This tutorial talks through the creation of an indicator to ‘mimic’ the behavior of a three line break chart. The functionality is very similar to tutorial 23 however, whereas tutorial 23 uses an array, this tutorial uses the Vector class.
Line break charts
Line breaks charts ignore time. New ‘up’ lines are only added when a bar closes higher than the high of the previous up line. Once up lines are being drawn price has to go below the low of a specified number of up lines in order to create a new down line. New ‘down’ lines are only added when a bar closes below than the low of the previous down line. Once down lines are being drawn price has to go above the high of a specified number of down lines in order to create a new ‘up’ line.
This tutorial program is designed to be applied to a minute (e.g. 5 minute, 15 minute, 60 minute) bar chart. Because these charts do have a linear time element multiple ‘lines’ would be drawn whereas on an actual line break chart the same move would be represented by one line.
Technical lessons covered in this tutorial include:
- Converting an EasyLanguage program to use a Vector rather than an array
- Drawing rectangles using the legacy EasyLanguage syntax (e.g. TL_New) and also using the Rectangle object and formatting options
- Converting legacy date and time to a DateTime object
- Converting color objects for use in the plot statement
- Using methods to create and update drawing objects
- Ensuring that there are only a maximum number of drawing objects drawn on the chart
Also see Tutorial 23 and Quick-Tip 33. Quick-tip 33 demonstrates a method to allow the use of colors from the color class in the Plot statement which is used in this tutorial.
Inputs
NumBarsBreak( 3 ), // Number of line break
string UpCol( “Green” ), // Up color for 3LB bars and the plot
string DnCol( “Red” ), // Down color for 3LB bars and the plot
bool DrawBars( True ); // Whether to draw the 3LB bars
Video comparing the tutorial 181 program and tutorial 23
Available colors
| AliceBlue | DarkSlateGray | LightSalmon | PaleVioletRed |
| AntiqueWhite | DarkTurquoise | LightSeaGreen | PapayaWhip |
| Aqua | DarkViolet | LightSkyBlue | PeachPuff |
| Aquamarine | DeepPink | LightSlateGray | Peru |
| Azure | DeepSkyBlue | LightSteelBlue | Pink |
| Beige | DimGray | LightYellow | Plum |
| Bisque | DodgerBlue | Lime | PowderBlue |
| Black | Firebrick | LimeGreen | Purple |
| BlanchedAlmond | FloralWhite | Linen | Red |
| Blue | ForestGreen | Magenta | RosyBrown |
| BlueViolet | Fuschia | Maroon | RoyalBlue |
| Brown | Gainsboro | MediumAquamarine | SaddleBrown |
| Burlywood | GhostWhite | MediumBlue | Salmon |
| CadetBlue | Gold | MediumOrchid | SandyBrown |
| Chartreuse | Goldenrod | MediumPurple | SeaGreen |
| Chocolate | Gray | MediumSeaGreen | Seashell |
| Coral | Green | MediumSlateBlue | Sienna |
| CornflowerBlue | GreenYellow | MediumSpringGreen | Silver |
| Cornsilk | Honeydew | MediumTurquoise | SkyBlue |
| Cyan | HotPink | MediumVioletRed | SlateBlue |
| DarkBlue | IndianRed | MidnightBlue | SlateGray |
| DarkBrown | Indigo | MintCream | Snow |
| DarkCyan | Ivory | MistyRose | SpringGreen |
| DarkGoldenrod | Khaki | Moccasin | SteelBlue |
| DarkGray | Lavender | NavajoWhite | Tan |
| DarkGreen | LavenderBlush | Navy | Teal |
| DarkKhaki | LawnGreen | OldLace | Thistle |
| Dark Magenta | LemonChiffon | Olive | Tomato |
| DarkOliveGreen | LightBlue | OliveDrab | Turquoise |
| DarkOrange | LightCoral | Orange | Violet |
| DarkOrchid | LightCyan | OrangeRed | Wheat |
| DarkRed | LightGoldenrodYellow | Orchid | White |
| DarkSalmon | LightGray | PaleGoldenrod | WhiteSmoke |
| DarkSeaGreen | LightGreen | PaleGreen | Yellow |
| DarkSlateBlue | LightPink | PaleTurquoise | YellowGreen |
TO THE BEST OF MARKPLEX CORPORATION’S KNOWLEDGE, ALL OF THE INFORMATION ON THIS PAGE IS CORRECT, AND IT IS PROVIDED IN THE HOPE THAT IT WILL BE USEFUL. HOWEVER, MARKPLEX CORPORATION ASSUMES NO LIABILITY FOR ANY DAMAGES, DIRECT OR OTHERWISE, RESULTING FROM THE USE OF THIS INFORMATION AND/OR PROGRAM(S) DESCRIBED, AND NO WARRANTY IS MADE REGARDING ITS ACCURACY OR COMPLETENESS. USE OF THIS INFORMATION AND/OR PROGRAMS DESCRIBED IS AT YOUR OWN RISK.
ANY EASYLANGUAGE OR POWERLANGUAGE TRADING STRATEGIES, SIGNALS, STUDIES, INDICATORS, SHOWME STUDIES, PAINTBAR STUDIES, PROBABILITYMAP STUDIES, ACTIVITYBAR STUDIES, FUNCTIONS (AND PARTS THEREOF) AND ASSOCIATED TECHNIQUES REFERRED TO, INCLUDED IN OR ATTACHED TO THIS TUTORIAL OR PROGRAM DESCRIPTION ARE EXAMPLES ONLY, AND HAVE BEEN INCLUDED SOLELY FOR EDUCATIONAL PURPOSES. MARKPLEX CORPORATION. DOES NOT RECOMMEND THAT YOU USE ANY SUCH TRADING STRATEGIES, SIGNALS, STUDIES, INDICATORS, SHOWME STUDIES, PAINTBAR STUDIES, PROBABILITYMAP STUDIES, ACTIVITYBAR STUDIES, FUNCTIONS (OR ANY PARTS THEREOF) OR TECHNIQUES. THE USE OF ANY SUCH TRADING STRATEGIES, SIGNALS, STUDIES, INDICATORS, SHOWME STUDIES, PAINTBAR STUDIES, PROBABILITYMAP STUDIES, ACTIVITYBAR STUDIES, FUNCTIONS AND TECHNIQUES DOES NOT GUARANTEE THAT YOU WILL MAKE PROFITS, INCREASE PROFITS, OR MINIMIZE LOSSES.
