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Introduction to Advanced Price Pattern Scanner

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Introduction to Advanced Price Pattern Scanner

Advanced Price Pattern Scanner Overview
Some of our customers are already familiar with our Price Breakout Pattern Scanner because it was released nearly several years ago. The idea behind the Price Breakout Pattern Scanner is to detect tradable patterns automatically. Trader used to draw patterns in their chart manually. Manual drawing is always painful and less accurate. We found that many traders love the automation built inside Price Breakout Pattern Scanner. With other additional features like Smart Renko and candlestick pattern detection, the tool is even more powerful for your trading. The idea behind our Advanced Price Pattern Scanner is the same as our Price Breakout Pattern scanner. After the lengthy research, we wanted to offer more freedom in pattern detection for your trading because some traders might prefer those variations in pattern detection. Therefore, you can consider that Advanced Price Pattern Scanner is an advanced version of our Price Breakout Pattern Scanner. So let us walk through some of the technical feature of our Advanced Price Breakout Pattern Scanner here.

Pattern Detection Mode
Simply speaking, Advanced Price Pattern Scanner is a tool to detect the following patterns. This is the main feature.
• Symmetric Triangle
• Rising Wedge
• Falling Wedge
• Triple bottom and Triple Top
• Double bottom and double top
• Head and shoulder pattern and reverse head and shoulder pattern
Besides detecting patterns, Advanced Price Pattern Scanner has some additional features.
• Built in Smart Renko
• Candle stick pattern detection
• Round number detection
You can tell that Advanced Price Pattern Scanner offers rich features for your trading. Its most important operational characteristic is that it can run several different mode for the automatic pattern detection tasks. In the screenshot below, we have shown two-pattern detection mode for an example. As we have mentioned before, Mode A runs Advanced Price Pattern Scanner in Price Breakout Pattern Scanner mode. When you run Advanced Price Pattern Scanner in Price Breakout Pattern Scanner mode, you have an access to full feature of Price Breakout Pattern Scanner. This means that you can switch on and off each patterns from the list. You can use the built in Smart Renko and Round number detection too. When you run Advanced Price Pattern Scanner in Mode B, it will detect patterns in non-repainting mode. In Mode B, you can backtest the patterns. However, remember that non-repainting mode is slow and lagging comparing to Price Breakout Pattern Scanner mode. Such lagging is inevitable because it is non-repainting because it waits until the patterns are confirmed after several candlesticks. Such a drawback is universal for any non-repainting indicator. The thing is that the pattern scanner offers you the choice between Price Breakout Pattern Scanner mode and non-repainting mode. In addition, you should remember that Price Breakout Pattern Scanner offers pattern locking and unlocking feature. With pattern locking and unlocking feature, you can lock the detected pattern in your chart for your trading. The locked pattern will not go away until you close your chart. Therefore, you can control the repainting issue pretty much with Price Breakout Pattern Scanner too. User of Advanced Price Pattern Scanner should note that user could run it in the combined mode between Price Breakout Pattern Scanner (Mode A) and non-repainting mode (Mode B). The choice is entirely up to you.

 
How to control the detected patterns
After you have chosen the patterns detection mode, you can always control many features related to the detected pattern at your preference. To control each feature, you need to become familiar with inputs setting of MetaTrader. The input controls are listed from top to bottom in different segments for different functionality. With input control, you can switch on and off some features. In addition, input control can help you to set your own preferred value for some features too. Each input box can be assigned with some specific value types. For example, there are five values types including:
• Boolean – true or false
• String – text value like “I am john”
• Integer – any integer value like 1, 2, 3
• Double – any decimal number like 0.12
• Color – color for line and shape, etc
To know which input is for which value type, simply look for small icon on the left side in your input setting. You have to put the right values according to their value type. For example, do not enter “10” to Boolean value type. You will get an error doing that. Since the inputs are modified and added, we prefer to give some intuitive short description or variable name in the left column of inputs setting page.
 

Please note that the position and location of these inputs controls can be changed sometimes. For example, when we add new features to our products, the location of inputs can be shifted. In Advanced Price Pattern Scanner, you have the full controls for both Price Breakout Pattern Scanner Mode (Mode A) and non-repainting mode (Mode B). This screenshot below shows the location of input controls.

Built in Smart Renko Feature
Both Price Breakout Pattern Scanner and Advanced Price Pattern Scanner can use Smart Renko Feature. The combined usage just makes it so powerful for your trading. Here is the input control for Smart Renko part. To use Smart Renko in your Price Breakout Pattern Scanner or Advanced Price Pattern Scanner, “Use Smart Renko” = true. Remember that our Smart Renko is tuned with round number itself. To best use our Smart Renko, choose the brick height in the fact of 100 or 1000 pips. For example, for EURSUD, 20, 25, 50 and 100 pips are good value to use. Do not use odd brick height like 34, 45, 76, etc. When you use these odd numbers, then your brick height will not be tuned with round number. For some symbols like XAUUSD, you might have to use the brick height in 1000 or 2000 instead of 20 or 50 because their daily movement range is much greater than EURUSD and other currency symbols. In our Smart Renko, you can see the future brick level in advance. Often you can use this future brick level as your potential stop loss or take profit target. Another additional feature of Smart Renko include the custom Zig Zag drawing in your chart. The custom Zig Zag indicator differ from typical zig zag indicator. The custom Zig Zag indicator is derived from Renko brick itself. If you are good users of Zig Zag indicator, then you must give a go with this custom Zig Zag indicator for your trading.

Excellent way of trading is to use built in Smart Renko and detected pattern together for your decision-making. As you can see, the Smart Renko is displayed in the indicator window whereas the patterns are detected in the main window by Advanced Price Pattern Scanner. When you do your analysis in Smart Renko, you might draw some trend lines to identify important support and resistance levels. Simply double click over the trend line to copy the trend line in the main window. When the trend line is copied, some discrepancy might occur in terms of trend line location. It is perfectly normal because Renko transformation loses the time information during its transformation. For horizontally short trend line, the copied trend line will be more accurately placed in the main window whereas for horizontally long trend line, the copied trend line can be less accurately placed in the main window sometimes. However, in general, the copied line will provide you good idea the location of the support and resistance lines drawn in your Renko chart.

 

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Price Action and Pattern Trading Course Sample Book

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About this book

Technical analysis for the financial trading and investment has nearly several hundred years of history. Traders use the technical analysis to collect the scientific evidence to find out the probable market direction and volatility for their trading. When many people spot the same thing in the financial market, I think we should take it very carefully, especially if they are based on the scientific evidence. Price action and pattern trading strategies were extensively used by many successful traders to identify the trading opportunity to profits in the market. Price action and pattern trading strategies concern less on the traditional technical indicators. However, they concern more on raw price patterns. With the recent development of many brilliant trading strategies within the price action and pattern trading, their usefulness are already beyond the expectation of many of us.

As a quantitative developer and trader, my job allows me to explore nearly thousands of different trading strategies to validate and verify. Several price action and pattern trading strategies have shown me that their operating characteristics are much different from the typical momentum and mean reversion strategies. Those price action and pattern trading strategies are powerful. However, the idea behind these powerful trading strategies is poorly understood by many traders. Therefore, I decided to come up with the new concept “Equilibrium Fractal-Wave process” because I was not able to encapsulate many proven trading strategies used by traders last 85 year using the existing theory.

To accomplish the concept “Equilibrium Fractal-Wave process”, I had to create more comprehensive Price Pattern Table to explain those price action and pattern trading strategies outside the trend and seasonality framework, which are the backbone of the analysis techniques for univariate price series. The main purpose is to communicate with traders for the potential market dynamics for their profitable trading by spotting the existing phenomenon in the financial market.

This book is still geared up for your practical trading. Therefore, just explaining why the strategies work is probably not sufficient for traders. This book covers many working price action and pattern trading strategies in details and with examples. At the end of this book, we have also provided some useful information towards your trading management. Especially we emphasize the importance of the risk management in this book. I tried to offer the digestible information as much as I can even for average traders. In addition, many free tools are available from the website: “http://algotrading-investment.com” for free of charge. Especially, you might need the Peak Trough Analysis tool to follow some of the chapters in this book. You can freely download the Peak Trough Analysis tool from the same website above. Finally, reader should note that this book contains some strong technical language.

