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And what about SierraChart
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And what about SierraChart

  #91 (permalink)
Elite Member
Lagos, Nigeria
 
Futures Experience: Intermediate
Platform: NinjaTrader, SierraChart
Favorite Futures: Euro Currency & Oil
 
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smak451 View Post
Hey guys -- Just joined this site, looks great, helpful & lively! Reading through this Sierra Post I'd recommend to anyone to take a quick look at the Sierra documentation setup and all their Help posts and all these questions/conflicts are answered.

A lot of professional traders disparage Sierra though I must disagree. They are very versatile, such that it may make it a bit difficult for some to config things to their specific needs. In areas of Bid/Ask vol, Mkt Profile they may not be as robust, but their Admin is very receptive and actively takes suggestions and implements them, so they are evolving rapidly to meet traders needs -- "built by traders for traders" in a very real sense. Re: the above discussions, my 2 cents would be to do research into indicators/analysis that fits your style and then stick with it -- spend a lot of screen time (a lot) and I've found it more profitable in doing so through internalizing pattern recognition that it is to jump from various indicators looking for the "grail." Sierra is an extremely functional program, and improves day by day. That's my review! Cheers.

smak,

I was quite surprised to discover that the Sierra forum community is very effective. Please, lets continue to post our views, comments, etc on Sierra on this thread. Meanwhile, I've started a new thread today which is my Dairy on using SierraChart. You can contribute to both threads in any way you can. My Diary thread is located here.

Lolu

 
  #92 (permalink)
Just starting out...
New York, NY
 
Futures Experience: Advanced
Platform: Sierra Charts
Broker/Data: IB/Barcharts
Favorite Futures: ES
 
Posts: 11 since Mar 2010
Thanks: 0 given, 2 received

Lolu if you want a strategy guide pdf file that gives some useful info on interpretation and setups I can send you one.

I have a quick question about Chris' screenshot in post 49 -- looks like you are using the VAP for each column/period left aligned to give the "Ftprint Profile" on top of the Bid/Ask ftprint; then you have a Volume Breakdown indicator on bottom (which is a cutom study pulled from Sierra) yeah? Lastly, what r u basing the shading on over the ftprint? Is it a candle-type shading or r u using the Global Settings for Bid/Ask bars? Thanks man.

Oh yeah, one other thought -- you guys certainly seem to display the "Rage to Master" judging by your enthusiasm -- I've been trading for 20 years on and off the floor and still hesitate to say my experience qualifies as "Advanced!" If there's anything I can offer it's this: listen to Mike when he says "Concentrate on money management." This cannot be said enough. It's exciting to recognize patterns, but I estimate MM is at least 50% of the game. You can use relatively simple indicators and internalize patterns/setups, but without good MM skills you can lose back in minutes what you've made in days/weeks, and this can prove destabilizing which if not handled properly will lead to further losses (ironically its at times like these when you'll really define yourself as a trader). Ken Grant's book on Managing Risk... is great. It's been estimated that even the very best traders will sustain very large drawdowns over their careers (on the order of 99%+ of all traders), so preparation is key. I never had a mentor, though here I see Mike offers it to the Elite subscribers, so bug him silly! Cheers.


Last edited by smak451; March 31st, 2010 at 01:12 PM.
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  #93 (permalink)
Trading for Fun
Germany
 
Futures Experience: Intermediate
Platform: SierraChart
Broker/Data: Velocity/TT
Favorite Futures: 6E,6B,YM
 
Posts: 54 since Jul 2009
Thanks: 6 given, 30 received


Hi smak

here's my latest .stdycollct for 6E with the f_print chart. You have to check the proper tick size for you instrument when you change from 6E and it is based on RangeBars.
With this chart I found an interesting setup through hindsight trading, which is based on EL, Electronic Local .

I realized that all that buying low/selling high or find swing high/low doesn't work, because in a trend I have to trade from the "mean to extreme" whereas in range mode it is from the "extreme to the mean". Since I realized that for me, I have a setup to work with. The indicators in my collection give me a reference, they are no signals.

chris

Attached Thumbnails
And what about SierraChart-31.03.-e6.png  
Attached Files
Register to download File Type: stdycollct Footprint-.StdyCollct (67.8 KB, 28 views)
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  #94 (permalink)
Elite Member
Lagos, Nigeria
 
Futures Experience: Intermediate
Platform: NinjaTrader, SierraChart
Favorite Futures: Euro Currency & Oil
 
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Posts: 2,440 since Jun 2009
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smak451 View Post
Lolu if you want a strategy guide pdf file that gives some useful info on interpretation and setups I can send you one.

