# Technical Studies Reference

## 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.

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

This study calculates the Bill Williams Acceleration/Deceleration Oscillator. It is computed using four Simple Moving Averages with Lengths $$n_1$$, $$n_2$$, $$n_3$$, and $$n_4$$. All four moving averages use the same Input Data.

We begin by finding $$AvgDiff_t(X,n_1,n_2)$$, the difference of the moving averages with lengths $$n_1$$ and $$n_2$$ at chart bar $$t$$.

$$AvgDiff_t(X,n_1,n_2) = MA_t(X,n_2) - MA_t(X,n_1)$$

Then we compute $$ACDC_t(X,n_1,n_2,n_3,n_4)$$, the height of the AC/DC Histogram at chart bar $$t$$.

$$ACDC_t(X,n_1,n_2,n_3,n_4) = MA_t(AvgDiff_t(X,n_1,n_2) - MA_t(X,n_4),n_3)$$

### Account Balance Graph - External Service

This 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 computes the Accumulation/Distribution Index, which was created by Bill Williams.

Let the High price, Low price, Closing price, and Volume at chart bar $$t$$ be denoted as $$H_t$$, $$L_t$$, $$C_t$$, and $$V_t$$, respectively. We compute the Range Value $$RV_t$$ at chart bar $$t$$ as follows.

$$RV_t = \left(H_t - L_t\right)V_t$$

Let the Accumulation/Distribution Index be denoted by the random variable $$AD$$. This random variable is initialized to a value of $$AD_0 = 0$$. The value Accumulation/Distribution Index $$AD_t$$ at chart bar $$t$$ is computed as follows.

$$\displaystyle{AD_t=\left\{ \begin{matrix} AD_{t-1} & RV_t = 0 \\ \frac{\left(C_t - L_t\right) - \left(H_t - C_t\right)}{RV_t} & RV_t=0 \end{matrix}\right .}$$

#### Inputs

• This study has no Inputs.

### Accumulation / Distribution Flow

This study computes the Accumulation/Distribution Flow, which was created by Bill Williams.

Let the Open, High, Low, and Close prices at chart bar $$t$$ be denoted, respectively, as $$O_t$$, $$H_t$$, $$L_t$$, and $$C_t$$. Let the Volume at chart bar $$t$$ be denoted as $$V_t$$. Let the Accumulation/Distribution Index be denoted by the random variable $$AD$$. This random variable is initialized to a value of $$AD_0 = 5000$$.

If the Input Use Previous Close is set to No, then the Accumulation/Distribution Index $$AD_t$$ at chart bar $$t$$ is then computed as follows.

$$\displaystyle{AD_t=\left\{ \begin{matrix} AD_{t-1} & H_t - L_t = 0 \\ AD_{t-1} + \frac{\left(C_t - O_t\right)}{\left(H_t - _t\right)}V_t & H_t - L_t \neq 0 \end{matrix}\right .}$$

If the Input Use Previous Close is set to Yes, then the Accumulation/Distribution Index $$AD_t$$ at chart bar $$t$$ is then computed as follows.

$$\displaystyle{AD_t=\left\{ \begin{matrix} AD_{t-1} & H_t - L_t = 0 \\ AD_{t-1} + \frac{\left(C_t - C_{t-1}\right)}{\left(H_t - _t\right)}V_t & H_t - L_t \neq 0 \end{matrix}\right .}$$

In either case, the Accumulation/Distribution Flow $$ADF_t$$ at chart bar $$t$$ is computed as a Simple Moving Average of $$AD$$ with Moving Average Length $$n$$, as follows.

$$ADF_t = MA_t(AD,n)$$

#### Inputs

• Moving Average Length
• Use Previous Close: This Input determines whether the current Open or the prior Close price is to be used in the calculation of $$AD_t$$

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

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.

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

#### Inputs

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.

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

### 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.

#### Inputs

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.

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.

### Average Daily Range

This study calculates the average daily range of prices (Low to High) of the price data over a specified number of bars.

