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April 11 , 2007
Ensign Howard: Welcome to today's training class with Ensign staff..... this is Howard, the owner of Ensign and I will be the trainer today.
16:33 marketguy: Howard: do you know if it possible to have 1 acct of IB give
data for Ensign and Ninja Trader at the same time?
16:33 Ensign Howard: Answer is yes marketguy, both Ensign and NT can be connected
to IB's TWS simultaneously.
Additional Symbols for IQFeed
16:34 Ensign Howard: For those of you using the IQFeed, they have added two
new symbols as of today that can be great breadth/indicators.
16:35 Ensign Howard: The first symbol is PRYM.Z which is the Mini Dow Premium
which is the spread between @YM# - INDU.X
16:35 Ensign Howard: There is currently about 65 points of spread between
the YM future and the INDU index as shown by the chart.
16:36 Ensign Howard: The 2nd symbol is RIRT.Z which is the Russell 2000 TRIN
16:37 Ensign Howard: This TRIN has a similar pattern as the ES and other index
based charts.
16:37 Ensign Howard: The next example will show this Russell TRIN overlayed
on the ES chart.
16:41 Ensign Howard: I was hoping to see some possible leading indicator,
but the turn in the TRIN looks well aligned with the ES. In the example the
TRIN bars have the blue frame and the ES bars have the black candle frame.
You can investigate both symbols by charting them and how they might be of
use in your trading. They will show on the Index quote page.
16:42 mikey: Are these available for DTN IQ? That is, can I use these with
an IB feed?
16:42 Ensign Howard: I think they are on the DTN.IQ feed, since it is the same feed as the IQFeed. You would not have a live update of the symbols if you are using the IB feed. I do not know what IB symbol you would want to cross reference this with for refresh purposes.
FXCM
16:45 Ensign Howard: Our FXCM feed has been going very well, so we think that project is finished. One of the changes added to our implementation a few weeks ago was to simulate a volume for the feed by counting the bid changes since we plot the bid prices.
http://www.ensignsupport.com/email/1583.mhtml
16:46 Ensign Howard: This article talks about that and gives an example chart with volume (tick count) shown below. The invented volume does show periods of higher activity
16:48 Ensign Howard: and here is the same volume on our Daily chart since it was added to the implementation 3 weeks ago. The FXCM forex feed is free to you, and you can add it by following the instructions for running our Ensign Data Server which we call EDS.
http://www.ensignsoftware.com/help/fxcm.htm
16:49 Ensign Howard: That web page will give you the details.
Study Alert from DYO
http://www.ensignsupport.com/email/1579.mhtml
16:52 Ensign Howard: I am asked occasionally about adding a sound alert to some DYO signal. This Q&A articles shows how you can add a Study Alert and set its Panel A reference to the DYO and to a Line in the DYO that is the signal flag. When this flag in the DYO is True you probably are also putting on a marker indicator in the DYO
16:53 Ensign Howard: You can add the Study Alert to give you the ability to play a particular WAV file you specify on the Alert property form. The Conditions frame shows the test is for Panel A to be True and this is ANDed with Panel B condition which is set to Always True. So basically the alert is sounded when the DYO line is True.
16:55 Ensign Howard: As suggested in the article you might want the Close Only box checked so you get one sound per bar is the condition is True at the end of the bar
Study on Study
16:56 Ensign Howard: Our next training topic is about tools and studies operating on other tools and studies.
http://www.ensignsupport.com/email/1577.mhtml
16:56 Ensign Howard: This Q&A article shows putting a study, specifically the Pesavento Patterns study, on the Stochastic study. The key to doing this was to have the PP study use the same sub-window as the Stochastic, and on the PP property form, change the Data Point selection to reference the Stochastic study that is on the chart ahead of the PP study.
16:58 Ensign Howard: The Data Point list will only show the studies on the chart that are put on the chart ahead of this study. So put Stochastic on first, then put on Pesavento Patterns so the PP can reference the Stochastic. You can come up with a huge variety of studies that are operating on other studies as their data point input.
16:59 Ensign Howard: You can have Stochastic on Relative Strength, or vice versa, Relative Strength on Stochastic, etc. Would anyone like to see a particular combination of a Study operating on another Study?
17:00 mikey: yes, please.