I have a quick question about Chris' screenshot in post 49 -- looks like you are using the VAP for each column/period left aligned to give the "Ftprint Profile" on top of the Bid/Ask ftprint; then you have a Volume Breakdown indicator on bottom (which is a cutom study pulled from Sierra) yeah? Lastly, what r u basing the shading on over the ftprint? Is it a candle-type shading or r u using the Global Settings for Bid/Ask bars? Thanks man.

Oh yeah, one other thought -- you guys certainly seem to display the "Rage to Master" judging by your enthusiasm -- I've been trading for 20 years on and off the floor and still hesitate to say my experience qualifies as "Advanced!" If there's anything I can offer it's this: listen to Mike when he says "Concentrate on money management." This cannot be said enough. It's exciting to recognize patterns, but I estimate MM is at least 50% of the game. You can use relatively simple indicators and internalize patterns/setups, but without good MM skills you can lose back in minutes what you've made in days/weeks, and this can prove destabilizing which if not handled properly will lead to further losses (ironically its at times like these when you'll really define yourself as a trader). Ken Grant's book on Managing Risk... is great. It's been estimated that even the very best traders will sustain very large drawdowns over their careers (on the order of 99%+ of all traders), so preparation is key. I never had a mentor, though here I see Mike offers it to the Elite subscribers, so bug him silly! Cheers.

smak,

No. The study in the lower panel of chris' screenshot in post 49 is the Bid and Ask Difference (BAD) and not the Volume Breakdown. The lower panel also has the Volume study.

I have the Volume Breakdown study in the lower panel of the screenshots in my "Lolu's Trading Diary" thread.

Lolu

 
  #95 (permalink)
Elite Member
Lagos, Nigeria
 
Futures Experience: Intermediate
Platform: NinjaTrader, SierraChart
Favorite Futures: Euro Currency & Oil
 
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Posts: 2,440 since Jun 2009
Thanks: 1,000 given, 1,595 received


chrislb View Post
Hi smak

here's my latest .stdycollct for 6E with the f_print chart. You have to check the proper tick size for you instrument when you change from 6E and it is based on RangeBars.
With this chart I found an interesting setup through hindsight trading, which is based on EL, Electronic Local .

I realized that all that buying low/selling high or find swing high/low doesn't work, because in a trend I have to trade from the "mean to extreme" whereas in range mode it is from the "extreme to the mean". Since I realized that for me, I have a setup to work with. The indicators in my collection give me a reference, they are no signals.

chris

chris,

I seem to prefer your chartbook setup as shown in the screenshot of your post #49 because that setup contains very few studies/indicators. I'm not good at coping with many indicators. I wish I can have a setup with just one or two studies/indicators that just tell me what the Buyers and Sellers are doing.

Lolu

 
  #96 (permalink)
Just starting out...
New York, NY
 
Futures Experience: Advanced
Platform: Sierra Charts
Broker/Data: IB/Barcharts
Favorite Futures: ES
 
