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Auto Wedge/Triangle, Divergence Study, Bond Studies in Fractions, Other QnA |
November 30 , 2005
16:30 @Ensign_HA: Good afternoon. Welcome to today's training class. Hope you all had a wonderful and happy Thanksgiving season.
16:31 @Ensign_HA: The Beta version of Ensign has been working well as far as feedback would indicate. I think we are close to having it be an official release version and get the rest of the Ensign users started on making a transition to this version.
16:32 @Ensign_HA: I have added for the next release later today another 25 functions for the DYO drop down lists. I did a template of a DYO example of the Laguere RSI and it can be downloaded from our web site using the Internet Services form. However, in the creation of the template which used 4 DYOs for this study, I could see how a few additions to the DYO selections would greatly simply some of the expressions being implemented. Hence, I added new DYO entries and have rewritten the Laguere RSI study to use the new entries, but I need to release the new Beta before I replace the template with the more efficient equivalent. Once I release today's Beta version, I can replace the template with the more efficient version.
16:36 @Ensign_HA: Yesterday we published another excellent newsletter, and it will be available later today on our web site in case you either are not on the newsletter mailing list, or your e-mail viewer blocks the embedded images. Either way, you can read the Nov 2005 issue on our web site. I express my appreciation to the contributing authors, and invite any of you who wish to share your knowledge to write an article of interest to other traders, and we will be happy to publish it. The readership is over 6600 and you are welcome to forward your copy of the newsletter to other friends who might be interested in the material. Anyone is welcome to subscribe. Many are Ensign users, but also many are not, and we try to share trading tips and computer tips of interest to a wide audience. Most of the articles utilize Ensign as the program to illustrate the material, but there are occasional articles from authors using other products, which is fine.
What's New
16:41 @Ensign_HA: Is there anything on the Whats New page you have a question about??
www.ensignsoftware.com/whatsnew.htm
16:41 @Ensign_HA: A dozen or so new articles have been added to the Knowledgebase, including DYO examples,
16:42 @Ensign_HA: Are there any questions about any of the Knowledgebase articles you want further help with?
16:42 @Ensign_HA: ok, are there any questions in general? I will answer your questions at this time.
Auto Wedge/Triangle
16:43 scooter: Would you do an auto wedge example?
16:43 @Ensign_HA: yes scooter.
16:43 scooter: cool
16:43 @Ensign_HA: In the Beta release available after class, you will have on the Draw Lines property form a new check box for Auto Wedge. When this box is checked, and you draw a base line for a wedge, the companion line of opposite slope will be automatically drawn from the swing point auto found between your two construction points.
16:46 @Ensign_HA: In this example, I am drawing the base line in Blue, and the Green companion line is automatically drawn. It is drawn from the swing point between the two square box construction points, and the slope of the green is the mirror image of the slope of the base line. Also, the length of the green line will be the same as the base line.
16:47 Elroch: Howard - you say opposite slope. Wedges normally have lines of same slope direction. Presumably it deals with these?
16:47 @Ensign_HA: Both can be extended in both directions using the Extend Ahead and Extend Back check box options. Think of it as a mirror slope.
16:48 scooter: great feature,thanks Howard
16:48 Elroch: So one slope is minus the other one? i.e. -1 x other
16:48 @Ensign_HA: If the blue line is ascending at a rate of 0.20 per bar, then the companion line is opposite and descending as a rate of 0.20 per bar.
@Ensign_HA: correct elroch, the opposite sign
16:48 Elroch: ok, not what Brach would call a wedge then
16:49 @Ensign_HA: Hank asked for it, showed and example, and it got implemented. Guess triangle is a better term then
16:49 Elroch: Perhaps. Generally both lines are drawn using bar extremes as far as I know. Triangle is usually when slopes are opposite, wedge when they are not. Well, that's one convention
16:50 @Ensign_HA: By using symmetry, the green line becomes predictive - like a channel support or resistance line
Divergence Study
16:49 Jagui: can I post a question?
