in the file will represent one bar in the chart. Therefore, if the chart bars are a 1 minute timeframe, then each line in the data file will be 1 minute and the study values for each of those bars will be written as well.

Only the data that is loaded into the chart will be outputted to the text file. To control the number of days outputted to the text file, adjust Chart >> Chart Settings >> Use Number of Days to Load >> Days to Load.

The file is continuously updated as new bars are added to the chart. The very last bar is not written to the data file since it is not considered complete. Only when there is a new bar added, will the prior last bar will be written.

The time stamping of the data in the file will be the same as the times displayed in the chart.

The output filename is by default [symbol]-BarData.txt. The file is written to the Sierra Chart Data Files Folder. To determine the location of the Data Files Folder, select Global Settings >> General Settings. Refer to the Data Files Folder box.

Inputs

  • Path and File Name: This Input is used to specify the folder and the filename for the file to write the data to. This is optional. If it is not set, the Data Files Folder which is set through Global Settings >> General Settings will be used as the folder. The filename will contain the symbol, the text "-BarData", and the file extension will be txt. If only a file name is specified, the default folder will be used which is the Data Files Folder.

Write Bar Data to File

This study will write the Date-Time, Open, High, Low, Close, Volume bar data that is loaded into the chart, to an output text file and update that file in real-time.

The study data will not be written. Each line in the file will represent one bar in the chart. Therefore, if the chart bars are a 1 minute timeframe, then each line in the data file will be 1 minute.

Only the data that is loaded into the chart will be outputted to the text file. To control the number of days outputted to the text file, adjust Chart >> Chart Settings >> Use Number of Days to Load >> Days to Load.

The file is continuously updated as new bars are added to the chart. The very last bar is not written to the data file since it is not considered complete. Only when there is a new bar added, will the prior last bar will be written. The time stamping of the data in the file will be the same as the times displayed in the chart unless the Use GMT Time Input is set to Yes.

The output filename is by default [symbol]-BarData.txt. The file is written to the Sierra Chart Data Files Folder. To determine the location of the Data Files Folder, select Global Settings >> General Settings. Refer to the Data Files Folder box.

Inputs

  • Separator: This Input determines the character that will be used to separate bar data fields in the output text file. The choices are Space, Comma, or Tab.
  • Use GMT Time: When this Input is set to No, the times in the output text file will be the same as displayed in the chart, which are based on the Time Zone setting in Sierra Chart (Global Settings >> Data/Trade Service Settings). If this Input is set to Yes, then the times in the output text file will be in GMT time.
  • Date Format: This Input sets the Date format to use for the Dates in the output text file. There are several choices available.
  • File Path: This is an optional Input to specify the folder and the Filename for the file to write the data to. Leave this blank to use the default. The default folder is the Sierra Chart Data Files Folder, and the Filename is the symbol plus the text: -BarData.txt.

Zero Lag EMA

Zig Zag

Zig Zag Cumulative Volume

Adding and Modifying a Study

The Zig Zag study draws lines from highs and lows in the main price graph. A new line will start where prices have reversed by the specified amount.

The High and Low values of a bar are used in the calculations. These can be changed with the Input Data Inputs in case you want to base the study on another study.

The Sierra Chart Zig Zag study has three calculation modes. Each calculation mode is described here so you understand exactly how they work.

This documentation also applies to the Zig Zag Cumulative Volume study which calculates and draws the cumulative volume across each Zig Zag line. The volume is drawn as volume bars in its own graph region. The volume resets at the start of a new Zig Zag line.

The Zig Zag line does not always extend to the very last bar in the chart unless the last chart bar is the start of a reversal. This is something to keep in mind when viewing the Zig Zag data in a Spreadsheet, when using one of the Spreadsheet studies because the most recent rows outputted for the study Subgraph will be 0 if the Zig Zag line does not extend to the end of the chart.

Calculation Modes 1 and 3

This section describes Calculation Modes 1 and 3.

When the Zig Zag study is called for the first time, it determines the initial trend direction. The Low and High of the first bar in the chart are compared to the following bars.