Posts: 11 since Mar 2010
Thanks: 0 given, 2 received

Hang on guys -- I would humbly submit to Chris that the only thing that really exists are "references" not "signals" -- except in the sense it's a signal alerting you to the fact that "conditions may be changing." It's your job to determine when the mean to extreme becomes the extreme to mean condition. Here's an example that may be useful and i direct this to lolu as well -- personally lolu I'd get rid of the thought that you aren't good with many indicators, and def. get rid of the idea "I wish..." The same exact indicator showing what buyers/sellers are doing can direct you to take opposite positions depending on the all important context. Let's say px is at a level you've determined to be an important support level, with massive volume at Bid and little volume at Ask. This could mean stops are getting hit and px stalls because there are even larger resting (LMT) orders on the book that absorb all the selling, in which case the pain trade is to hit Bid, and you should fade. However the same scenario can also mean sellers are coming progressively en masse and will push through that level. So that leaves context. I've found it useful when dealing with states of flux to think in terms of what is constant and what's variable -- in the case of range charts volatility is the constant and time is a variable. So, upon appraoching the support level, were new range bars being spit out one after the other machine gun style with px diving toward the level like a Kamikaze pilot, or were the bars slowly forming and meandering toward the level like an elderly woman strolling through a park? That info counts a lot, and that's where screen time comes into play. Here's another thing to consider (so don't sell yourself short Lolu with your comments about not being good with the info) -- a psychological experiment was conducted where subjects sat in front of a screen comprised of a large box divided into 100 squares. A light would flash for a millisecond in one of the boxes according to various incredibly complex algorithms -- sequences of numbers (555,4444,17,13,56,57,etc. -- hundreds of digits in length -- along with sequences derived from mathematical formulation like (2+3)^10+(5+5)^7... and normalized to be between 1-100) unknown to the test subjects. The idea was to predict with the mouse where the next would appear. Subjects were randomized across ethnicity, IQ, 'social staus' etc. All subjects were able to correctly predict the next dot, with performance directly correlated to the amount of time spent observing. None could articulate how the patterns were occuring, but they developed a "feel" for where it would be. When test was repeated with random number generation, there was no predictive abilty displayed regardless of time spend. That's a lot of words to say again "find an indicator/indicators that fit your personal preference and observe!" Practice man! In the end it's just a question of "How badly do I really want it?" Hope that helps. Lolu check your email. For abvious reasons I cannot post that. Best -- S

 
  #97 (permalink)
Just starting out...
New York, NY
 
Futures Experience: Advanced
Platform: Sierra Charts
Broker/Data: IB/Barcharts
Favorite Futures: ES
 
Posts: 11 since Mar 2010
Thanks: 0 given, 2 received

Hey -- do any of you guys have a Volume Breakdown Indicator that calcs the Net Delta for the period and plots in a histogram (candle style so it shows not only the color of the bar but the range of the bar for the period (as in the attached example).

Also, I'm trying to obtain or create one that alternatively displays the Net Delta for each bar/period in numeric & color format (as in second example) in cells along the chart bottom. Thanks.

Attached Thumbnails
And what about SierraChart-volume-breakdown-indicator-example.pdf   And what about SierraChart-delta-bar-example.pdf  
 
  #98 (permalink)
Elite Member
Lagos, Nigeria
 
Futures Experience: Intermediate
Platform: NinjaTrader, SierraChart
Favorite Futures: Euro Currency & Oil
 
lolu's Avatar
 
Posts: 2,440 since Jun 2009
Thanks: 1,000 given, 1,595 received


smak451 View Post
Hey -- do any of you guys have a Volume Breakdown Indicator that calcs the Net Delta for the period and plots in a histogram (candle style so it shows not only the color of the bar but the range of the bar for the period (as in the attached example).

Also, I'm trying to obtain or create one that alternatively displays the Net Delta for each bar/period in numeric & color format (as in second example) in cells along the chart bottom. Thanks.

smak,

Have a look at this.

We can continue to give our comments/views on SierraChart on this thread here, but let us use this other thread for SierraChart programming issues, help, faq, etc.

Lolu

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  #99 (permalink)
Trading for Fun
Germany
 
Futures Experience: Intermediate
Platform: SierraChart
Broker/Data: Velocity/TT
Favorite Futures: 6E,6B,YM
 
Posts: 54 since Jul 2009
Thanks: 6 given, 30 received


lolu View Post
chris,

I'm having a discussion with TT and Velocity in respect of X-Trade platform. The X-Trader platform has the X-Study charting tool. What's your views/comments on all these, considering that you've been with Velocity/TT ?

Lolu

Look's like good support over at TT?
any updates on tick/constant volume charting? - Page 2 - TT User Forum

Don't think that would happen with SC

chris

 
  #100 (permalink)
Just starting out...
New York, NY
 
Futures Experience: Advanced
Platform: Sierra Charts
Broker/Data: IB/Barcharts
Favorite Futures: ES
 
Posts: 11 since Mar 2010
Thanks: 0 given, 2 received


Lol, that's pretty funny. I used X-Study and the TT platform briefly through an old Etrade account I had and though the data feed is good, the charting capabilities are mediocre at best. Sierra nukes them when it comes to charting functionality (once you get through the pain of putting together everything you need!). Cheers, -- S


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