16:49 @Ensign_HA: yes jagui
16:49 Jagui: I would like to have "regular diverge" and "hidden diverge" options on MACD histogram study (spread) like there are in the CCI study
16:52 @Ensign_HA: jagui, you have to put on the Divergence study on the chart in addition to the MACD (or any study), Then the divergence tool can be configured to referenced the study lines in the other study, (MACD in your case) and you have then the regular and hidden divergence like is built into the CCI tool. Let me show example, 1 moment.
16:53 Jagui: ty
16:54 @Ensign_HA: This example has a MACD and Divergence study on the chart object list. The Divergence property form is set to operate on the MACD study line. And you can change the Data Point selection to operate on the MACD Spread if that is what you want marked. You just need to have the Divergence use the same multiplier as is used by the MACD histogram. Let me change the example
16:57 @Ensign_HA: The Spread multiplier on the MACD is with a multiplier of 5. So 5 was also used on the Divergence property form. And thus the Red divergence line is correctly positioned on the MACD histogram
16:58 Jagui: ty Howard, it was obviously in front of my eyes but didn't see it... so easy that I could not suspect
16:58 @Ensign_HA: It is a powerful tool and it is flexible to do the divergence on any study. Just need to select the other study values in the Data Point boxes.
16:59 Elroch: Howard - wouldn't it be sensible for the divergence tool to inherit the multiplier from the histogram?
16:59 dpg2: y tnx. the option is under the 'Trend' line, which I have disabled. did not know it would apply to other lines
17:00 @Ensign_HA: yes, but that is then specific to that MACD - other studies may or may not have something to inherit
17:00 Elroch: Specific to histograms.
17:00 @Ensign_HA: Perhaps I can make the program smarter in some future version. For the time being, the principle is that when you are on the spread which has a multiplier, set the divergence multiplier to the same number.
17:00 Elroch: I understand. It's difficult dealing with each possible variation.
17:01 dpg2: works slick, once you know the trick :-)
DYO for Divergence
16:59 vlad: I would like to do a DYO what has two variables 1st: existing divergence on an idicator and 2nd: indicator crossing any particular level ... how is possible to make the first condition: if DIVERGENCE exist then .....
17:02 @Ensign_HA: vlad, there are two issues with your request
17:02 @Ensign_HA: First is that the Divergence does not do its thing in a calculate phase of the program. Rather it does its thing in the draw phase of the program, which follows the calculate phase. So as a DYO does its calculation, yet the Divergence tool on the list ahead of it does not calculate then, so we have an out of sync situation.
17:04 @Ensign_HA: Second issue, is that the Divergence needs 1 bar after the swing point to verify that the high or low under consideration is indeed a swing point. Thus the Divergence presention will not be until 1 bar after the fact.
17:05 christophe: How about a dyo that looks at the value of the indicator for the last swing high / low ( determined with pesavanto pattern study) and compare the value of the indicator with the current bar ?
17:05 @Ensign_HA: So if you are designing a signal for a divergence to be present on this bar, the answer is not known or verified until one bar later and that is awkward for users to deal with as well
17:05 vlad: yes, understand so far
17:06 @Ensign_HA: You have the expectation that the pattern for divergence you see after the fact would be told to you while you were building the swing bar. Well, that would require a crystal ball that we are not quite capable of providing.
17:07 @Ensign_HA: Anyway, perhaps I can expand the Divergence tool so that it does return some values or flags for use in a DYO and just know that when the Divergence Flag goes True to indicate a divergence exists, that it exists at the prior bar and not the current bar.
17:07 Elroch: Howard, there is a difference between the way the divergence tool works and the way people label divergence. Would it not be possible for the tool to find the previous swing extremes in price and compare them? People never compare price values that are not at extremes when finding divergence. Reason this is necessary is that most indicators do lag a bar or so. So extremes are not in same place.
17:07 christophe: yes please !
17:08 vlad: it could be great !!!
17:08 christophe: Howard, do you think my suggestion could be applicable ?