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Next Generation Technical Indicator

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Next Generation Technical Indicator

Harmonic Volatility Indicator

Introduction to Volatility in Financial Trading
Volatility is the most watched variable among the institutional traders because the market volatility have a direct impact on their trading risk. It is not easy to meet up any successful traders without emphasizing the importance of the volatility for their trading. In addition, we can even find countless trading strategies or trading courses based on the market volatility around us. In spite of its high importance, unfortunately, the access to the volatility tools for average traders are not easy in general. It is partly true that the library of the price based technical analysis is ever growing whereas the development in the volatility based technical analysis is almost halt after the invention of Bollinger bands in 1980s by John Bollinger. In general, you can find fewer number of the technical analysis tools based on the volatility in the most of trading or charting platforms. Here is the list of some popular volatility indicators for traders.
• Standard Deviation indicator
• Average True Range indicator
• True Range Indicator
• Keltner Channel
• Bollinger bands indicator
Regardless of fewer tools available to analyse the market volatility for traders, the high importance of watching market volatility will never change in the future.  Market can only move as much as the fuels available in the market. Therefore, watching the market volatility will never harm your trading but will do many good things for your trading.

Overview on the Harmonic Volatility Indicator
Harmonic Volatility Indicator was originally developed to overcome the limitation of Gann’s Angle, also known as Gann’s Fan. For this reason, trader can use Harmonic Volatility Indicator like Gann’s Angle (or Gann’s Fan). At the same time, the harmonic volatility indicator bases its core concept on the Volatility and Fibonacci analysis, which is distinctive from the Gann’s Angle. Therefore, the Harmonic Volatility Indicator can offer many other benefits, which are not offered by Gann’s Angle. In this article, we will talk about the Harmonic Volatility Indicator without comparing it to the Gann’s Angle because there are many traders who are not familiar with Gann’s technique.
 

One of the very distinctive characteristic of the Harmonic Volatility Indicator is that it provide the curved support and resistance lines. In our trading, we can find out many technical analysis providing us the horizontal support and resistance lines like daily pivot analysis and Fibonacci analysis, Harmonic pattern trading. We can find out some tools providing diagonal support and resistance lines, like rising wedge and falling wedge. As if combing horizontal and diagonal support and resistance can bring the synergy to your trading, you can combine the harmonic Volatility lines with typical horizontal support and resistance levels for your trading. Two screenshots below shows some example cases.
 

 

The Harmonic Volatility indicator can be running in the several different mode. Firstly, one can apply the Harmonic Volatility indicator at the open price of day, week or month assuming you are using the intraday chart in H4 or H1 or M15 timeframe. When you apply the Harmonic Volatility indicator at the open price of day, week or month, you are visually observing the market volatility of that timeframe in the sub timeframe (H4 or H1 or M15). You will not only find out that each Harmonic Volatility line will provide you important support and resistance levels for your trading but also you will find that you can combine them with many other existing technical analysis. This mode is simple and easy. In fact, our Double Harmonic Volatility Indicator can automatically find out the open price of day, week and month from your chart and it will apply the Harmonic Volatility Indicator in place for you. Therefore, you will not have to do this manually. Since this is simper mode of running the Harmonic Volatility Indicator, we recommend this mode generally.

You can also apply the Harmonic Volatility indicator to the significant peak and trough as if you apply the Fibonacci retracement in your chart. For example, where you place your Fibonacci retracement, you can always place the Harmonic Volatility indicator. To extend the application little further, you can apply two Harmonic Volatility Indicators at the same time running it in the double Harmonic Volatility Mode. In our Double Harmonic Volatility Indicator, you can use this double harmonic Volatility mode in the automatic manner. The indicator will recommend you the significant peak and trough automatically. Which mode you want to run the harmonic Volatility indicators is entirely up to your trading experience and preferences.

Traditional Volatility indicator VS Harmonic Volatility Indicator
You will find the benefits of the Harmonic Volatility Indicator quickly if we compare the traditional volatility indicator to Harmonic volatility indicator. Many traders uses Bollinger bands to measure the current market volatility. Many years ago, I was also the big user of the Bollinger bands for the mean reversion trading too. For example, buying when the price hit the upper bands of the Bollinger bands and selling when the price hit the lower bands. As you know, such a technique does not work. I will illustrate why they do not work. For an example, you might enjoy some reversal trading as shown in the screenshot below for some period. However, there will be time, the trick will not work anymore, circled in the red in the screenshot. Even if you increase the indicator period of your Bollinger bands or increase the standard deviation parameter, the results will not change because there is something fundamentally wrong. The fundamental problem is that you do not have the full picture of current market volatility but very limited picture from Bollinger bands. To see where our mistake was, please consider the next screenshot.

I have put the Harmonic Volatility Indicator to the week open price, which is running the weekly mode. In fact, the several sell pull back was happening because the market was testing the Sideways Market line of the Harmonic Volatility indicator, where the area between the two green Harmonic Volatility lines nearly have 33% probability coverage. In fact, when your Bollinger bands trick did not work, the market was trying to breakout its state from sideways to trendy market. Now you know where the things gone wrong. It was simply because you missed to have the full picture of market volatility. This is not hard math either. Anyone can understand that we will get 33% (0.3333) if we divide the probability 1 by 3. Therefore, we can account for the three market states including bullish, bearish and sideways market.

 

Identifying mature trend in its end phase
Another excellent benefit of the Harmonic Volatility Indicator is its capability to identify the mature trend in its end phase. As we have mentioned before, the market can move as much as the fuel available in the market. Once the fuel is exhausted, the airplane have to come down to the earth. To illustrate this, please consider next screenshot. There is very thin chance for the price to move outside the last Harmonic Volatility line (red line). If they do, then it indicates that market fuel is almost exhausted. It is likely that the price will change its direction at this point, at least for short period. Pointing out this reversal moment is not difficult just watch out if the price move outside the last Harmonic Volatility line.

One practical way of applying this technique is to apply the Harmonic Volatility Indicator in the second point of your Fibonacci retracement. With strong momentum in the current trend, you will find that many trade opportunities. If you want to base your trading strategy exclusively on identifying mature trend or turning point, then switch off all other lines except the last Harmonic Volatility line (Red line) and few others.
 

Improving market timing with the Volatility tuned with Fibonacci analysis
Use of the Fibonacci analysis for financial trading can nearly go back to 85 years from today since the birth of Elliott Wave Theory by R. N. Elliott. Until now, traders use the Fibonacci analysis to identify the patterns in the price series mostly. Yet, we could not find any one attempted to use Fibonacci analysis for the Volatility. The Harmonic Volatility Indicator was the first approach of applying Fibonacci analysis to the Volatility instead of price series. The Harmonic Volatility Indicator uses the Golden ratio 0.618 and its direct derivative only, for example, 0.618^2, 0.618^3, etc, for its Fibonacci analysis. So what is the benefits? Generally, the Harmonic Volatility Indicator is supportive for mean reversion trading strategy. Therefore, often the Harmonic Volatility Indicator can work with oscillators like RSI, CCI, Stoch, etc. It can also work well with Harmonic pattern trading too. Two screenshots below shows some example cases.

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Using Offline Chart to Analyse Various Financial Market Data with Algotrading-Investment Platform

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Using Offline Chart to Analyse Various Financial Market Data with Algotrading-Investment Platform

 

Introduction to Offline Chart Analysis feature in Algotrading-Investment Platform

Nowadays, many people converted from stock trading to forex trading and at the same time, many people converted from forex trading to stock trading. It is because our financial market have less barrier. Individuals can easily open several accounts with multiple of financial brokers. They can even enjoy trading on the move through internet connection. In this article, we illustrate how to use the offline chart to analyse various financial market data in brief. To follow this step, you will need to spend 10 minutes to read this step-by-step instruction. For your information, the offline analysis feature of our Algotrading Investment Platform are very free and you never need to sign up or to provide any personal information to use this feature. No hidden cost either. So please enjoy using this powerful feature. Yet, you can apply many popular technical analysis tools to your preferred financial data without any restriction. If you do not have the Algotrading-Investment Platform for this tutorial, then just download it for free of charge from our website: http://algotrading-investment.com
Where can you find data?
Finding financial data is easy nowadays. Yahoo finance provides tones of data for you including International Stock, Commodity and Forex. You can use paid data too. However, for offline Chart analysis, Yahoo Finance or Google Finance provide sufficient data for your trading. If you have any intentions to trade on financial market, just go to https://uk.finance.yahoo.com. Type any ticker of your interest in the Search box.
 
 

 Then just click Historical data, to get some data.

 

By clicking Download Data button, you can save any financial data from Yahoo Finance to your hard drive for your technical analysis.
After the data is saved in your hard drive, open the csv file in your Excel Spreadsheet. Then select five columns including Date, Open, High, Low, and Close. Then click “Copy”. We are almost done.
 
In your Algotrading-Investment platform, click “Offline Chart” button under the File Menu.
 