Let the Low Price and High Price at chart bar $$t$$ be denoted as $$L_t$$ and $$H_t$$, respectively. Let the Input Length be denoted as $$n$$. Then we denote the Daily Range at chart bar $$t$$ as $$DR_t$$, and we calculate it as follows.

$$DR_t = H_t - L_t$$

We denote the Average Daily Range at chart bar $$t$$ for the given Length as $$ADR_t(n)$$, and we calculate it in terms of a Simple Moving Average as follows.

$$ADR_t(n) = MA_t(DR,n)$$

In the above formula, $$DR$$ is a random variable denoting the Daily Range.

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.

### Average Price for Bar

#### Inputs

• Average Formula:

### Average True Range

This study calculates a moving average of the True Range.

Let the Input Length be denoted as $$n$$, and let $$TR$$ be a random variable denoting the True Range. Then we denote the Average True Range at chart bar $$t$$ for the given Length as $$ATR_t(n)$$, and we calculate it in terms of a Simple Moving Average as follows.

$$ATR_t(n) = MA_t(TR,n)$$

Note: Depending on the setting of the Input Moving Average Type, the Simple Moving Average in the above formula could be replaced with an Exponential Moving Average, a Linear Regression Moving Average, a Weighted Moving Average, a Wilders Moving Average, a Simple Moving Average - Skip Zeros, or a Smoothed Moving Average.

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.

### 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.

The study also supports referencing Input Data 2 from a prior bar through the Input Data 2 Offset Input.

#### 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.
• Use Transparent Background : When this is set to Yes, then the bounding rectangle of the text drawing for the bar number is transparent and therefore the Secondary Color for Subgraph >> Number does not apply.

### 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.

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.

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.

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

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.

There is also the Difference Subgraph line which calculates and displays the difference between the Ask Volume and the Bid Volume.

#### 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.
• 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.

#### Inputs

• Source Data: This Input can be set to one of the following:
• Time and Sales: The study will use the Time and Sales data which contains the Bid Depth and Ask Depth quantity totals at each best Bid and Ask update, for the calculations. 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.
• Historical Market Depth - Last: The study will use the saved historical market depth data for the calculations. This data is only recorded when connected to the data feed. The symbol must support market depth data. When this option is used, the Bid and Ask Depth Bars will no longer be bars but instead a single value at each chart bar. The last recorded market depth quantities for the chart bar are used. This data is permanently saved and is persistent and provides the greatest amount of historical data for the study.
• Historical Market Depth - Maximum: The study will use the saved historical market depth data for the calculations. This data is only recorded when connected to the data feed. The symbol must support market depth data. When this option is used, the Bid and Ask Depth Bars will no longer be bars but instead a single value at each chart bar. The maximum recorded market depth quantities for the chart bar are used. This data is permanently saved and is persistent and provides the greatest amount of historical data for the study.
• Maximum Depth Levels to Use: This input only applies when Source Data is set to Historical Market Depth - Last/Maximum. It specifies the maximum number of market depth levels to use in the calculation.

### 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

### 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.

### Chaikin Oscillator

No information is currently provided.

### 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 global Time Zone setting if the chart is using the global Time Zone setting.

It is possible to set Time Zone setting for an individual chart to be different than the global Time Zone setting. Refer to Using Different Time Zone in Individual Charts. Using more than one chart with the Clock - RealTime study, with each of those charts set to a different time zone allows you to display more than one clock each with their own time zone.

The size of the clock 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 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 upon first adding the study to the chart. After that it is ignored. 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 upon first adding the study to the chart. After that it is ignored. 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 and a new bar is added to the chart, the selected Alert Sound number on the Alerts tab of the Study Settings window for the study will be triggered. For details to configure this particular Alert Sound number, refer to Alert Sound Settings.

If there are multiple bars added at once to a chart, then only one alert sound will be played unless Alert for Every New Bar is set to Yes.
• Alert for Every New Bar: This input only applies if Alert On New Bar is set to Yes. When this Input is set to Yes, then for every new bar added to the chart a separate alert sound will be played. Normally this is the case when Alert On New Bar is set to Yes, but when there are multiple bars added to the chart at once, only one alert sound is played unless Alert for Every New Bar is set to Yes.
• 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 of the number of trades at the Ask price or higher and the number of trades at the Bid price or lower calculated in the prior step are maintained for each chart 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 of the Cumulative Delta chart bar at the same index if it is out of that range. 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.

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.