17:00 shane: yes
17:01 Ensign Howard: ok, suggest the combination please
17:01 shane: stochs data point bid volume -- PP data point ask volume
17:03 Ensign Howard: Here is the Stochastic on the Bid Volume.... the Bid Vol is plotted as the green bars
17:05 shane: if you did ask it would be reversed
17:05 Ensign Howard: not necessarily -- should look quite similar
17:06 Ensign Howard: The volume is increasing at 14:00 regardless of it being plotted in green below the line or in blue above the line. Both are higher and thus would be a rising stochastic. Let me prepare side by side and will remove the red average stochastic line
17:06 bg: Howard can you do a cci of the stochastic or would that be a stochastic of the cci?
17:08 Ensign Howard: in this example I have 2 stochastic studies on the chart, the Green line uses Bid Volume for its data point. I used green to correlate with the green Bid volume bars. The blue line stochastic is using Ask Volume for its data point and we have stumbled on to a wonderful leading indicator. Note the bid volume is drying up a couple bars ahead of the turn at 14:15 today and the ask volume is picking up and the two stochastic lines pick up on this and the green line turns down and the blue line turns up an they CROSS ahead of the bottom turn bar.
17:10 shane: Can u put that on es for today please
17:10 Ensign Howard: yes... let me do it there too
17:10 Randy: and that's the way it happens... :-)
17:11 Ensign Howard: Now I will click on Lock Studies button and then do a symbol change on the chart that has this laid out
17:12 Randy: paint bars above below
17:13 Ensign Howard: Will have to use a DYO since they are 2 separate Stochastic studies
17:14 Randy: Cool for Range as well with a little tweaking of the numbers. :) thanks for the work sir!
17:15 Ensign Howard: ok, that was a nice little discovery exercise. Now let me look back at some of the other requests
17:18 Ensign Howard: This has the Pesavento Patterns operating on the Ask Volume and a 2nd PP on the Bid Volume with the Location set to the Ask/Bid Volume window
17:18 Ensign Howard: Now I will do a Stochatic on the CCI
17:20 bg: Howard can you show the property window too so I know how to do it -- thanks
17:21 Ensign Howard: The stochastic is the thinner blue and red lines in the sub-window with the CCI
17:21 bg: cool thanks Howard I got it and appreciate that
17:21 Ensign Howard: The key to it all is the selection for the Data Point
17:22 Ensign Howard: Last week we shows some new capability for the CCI for use by the Woodie patronage of marking a Zero Line Reject pattern. Some additional tweaking to the logic was added after the class so get a current version of Ensign to have the latest implementation of the ZLR feature.
17:23 bg: oh btw Howard taku mentioned to me you may need the zlr alerts?
17:26 Ensign Howard: This chart shows the ZLR levels marked with the horizontal row of white bricks
17:28 taz: Howard how come the sweet spot ZLR at 12.30 was not marked
17:30 Ensign Howard: taz because the ZLR at 12:15 has not been reset with a move back above 100 so the 12:15 appears as a failed ZLR
17:31 taz: thank you
Markers
17:35 Ensign Howard: Mikey, your question please
17:36 mikey: Howard, in the properties window of many tools, such as Cycle or Formation, there is the choice of markers for Left Side and Right Side. Can you describe some of the non-intuitive ones. For example, CAL, Bar, and such. And maybe give a conceptual picture of what is possible using the various choices. thanks.
17:37 Ensign Howard: The marker list is a common gadget found on all of our studies and line tools, and some of the selections are illogical or inoperative for some uses.
17:37 Ensign Howard: The CAL is the number of calendar days between two points, so this would be used with a draw line where the 2 points for reference are the two endpoints for the tool construction.
17:38 Ensign Howard: BAR is like CAL, but is the number of Bars between the two construction points.
17:39 Ensign Howard: So in this example of the Draw tool, the Right side marker is set to BAR and it counted 27 bars in the trend marked by the line.
17:40 Ensign Howard: The % marker is used for a percentage level to be printed by the line and would be used as a marker with Fibonacci Levels tool.
17:40 Ensign Howard: The $ marker prints the price of the line and is also a good one to use with the Fibonacci marker or any of the line tools. % $ is both of the above
17:41 Ensign Howard: The Delta $ selection is the change in price between the two end points of the line.
17:42 Ensign Howard: This example shows the $ on the left side marking the 1447.25 price for the line starting price and the change in price is a rise of 6.50 to the 2nd end point with the delta $ marker
17:43 Ensign Howard: D:T is a data and/or Time stamp marker and is a good one to use with vertical lines such as in the Cycle Tool.
