Hello all! I am new to futures.io (formerly BMT). I have been trying like the devil to duplicate Nexgen's t3 trigger lines on tradestation. I am ashamed to say that I am at my wits end with this project. Does anyone have a an Easy Language code that can draw these lines??? If so, I would love to get my hands on it. Thank you for your patience.
PS I am sure this question has been posted here before so I apologize in advance for the redundancy.
I do not have an EasyLanguage code for the Trigger Lines but I can tell you what they are made of, so it should be easy to rebuild them without any coding effort.
The Trigger Lines are a combination of an EMA and a linear regression of that very EMA.
So, for the Small Triggers you need:
- Linear regression (period 20)
- EMA (linear regression with period 20, short period 5)
And for the Large Triggers you need:
- Linear regression (period 80)
- EMA (linear regression with period 80, short period 20)
I had TradeStation years ago and I am not using it anymore but I am sure the current version has basic indicators like EMA and LinReg, so you can easily build the Trigger Lines and do not need to code them.
I hope this is of help.
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Generally, I prefer Renko charting because I am not interested in price changes in a certain time interval. In the cases of low price volatility or choppy markets, the chart picture gets quite distorted by a large amount of bars even though there is not much price movement. This is why is like Renkos or tick-based charting.
In particular, this also has implications for the Trigger Lines. Although the Trigger Lines involve a linear regression and an EMA, which are quite independent from the chart picture (and hence, the charting should have no effect on the Trigger Lines), I am not sure if the Trigger Lines are really the same using different charting. But even if they are, we still find a distortion in the charting picture.
I see you know about T3 Trigger lines - I was wondering if you are able to help me with the Renko bars that they (T3) use in Ninja.
I use TradeStation and am looking for a TS version of either the RJaysRenkoSpectrum or the SIProRenko (from Shark Industries).
although I have used TS for quite a while I have no idea how to program in EL, so any help would be very grateful. It will be used for my sole purposes.