#### 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.
• Reset at Both Session Start Times: When this Input is set to Yes, then the Input Reset at Start of Trading Day is implied to always be on and the description for that Input applies. Additionally, there is another reset which occurs at the Evening Start Time if the Evening Session is enabled for the chart.

### 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 if there previously was a downtick.
2. The maximum and the minimum of the difference of the Uptick volume and the Downtick volume calculated in the prior step are maintained for each chart 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 of the Cumulative Delta chart bar at the same index if it is out of that range. 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 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.

#### 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.
• Reset at Both Session Start Times: When this Input is set to Yes, then the Input Reset at Start of Trading Day is implied to always be on and the description for that Input applies. Additionally, there is another reset which occurs at the Evening Start Time if the Evening Session is enabled for the chart.

### 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.

The study only works on Intraday charts.

#### Calculation Method

2. The maximum and the minimum of the difference calculated in the prior step are maintained for each chart 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 of the Cumulative Delta chart bar at the same index if it is out of that range. 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 there must be 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 Sierra Chart is using. If it is not available, then during the times Sierra Chart is 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 and 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. Although the information here may give you a clue as to what the issue can be.

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

1. Check that the chart has 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, but not all, 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 to 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.
• Reset at Both Session Start Times: When this Input is set to Yes, then the Input Reset at Start of Trading Day is implied to always be on and the description for that Input applies. Additionally, there is another reset which occurs at the Evening Start Time if the Evening Session is enabled for the chart.

### 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 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 study on a separate Historical Daily chart.

To use the study, first open a Historical Daily chart for the same symbol as the Intraday chart. This can be easily done by going to the Intraday chart you want to use the Daily Range Bands study on and selecting Chart >> Duplicate Chart. When that duplicate chart is active, select Chart >> Bar Period >> Daily. Add to this Historical Daily chart one of these studies: Average True Range or Average Daily Range. This will be considered the Range study.

Go to the Intraday chart for the symbol, and add the Daily Range Band study.

Set the Range Study Reference Subgraph according to the description.

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 when Gap Adjust With Yesterdays Close is No: (Low for day + Range Study Reference Subgraph for the corresponding day) * Band Multiplier.
• Lower Band when Gap Adjust With Yesterdays Close is No: (High for day - Range Study Reference Subgraph for the corresponding day) * Band Multiplier.
• Upper Band when Gap Adjust With Yesterdays Close is Yes: (Minimum(Low for day, Previous day close) + Range Study Reference Subgraph for the corresponding day) * Band Multiplier.
• Lower Band when Gap Adjust With Yesterdays Close is Yes: (Maximum(High for day, Previous day close) - Range Study Reference Subgraph for the corresponding day) * Band Multiplier.

Reversed Bands: In the case where you notice that the Upper Band Subgraph is lower than the Lower Band Subgraph, you need to increase the Band Multiplier value to solve this.

#### Inputs

• Range Study Reference Subgraph: This Input 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 and the Study Subgraph will be Average True Range or Average Daily Range study was added to 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 gaps.
• 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. In the case where you notice that the Upper Band Subgraph is lower than the Lower Band Subgraph, you need to increase the Band Multiplier to solve this.
• 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 Moving Average Length
• Demand Index Moving Average Length

### Demarker

Calculates and displays the Demarker study.

### 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.

### Directional Movement Oscillator

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

### 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.

### 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.

### Extend Bar Gap Until Future Intersection

A bar gap occurs whenever two consecutive bars do not overlap. If a bar gap occurs such that the next consecutive bar is above the previous bar, then a horizontal line is drawn from the High price of the previous bar to the right until it intersects another bar. If a bar gap occurs such that the next consecutive bar is below the previous bar, then a horizontal line is drawn from the Low price of the previous bar to the right until it intersects another bar.

#### Inputs

• Display Value Label: When this Input is set to Yes, each horizontal line is labeled with the price to which it corresponds.
• Name Label: When the user enters a text string for this Input, each horiztonal line is labeled with that string.
• Compare to Open to Close Range Only: When this Input is set to Yes, only the part of the bar from Open to Close is used for comparison to the next consecutive bar for determining overlap. This changes the prices at which the horizontal lines are drawn. If a bar gap occurs such that the next consecutive bar is above the previous bar, then a horizontal line is drawn from the maximum of the Open price and the Close price of the previous bar to the right until it intersects another bar. If a bar gap occurs such that the next consecutive bar is below the previous bar, then a horizontal line is drawn from the minimum of the Open price and the Close price of the previous bar to the right until it intersects another bar.

