Wyckoff is teaching us to buy stocks that are stronger than Wyckoff Wave and to sell short stocks that are weaker than Wave. Stronger = upswing of the stock is greater than upswing of the Wave and downswing smaller than Wave (Weaker = reverse).
With this idea in mind my plan was to create scanner for MultiCharts that would sort out stocks with this qualifications from a list of stocks (for example S&P500). Old TradeGuider software had this scanner long time ago.
I am beginner in EasyLanguage programming but I think I would probably know how to calculate stronger or weaker swings from higher highs and higher lows or from ZigZag indicator. But then I realized I have problem Ė MultiCharts Scanner doesnít allow data1 and data2, so I canít compare stock with Wyckoff Wave (ES, SPY or whatever)!
Is there a way to work this out?
I repeat, Iím beginner in programming, sorry in advance if this is stupid question.
if you need a second datastream in the Multicharts scanner your options are pretty much limited to using external DLLs to send the data into the scanner. While I would say this is not overly complex, it certainly is a more advanced topic.
You might want to check the MC forums, as you are not the only one having this problem and there is a thread were you can vote for this feature to be added.
Multicharts.NET would be able to access a second datastream directly in the scanner, but that is a different program, different language and a different topic I guess.
The following user says Thank You to ABCTG for this post:
Well, originally my plan was to build different scanner, but since I donít understand DLLs, Global Variables, MC.NET etc, Iím trying to help myself in most easiest way.
So I created scanner that is showing percentage of current and preceding swings. If Iím looking for stocks that are acting stronger than Index, I would check stocks that have stronger current up move and weaker previous down swing than the Index.
In this example those stocks are listed in lower part of scanner.
Of course, even better thing would be to compare last 3 or 4 swings, but I don't know how to do that...
If someone knows, I would be very thankful
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You might like to check out BullsEyeBroker 5 - I'm not here to promote them :-) as such. It is primarily a PnF charting programme and it has a built-in scanner. It also charts Regular and Wyckoff-style PnF correctly. I'm looking to buy it as it now supports real-time data and does regular bar charts too, as well as a heap of other functionality.
Might save you a heap of programming time, but then it won't be in Ninja!
"Give me control of a nation's money and I care not who makes the laws."
Mayer Amschel Rothschild (1744 -1812)
The following user says Thank You to SisyphusStone for this post: