Technical Studies Reference
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.
In the case of when Reference Days Back is set to 1, for Sunday evening trading and Mondays day session trading to reference the Friday day session, it is necessary to use reversed Session Times in order that Sunday's trading is considered part of Monday. The Start Time needs to be after any partial trading on Friday. For the ES futures, the Session Times >> Start Time will need to be 18:00:00 in US Eastern 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 a visible draw style like 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.
The HL Avg Subgraph calculation of the Daily OHLC study is simply the average of the High and Low Subgraphs of the Daily OHLC study. You can verify this by using the Chart Values tool to see all of these values for the Daily OHLC study at each chart bar.
If you want to see the high and low calculated incrementally throughout the day and therefore also the midpoint, then refer to Displaying the High and Low Lines Incrementally for Day.
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.
- 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.
- Set the Difference (Bar) study to Display As Main Price Graph.
- 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.
The Daily OHLC study will skip days which are not present in the chart. This includes holidays as well. However, if there is partial trading on a holiday day, then that day will not be skipped. If that day is affecting the Daily OHLC calculations, you will need to remove it from the chart using the Dates to Exclude setting.
If there is only evening trading on a holiday day, and the Daily OHLC study is set to use the Day Session Only, then it will not display anything for that day.
- 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 Day 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.
For this Input to work properly it is necessary to set both the Day and Evening Session Times for the chart and for the Evening session to be enabled.
- 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.
*Last modified Monday, 26th September, 2022.