### Extend Closes Until Future Intersection

A horizontal line is drawn from the Closing price of each bar to the right until it intersects another bar. This second bar will not necessarily be the next consective bar.

#### Inputs

• Display Value Label: When this Input is set to Yes, each horizontal line is labeled with the Closing price to which it corresponds.
• Name Label: When the user enters a text string for this Input, each horiztonal line is labeled with that string.

### 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 and replace the existing chart bars, open the Study Settings window for the Heikin-Ashi study and enable the Display As Main Price Graph option.

The Heikin-Ashi bars are calculated with the following formula:

Heikin-Ashi Close: (Open + High + Low + Close) / 4.
Heikin-Ashi Open: (Yesterday's Heikin-AshiOpen + Yesterday's Heikin-AshiClose) / 2
Heikin-Ashi High: The higher of today's High or today's Heikin-AshiOpen
Heikin-Ashi Low: Heikin-AshiLow = The lower of today's Low or today's Heikin-AshiOpen

Understand that because all values of a chart bar are modified by the Heikin-Ashi study that the chart bars no longer display real values. You cannot make comparisons of these type of chart bars to another chart which does not have the Heikin-Ashi study. This will also mean that depending upon the chart bar timeframe, that the Close/Last price of the last bar in the chart will be different among charts for the same symbol using this study.

#### Inputs

• Set Close to Current Price for Last Bar: When this input is set to Yes, the default, then the Close/Last price of the last bar in the chart is set to the actual current price.

### 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.

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

### 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 >> End Time 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 and in which case it will be in the prior day. The High/Low bar values at this specific time are included.
• 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.
• Number of Days to Calculate: The default for this input is 10000 and means that the High/Low for Time Period Subgraph lines will be calculated and displayed for up to 10000 days from the last date in the chart. Reduce this number to what you require if you just want to calculate and display the lines on a fewer number of days.
• Use Line Stop Time: This Input only applies to the High/Low for Time Period - Extended study. Set this Input to Yes, to have the High/Low lines stop at an earlier time than the Session Times >> End Time in Chart >> Chart Settings. The actual stop time is set with the Line Stop Time Input.
• Line Stop Time: This specifies the High/Low lines stop time when Use Line Stop Time is set to Yes.

#### 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 of the Closing Prices.

Let $$C$$ be a random variable denoting the Closing Price, and let $$C_t$$ be the value of the Closing Price at chart bar $$t$$. Then we denote the Logarithmic Return at chart bar $$t$$ for the Closing Prices as $$LR_t(C)$$, and we compute it as follows.

$$\displaystyle{LR_t(C) = \ln\left(\frac{C_t}{C_{t-1}}\right)}$$

In the above formula, $$\ln$$ denotes the Natural Logarithm.

Let the Inputs Short Length and Long Length be denoted as $$n_S$$ and $$n_L$$, respectively, and let $$LR$$ be a random variable denoting the Logarithmic Return. The Standard Deviations of $$LR$$ with Lengths $$n_S$$ and $$n_L$$ are denoted as $$\sigma\left(LR,n_S\right)$$ and $$\sigma\left(LR,n_L\right)$$, respectively.

The Historical Volatility Ratio at chart bar $$t$$ for the Logarithmic Returns of the Closing Prices and the given Lengths is denoted as $$HVR_t\left(LR,n_S,n_L\right)$$, and we compute it in terms of these Standard Deviations as follows.

$$\displaystyle{HVR_t\left(LR,n_S,n_L\right) = \frac{\sigma\left(LR,n_S\right)}{\sigma\left(LR,n_L\right)}}$$

### 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.
• Set All Subgraph Display Settings to Be Same as First: When this Input is set to Yes, then the Draw Style, Primary Color, Line Style, Line Width and Name and Value Labels for the first Subgraph are also applied to the remaining Subgraphs. Use this with caution because it will change the the Draw Style for all of the other Horizontal Line Subgraphs from Ignore to a visible style. So it should only be used if you want to have all Subgraphs be visible.