If following bars Low and High are higher than those of the first bar, then the trend is considered Up. There is a trend line drawn from the Low of the first bar in the chart to the High of the bar that determined the direction.

If the following bars Low and High are lower than those of the first bar, then the trend is considered Down. There is a trend line drawn from the High of the first bar in the chart to the Low of the bar that determined the direction.

The High and Low values from the bar that determined the trend are remembered. These are named LastHigh and LastLow.

Next, the study function begins to iterate through bars in the chart. A ReversalPrice variable is calculated for determining if trend direction should change. The calculation of ReversalPrice differs for an Up or Down trend and for calculation modes 1 and 3 as follows:

  • Mode 1 with Up trend: ReversalPrice = LastHigh - (LastHigh * Reversal % for Calculation Mode 1)
  • Mode 3 with Up trend: ReversalPrice = LastHigh - Reversal Amount for Calculation Mode 2,3
  • Mode 1 With Down trend: ReversalPrice = LastLow + (LastLow * Reversal % for Calculation Mode 1)
  • Mode 3 With Down trend: ReversalPrice = LastLow + Reversal Amount for Calculation Mode 2,3

If there currently is an Up trend (Up line) and the calculated ReversalPrice is exceeded downwards by the low of a bar during the iteration of the bars, then the trend changes its direction to Down. The Low of the bar that changed the direction is stored as the LastLow. If the trend does not change directon at a bar during the iteration, then we check if the High of the bar is higher than the LastHigh. If this is true, then we set LastHigh value to High of the bar and make this high the endpoint for the Up trend line.

If there currently is an Down trend (Down line) and the calculated ReversalPrice is exceeded upwards by the high of a bar during the iteration of the bars, then the trend changes its direction to Up. The High of the bar that changed the direction is stored as the LastHigh. If the trend does not change directon at a bar during the iteration, then we check if the Low of the bar is lower than the LastLow. If this is true, then we set LastLow value to Low of the bar and make this low the endpoint for the Down trend line.

Calculation Mode 2

When the Zig Zag study is called for the first time, it determines the initial trend direction. The Low and High of the first bar in the chart are compared to the following bars.

If following bars Low and High are higher than those of the first bar, then the trend is considered Up. There is a trend line drawn from the Low of the first bar in the chart to the High of the bar that determined the direction.

If the following bars Low and High are lower than those of the first bar, then the trend is considered Down. There is a trend line drawn from the High of the first bar in the chart to the Low of the bar that determined the direction.

The High and Low values from the bar that determined the trend are remembered. These are named LastHigh and LastLow.

Next, the Zig Zag study begins to iterate through the bars in the chart. If the trend is Up and next bar's High is equal or greater than LastHigh, then LastHigh is set to the new High and the Up trend line is adjusted to the high of that bar.

If the trend is Up and the study encounters a bar having a High lower than LastHigh, then the trend may become Down starting from this bar. There can be several conditions at this point:

1. If the Reversal Amount for Calculation Mode 2,3 Input value has been exceeded by the difference between LastHigh to the Low of the current bar and the number of bars since the LastHigh for the Up trend line equals or exceeds the Number of Bars Required for Reversal study Input, the Trend is changed to Down and new Zig Zag Down trend line is started. The Low of the bar that changed the direction is stored as the LastLow.

2. If the above condition has not been met and the current bar's Low is lower than the low of the current Up trend line, then trend is changed to Down immediately, without waiting for Number of Bars Required for Reversal to be satisfied.

The process of determining a new Up trend line when the current trend is Down is the opposite as described above.

Text Labels Subgraph Description

The Text Labels study Subgraph contains numeric values representing the text labels describing the peaks and valleys of the Zig Zag lines, at the chart bars where these peaks and valleys occur.

