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Tutorial 58 – Drawing text objects based on RSI values

Welcome to tutorial 58 in this series of tutorials designed to help you learn TradeStation EasyLanguage.

THIS IS A BEGINNER LEVEL TUTORIAL.

Someone on the email list asked if I could do a simple tutorial to show how to ‘draw’ RSI values on a chart when the RSI exceeded a specified value. This is actually a very simple thing to do and I demonstrate it in the quick video below.

The program I enter in the video is as follows:

Value1 = RSI( C, 14 );

If Value1 > 60 Then Value2 = Text_New( D, T, L, NumToStr( Value1, 2 ) );

Volume Ratio lines drawn on 1 minute @ES chart The image on the right shows the program applied to a chart. It also includes the RSI TradeStation indicator which is set to change color when the RSI is over the 60 line.

A video below explains the tutorial in more detail.

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Later in the tutorial I create another version of the program as follows:

Once Clearprintlog;

Value1 = RSI( C, 14 );

If Value1 >= 50 then
Begin
Value2 = Text_New(D,T,L,NumToStr( Value1, 2 ) );
If LastBarOnChart then Print( D, T, ” Value2 “, Value2,” RSI “,Value1 );
End;

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.

Tutorial 58 Video

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.

EasyLanguage is a programming language that is part of the TradeStation trading platform. It can be used to write programs to help in the technical analysis and trading of foreign exchange (forex or FX), commodities (e.g. the Dow e-mini, S&P e-mini etc), options, and stocks.