### 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.
• Use Stop Time: When this Input is set to Yes, then the horizontal line will be stopped at the Stop Time Input.
• Stop Time: This Input only applies when Use Stop Time is set to Yes. In this case, this Input specifies the time to stop the horizontal line at within the trading day.
• Limit Horizontal Line From Time To 1 Day: When this Input is set to Yes, the default, then the horizontal line from the time specified by the Start Time Input will not extend more than 24 hours. Therefore, if the next encountered Start Time is further forward than 24 hours, the horizontal line will stop at 24 hours forward. When this input is set to No, the horizontal line will continue forward until the next occurrence of the Start Time is encountered in the next available date.
• Ignore Weekends: When this input is set to Yes, then weekend chart bars are ignored both when determining the start time of the line and the stop time of a line. A weekend is considered Saturday and Sunday and is based on what is called the Trading Day Date of a bar. This considers the Session Times of the chart. If the Session Times are reversed, then Sunday evening trading would be considered Monday and not ignored. For further details, refer to Starting Trading Day in Prior Day.

### 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.

### Keltner Channel

The Keltner Channel is similar to Bollinger Bands.

### 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.

### 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.

### 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. We describe the calculation below.

Let $$X$$ be a random variable denoting the Input Data Input. Let the Inputs Fast Moving Average Length, Slow Moving Average Length, and MACD Moving Average Length be denoted as $$n_F$$, $$n_S$$, and $$n_M$$, respectively. The study calculates the MACD, the Moving Average of the MACD, and the MACD Difference. We denote the values of these indicators for the given Inputs at chart bar $$t$$ as $$MACD_t\left(X,n_F,n_S\right)$$, $$MACDMA_t\left(X,n_F,n_S,n_M\right)$$, and $$MACDDiff_t\left(X,n_F,n_S,n_M\right)$$, respectively. By default, all three of these are displayed when the study executes.

By default, the MACD is calculated in terms of Exponential Moving Averages as follows.

$$MACD_t\left(X,n_F,n_S\right) = EMA_t\left(X,n_F\right) - EMA_t\left(X,n_S\right)$$

Note: Depending on the setting of the Input Moving Average Type, the Exponential Moving Averages in the above formula could be replaced with Linear Regression Moving Averages, Simple Moving Averages, Weighted Moving Averages, Wilders Moving Averages, Simple Moving Averages - Skip Zeros, or Smoothed Moving Averages.

The Moving Average of the MACD is then calculated as follows.

$$MACDMA_t\left(X,n_F,n_S,n_M\right) = EMA_t\left(MACD\left(X,n_F,n_S\right),n_M\right)$$

In the above formula, $$MACD\left(X,n_F,n_S\right)$$ is a random variable denoting the MACD with Inputs as listed in the parentheses.

Note: Just as with the MACD, you can choose a different moving average by appropriately setting the Moving Average Type Input.

Finally, the Moving Average Difference is calcuated as follows.

$$MACDDiff_t\left(X,n_F,n_S,n_M\right) = MACD_t\left(X,n_F,n_S\right) - MACDMA_t\left(X,n_F,n_S,n_M\right)$$

### MACD Crossover System

To familiarize yourself with the terminology, notation and Inputs used in this study, refer to the documentation for the MACD study. Additionally, we let the High Price and Low Price at chart bar $$t$$ be denoted as $$H_t$$ and $$L_t$$, respectively, and we let the Input Arrow Offset Percentage be denoted as $$Off$$.

This study displays signals to buy (indicated by an "up" arrow) or sell (indicated by a "down" arrow) at chart bar $$t$$. The conditions that determine which signal, if any, is displayed are stated below.

An "up" arrow is displayed at chart bar $$t$$ if the Subgraph of $$MACD_t\left(X,n_F,n_S\right)$$ crosses the Subgraph of $$MACDMA_t\left(X,n_F,n_S,n_M\right)$$ from below at chart bar $$t$$. The vertical coordinate of the tip of the arrow is given by $$L_t - Off\cdot\left(H_t-L_t\right)$$.