Definitions:

  • LH (Lower High) = 1
  • HH (Higher High) = 2
  • HL (Higher Low) = 3
  • LL (Lower Low) = 4
  • (no text label) = 10. This value is used when the Zig Zag study resets at the start of the day. It is used at the initial Zig Zag point.
  • (no text label) = 11. This value is used when the Zig Zag study resets at the start of the day. It is used at the end of the first Zig Zag line for the trading day when it is sloping down (low).
  • (no text label) = 12. This value is used when the Zig Zag study resets at the start of the day. It is used at the end of the first Zig Zag line for the trading day when it is sloping up (high).

When viewing this column of data on a Spreadsheet when using one of the Spreadsheet studies, you can can see the actual high or low value by looking at the cell at the same row to the left in the Zig Zag column.

To change the text size for the Zig Zag labels, go to the Subgraphs tab of the Study Settings window. Select the Text Labels Subgraph. Change the Size setting.

Set it to 0 to make the size automatic and the same as the Chart Text Font size. The font face for Zig Zag labels is the same as the Chart Text Font.

The study Subgraph containing the Text Labels can be programmatically accessed using ACSIL. This is Subgraph 2. This is useful to use this data in your study function to know exactly where a Zig Zag line changes direction. For instructions, refer to Using or Referencing Study/Indicator Data in an ACSIL Function.

Zig Zag Reverses at Wrong Bar

In the case of a chart bar where it creates a new low or new high for the current Zig Zag line and also triggers a reversal to start a new Zig Zag line, there can be a difference between the bar where the Zig Zag line reverses direction at between real-time updating of a chart and when a chart is fully recalculated like when selecting Chart >> Recalculate or modifying Study Settings.

There is no solution to this. This is inherently just a limitation of the study working with complete chart bars because the Zig Zag study does not know how the chart bar formed within during a full recalculation whereas it can during real-time updating.

Inputs

  • Input Data for High. This Input applies to all Calculation Modes. The default is High. In the case of when the Zig Zag study is used on the main price graph and not based on any other study, this must be set to High. Otherwise, when a chart is fully recalculated, there may be different results compared to real-time updating because if you are not using a value which stays the same or goes higher when a bar is being formed but instead sometimes goes lower, then you will get an unstable result.
  • Input Data for Low. This Input applies to all Calculation Modes. The default is Low. In the case of when the Zig Zag study is used on the main price graph and not based on any other study, this must be set to Low. Otherwise, when a chart is fully recalculated, there may be different results compared to real-time updating because if you are not using a value which stays the same or goes lower when a bar is being formed but instead sometimes goes higher, then you will get an unstable result.
  • Calculation Mode (1,2,3): This Input selects the calculation mode. The calculation modes are described above.
  • Reversal % for Calculation Mode 1: The percentage change of the price values that must occur to begin a new Zig Zag line when using Calculation Mode 1.
  • Reversal Value for Calculation Mode 2 and 3: The price change of the price values that must occur to begin a new Zig Zag line when using Calculation Mode 3.
  • Number of Bars Required for Reversal (Calculation Mode 2): Refer to the Zig Zag Calculation Mode 2 description above.
  • Display HH,HL,LL,LH Labels: When this Input is set to Yes, then HH (Higher High), LH (Lower High), LL (Lower Low), HL (Higher Low) labels will be displayed. The colors of these labels is controlled with the Text Labels (SG2) Subgraph Primary and Secondary color settings. The font size is controlled with the Text Labels Subgraph Size setting.
  • Display Reversal Price: When this Input is set to Yes, then at each bar where the Zig Zag line reverses direction, the price value of the High or Low of the bar the Zig Zag lines are drawn to, is displayed. This price value is not the actual reversal price trigger which caused the line to reverse.
  • Text Labels Percentage Offset: This is the bar range percentage that you want to offset the text labels from the bar highs or lows.
  • Additional Output for Spreadsheets: When this Input is set to Yes, then there are additional columns of data outputted for the Zig Zag study to the Spreadsheet Sheet being used by the Spreadsheet Study if you have applied that study to the chart. These include the following study Subgraphs: Text Labels, Reversal Price, Zig Zag Line Length, Zig Zag Number of Bars.

