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[User Discussion] - Alarm strategy help

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[2014-05-12 16:44:54] #1 [Go To First Post]
Willson - Posts: 176
I am just starting my first alarm system. All suggestions appreciated. I want visual alarms on a fast trading chart. Nearly all data for alarms will come from other slower source charts using indicators overlaid on the trading chart. (There are five source charts) One source chart is actually much faster than trading chart. For now, I am seeking a color change signal on the trading chart when all source charts (indicators) have green or red color. I am not sure if alarms should originate from source or from destination (trading) chart. Where are the alarms to be combined (logically)? Wanting the color changes (Dots or a horizontal bar) to be applied to the Trade chart, how are they transferred from the 5 source charts. Regards

[2014-05-12 22:43:54] #2 [Go To First Post]
vegasfoster - Posts: 444
Several ways you can do this, but IMO easiest would be, Assume chart 1 is your trading chart and chart 2 and chart 3 are higher time frames. On chart 2 you have a stochastics as ID1 and want to be long if greater than 50, so you add the color bar based upon alert condition study and enter ID1.SG1 > 50 in the Alerts tab. On chart 3 you have a macd as ID1 and want to be long if greater than zero, so you add the color bar based upon alert condition study and enter ID1.SG1 > 0 in the Alerts tab. On chart 1, add two study price overlays, which will be ID1 and ID2, and reference to the color bar based upon alert condition studies on chart 2 and chart 3, respectively. Hide these studies. On chart 1 add the color bar based upon alert condition study, which will be ID3, and enter =AND(ID1.SG1=1, ID2.SG1=1) in the Alerts tab for long condition. On chart 1 add a second color bar based upon alert condition study, which will be ID4, and enter =AND(ID1.SG1=0, ID2.SG1=0) in the Alerts tab for short condition. You could also accomplish similar results using a spreadsheet. If you have a null state where you are neither long or short, then you will need to use two color bar based upon alert condition studies on the other time frame charts.

[2014-05-13 01:56:05] #3 [Go To First Post]
Willson - Posts: 176
Vegasfoster. Thanks this helps a lot. I was unaware that we could overlay a colorbar study from a source chart to some destination chart. Also using a spreadsheet is good thought although I have not tried spreadsheets yet. Regards

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