An "down" arrow is displayed at chart bar $$t$$ if the Subgraph of $$MACD_t\left(X,n_F,n_S\right)$$ crosses the Subgraph of $$MACDMA_t\left(X,n_F,n_S,n_M\right)$$ from above at chart bar $$t$$. The vertical coordinate of the tip of the arrow is given by $$H_t + Off\cdot\left(H_t-L_t\right)$$.

### MACD - Volume Weighted

The Volume Weighted Moving Average Convergence/Divergence (MACD) is a trend-following momentum indicator that shows the relationship between two moving averages of prices. The Volume Weighted MACD was developed by Buff Dormeier.

Let the Inputs Fast Moving Average Length, Slow Moving Average Length, and MACD Moving Average Length be denoted as $$n_F$$, $$n_S$$, and $$n_M$$, respectively. The study calculates the Volume Weighted MACD, the Moving Average of the Volume Weighted MACD, and the Volume Weighted MACD Difference. We denote the values of these indicators for the given Inputs at chart bar $$t$$ as $$VWMACD_t\left(X,n_F,n_S\right)$$, $$VWMACDMA_t\left(X,n_F,n_S,n_M\right)$$, and $$VWMACDDiff_t\left(X,n_F,n_S,n_M\right)$$, respectively.

The Volume Weighted MACD is calcuated in terms of Volume Weighted Moving Averages as follows.

$$VWMACD_t\left(X,n_F,n_S\right) = VWMA_t\left(X,n_F\right) - VWMA_t\left(X,n_S\right)$$

The Moving Average of the Volume Weighted MACD is then calculated using an Exponential Moving Average as follows.

$$VWMACDMA_t\left(X,n_F,n_S,n_M\right) = EMA_t\left(VWMACD\left(X,n_F,n_S\right),n_M\right)$$

In the above formula, $$VWMACD\left(X,n_F,n_S\right)$$ is a random variable denoting th Volume Weighted MACD with Inputs as listed in parentheses.

Finally, the Volume Weighted Moving Average Difference is calculated as follows.

$$VWMACDDiff_t\left(X,n_F,n_S,n_M\right) = VWMACD_t\left(X,n_F,n_S\right) - VWMACDMA_t\left(X,n_F,n_S,n_M\right)$$

### 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.

### 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.

### 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. There is a list of preset choices. If you want to use a different width, then set this through the Custom Square Width Input setting instead.
• Square Width Multiplier: The default for this Input is 1.0. This value is multiplied with Square Width to increase the Square Width value. This can be set to a value greater than 1.0.
• Custom Square Width: When this Input is set to a nonzero value, this overrides the Square Width Input and specifies the number of bars to use for the width of the square. Normally this should be set to 0 unless you want to override Square Width.
• 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.

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

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.

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.

### 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.

### 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.

### 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 already open source chart on to the chart this study is applied to (destination chart). If the chart you want to overlay is not already open, it can be opened through File >> Find Symbol.

Multiple Overlay studies can be added to a chart to overlay more than one main price graph on to a destination 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.

### 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.

### Previous Bar Close

Displays the Previous Bar Close.

#### Inputs

• This study has no Inputs.

### 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.

### 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.

### 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.

### 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 setting specified in Chart >> Chart Settings.

This 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
• 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.

### 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.

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 the Multiple Chart Studies section for instructions for this type of study and the available study Inputs.

This study uses 4 charts and creates a price bar graph. The formula is: (Chart 1 - Chart 2) - (Chart 3 - Chart 4).

The study supports a Chart # Multiplier Input for each chart to apply greater or less weighting to a particular chart. The multiplier can also be used to multiply the chart by -1 in order to perform an addition instead of a subtraction of that particular chart.

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

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.

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

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

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

The Standard Deviation study calculates a moving standard deviation of the data specified by the Input Data Input. The Standard Deviation study can be based on other studies to calculate a standard deviation of a particular study Subgraph. Refer to the Based On setting in the Study Settings window.

Let $$X$$ be a random variable denoting the Input Data, and let $$X_i$$ be the value of the Input Data at chart bar $$i$$. Let the Input Length be denoted as $$n$$. Then we denote the Variance at chart bar $$t$$ for the given Inputs as $$Var_t(X,n)$$, and we compute it as follows.

$$\displaystyle{Var_t(X,n) = \left.\left(\sum_{i = t - n + 1}^tX_i^2\right) \middle/ n\right. - \left(\left.\left(\sum_{i = t - n + 1}^tX_i\right) \middle/ n\right.\right)^2}$$

For an explanation of the Sigma ($$\Sigma$$) notation for summation, refer to the Wikipedia article Summation.