    If the Draw Style for these study Subgraphs are set to Ignore, then to see them on the Spreadsheet Sheet make sure the Do Not Output Subgraphs Set to Ignore Input with the Spreadsheet Study is set to No.
  • Display Time Labels: When this Input is set to Yes, labels indicating the time of the Zig Zag line endpoints will be displayed at the Zig Zag endpoints.
  • Display Length of Zig Zag Line: When this Input is set to Yes, the price difference between the endpoints of each Zig Zag line will be displayed at the Zig Zag endpoints.
  • Calculate New Values on Bar Close: When this Input is set to Yes, the Zig Zag study will always ignore the last bar in the chart and only perform calculations on the completed chart bars.

    It is useful to set this to Yes if you have set Input Data for High/Low both to Last.
  • Volume To Accumulate: When this set to a setting other than None, the volume across each Zig Zag line is calculated using one of the below formulas:
    • None: No volume is calculated.
    • Total Volume: The total volume for the Zig Zag line is calculated.
    • Bid Volume: Only the total Bid Volume for the Zig Zag line is calculated.
    • Ask Volume: Only the total Ask Volume for the Zig Zag line is calculated.
    • Ask Bid Volume Difference: The difference between Ask Volume and Bid Volume at each chart bar the Zig Zag line spans across is calculated.
  • Display Zig Zag Volume: When this Input is set to Yes, the volume for the Zig Zag line as calculated according to the Volume To Accumulate Input is displayed at each Peak or Valley of the Zig Zag line.
  • Reset Zig Zag at Start of Trading Day: When this Input is set to Yes, then the Zig Zag is reset at the start of the trading day.

    The start of the trading day is determined from the Session Times in Chart >> Chart Settings. This will be the Start Time, or if the Evening Session option is enabled, then it will be the Evening Start Time.

    Note: When enabling this option, changing the Draw Style from Line to Line - Skip Zeros will remove the plots from the final swing of a trading day to the first swing of the next trading day. So this is something you may want to do.

    When Reset Zig Zag at Start of Trading Day is set to Yes, at the start of the trading day, there will be any labels displayed. And at the first reversal, there will not be any HH,HL,LL,LH Labels.
  • Color Zig Zag Line Using: The Zig Zag Subgraph can be colored based on one of the following settings:
    • Slope: When the Zig Zag line has positive slope it is colored with the primary color. Otherwise, it is colored with the secondary color when the Zig Zag line has negative slope.
    • Confirmed Volume: The Zig Zag Subgraph is colored with the primary color when the trend is up, and it is colored with the secondary color when the trend is down. In this mode, the trend is based on the current swing and the accumulated volume of the current swing and the previous swing.

      When the current swing has greater accumulated volume than the prior swing, then the trend for that swing is equivalent to the swing (example: down swing has down trend when volume is confirmed). When the current swing has less than or equal accumulated volume than the prior swing, then the trend for that swing is opposite of the swing ( example: down swing has up trend when volume is not confirmed).
    • Trend Confirmed Volume: The Zig Zag Subgraph is colored with the primary color when the trend is up, and it is colored with the secondary color when the trend is down. In this mode, the trend is based on the prior swing trend, current swing, and the accumulated volume of the current swing and the previous swing.

      The current swing can only change trend when it is in the opposite direction of the prior swing trend and the accumulated volume of the current swing is greater than the prior swing. If a swing does not meet the volume criteria, then the trend does not change. For example, if you have an up trending swing followed by a down swing with less accumulated volume, the trend would remain up.

Z-Score

This study calculates and displays the standard Z-Score study.

Common Study Inputs

This section describes chart study Inputs that are common among the available chart studies.

Input Data

The Input data from either the Main Price Graph, or another study, to use in the study calculations. The Main Price Graph is the default. The default choices for the Main Price Graph are Open, High, Low, Last, Volume, Number of Trades, OHLC Average, HLC Average, HL Average, Bid Volume, Ask Volume. This Input can select a study Subgraph if the Based On setting is set to another study on the chart, or the study has an Input type that lets you choose another Study and Subgraph combination.