Make sure that you are filling three box correctly. Give some sensible name for the Symbol Ticker like MSFT for Microsoft. Do not try to type the entire name because you are limited to have up to 9 characters for your tickers. Normally for stock data, decimal digit is 2 but please check with the exchange or with the website. Timeframe is expressed in the Seconds value. For daily chart, type 86400. For 1 hour chart, type 3600. Ok now you are ready. Just click “Paste from Clipboard” button.
 

If data is successfully copied, then you can click on “Create Offline Chart”.
If everything is good, then you will the message like below.
 

Now you can see “MSFT_D1” ticker in your market watch. To start your analysis, just open the chart.
 

Make sure that you are opening the daily chart because we have imported daily stock data of Microsoft Corporation. In H1 or H4 timeframe, the chart will not draw correctly. But you can use higher timeframe like W1 or MN1 without any problem for your analysis. Now add any technical indicator to chart for your analysis.
 
The offeline chart for MSFT_D1 ticker will stay in your database as long as you do not delete them. So you can always come back for the new analysis if your analysis have not completed today.
 

Plus you might think the data importing process is tedious. Ok, no problem. There are many free tools you can actually important Yahoo Finance data to your Excel. Just type “yahoo finance, Excel, download tool” on google. You will see tons of articles talking about how to download data from Yahoo Finance free. If you have your own data set, you are more than welcome to use them. For example, you can use any Stock data including Indian, Turkish, Brazilian, Japanese, Chinese, Vietnams Stock market data, etc.
Then enjoy this powerful tool forever and good luck with your trading.

 

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Harmonic Volatility Indicator

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About this book

Gann’s angle was one of the very first concept using the geometric study between price and time for practical trading (Gann, 1935). In spite of the powerful idea behind the Gann’s angle, the chart scaling issue makes the Gann’s angle less practical for traders. In this book, we suggested the alternative approach of establishing the geometric relationship between price and time through probability. We showed how we created the Harmonic Volatility Line indicator using this alternative approach. The Harmonic Volatility Line indicator is not suffering from the chart scaling issue like Gann’s angle does. At the same time, the Harmonic Volatility Line indicator offers many functionality similar to the Gann’s angle. This book introduced how the Harmonic Volatility Line indicator could be used for market forecasting, turning point prediction, supports and resistances for traders in details. In spite of its wonderful features, the Harmonic Volatility Line indicator is still not bullet proof trading system. It requires discipline and knowledge to use for trading like Gann’s angle does. This book was published on behalf of http://algotrading-investment.com. However, the original creation of Harmonic Volatility Line indicator was done by Young Ho Seo after spending years of time on doing empirical research and strategy building in the Forex, Stock and Futures markets.

 

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Introduction on the Elliott Wave Trend with Wave Structural Score

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Introduction to Elliott Wave Trend with Wave Structural Score

Elliott Wave Trend Overview
Classic Elliott Wave Traders are suffering a lot since there are lack of the scientific methodologies for the Elliott Wave Analysis. Our Elliott Wave Trend was developed to turn the classic Elliott Wave Trading into the more objective and scientific methodology. We provide unique algorithms to guide traders to do their analysis and trading within the wave rules and guidelines in a very efficient way. From our observation, if one can learn Fibonacci based trading methodology, then he could also learn Elliott Wave Trading. It looks difficult but never. It is just matter of effort and time. Even if you are starters in Elliott Wave Trading, we recommend to start with our Elliott Wave Trend tool since Automation and Algorithm inside our Elliott Wave Trend can ensure that your analysis stays within the reasonable accuracy against the established wave rules and guidelines.  We also provide new concept called “Wave Structural Score” to help your trading decision with Elliott Wave Analysis. In this tutorial, we will focus to walk through the basic features of our Elliott Wave Trend. Therefore, you can get going with your trading.

How to operate with Elliott Wave Trend
To perform trading or analysis with Elliott Wave, traders will need to identify wave patterns from the financial instruments like currency exchange rate, Stock or Futures. We have also seen some option traders heavily making use of Elliott Wave for their trading decision. Now the question is how to do it. Do not overwhelmed by the screenshot below showing the complex structure of Elliott Wave. This is just demonstration.
 
 

Firstly, open your Meta Trader 4 or 5 to start with. You can get free version of Meta Trader 4 and 5 everywhere on online. Both platform provide quite similar feature. We provide our Elliott Wave Trend for both Meta Trader 4 and Meta Trader 5.

Attach our Elliott Wave Trend to your chart like EURUSD or GBPUSD for an example. You can use default setting to start with.  Once you have attached it to the chart, you will see the user interface of Elliott Wave Trend. The user interface mostly consist with buttons. We already gave the description for each buttons in our product page but you can also find the same description in the Appendix page in this document. Mostly you need to get familiar with six buttons including Impulse, Correct, DE Label, DE Cycle 1, Draw Line, DE Cycle 2.
 
In the Panel, we shows the basic Elliott Wave counting rules. We found this is useful to have with you when you have to do much more complex analysis later. However, Elliott Wave Trend already have the automation of detecting these rules from your analysis in your chart. For example, when your analysis does not meet with these criteria, Elliott Wave Trend will alert you that your analysis is not accurate.
You can start by pressing Impulse or Correct button first. We will start with Impulse button. So just, click over the Impulse button. If you don’t want to see the Panel with the basic Elliott Wave counting rules, then just press Panel button. You can hide it from your chart.
 

Once Impulse button is pressed, then you can label the impulse wave anywhere on your chart. It is not difficult but start from some sensible place like top or bottom of chart. If you are not sure where to start. Then just enable Show Significant Wave option.
After you have set this option to true, click OK. Then press WaveTrend button twice to see this significant wave. This option will give you some ideas where to start your analysis. However, this significant wave displayed in your chart is very rough and not refined one. Therefore, do not use waves directly without confirmation the basic Elliott wave rules and guidelines. While you are working on your way, you may not want to see this significant wave any more. Then just simple press WaveTrend button again. You can hide or show it anytime when you need this significant wave.

 
We have removed the backtesting feature of this significant wave and trend from version 5.1 since traders are obsessed too much with the backtesting results. We don’t trade on every single trend change. The essence of Elliott Wave Trading is to trade with selectable trend in our favour. Therefore, the backtesting results are only reference for your analysis. For this reason, backtesting results are not too important since our Elliott Wave analysis identify trading opportunities in many different forms including continuation with trend, sideways market, turning point or breakout, etc. 
So let us get back to our tutorial. Now either with significant wave or without significant wave shown in your chart, double-click where you think you can label 1 cycle of impulse wave. Note that one cycle of impulse wave consists of 0, 1, 2, 3, 4, 5 structure as shown in Figure below. If you are identifying bullish impulse wave, then your origin (i.e. The start point) of impulse wave will be on the bottom and then the final wave 5 will be located on the top. For the bearish impulse wave, the origin will be on the top but the final wave 5 will be located on the bottom.

So let us do this in real chart. Do not worry about making mistake. Even if you make mistakes, the algorithms inside our Elliott Wave Trend will warn you that you are making mistake. We have select this portion of chart since it show some clear up trend with both bottom and top presents.
 
Just click on the very bottom to start to label the origin of this impulse wave. Make sure that the Impulse button is pressed to start labelling. If you wish, you can hide the significant wave and trend lines from your chart by just pressing WaveTrend button. Just to show you some example, we have just marked origin (.), 1 and 2 wave.
 

At this point, click Draw Line button, to put some wave lines in your label. Draw Line function is very important for your analysis because you can get additional information when you double click on these lines.

For example, when you double click on Wave Line 1, it will show you the limit for Wave 4 points according to the wave counting rule 3. If you don’t want to see this then just unselect the Wave Line 1 again. Then it will hide the red text. 
 

Likewise, when you double click on Wave Line 2, you will see some useful information too. For example, it will show you 3 precise landing point for your Wave 2 using Fibonacci ratio of 0.382, 0.500 and 0.618. Also our Elliott Wave Trend will automatically draw base channel. Note that all the lines and text in your chart can selected and deleted if you do not want them to present in your chart. It is dead simple. Normally Wave 3 will be present above this base channel for bullish impulse wave. So let us mark up for the rest of wave labels. For now, if you think that the chart is little messy with base channel and text, then just unselect the Wave Line 2 from your chart by double clicking.

For Wave 3, we have some choices because there are several peaks you can select for Wave 3. This is our first attempt in marking wave 3, 4 and 5. Make sure to click Draw Line button after labelling is done. So Elliott Wave Trend will draw the line automatically for your analysis. Once labelling is done and if you want to change the position of each label, then just drag them to other place. Do not recreate the labels because these 6 labels (., 1, 2, 3, 4 and 5) works in group.  If you want to mark up another impulse wave, it is fine to do so. You can create endless number of labels if you want.  I am only saying that it is more efficient to move the labels than to create new one for the same impulse wave.
 