17:09 dpg2: pseudo divergence for last bar (assumes last bar IS the swing, until proven otherwise) might be effective
17:09 @Ensign_HA: christophe, doing it the way you suggest would give you tons of false divergences because you would see divergences in existance that disappear with further development of the bar
17:10 christophe: understand, thanks!
17:10 dpg2: Elroch, actually previous statement isn't quite true. TI method uses %D swings as its base and looks backwards for best price match
17:12 Elroch: dpg - that sounds like my understanding. Look at swings on indicator and find swings in price that are associated
17:10 @Ensign_HA: The high of this bar under way might be lower than the prior swing high, and thus it would appear to be divergent right now. However this bar and put in higher high and remove the divergent relationship, so the flag or signal now vanished.
17:11 christophe: got you, so you really need the current swing to be "confirmed"
17:12 @Ensign_HA: yes
Studies on Bond in Fractions
17:13 christophe: May I ask one question please ?
17:13 @Ensign_HA: y
17:14 christophe: thx, would it be possible to get prices for bonds (ZB) to be in fraction as opposed to decimal (example is pivot study returning decimals results)
17:16 MidKnight: chris, symbol props specify for study set to 32nds?
17:17 christophe: sorry I was not clear, what I meant was that when using a study, for example pivot study, the result you get is not 113.31 but 113.9687
17:20 @Ensign_HA: christophe, I think the answer is Yes about ZB, and that is to change the quote and chart price format selections on the Setup | Symbol Property form. I have not tried it but you have 32nds as the format selections, and you could use ###.## instead to show all in decimal. However, that might lead to your making a mistake when you place orders with your broker so I discourage you from doing so.
17:21 christophe: ok I will try Howard thanks
17:21 @Ensign_HA: One moment, I see you had a 2nd sentence. So it is just the study value you want in decimal, not the whole chart and quote page.
17:23 @Ensign_HA: So in this chart, I have the price marker showing at the swing point and you do not want it as 112-08? You want price shown as 112.25 instead??
17:23 christophe: yes please
17:24 @Ensign_HA: Sorry, whole chart will have to change decimal as first suggested
17:24 christophe: this is what I meant:
17:25 christophe: that's how my prop are set
17:25 @Ensign_HA: yes christophe
17:18 Ticks: Sorry I just joined this session and Howard you may have already covered this question --- Would you please give us the current status of the Beta? Any known present issues... I have a few...
17:25 @Ensign_HA: ticks, if you have issues with Beta still, please report them so they can be worked on. I would like to be off of beta this week if possible
17:25 MidKnight: I'll email you too then Howard
17:25 @Ensign_HA: ok midknight, thx for your help
17:26 Ticks: Ok Howard -- how do you want me to "report" ?? Here or by email?
17:26 MidKnight: yw
17:16 CW: rollover? I want to change the issue and retain the studies/indicators, how to?
17:26 @Ensign_HA: CW, answer to your roll over question is to click Lock Studies and Lock Lines on the chart toolbar - then on the chart press CTRL-S and enter new symbol for the chart
17:27 CW: tks
17:27 Ticks: So your goal is to end the Beta and make it the standard version within a week? That is good news!
17:27 @Ensign_HA: yes ticks, if possible
17:27 Ticks: Great --- Thanks - will email the minor current issues --- they are minor and I have figured work arounds
17:27 @Ensign_HA: Last major issue resolved a couple weeks ago was the IB disconnect on CPUs that were hyperthreaded. Very little feedback about beta for past 2 weeks
17:28 @Ensign_HA: ok
17:28 Ticks: thanks Howard
17:28 christophe: Howard, do you know when it would be possible to have colorgrouping for charts based on templates please ? thanks!
17:28 @Ensign_HA: It is on list. Work on changes like that as time permits
17:29 christophe: ;-) thank you!
17:29 @Ensign_HA: Thanks for attending class today.
17:29 Ticks: Thank you
17:29 christophe: Thank you Howard, good night everyone!
17:30 vlad: thank you
17:30 @Ensign_HA: bye
17:30 Ticks: great
17:30 Ticks: bye