17:44 Ensign Howard: So here is the cycle tool with one of the markers being the BAR count and the other marker being the D:T for a timestamp. Most of the markers are just shapes
17:45 mikey: What about D/T , SLP, UNIT, LBL, ZON, BGD, A/B?
17:45 Ensign Howard: the VOL does a volume summation for the volume between two endpoints. VOL with a bar across it is the average volume. These are both good markers to use with the Pesavento Patterns tool
17:46 Ensign Howard: The HLT is a highlight of the area behind a bar
17:46 Ensign Howard: the ZON is a zone stripe the width of the bar space plotted full chart height. This is often used for background coloring and we have lots of example on our web site of ZON marker coloring
17:47 Ensign Howard: SLP is slope of the line.
17:47 Ensign Howard: LBL is for label for use with a DYO to print the text from the label field. Buffy's Bline template uses this LBL to give the visual effect of the <<--- --->> on the screen
17:48 Ensign Howard: The BGD stands for Background and would be used to recolor a sub-window's background color. Could be used a big visual mode change from green to red or something like that. Use that one carefully as it causes the whole sub-window to repaint when it changes and the repaint of a large area can slow the computer down or cause flicker in the sub-window.
17:50 Ensign Howard: The A/B is the Ask/Bid, but I do not remember its visual effect with out trying it
17:50 Ensign Howard: I do not remember what UNIT is without trying it
17:51 mikey: thank you .
Study on Study Cont.
17:51 sportsrep3: Howard...is the one DYO that you posted and the 2 stochastics all that is needed for the function of the stos crossing on volume?....and could you post the complete prop window for the stochastic please?
17:52 Ensign Howard: sportsrep, the Stoc just referenced the Bid Volume and a 2nd Stoc had its Data Point on Ask Volume. Examples of the Stoch property form were posted earlier in the discussion. The DYO and 2 stochastic is all that is needed and it was not difficult to set up.
17:51 Kim: Howard could you build a DYO that shows the spread between the stochastic of the bid and the stochastic of the ask
17:53 Ensign Howard: ok, kim 1 moment, I have to put 2 stoch and a dyo back on the chart.
17:53 Kim: cool thank you
17:54 sportsrep3: thx...so I need 2 of those and the DYO.......right?
17:56 Ensign Howard: yes or instead of DYO you can use Moving Averages to get cool effects like this
17:57 Kim: that works
17:57 Ensign Howard: so here is the spread between the 2 stochastic, using the Moving Average to do it, and the MA property form is shown with its Data Points set to the 2 different stochastic %K lines
17:57 Kim: yes thank you
17:57 Ensign Howard: So it is the same principle of Study on Study. We did not plot the MA lines, we just plotted the MA spread of the 2 lines and the MA parameters are set to 1 so they do not introduce any averaging to the original lines. As illustrated, there might be more than one way to accomplish something and this MA example is preferable over the DYO because as a study it uses much less space than the DYO and would calculate much faster then the DYO but a DYO could have accomplished the exact same visual. The MA was used because it has less overhead both for space and speed
Hull and Jurik MAs
18:00 shane: How can I get HULL and JEIRK moving average on Ensign or what is the closest MA in the options on ensign
18:01 Ensign Howard: There is a template that implements the Hull you can download form the Internet Services form in Ensign. Let me see if you have a Jurik study in the DYO library
18:03 Ensign Howard: click menu Help | Q&A Knowledgebase and enter Jurik as the search word and click the Find button. We have 4 articles about Jurik MA and you can read them there
18:04 Ensign Howard: yes, I think the Jurik is implemented in ESPL and not in a DYO. It has been a long time since I last visited that topic as seen by the dates in 2006 and 2005
18:05 shane: sorry what is espl?