To check integration of your first analysis, click on the Wave Line 3. When you click Wave line 3, it will show you some accurate location for Wave 3 location in regards to the Wave 1. In our current marking, our label 3 is rather far away from the recommended Wave 3 levels.  It seems that the right peak next to it seems closer to the ideal level for Wave 3 at the Fibonacci ration of 2.618. If you wish, then you can change it by just moving the label to the right peak. Then click Draw Line again to draw new wave lines.
 

When you select label 3, make sure to release Impulse button. Therefore, you won’t mark any unwanted labels accidently in your chart. Now we have moved our label for Wave 3 to the right peak. Since Wave 4 have to come later than Wave 3, we have moved Wave 4 too. Now we have double clicked on Wave 3. It seems that our current Wave 3 seems to match better than our previous Wave 3. To get more information about your analysis, you can further click over Wave Line 4 and Wave Line 5.

Now when you click over Wave Line 4, it will show you the potential levels for Wave 4. It will also draw terminating channels automatically to gauge the next movement of market. You can see that our Wave 4 is pretty near the 0.500 Fibonacci ratio in regards to Wave 3. Here is fun bit now. You can click over Wave Line 5.
When you click over Wave Line 5, you will get the information about your potential level for Wave 5. Therefore, you can check how far off your wave 5 from the recommended wave 5 levels. In addition, you can get the Wave Structural Score. Wave Structural Score is the new concept, first introduced by algotrading-investment.com. It is simply the rating for the wave patterns. 100% means that it is structurally sound Elliott Wave pattern whereas below 80% or negative values indicates that the pattern isn’t structurally sound. With our labelling, we have scored 79%, which is the 1 point below the acceptable score. You can of course efficiently check the alternative set up. All you have to do is just move the labels to the different location and then click on Draw Line button. Then double click over the Wave Line 5 to see this Wave Structural Score.

For some curious traders, you might wonder what happens if you throw wrong analysis to your chart. OK, you can try yourself. Firstly, if your analysis does not pass the three wave counting rules, then you will get warning. For example, in below screenshots, we have moved our Wave 1 to higher peak. Then we get warning of violating Rule 2 and Rule 3. When you perform complex analysis, this can happen quite often since you have less room to check some basic stuffs. However, our Elliott Wave Trend will prevent that you are making some silly mistake from your analysis. Of course, there are a lot more features you can explore with our Elliott Wave Trend. For example, you can conduct Elliott Wave Analysis for multiple cycles or you can identify some tradable patterns for your forex trading. If you wish, you can use all eight Elliott Wave Cycles including Subminuette, Minuette, Minute, Minor, Intermediate, Primary, Cycle, SuperCycle and Grand SuperCycle with our Elliott Wave Trend. You can simply extend this basic tutorial to perform analysis that is more complex. We hope this tutorial is useful. You can freely share this document with any other traders if you want.
 
Appendix – Operation with Button and Mouse Clicks
Our Elliott Wave Trend operate mostly with button and mouse clicks. Here is the list of buttons you can use to identify accurate Elliott Wave patterns from your chart.

• Impulse: Press this button first to start labeling impulse waves on your chart. When this button is off, you can’t label any impulse wave in your chart. Once this button is pressed, then double click in your chart to label each impulse wave (i.e. wave 1, 2, 3, 4 and 5). When you finish labeling for impulse wave, just release this button again. Note that in your first double click, origin (.) of your wave will be marked. After that, label 1, 2, 3, 4 and 5 will follow.

• Correct: Press this button first to start labelling corrective waves on your chart. When this button is offer, you can’t label any corrective wave in your chart. Once this button is pressed, then double click in your chart to label each corrective wave (i.e. wave A, B and C). When you finish labeling for impulse wave, just release this button again. Note that in your first double click, origin (.) of your wave will be marked. After that, label A, B and C will follow.

• DE Label: DE Label is the short for delete label. When you press this button, the latest label will be deleted from your chart.
• DE Cycle 1: DE Cycle 1 is the short for Delete Cycle 1. When you press this button, all the labels in the current wave cycle will be deleted. While impulse button pressed, pressing DE Cycle 1 will remove all the labels for impulse wave in the current cycle only leaving the labels for corrective wave. While correct button pressed, pressing DE Cycle 1 button will remove all the labels for corrective wave in the current cycle only.
• DE ALL: DE ALL is the short for delete all. When you press this buttons, all the labels will be removed regardless of their cycle.

• Draw Line: You should use this button after your labelling is done in your chart. When you press this button, Elliott Wave Trend will connect each label with lines automatically.
• DE Cycle 2: DE Cycle 2 is the short for Delete Cycle 2. When you press this button, all the lines in the current wave cycle will be deleted. While impulse button pressed, pressing DE Cycle 2 will remove all the lines for impulse wave in the current cycle only leaving the lines for corrective wave. While correct button pressed, pressing DE Cycle 2 button will remove all the lines for corrective wave in the current cycle only.
• DE All Line: DE All Line is the short for Delete All Lines. When you press this buttons, all the lines will be removed regardless of their cycle.
• Panel: Press this button to show and hide the information panel. The information panel provide you the three Elliott Wave counting rules.
• WaveTrend:  Press this button to show and hide the trend indicator in your chart. You can use this trend indicator to assist for your trading.
• << : decrease Cycle
• >> : increase Cycle

Instruction (Manual) Document

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1. Information about Author
Your Surname N/A
Your First Name   N/A
Your Country N/A
Your Email Address admin@algotrading-investment.com
Your ID on our website www.algotrading-investment.com
Your website www.algotrading-investment.com
2. Information for the submitted materials
Title of the submitted instruction or manual Introduction to Elliott Wave Trend with Wave Structural Score
Language of Instruction English
Key words (at least 3) Forex, Stock, Investment, Trading, optimization, simulation, backtesting, technical analysis, economic analysis, Quantitative Trading
Date of Completion 10 December 2016
Version of this Document 1.0

3. If it is about any trading platform or any of our products (leave empty if you don’t use)
Name of Trading Platform Meta Trader 4 and 5
Trading Platform version Version 4.00 (1010) and Version 5(1455)
Name of Product Elliott Wave Trend
Product version 6.8

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Basic Tutorial for Elliott Wave 1, 2, 3, 4 Pattern Identification

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Basic Tutorial for Elliott Wave 1, 2, 3, 4 Pattern Identification

Tutorial Overview
Elliott Wave Principle are used to predict the financial market by large number of traders. Considering that Elliott Wave can provide quite a lot of benefits for traders, the methodology is often poorly documented for starters. When the Elliott Wave theory is properly used, you can improve the chance of winning for your trading. In this tutorial, we will show you the simplest way to make this powerful Elliott Wave to become your friend. Here are few steps to spot Wave 1, 2, 3, 4 pattern with our Elliott Wave Trend for starters. After you have practice this steps, you can apply the same principle to spot Wave 3 or Wave 5 according to your trading preference. The steps can be divided into five.
1. Identify important swing high and swing low
2. Label Wave Count on the swing high and swing low in your chart
3. Let Elliott Wave Trend to draw Wave lines for these swing high and swing low
4. Check the Validity of your Elliott Wave analysis with Elliott Wave Trend
5. Identify invalidation level
Please note that this is the very basic tutorial for starters and junior traders. This tutorial will only cover small portion of what you can do with our Elliott Wave Trend tool. For example, for experienced traders, our Elliott Wave Trend is not limited in identifying Wave 4 only. You can use them for any wave identification including both impulse wave and corrective wave. In this tutorial, we have chosen Wave 4 identification because this is relatively easier to explain.
1. Identify important Swing high and swing low
Firstly, attach our Elliott Wave Trend to your EURUSD chart. Use clean EURUSD Chart without any indicator or any other tools not to disturb our operation. When you attach Elliott Wave Trend to your EURUSD chart, make sure that you set “Show Significant Wave = true” if you are new to Elliott Wave. If you are an experienced Elliott Wave practitioner, you may not use this significant wave feature. This significant wave serves as the basic template to identify important swing high and swing low points. Experienced traders can normally spot these without aid of any other tools. If you are starters and junior traders, you may use this significant wave feature.
When it is attached correctly, you will see your chat like this below.
Now click “Wave Trend” button.  You will see the automatically drawn significant swing high and swing low in your chart. This significant wave feature serves you as a basic template to pick up some significant swing high and swing low points. This significant swing high and swing low points are not necessarily the final version of your Elliott wave count. In some case, you have to modify significant swing high and swing low points to get correct Elliott Wave. So be prepared for it.
If you only want to see the Zigzag line only, then just switch off the colour of the two lines as shown below. Just set the first and second colour to none in the indicator colour-setting tab. Then press “Wave Trend” button again.
Then you will see the zigzag line only without the trend line. Now you can see the significant swing high and swing low points without the trend line any more. This might look much easier for starter to read the market.