The Standard Deviation at chart bar $$t$$ for the given Inputs is denoted as $$\sigma(X,n)$$, and we compute it in terms of the Variance as follows.

$$\sigma_t(X,n) = \sqrt{Var_t(X,n)}$$

In the above formula, the symbol $$\sigma$$ is the lowercase Greek letter sigma.

### Standard Deviation Bands

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

### 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.

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.
• Draw Zeros: When this Input is set to Yes, then zero values from the study Subgraph will be drawn. Otherwise, they will not be.
• 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

This study displays the selected Input Data has text above or below the chart bars. At each chart bar, the value of the selected Input Data for that bar is displayed. The Subgraphs >> Draw Style setting can be set to Value on Low or Value On High.

To select the study to reference, set the Based On study setting to that study or main price graph, and set the Input Data Input to the specific study Subgraph in that study to reference.

You will also need to set this study to display in the same Chart Region as the study that it is based on.

The size of the text is controlled with the Subgraphs >> Study Subgraph (SG1) >> Width/Size setting in the Study Settings window.

### 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.

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.

### Synthetic VIX

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

### 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 | Text Display For Study from Chart

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 on a chart 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.

In the case of the Text Display For Study the selection of the chart is not supported. This is only supported with the Text Display For Study from Chart study.
• 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 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.

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 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.

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 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.

The TPO Value Area Lines study can only be used on a standard chart and not a TPO Profile Chart. If of this study is used on a TPO Profile Chart the calculations will be inaccurate.

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.

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

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

The Trading Level study is a study which is meant for a trading educator to provide trading levels to their users which are displayed as horizontal lines on a chart for a particular symbol and on specific days for that symbol.

It uses a control panel to set the levels and to authorize users for specific levels. If you are interested in using the study, you need to have one or more users of your trading levels. Contact Sierra Chart Support for setting this up.

#### Inputs

• Request Interval in Minutes: The specifies how often in minutes, the trading levels are requested from the Sierra Chart server.
• Use Time Range For Levels Request: When this Input is set to Yes, then the Request Start Time and Request End Time study Inputs apply and limit the requesting of trading levels to the set time range.
• Time Range Time Zone: This sets the time zone for the Request Start Time and Request End Time Inputs.
• Request Start Time: When Use Time Range For Levels Request Input is set to Yes, then this specifies the starting time for the time range that trading levels will be requested during.
• Request End Time: When Use Time Range For Levels Request Input is set to Yes, then this specifies the ending time for the time range that trading levels will be requested during.
• Alternate Symbol: When the trading levels are requested, the symbol will be the symbol of the chart. This is an optional Input to change the symbol to the specified symbol.
• Request Sub-identifier (optional): This is the identifier used when requesting trading levels. The control panel will be set up using this identifier.

### 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

This study calculates and displays the true range of the price data at each chart bar.

Let the High, Low, and Closing Prices at chart bar $$t$$ be denoted as $$H_t$$, $$L_t$$, and $$C_t$$, respectively. We then define the following quantities.

High - Low Range: $$H_t - L_t$$

High to Previous Close Difference: $$\left|H_t - C_{t - 1}\right|$$

Low to Previous Close Difference: $$\left|L_t - C_{t - 1}\right|$$

The True Range at chart bar $$t$$ is denoted as $$TR_t$$, and it is calculated by taking the maximum of the above quantities, as shown below.

$$TR_t = \max\{H_t - L_t, \left|H_t - C_{t - 1}\right|, \left|L_t - C_{t - 1}\right|\}$$

#### 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).

### 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.

### 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.

To view horizontal volume bars which display volume at each price level within a chart for a certain period of time, use the Volume by Price study.

To view the Volume graph as horizontal volume bars, change the Subgraph >> Draw Style for the study to Horizontal Profile.

#### 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 >> 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.
• 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 - 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.

### 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

• Include Hidden Studies: When this Input is set to Yes, then the studies that are set to be hidden on the chart are also written to the text file. When this is set to No, this will not be the case.
• 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.

## 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.