Welcome to Markplex tutorial 40 in this collection of tutorials designed to help you learn TradeStation EasyLanguage programming skills. EasyLanguage is a programming language that was developed for the TradeStation trading platform that can be used to write programs to help in the technical analysis and trading of foreign exchange, commodities (e.g. the S&P e-mini), options and stocks. 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. TradeStation provides a Bollinger Band indicator with its software. The 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:
I thought it would be interesting to create 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. The result of such an indicator will look something like this:
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. The price level is calculated by dividing the difference between the price 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 40 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 40 Video – Bollinger bands with the upper and lower bands fixed
An unprotected version of tutorial 40 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.