To spot Wave 4, you need to identify swing high and swing low look like this below. Firstly, look for this Wave 1, 2, 3, 4 pattern from the significant swing high and swing low points in your chart. You can find both “bullish Wave 1, 2, 3, 4 pattern” or “bearish Wave 1, 2, 3, 4 pattern”. Sure, this might be easy task to the experienced traders, but this might be not easy task for starter. It is understandable. Please take your time on learning this. I can tell this is definitely worth to practice and many experienced traders will tell the same to you. Simply speaking all you have to do is to find some five zigzag points in your chart, which look like the screenshot below.

 

Visually scan through your chart if you have something similar like pattern above. For an example, we have found something similar on our daily EURUSD chart. We have drawn rectangle around this potential Wave 1, 2, 3, 4 pattern for you. Now here is exciting bit. We need to check if this is the correct Wave 1, 2, 3, 4 pattern with high probability setup. Let us use the functionality of our Elliott Wave trend to do so.
2. Label Wave Count on the Swing high and swing low in your chart
To have the detailed analysis of Wave 1, 2, 3, 4 pattern, we need to label it first. To do so, firstly press “Impulse” button. When this impulse button is pressed, you can start to label impulse wave on our swing high and swing low points. Literarily you can label wave 1, 2, 3, 4 in your chart. While the “impulse” button is on, double click will label in your chart aquatically for your selected wave cycle. In our case, let us just use the default wave cycle, minor for our job. For the information of starters, impulse wave is trend wave, which is preferred to trade with. Corrective wave is the counter trend wave. Counter trend wave is normally more difficult to trade but you can still trade if you wish. To start to label, just double click on your chart at each peak above the swing high and swing low points.

 

Soon you will see the labels in your chart like this. Since you have labelled on your chart, you may not need to see significant wave lines any more. To remove them from your chart, just press “Wave Trend” button once more.
3. Let Elliott Wave Trend to draw Wave lines for these swing high and swing low

When the labelling is done, press “Draw Line” button and press “Wave Trend” button to remove the template Zigzag lines.
After you have drawn the isolated Wave 1, 2, 3, 4 pattern, the pattern may be not drawn correctly in your chart. This is because your label is slightly off from each peak. This can be simply corrected. Double click on each label and move them to right location above peak. After that press “Draw Line” button again. When you analyse Elliott Wave with our Elliott Wave Trend tool, you may have to do this quite often.
4. Check the Validity of your Elliott Wave Analysis with Elliott Wave Trend
Now many part of your job is done. It is time to check if your analysis is correct. To do so, double click on the Wave 1 Line. When you double click wave line 1, you will see some important information. The rectangle box show the correct location of wave 2 and wave 4.  For example, the Wave 2 must stay below 1.16159 limit. In our case, yes, our wave 2 is stay below 1.16159. The wave 4 must stay below 1.09113. If these two conditions are meet then your wave 1, 2, 3, 4 are correct up to some point. Let us do further analysis. To remove the information, simply double click on the Wave 1 line. Then they will disappear from your chart. Now double click on Wave 2 line to see new information.

 

Ok, when you double click on Wave 2 line, Elliott Wave Trend will show you another piece of information. It will show you some ideal location for your wave 2. In our case, our Wave 2 is very close to the ideal retracement of 0.618 of Wave 1. This is good news. At the same time, the base channel will be automatically drawn for your convenience. Typically, Wave 3 of the bearish Wave 1, 2, 3, 4 pattern must stay below the lower base channel. In our case, wave 3 is definitely below our lower base channel. When you have finished to study Wave 2 line, then we can move on to the next. Just double click on Wave 2 line to remove all the information from your chart. Then double click on Wave 3 line.

 

When you double click on Wave 3 line, now Elliott Wave Trend will deliver another piece of information. Firstly, it will show some ideal location for Wave3. It will draw acceleration channel for your convenience too. Typically, Wave 4 will stay below the upper acceleration channel. We can’t show the ideal level of wave 3 at 1.618 of Wave 1 in our daily chart because the level 1.618 is outside our chart box. However, we can just change our daily chart to weekly chart to see 1.618 level.

 

Screenshot below shows the 1.618 level of Wave 3 at weekly chart since daily chart does not show them. As we can see, the 1.618 level is at 1.02261. In fact, our wave 3 level is slightly above this level. However, our Wave 3 level is more close to 1.618 level than 1.000 level. Now if you just double click on Wave 3 level then you can remove all this information. We can move on to next. If you have switched to weekly chart, then switch back to daily chart again.

When you double click on Wave 4 line, Elliott Wave Trend will show you ideal location of Wave 4. In our case, our wave 4 is very close to 0.5 retracement of Wave 3. Terminating channel might be used to locate future Wave 5 level. In our own opinion, it is true that price will drop down since wave 4. However, wave 5 might be landing on terminating channel or might not. Use them for your reference guide only.
5. Identify Invalidation Level for Wave 4
To use Elliott Wave correctly for your trading, you must identify invalidation level for your setup. Since we are identifying Wave 1, 2, 3, 4 pattern. We should identify the invalidation level for Wave 4. The most important invalidation level for Wave 4 is 1.09113 in our case. It is because the original Elliott Wave principle state that Wave 4 cannot overlap with Wave 1. At the same time, the upper acceleration channel act as quite strong resistance level to watch out. If our prediction is correct, then Wave 5 will go down at least the size of Wave 1. Often Wave 5 moves more than the size of Wave 1.
Instruction (Manual) Document

This part should be filled by author before your submission.

1. Information about Author
Your Surname N/A
Your First Name   N/A
Your Country N/A
Your Email Address admin@algotrading-investment.com
Your ID on our website ATI
Your website www.algotrading-investment.com
2. Information for the submitted materials
Title of the submitted instruction or manual Basic Tutorial for Elliott Wave 1, 2, 3, 4 Pattern Identification
Language of Instruction English
Key words (at least 3) Forex, Stock, Investment, Elliott Wave, Trend, Wave theory, Fractal, Fractal Equilibrium process
Date of Completion 18 February 2017
Version of this Document 1.0
3. If it is about any trading platform or any of our products (leave empty if you don’t use)
Name of Trading Platform Meta Trader 4 and 5
Trading Platform version Version 4.00 (1010) and Version 5(1455)
Name of Product Elliott Wave Trend
Product version 7.3

 

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Efficient Order Execution and Risk Management with Order Risk Panel Pro

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Feature of Order Risk Panel Pro
Order Risk Panel Pro is the order execution tool designed with many powerful features. They are available in both Meta Trader 4 and Meta Trader 5 platform. The tool was mainly developed to support efficient order execution and risk management for traders. Order Risk Panel Pro can strictly control your risk according to your balance. You can even execute your order visually from your chart. Therefore, you can save a lot of time and efforts with our Order Risk Panel Pro. Order Risk Panel Pro can set some claver trading setup like straddle in one button click during high volatile News period. If you were the Price Action trader, this would be advantageous feature for you. Order Risk Panel Pro offer a smart trail stop functionality too. For example, your order can be monitored and stop loss can be readjusted when your trade is in profit. Besides its order execution features, Order Risk Panel Pro can report you the essential trading performance useful for your daily and monthly trading operations. With our Order Risk Panel Pro, you can compare your trading performance across different currency pairs. You can increase the position size for winning currency pairs and you can decrease the position size for losing currency pairs. You can use our Order Risk Panel Pro to trade like the professional institutional trader.

Setting up Order Risk Panel Pro in your Chart
Order Risk Panel Pro is the built-in Expert Advisor. Therefore, you need to put the Order Risk Panel Pro Expert file to your Meta Traer terminal folder.

 

Once you have put the file in your expert advisor folder, you will see the Order Risk Panel from your Expert Advisor list in your Navigator. If you do not see it, then please refresh your Navigator.
 

To use Order Risk Panel Pro, you have to allow auto trading in the Options window. To allow auto trading, firstly open Option menu from your Meta Trader terminal (Tools>>Options>>Expert Advisors) and Tick on Allow automated trading.
 

Now you can attach Order Risk Panel Pro to your chart. When you attach Order Risk Panel Pro to your chart, click on common tab. Tick on Allow live trading here too.
 

