Hello Colleagues,
This is my first post and i wanted to share a couple of simple indicators that I believe will be helpful. Both indicators allow for trend-up and trend-down coloring of Exponential Moving Averages and Linear Regression Curves. Both are built right off of the Out-Of-The-Box Tradestation indicators, just tweeked a little to add some additional functionality.
The
Screenshot:
The attached screenshot shows the use of both indicator types, which i will explain below. Notice in the center of the screenshot the transition into the Short Run. At the top of the view is the Linear Regression 20, then a long Downward Green Bar breaking down through the EMA20, then the trend continues down breaking through the EMA50, then downward through the EMA200. Each break shows the transition of each EMA and results in a nice trade on the
NASDAQ Index (NQU16, in this chart).
The view shows my basic Tradestation setup with Trender Pro from ValueCharts, the ChopFree indicator from NetPicks.com and MACD (5,32, 5).
Attached ELD files for Tradestation:
1. LRC_Custom2 - This indicator enables directional trend coloring of the Linear Regression Curve indicator with some different options, explained below.
BarOffset - set this value to an amount above/below the bar for dot/line painting in the
scale of your financial instrument.
Customize = Yes, enables the settings below to be used
DotInLine = Yes, enables a dot to be painted on the trendline, making the change of direction
PaintBarInLine = "Yes", enables the bar to be painted in the trend as a normal Linear Regression Line,
"No", enables changes the trend line to be transformed into a lines just above/below the bar as an alternate format.
2. MovAvgExp_MM - This indicator enables directional trend coloring of the
Moving Average Exponential indicator.
ApplyUpDnColor = Yes, enables the custom trend colors just below the input. If set to "No" then use the Out-Of-The-Box coloring on the Color Tab.
Being simple ELD files, you can load them and see how they work and adjust accordingly and re-save them as different named ELDs. If you are familiar with
EasyLanguage programming, the style of these indicators can be applied to other Tradestation indicators where you might want to represent an indicator that appears on the bottom of your TradeStation window and represent it directly on the trend line. I have coded some custom MACD indicators also that do just that.
I hope you find this useful.
Regards,
Marcus
