Can MultiCharts Easy Language be programmed to do this?
I am thinking about buying MultiCharts 8/12/2011. I want to verify if MultiCharts with Easy Language that I can do these capabilities below.
I have two real-time futures price graphs with 2 data feeds in one chart layout, they are one short term bar time width and one long term 5 times longer then the short term. Then I have 4 indicators for each bar width in the chart layout.
I need to analyze in Easy/Power Language code at one place to determine if certain rules occur on both bar widths prices and all 8 indicators, like a flow chart of rules. Examples of rules are: does an indicator go over a value after a price peaked, then does another indicator diverge from either the pricing or another indicator. When I find a rule happens I want to be able to draw either a horizontal line for a small distance or draw the two divergence lines on the price graph and the indicator graph. I have several rules in series and parallel. I have several sets of flow charts of rules also, so I have to put them all in the code to analyze as conditions happen and fail. I also want to put small comments and draw lines on the graphs that will scroll with the graphs as they update with new bars. Finally I need to pop up Alerts with comments like set stop loss at…. OR reset stop loss to…. OR short/buy at market AND most important Alert is: Get out at market.
If an Easy/Power Language expert could answer if this can be programmed in MultiCharts and Easy/Power Language? If not is there a chart app that can handle this custom programming?
MultiCharts can use multiple data series applied to one chart, so you can have a Data 1 (which will be the primary data which you trade against), and Data 2 which will be another instrument or time frame. If I remember correctly, you can plot up to 50 data series on one chart. Each indicator that is applied to a chart can be set to use a specific data serie; for example you could have the following on one chart:
ES 10 min chart, RSI ES 10 min,
Stochastics ES 10 min,
NQ 10 min data, RSI NQ 10 min,
YM 5 min data, MACD YM 5 min.
With MultiCharts you can draw trendlines on the chart, but as far as I know you can't let an indicator panel draw lines on the price chart (and vice versa). Of course, if you plot an indicator on the price chart, then it can draw lines on the price chart, just not in the separate indicator panel. I'm also not sure if indicators can draw trendlines in the indicator panel - that's something I haven't yet used.
MultiCharts can draw text on a chart an 'move'/update this with new bars coming in. (The comments above about trend lines also apply here).
MultiCharts can trigger pop-up boxes, and/or sound alerts (with sound files that you can specify), and/or send an email alert. Of course EasyLanguage also supports AND & OR statements.
Hopefully other MultiCharts users chime in and give their take on these points - so that you got an good foundation to base a decision on. Good luck with your software packages testing Bjschwenzer.
Edit: I'll just like to add that, though EasyLanguage is a intuitive language with rich capabilities, programming divergence can be quite complex - depending on what your exact definition of "a divergence" is.
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