Visual Order Execution Techniques
If you see the smiley face in your chart, then you are ok to use Order Risk Panel Pro. Order Risk Panel Pro can send order in various ways. We will explain the visual Order execution techniques with our Order Risk Panel Pro. You can access to the visual order execution techniques by pressing “Line Buy” or “Line Sell”.  For example, when you click “Line Buy” button, Order Risk Panel Pro will draw one green line and one red line in your chart. With green line, you can control take profit size for buy order. With red line, you can control stop loss size for buy order. You will see that your take profit and stop loss size are automatically change as you move the green line and red line in your chart. When you press “Line Buy” button again, then it will delete green and red line from your chart.

 

Likewise, to setup sell order visually, you can just press “Line Sell” button. Then Order Risk Panel Pro will draw green and red line in your chart. You can move this green line to control your take profit size for sell order. You can move this red line to control your stop loss size for sell order. When you move these green and red lines in your chart, your take profit and stop loss size will automatically adjust them according to the current bid and ask price.

 

To apply this visual order technique in the real trading, consider the bearish harmonic pattern for an example. With the visual order execution technique, all you have to do is just move the green and red lines to the desired take profit and stop level in your charts around the harmonic pattern. The visual order execution technique will make your life simple. At the same time, you can always execute your orders with classic ways. For example, you can just type take profit and stop loss in pips in the text box in your chart to send orders. Which way you do, Order Risk Panel Pro will calculate exact lot size for your risk preference to protect your capital from volatile market movement.

 

Straddle Order Execution Guide
Straddle is an order execution technique for breakout trading. With straddle setup, traders will set both buy stop and sell stop at the same time in expecting that price will breakout in one direction. With Order Risk Panel Pro, you can do this quite simply in just one button click. Moving your mouse over the “Straddle” button will show you your take profit and stop loss levels in advance for your buy and sell stop order. Since there are many lines, first time user might feel difficult to figure out what all these lines are. Simply speaking, three lines are for open, take price and stop loss of the buy stop order and the other three lines are for open, take price and stop loss for the sell stop order. Straddle spreads are the distance between the buy and sell stop orders in pips. Overall, this type of trading style is quite useful during the release of quite important fundamental news. To setup straddle, just click the “Straddle” button. If you want to remove theses stop orders at any time, then just hit on “Delete Orders” button. “Delete Orders” button will delete any pending orders sent by Order Risk Panel Pro.
 

Know your Trading Performance to improve your trading
Order Risk Panel Pro can show you the list of trading performance measurement for your trading. When you are a professional trader either working for yourself or for a company, it is important to measure the trading performance at least every month. With Order Risk Panel Pro, you can measure your trading performance for any symbol or for all symbols if you wish. To calculate your trading performance for a symbol, just type the name of the symbol in the text box. For example, type “EURUSD” in the text box to calculate the trading statistics for EURUSD. When you want to know which currency pairs you are trading best, Order Risk Panel Pro can deliver the trading performance in just one button click. With this feature, you can reduce the position of the worst performing symbols and you can increase the position of the best performing symbols.
 

With our Order Risk Panel Pro, you have an access to the intuitional level of intelligence for your trading. For example, Order Risk Panel Pro can calculate monthly and annual Sharpe Ratio with the current Risk Free Rate in your country. Sharpe ratio is very important trading performance measurement for traders and fund managers. Likewise, you can incorporate the Risk Free rate to the Calmar ratio too. Risk free rate is simply the annual interest rate in your country for saving account. However, if you have not received any formal training and you are not sure how to use Sharpe and Calmar ratio, then just set Risk Free Rate = 0% for safe side. You can still use Sharpe Ratio and Calmar Ratio with 0% Risk Free Rate to know the trading performance. If you wish to dig deeper on your trading performance and trading statistics, then you are more than welcome to read more articles on online. Self-education is always very important to improve your trading performance always. For your trading, you have an access to three level of trading statistics including basic, advanced and detailed statistics. In the basic trading statistics, you will find useful trading statistics for your trading each day. The advanced trading statistics can be used each month to know your trading performance. Some traders might use the advanced trading statistics every week if they wish. If you want to dig your trading performance in more details, then go to detailed trading statistics. In detailed trading statistics, you have an access to over 80 different trading statistics. You can even find out the separate trading performance measurement for both buy and sell trades. Indeed, these are very useful information for professional traders. You can use them to communicate with other professional traders about your trading performance.

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Multiple Timeframe Pattern Analysis

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Multiple Timeframe Pattern Analysis
Introduction to Multiple Timeframe Pattern Analysis

The beauty of using automatic scanner is that all the sophisticated chart analysis will be done automatically with very small efforts from yourself. Even just some years back, many traders drew the patterns in their chart manually. Can you imagine that how tough it is to draw the same patterns detected by Price Breakout Pattern Scanner and Harmonic Pattern Plus by your hands? Even if you know how to draw them manually, it is still painful process. What about the speed of drawing manually? Well, it will take quite a lot of time for traders to draw all these patterns detected from several timeframes manually. With this lengthy drawing time, you will miss all the right opportunities to trade. With our products, you could do sophisticated pattern analysis in few button clicks in fully automatic manner. You will be able to view all the patterns detected across different timeframe in a single glance.  Indeed, our software will really work hard for you to help you to win in your trading.
From Price Breakout Pattern Scanner version 6.6 and Harmonic Pattern Plus version 9.2 (and Harmonic Pattern Scenario Planner version 9.2), you can apply these pattern scanners for multiple timeframe in single chart. The idea behind the multiple timeframe Pattern Analysis is simple. Firstly, you can get the idea of what is going on from different timeframe. Secondly, you can quickly find out how the events happening in higher and lower timeframe affect your current trading decision. With multiple timeframe pattern analysis, you are full control of your trading decision outside single timeframe or your chart and you are rich of information. You will likely to make less mistake for your trading.
For illustration purpose, for example, we have the Bearish harmonic Pattern formed in H4 timeframe. The entry for EURUSD was fine making profit from EURUSD fall but soon we have triangle pattern formed in H1 timeframe. EURUSD start to bounce upwards from the edge of the triangle. Now after you have some profit from your entry with harmonic pattern, you can decide to exit your position with profit or keep hold on your position with this new information on your hands. This is one illustration only among many different scenario in multiple timeframe pattern analysis.
Another useful example is this one. Here you have three signs of bearish reversal movement on USDJPY. Rising Wedge in H1 timeframe and another big rising wedge in H4 timeframe and Harmonic Pattern in D1 timeframe. Ok, USDJPY must go down with three bearish signs like this. For setup like this, if we are not 100% sure to win, then at least we are on highly likely to win. With signs like this, we will advise to go ahead and make profits.

We have many good trading examples like this but we will get down to the technical side on how to apply our Price Breakout Pattern Scanner and Harmonic Pattern Plus for multiple Timeframe Analysis in this article. Some of our other tools like Turning point detector or Mean Reversion Supply Demand will provide multiple timeframe analysis capability in single chart too. In this document, we will provide the guidance for Price Breakout Pattern Scanner and Harmonic Pattern Plus only since they are more sophisticated than other tools.

Step by Step Guide to Multiple Timeframe Analysis
Firstly, open Meta Trader 4 or Meta Trader 5 in your computer. Open EURUSD chart 1 hour for example. You will see some empty chart like this. We will use H1 timeframe chart for this demonstration. You can use M15, M5, or any chart you wish. However, please note that you can use calculation timeframe (i.e. the timeframe the pattern will be detected.) greater than your chart timeframe. If your chart timeframe is H1, then later you can apply H1, H4 or D1 calculation timeframe to detect pattern from those timeframe. You can not apply M15 calculation timeframe to H1 chart since you can’t draw M15 pattern in H1 timeframe. Once you have understood this, and then go to next step.

Choose Price Breakout Pattern Scanner from your Navigator. Click on Attach Chart.

Now in the inputs tab, choose 1 hour (H1) for timeframe to detect Patterns. Then click OK button below.
Now you will see the Buttons for Price Breakout Pattern Scanner. Therefore, we have applied one Price Breakout Pattern Scanner to H1 EURUSD Chart. Next, we will add second one.

