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(Basic) How to Apply Study, Change Study Settings, Tabs and Templates |
August 1 , 2007
16:29 Ensign Kimball: We are going to start a Training Class at this Time. Please hold questions until the end. Thanks.
16:30 Ensign Kimball: Today's topics will include some basic items.
16:30 Ensign Kimball: 1) How to apply a Study to a chart
16:30 Ensign Kimball: 2) How to Change the Settings for the study
16:30 Ensign Kimball: 3) How to Use TABS to save multiple settings for the Study
16:31 Ensign Kimball: 4) How to use Templates to easily apply Studies to a chart
Applying a Study
16:31 Ensign Kimball: Charting is one of the most powerful tools that a Trader uses. A chart displays bars, or lines, which represent the price movement for a Symbol.
16:32 Ensign Kimball: The chart above is an IBM Daily chart. Each bar on the chart represents 1 day of trading.
16:33 Ensign Kimball: Most traders like to apply STUDIES on the charts to help them decide when to BUY or SELL the market. Ensign Windows has a lot of Studies that can be applied to a chart. The easiest and quickest way to apply a study to a chart is to Click the 'Studies' button on the Toolbar at the top of the screen.
16:34 Ensign Kimball: Clicking the Studies button will display a drop-down list of the available studies...Including Moving Averages, RSI, Stochastics, .etc.
16:35 Ensign Kimball: I have selected 'Moving Average' from the list. You can see that 2 moving average lines where applied to the chart.
16:36 Ensign Kimball: There are different kinds of Moving Averages, like... Simple...Exponential,...Weighted....Smoothed...etc. Ensign allows you to specify the moving average calculation, along with Colors, and line Styles.
Changing Study Settings
16:36 Ensign Kimball: To change the settings for a Study, including this Moving Average study, you need to open the Parameter Window for that study. Open the Parameter window by either clicking the mouse on the Light Blue moving average line, or by clicking the 'Chart Objects' button on the Toolbar at the top of the screen.
16:38 Ensign Kimball: The Chart Objects button is the round icon with red, blue, and yellow shapes inside. Sometimes we refer to this button as the 'Pizza' button. Clicking the Chart Objects button will display a list of any 'Objects' that are on the Chart (including the moving average)
16:40 Ensign Kimball: Click on the 'Simple Average' item and then click the 'Properties' button to open the Properties screen.
16:41 Ensign Kimball: The Properties window allows you to customize all the settings for the Moving Average Lines. The top left corner is where you specify the Moving Average LENGTH.
16:41 Ensign Kimball: Currently the settings are 3 and 9. The 2 lines on the chart are a 3 period moving average, and a 9 period moving average
16:42 Ensign Kimball: The bottom right corner allows you to select the Formula. The current setting is for a 'Simple' average calculation.
16:43 Ensign Kimball: If you want to change the Color of the lines or the STYLE of the Lines, then click the Square Color Boxes next to each line....or the drop-down list box under the Style column.
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16:44 Ensign Kimball: I have changed the Colors to be Yellow and GREEN. I have changed the Line Thickness. Now the lines are Thicker.
16:45 Ensign Kimball: You can watch a VIDEO on the Ensign web site that explains Studies and changing the Parameters. To watch the Video, go to the Ensign web site and click the VIDEOS button
16:46 Ensign Kimball: In this chart I have added the RSI and STOCHASTIC studies to the chart. They appear in sub-windows below the chart bars. This chart now has 3 study objects on the chart.
16:47 Ensign Kimball: If you click the 'Chart Objects' button, you can see the 3 objects, and can open the Properties window for each one.
16:47 Ensign Kimball: The Chart Objects button is also used to DELETE a specific study off the chart. To Delete a study, just select the Study in the list, then click the Delete button (in the Chart Objects drop down window). To Delete ALL objects from the chart, click the Delete ALL button.
TABS
16:49 Ensign Kimball: Next Topic will be Using TABS
16:49 Ensign Kimball: Lets say that you have 4 different Moving Averages that you like to apply to your charts. Perhaps each Moving Average has its own Colors, and Length settings.
16:50 Ensign Kimball: Ensign allows you to have 15 unique settings for each study by using the TABS at the bottom of the Properties window.
16:51 Ensign Kimball: To customize your different settings, just click on a TAB, then change the parameters and settings to be what you like.
17:12 @Buffy2: Kimball would you please comment on the dos and don'ts of the tab for the class record? Thanks
17:15 mikey_in_NH: Yes. I am finding that when I click on a study already on the chart, I sometimes don't know which tab contains the settings, as the Tab on which the values are set does not show itself as the active tab. But sometimes it does. Is there some secret to getting the behavior correct?
17:18 Ensign Kimball: The Chart Objects list will display the number. In the example above, the moving average settings are coming from the 6th TAB (see the 6 on the row)
17:20 Ensign Kimball: When you open the Properties window, the active TAB will have DASHES -6- next to the active TAB number. They don't show if the Study is using the 'Default' settings.
17:22 @Buffy2: One point to be made is that if you do not click on the tab first then Ensign "assumes" the change is just for the chart and not a permanent change to the tab
17:22 Ensign Kimball: Correct. Thanks Buffy.
Templates
16:53 Ensign Kimball: Now lets talk about Study Templates.
16:53 Ensign Kimball: The IBM Daily chart that we are using today, currently has 3 studies applied to the chart. All the colors, periods, line styles, etc. may be exactly what you want to apply to all of your charts.
16:54 Ensign Kimball: Rather than manually applying 3 studies to all your charts...you can SAVE this collection of Studies as a TEMPLATE. You can then apply the selected TEMPLATE to any chart
16:55 Ensign Kimball: To create (save) a new Template, do the following.
16:55 Ensign Kimball: First, get all the Studies and settings just the way you want them. Then, click the 'Templates' button on the Toolbar at the top of the screen.
16:56 Ensign Kimball: Clicking the Templates button will display a drop down box. Click the 'Save As' button. Type a NAME for your new template and then press ENTER on the keyboard. The new Template will appear in the Template list.
16:57 Ensign Kimball: I am going to save this set of Studies with the name of 'Triple'.
16:57 Ensign Kimball: Now 'Triple' is at the top of the Templates list.
16:58 Ensign Kimball: I can go to any open chart and Click the Templates button....Select 'Triple' and my 3 studies (with all of their unique settings) will appear on the chart.
16:58 Ensign Kimball: The 'Template' feature is great for traders who have a set of unique studies and settings that they want to apply to their charts. It makes it quick and easy to see your Studies and get Trading !!
17:00 Ensign Kimball: That is all we are going to cover in Today's class. Hopefully this class has given you a brief reminder of some of the BASICS in studies and templates on your Charts. For more info see the Ensign web site.
17:00 Ensign Kimball: Any Questions on what we have covered today ?
17:23 Ensign Kimball: Well I have to run. Thanks and have a nice TRADING week.
17:23 Ensign Kimball: If you have further questions, send to Kimballh@ensignsoftware.com