Length

The number of graph elements or graph elements back from a chart column to use in the calculation of each graph element in a study. A graph can be the main price bars graph or could be a Moving Average study graph. A graph element is a value along a graph drawing and occupies one column in the chart. A graph can contain multiple drawings, each one known as a Subgraph.

For the purpose of this discussion, we generally are referring to a single line drawing within a graph (also known as study Subgraph). A graph element can be an Input Data like Open, High, Low or Close/Last, an entire price graph bar, a Subgraph element of one of the study graphs, or an element of an internal array used in calculating the study.

This Length definition is for all Inputs with Length in their name, like Moving Average Length. Example: A moving average study with the Length Input set to 10 and the Input Data Input set to Last will use 10 bar Last prices in the average calculation for each of the elements along its graph.

Displace

The number of bars (chart columns) forward to shift the study.

For example, there is a chart with 10 bars in it. Each bar is one day. There is a 10 day Moving Average on that chart with the Displace Input set to 1.

Normally the average for the 10th bar will be drawn on the 10th bar. It will be the average of the 9 bars prior and the 10th bar. Since the Displays Input is set to 1, the average will be drawn on the 11th bar and it will be the average of the 10 bars prior. It is shifted forward by 1 bar.

An alternative to using the Displace Input, if provided, is the Displacement setting found on the Subgraphs tab of the Study Settings Window. This setting allows for both positive and negative displacements for each individual Subgraph in the study.

Line # (Line1, Line2, etc.), Overbought, Oversold

The value to draw a horizontal line at in the study graph. For example if you set the Line1 Input to 50, then a line will be drawn at the 50 level in the study graph.

Multiplication Factor or Multiplier

For standard deviation studies (Standard Deviation Bands, Bollinger Bands), this is the value the standard deviation is multiplied by. For other studies, this is the value that a component of the study is multiplied by.

Percentage

The percentage of the Input Data (Open, High,...) or moving average to be added or subtracted from the Input Data or moving average.

Moving Average Type

The Moving Average Type standard Input lets you choose among several basic types of moving averages. They are as follows:

  • Exponential Moving Average
  • Linear Regression Moving Average (same as Least Squares Average)
  • Simple Moving Average
  • Weighted Moving Average
  • Wilders Smoothing Moving Average
  • Simple Moving Average Skip Zeros
  • Smoothed Moving Average

Derivative averages which are based upon these basic types cannot be used with the Moving Average Type Input.

For example, it is not possible to use a Hull or Adaptive Moving Average. However, there is an alternative possible solution depending upon what you want to do. It is possible to base any of the individual Moving Average studies upon another study Subgraph. Refer to Based On in the Chart Studies documentation.

Time Period Unit

Sets the time unit for the time period setting for the study. This Input works in conjunction with Time Period Unit Length Input.

This can be set to Minutes, Days, Weeks, Months, or Years. For a 1 Day period, set this to Days.

The Time Period Unit and Time Period Unit Length settings segment time into fixed amounts of time from fixed points of reference. They are not creating a single trailing time period from the last Date-Time in the chart. In the case of Days, the starting reference point in time is Sunday 1950-1-1. The starting reference point in time for Weeks is Sunday. The starting reference point in time for Months is the first day of the month. The starting reference time for Years is January 1.

For all of the starting reference points in time, the start of the day is according to the Session Times settings in the chart. If the Session Times are reversed, then the starting time is in the prior day.

Time Period Unit Length

Sets the quantity to be used with Time Period Unit Input. For example, for a period of 1 Day, set this to 1 and set Time Period Unit to Days.

Alert Sound Number

The Alert Sound Number Input is for setting the Alert Sound Number for a particular alert event in the study.

The Alert Sound Number can be configured to play a specific sound file, and send an email or SMS message. A message is also added to the Window >> Alerts Manager >> Alerts Log, when the alert event occurs.

To configure the selected Alert Sound Number, refer to Alert Sound Settings.


*Last modified Tuesday, 27th September, 2016.