Again, go to your Price Breakout Pattern Scanner on your Navigator. Attach the Price Breakout Pattern Scanner to the same chart. In this time, we will use 4 hour (H4) timeframe for pattern detection. Therefore, do it the same like the screenshot below.
One more thing to do. To apply multiple timeframe analysis we have to change the location of the buttons too. Otherwise, you will only see one set of buttons in your charts. To change the location of the buttons, go to Button Coordinate Y input. Change it to 80 from 60. This means that you will lower your buttons by 20 pixels below your first button set. If your button height is 30, then you should lower your buttons set by 30 pixels.
If you see the buttons located together nicely, then you are doing it correctly.
Do the same for D1 and W1 timeframe. Now 4 Price Breakout Pattern Scanner are running at the same time. They will update you with any patterns detected from H1, H4, D1 and W1 timeframe in your chart.

Ok, now let us do the same for Harmonic Pattern Plus too. Go to Navigator and attach Harmonic Pattern Plus to the same chart.

Since we are using H1 EURUSD chart, your lowest timeframe to detect pattern with Harmonic Pattern Plus is H1. Therefore, we will start with H1 timeframe.
To avoid the pattern colour conflicting between price breakout pattern scanner and harmonic pattern plus, we will give different colour to bullish and bearish colour to harmonic pattern plus. For bullish, we will use Aqua. For Bearish, we will use Orange Red.
Also switch off PRZ option too since PRZ option can fill your chart with too many lines. Just set Use Potential Reversal Zone to false. Ok everything is done. Click Ok button.

Now you can see the buttons for Harmonic Pattern Plus are located next to Price Breakout Pattern Scanner buttons nicely.

We will do the same for H4 timeframe. Once again, we need to locate our button set for H4 timeframe below the button set for H1 timeframe. So find Button Coordinate Y input. Set the value to 80. This means that you will locate the buttons set below 20 pixels. If your button height is 30 pixels, then you should locate the buttons below 30 pixels. Also, change the Bullish and Bearish Colour to Aqua and Orange Red respectively too like before. Switch off PRZ option too. Click Ok button.

Now you will see that buttons for the Price Breakout Pattern Scanner and Harmonic Pattern Plus are nicely located together.

Do the same for D1 timeframe. For Harmonic Pattern Plus, we recommend to use up do D1 timeframe since weekly timeframe might not have enough data to calculate patterns. So finally, you will have your chart look like this. Now in your H1 EURUSD chart, 7 scanners are running at the same time to bring all the latest information from different timeframe.

You will find that this is very powerful trading setup enabling you to view all the essential information from different timeframes. It might be painful to repeat the same steps for each chart. There is simply better way of handling this repetitive task. That is to use template. In your chart, right mouse click. Go to template menu. Click Save Template Menu.

For your template, give some sensible name like “Multiple timeframe Pattern Analysis”. In fact, you can name to anything you want for sure. Just use some name you can find readily in the future.

Ok let us do test drive on our “Multiple Timeframe Pattern Analysis” template. Open USDCAD chart for H1 timeframe. Click on “Load Template” button.

Choose “Multiple Timeframe Pattern Analysis” template. Click Ok button.

Since we are loading 7 scanner at the same time, This may take some time to be loaded in your chart.

Buttons Descriptions
Description over the buttons are like below.
•Lock Button:  Lock the pattern you want to trade. This action will keep your chosen pattern in your chart for long time for your future reference. This is useful feature if you are worrying about repainting the patterns.
• << Button:  Show previous pattern. Therefore, you can test your trading ideas and strategy over historical patterns.
• >> Button:  Show next pattern.
•H1 Button:  Recalculate Scanner again. If you found the chart is stuck due to some MT4/MT5 terminal activities, then press this button. MT4/MT5 does get slow when it is loading the data or doing some other internal activities.
•G Button:  Call Guided Trading Instruction.
•B Button:  Remove or shows buttons from your charts. This feature helps you to increase some visible space in your chart. Click B button again to show the buttons again.

Practical Note about Multiple Timeframe Pattern Analysis
More scanners you attached on your chart, you will be loaded with more information. If you have found that it is too much information to digest for you, then you can always use the sensible number of scanners in your chart. For example, you can use 2 x Price Breakout Pattern Scanner and 2 x Harmonic Pattern Plus according to your preference. Below screenshot show 2 x Price Breakout Pattern Scanner and 2 x Harmonic Pattern Plus. Or another way is to move some pattern backwards using “<<” buttons. For example, moving daily and weekly pattern backwards, you can get the same screenshot as below. However, once you have experience the power of multiple timeframe pattern analysis, you will like to stick with all the timeframe we have recommend to you in this article. Take your time to get familiar with this pattern analysis. You will be gradually improving your skills to read more complex charts with many patterns.

Key Words: Forex, Stock, Future, Investment, Harmonic Pattern, Price Action, Breakout, Strategy, Trading, Sideways, Gartley, Butterfly, Patterns

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Technical Indicator Library Excel Formula

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Technical Indicator Library Excel formula

Below we list Excel formula to call technical indicator library from your Excel. All these technical indicator functions are located inside TechnicalAnlaysis.xll file. TechnicalAnalysis.xll files are free to use and free to share without any limitation. We have put some friendly Copy Right Notice on the bottom of this document to protect the developers and contributor. In general, this TechnicalAnalysis.xll file and Technical Indicator library inside the file can be used by anyone and it is free of charge. To use these functions from your Excel, you should load the TechnicalAnlaysis.xll add-in to your Excel first. For the paid users for Quant Strategy Inventor, the installation can be done automatically when you first load our Quant Strategy Inventor. For free users of this TechnicalAnlaysis.xll, please follow the simple installation steps below.

1. Install TechnicalAnalysis.xll file
To install TechnicalAnlaysis.xll file, go to Options in your Excel. Then select Add-ins.

When the Add-Ins manager pop up, click on Browse button and select the TechnicalAnalysis.xll file from your hard drive.

Once TechnicalAnalysis.xll files are loaded in your Excel. You can call any of User Defined Function below to build various trading strategies from your Excel. Above installation step can be skipped for paid users of our Quant Strategy Inventor. Below, we list the all the available Technical and Mathematical Function you can call with TechnicalAnalysis.xll file.
2. Example Usage of Functions

All the functions are array formula. Therefore, you have to enter these formula using “Ctrl +Shift+Enter” keys. You should include “=TA_” syntax before Function name.

For example, for following Bollinger Bands function below:

BBANDS – Bollinger Bands
upperband, middleband, lowerband = BBANDS(close, timeperiod=5, nbdevup=2, nbdevdn=2, matype=0)
You will enter “=TA_BBANDS(I7:I30, 12, 2, 2, 1)” to range L7:N30 assuming your price data are located at the range E6:K30.

We can take another example for CCI function as shown below.
CCI – Commodity Channel Index
real = CCI(high, low, close, timeperiod=14)
Here is how to put this CCI function in your worksheet. “=TA_CCI(G7:G30, H7:H30, I7:I30, 13)” to range L7:L30 assuming your price data are located at the range E6:K30.

3. Overlap Studies Functions

BBANDS – Bollinger Bands
upperband, middleband, lowerband = BBANDS(close, timeperiod=5, nbdevup=2, nbdevdn=2, matype=0)

DEMA – Double Exponential Moving Average
real = DEMA(close, timeperiod=30)

EMA – Exponential Moving Average
real = EMA(close, timeperiod=30)

HT_TRENDLINE – Hilbert Transform – Instantaneous Trendline
real = HT_TRENDLINE(close)

KAMA – Kaufman Adaptive Moving Average
real = KAMA(close, timeperiod=30)

MA – Moving average
real = MA(close, timeperiod=30, matype=0)

MAMA – MESA Adaptive Moving Average
mama, fama = MAMA(close, fastlimit=0, slowlimit=0)

MAVP – Moving average with variable period
real = MAVP(close, periods, minperiod=2, maxperiod=30, matype=0)

MIDPOINT – MidPoint over period
real = MIDPOINT(close, timeperiod=14)

MIDPRICE – Midpoint Price over period
real = MIDPRICE(high, low, timeperiod=14)

SAR – Parabolic SAR
real = SAR(high, low, acceleration=0, maximum=0)

SAREXT – Parabolic SAR – Extended
real = SAREXT(high, low, startvalue=0, offsetonreverse=0, accelerationinitlong=0, accelerationlong=0, accelerationmaxlong=0, accelerationinitshort=0, accelerationshort=0, accelerationmaxshort=0)

SMA – Simple Moving Average
real = SMA(close, timeperiod=30)

T3 – Triple Exponential Moving Average (T3)
real = T3(close, timeperiod=5, vfactor=0)

TEMA – Triple Exponential Moving Average
real = TEMA(close, timeperiod=30)

TRIMA – Triangular Moving Average
real = TRIMA(close, timeperiod=30)

WMA – Weighted Moving Average
real = WMA(close, timeperiod=30)

4. Oscillator Indicators

ADX – Average Directional Movement Index
real = ADX(high, low, close, timeperiod=14)

