Welcome to Markplex tutorial 93 in this collection of tutorials designed to help you learn TradeStation EasyLanguage programming skills. Please join our email mailing list if you have not already done so and we will let you know when we release new tutorials or programs.
You may have come across Bollinger Bands and Keltner channels, both of which are available as indicators in the platform as standard. Bollinger bands are calculated by adding or subtracting a multiple of the standard deviation of price over a specified length to the moving average of price. The following image shows what the bands look like when applied to a chart:
A Keltner channel is calculated by adding a multiple of the average true range to the price average to create the upper band, and subtracting a multiple of the average true range from the price average to create the lower band.
Tutorial 93 is a simple tutorial that includes data from both the Bollinger bands and Keltner Channel calculations in an indicator where the upper and lower bands remain fixed, but the price moves around based on its relationship to the upper and lower Bollinger Bands and the upper and lower Keltner channel bands. The following chart shows the tutorial 93 program applied to a chart.
In the above chart, the red line is the the ratio calculated using the Keltner channel, the cyan lines is the ratio calculated using the Bollinger bands. The yellow histogram is equal to the Bollinger ratio minus the Keltner ratio.
It is simple to do, this as I explain in the video below. The indicator is created by drawing fixed upper and lower band lines at + 50 and -50. For the Bollinger ratio, the price level is calculated by dividing the difference between the Bollingerprice (a user input, set to the price close in the video below) and the lower Bollinger band by the difference between the upper and lower Bollinger bands. This value is then plotted using an arbitrary scale where the upper Bollinger band is always 50 and the lower Bollinger band is always -50.
This is a beginner level tutorial that uses a simple indicator to demonstrate the programming techniques.
An unprotected version of tutorial 93 is available for download for $19.95.
Gold Pass members get an additional 20% discount off all program and tutorial prices. If you are a Gold Pass member make sure you enter the special coupon code to get 20% discount off these prices. You can find the coupon code on the Gold Pass page.
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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.
Tutorial 93 Video – Bands with the upper and lower bands fixed
An unprotected version of tutorial 93 is available for download for $19.95.
Gold Pass members get an additional 20% discount off all program and tutorial prices. If you are a Gold Pass member make sure you enter the special coupon code to get 20% discount off these prices. You can find the coupon code on the Gold Pass page.
If you see any errors in this tutorial – or we have not made something clear, we would be most grateful if you could please let us know. E-mail us at: tutorials@markplex.com. Also, let us know if you have any ideas for new tutorials.