18:05 Ensign Howard: ESPL is our Ensign Software Programming Language -- which is a powerful language you can use to extend the capabilities of Ensign. See the ESPL documentation on our web site. There is a manual and a few dozen examples
Bid/Ask Spread
18:06 Ensign Howard: shane, what is your ? about the bid/ask MA
18:08 shane: When MA is on B/A data point, it goes out of the designated area at extremes and I can not see it
18:08 Ensign Howard: Show me your property form so I can try your set up. Is it the spread is going too high or too low. On the MA property form is a spinner by the Spread check box. in my example it was set to 2
18:09 shane: not a spread, cross over
18:09 Ensign Howard: ok put the MA in a different sub-window. Show me a picture of the chart and the property form for MA
18:10 shane: Can you try one, 10 period or 5 period
18:10 Ensign Howard: Yes I will try, please show me what you are looking at. CTRL+J keys to upload the picture
18:13 Ensign Howard: Are we on this example I used earlier in the class? Try CTRL+F12 keys to post your picture
18:14 Ensign Howard: OK, what is the average in the bottom sub-window. Show me its property form please
18:15 shane: bid the other ask data point
18:16 Ensign Howard: ok, the 1st average is the Green line and it apparently set the range of the sub window. Typically the 2nd average is inside this range by being a higher period (smoother) average of the same data point and would thus be inside of the range of the 1st line
18:17 Ensign Howard: In this case the 2 lines happen to be independent and the 2nd line happens to have a lower value than the 1st line. Don't worry about it. Chances are they are going to be similar values the majority of the time and the real purpose of your visual is the crossing of the 2 lines and not their extremes
18:18 Ensign Howard: 1st will always show in the range because it sets the scale.
18:19 Ensign Howard: If you switched them then the red would be setting the range and show better at the bottom but then the green would be off at the top.
18:18 shane: They are Ma and data point is bid for first one and ask for second one. Yes would like to see them all the time
18:19 Ensign Howard: ok, then do not use the MA to do this. Instead use a DYO that does a MA of the data points because on the DYO form you can control the range better to have it
18:19 mikey: Howard I have a similar example where two CCI studies are in the same window and both studies are off the viewable area.
18:20 Ensign Howard: Consider all the lines being plotted, and not just the first one.
18:20 Ensign Howard: CCI uses a fixed range and you can control the amplitude of the CCI with its multiplier parameter. That is not quite the same issue because CCI has an amplitude multiplier
18:21 Ensign Howard: let me show you the DYO suggestion.
18:21 shane: but I am tracking a variable. I could not see the true picture. Thanks
18:22 mikey: Thank you Howard and bg. Fixing the multiplier value solved a problem that has been bugging me.
18:23 Ensign Howard: This show how you can get the data point on LIne A and C and do averages of it on B and D. The Number field is the average parameter. Note the Study Scale is set to Data Set and that will consider the range needed by all the lines that are plotting which is line B and D
18:24 shane: I like to use the hull eventually instead of exp.
18:25 Ensign Howard: One thing mentioned in earlier classes is the Hull is just a momentum adjusting moving average and I encourage you to give the Howard's Average selection a try as it also is a momentum adjusting average. It is not the same formula as the Hull, but it is a similar principle of feedback adjusting the average to track the quick changes more quickly. So the Howard's selection might just be the ticket you seek, and it will calculate much faster then the Hull DYO implementation and it gives you other flexibility for coloring bars, and the study modes of above/below, rising/falling, 2 lines plotted and their spread
18:26 shane: Is that the closest in the options
18:26 Ensign Howard: yes Howard's Average would be the closest to the Hull average. Let me see if I can find a comparison chart from before. I did not find a comparison chart so let me create one, 1 moment
18:31 bg: have to leave Thanks Howard for the fantastic class and all the help you give us have great night
18:32 Ensign Howard:The Green/Red line is the Hull template with its 25 period parameter and the Pink line is the Howard's Average with a parameter of 8
Tillson DYO
18:50 Ensign Howard: This is the Tillson DYO
18:51 jim-rainman: Howard is it possible to paint bars with the tillson template
18:52 Ensign Howard: This is the Howard's MA on the chart with a parameter of 3, and plotted in Blue and you can see it is practically on top of the Tillson. So if you want to paint bars, may I suggest you use the Howards average to do so instead of the Tillson
18:52 Ensign Howard: So what is the principle for the bar coloring? Is it to be rising or falling study line?
18:53 jim-rainman: yes, rising falling
18:53 Ensign Howard: ok, do that with the MA as shown next
18:54 Ensign Howard: scrap the Tillson and just use the Howards as shown in example 28-5
18:55 jim-rainman: that's what I wanted ,,,,,thanks again Howard
18:55 Ensign Howard: welcome
18:42 Ensign Howard: Thanks for attending class.... goodnight
18:43 shane: thank you
18:44 jim-rainman: thanks Howard - bye
18:57 shane: I used the Howard MA -- it is better - thank you
18:58 Ensign Howard: good to know
18:33 Ensign Howard: Thanks for coming and have a good week.