Tutorial 23 - Creating a 3 line break (3LB) indicator to apply to normal candlestick charts

Welcome to tutorial 23 in this series of tutorials to help you learn TradeStation EasyLanguage programming skills. The purpose of these video tutorial is to demonstrate the programming techniques rather than to create a tradable indicator. This tutorial was created using TradeStation version 8.6.

This video tutorial talks through the creation of an indicator to 'mimic' the behaviour of a three line break chart.

The resulting screen should look something like:

Please note:

I recommend that, when running this program, you uncheck "Update Value Intra-Bar" by clicking Format - Analysis Techniques (select this indicator), click the format button on the right and uncheck "Update Value Intra-Bar (tick by tick)".

The tutorial, as explained in videos part 1, part 2 and part 3, contains a 'feature' that means that if the indicator is applied to a chart where the first bar evaluated has Close equal to Open, then nothing is plotted. In order to ensure that the indicator plots even when the first bar evaluated has Close equal to Open, the program needs to be modified as in the image below, i.e. by adding an equals sign into the first inequality, thus C >= O. This means that if Close is equal to Open, we designate that it is an up bar (even though it isn't really) and the program goes from there.

I have posted a part 4 video below, which explains this in more detail.

Since releasing this tutorial, I corrected an additional bug that was making some reversals incorrect. The downloadable file has been updated. The changes that have been made can be seen on the screen print below:

If you have the typing stamina you can enter the following (or for $29.95 you may go here to receive the ELD of the indicator and associated functions):

If you have the typing stamina you can enter the following (or for $29.95 you may go here to receive the ELD of the indicator and associated functions):