ADXR – Average Directional Movement Index Rating
real = ADXR(high, low, close, timeperiod=14)

APO – Absolute Price Oscillator
real = APO(close, fastperiod=12, slowperiod=26, matype=0)

AROON – Aroon
aroondown, aroonup = AROON(high, low, timeperiod=14)

AROONOSC – Aroon Oscillator
real = AROONOSC(high, low, timeperiod=14)

BOP – Balance Of Power
real = BOP(open, high, low, close)

CCI – Commodity Channel Index
real = CCI(high, low, close, timeperiod=14)

CMO – Chande Momentum Oscillator
real = CMO(close, timeperiod=14)

DX – Directional Movement Index
real = DX(high, low, close, timeperiod=14)

MACD – Moving Average Convergence/Divergence
macd, macdsignal, macdhist = MACD(close, fastperiod=12, slowperiod=26, signalperiod=9)

MACDEXT – MACD with controllable MA type
macd, macdsignal, macdhist = MACDEXT(close, fastperiod=12, fastmatype=0, slowperiod=26, slowmatype=0, signalperiod=9, signalmatype=0)

MACDFIX – Moving Average Convergence/Divergence Fix 12/26
macd, macdsignal, macdhist = MACDFIX(close, signalperiod=9)

MFI – Money Flow Index
real = MFI(high, low, close, volume, timeperiod=14)

MINUS_DI – Minus Directional Indicator
real = MINUS_DI(high, low, close, timeperiod=14)

MINUS_DM – Minus Directional Movement
real = MINUS_DM(high, low, timeperiod=14)

MOM – Momentum
real = MOM(close, timeperiod=10)

PLUS_DI – Plus Directional Indicator
real = PLUS_DI(high, low, close, timeperiod=14)

PLUS_DM – Plus Directional Movement
real = PLUS_DM(high, low, timeperiod=14)

PPO – Percentage Price Oscillator
real = PPO(close, fastperiod=12, slowperiod=26, matype=0)

ROC – Rate of change : ((price/prevPrice)-1)*100
real = ROC(close, timeperiod=10)

ROCP – Rate of change Percentage: (price-prevPrice)/prevPrice
real = ROCP(close, timeperiod=10)

ROCR – Rate of change ratio: (price/prevPrice)
real = ROCR(close, timeperiod=10)

ROCR100 – Rate of change ratio 100 scale: (price/prevPrice)*100
real = ROCR100(close, timeperiod=10)

RSI – Relative Strength Index
real = RSI(close, timeperiod=14)

STOCH – Stochastic
slowk, slowd = STOCH(high, low, close, fastk_period=5, slowk_period=3, slowk_matype=0, slowd_period=3, slowd_matype=0)

STOCHF – Stochastic Fast
fastk, fastd = STOCHF(high, low, close, fastk_period=5, fastd_period=3, fastd_matype=0)

STOCHRSI – Stochastic Relative Strength Index
fastk, fastd = STOCHRSI(close, timeperiod=14, fastk_period=5, fastd_period=3, fastd_matype=0)

TRIX – 1-day Rate-Of-Change (ROC) of a Triple Smooth EMA
real = TRIX(close, timeperiod=30)

ULTOSC – Ultimate Oscillator
real = ULTOSC(high, low, close, timeperiod1=7, timeperiod2=14, timeperiod3=28)

WILLR – Williams’ %R
real = WILLR(high, low, close, timeperiod=14)

5. Volume Indicators

AD – Chaikin A/D Line
real = AD(high, low, close, volume)

ADOSC – Chaikin A/D Oscillator
real = ADOSC(high, low, close, volume, fastperiod=3, slowperiod=10)

OBV – On Balance Volume
real = OBV(close, volume)

6. Volatility Indicators

ATR – Average True Range
real = ATR(high, low, close, timeperiod=14)

NATR – Normalized Average True Range
real = NATR(high, low, close, timeperiod=14)

TRANGE – True Range
real = TRANGE(high, low, close)

7. Price Transformation

AVGPRICE – Average Price
real = AVGPRICE(open, high, low, close)

MEDPRICE – Median Price
real = MEDPRICE(high, low)

TYPPRICE – Typical Price
real = TYPPRICE(high, low, close)

WCLPRICE – Weighted Close Price
real = WCLPRICE(high, low, close)

8. Cycle Indicator Functions

HT_DCPERIOD – Hilbert Transform – Dominant Cycle Period
real = HT_DCPERIOD(close)

HT_DCPHASE – Hilbert Transform – Dominant Cycle Phase
real = HT_DCPHASE(close)

HT_PHASOR – Hilbert Transform – Phasor Components
inphase, quadrature = HT_PHASOR(close)

HT_SINE – Hilbert Transform – SineWave
sine, leadsine = HT_SINE(close)

HT_TRENDMODE – Hilbert Transform – Trend vs Cycle Mode
integer = HT_TRENDMODE(close)

9. Pattern Recognition Functions

CDL2CROWS – Two Crows
integer = CDL2CROWS(open, high, low, close)

CDL3BLACKCROWS – Three Black Crows
integer = CDL3BLACKCROWS(open, high, low, close)

CDL3INSIDE – Three Inside Up/Down
integer = CDL3INSIDE(open, high, low, close)

CDL3LINESTRIKE – Three-Line Strike
integer = CDL3LINESTRIKE(open, high, low, close)

CDL3OUTSIDE – Three Outside Up/Down
integer = CDL3OUTSIDE(open, high, low, close)

CDL3STARSINSOUTH – Three Stars In The South
integer = CDL3STARSINSOUTH(open, high, low, close)

CDL3WHITESOLDIERS – Three Advancing White Soldiers
integer = CDL3WHITESOLDIERS(open, high, low, close)

CDLABANDONEDBABY – Abandoned Baby
integer = CDLABANDONEDBABY(open, high, low, close, penetration=0)

CDLADVANCEBLOCK – Advance Block
integer = CDLADVANCEBLOCK(open, high, low, close)

CDLBELTHOLD – Belt-hold
integer = CDLBELTHOLD(open, high, low, close)

CDLBREAKAWAY – Breakaway
integer = CDLBREAKAWAY(open, high, low, close)

CDLCLOSINGMARUBOZU – Closing Marubozu
integer = CDLCLOSINGMARUBOZU(open, high, low, close)

CDLCONCEALBABYSWALL – Concealing Baby Swallow
integer = CDLCONCEALBABYSWALL(open, high, low, close)

CDLCOUNTERATTACK – Counterattack
integer = CDLCOUNTERATTACK(open, high, low, close)

CDLDARKCLOUDCOVER – Dark Cloud Cover
integer = CDLDARKCLOUDCOVER(open, high, low, close, penetration=0)

CDLDOJI – Doji
integer = CDLDOJI(open, high, low, close)

CDLDOJISTAR – Doji Star
integer = CDLDOJISTAR(open, high, low, close)

CDLDRAGONFLYDOJI – Dragonfly Doji
integer = CDLDRAGONFLYDOJI(open, high, low, close)

CDLENGULFING – Engulfing Pattern
integer = CDLENGULFING(open, high, low, close)

CDLEVENINGDOJISTAR – Evening Doji Star
integer = CDLEVENINGDOJISTAR(open, high, low, close, penetration=0)

CDLEVENINGSTAR – Evening Star
integer = CDLEVENINGSTAR(open, high, low, close, penetration=0)

CDLGAPSIDESIDEWHITE – Up/Down-gap side-by-side white lines

integer = CDLGAPSIDESIDEWHITE(open, high, low, close)

CDLGRAVESTONEDOJI – Gravestone Doji
integer = CDLGRAVESTONEDOJI(open, high, low, close)

CDLHAMMER – Hammer
integer = CDLHAMMER(open, high, low, close)

CDLHANGINGMAN – Hanging Man
integer = CDLHANGINGMAN(open, high, low, close)

CDLHARAMI – Harami Pattern
integer = CDLHARAMI(open, high, low, close)

CDLHARAMICROSS – Harami Cross Pattern
integer = CDLHARAMICROSS(open, high, low, close)

CDLHIGHWAVE – High-Wave Candle
integer = CDLHIGHWAVE(open, high, low, close)

CDLHIKKAKE – Hikkake Pattern
integer = CDLHIKKAKE(open, high, low, close)

CDLHIKKAKEMOD – Modified Hikkake Pattern
integer = CDLHIKKAKEMOD(open, high, low, close)

CDLHOMINGPIGEON – Homing Pigeon
integer = CDLHOMINGPIGEON(open, high, low, close)

CDLIDENTICAL3CROWS – Identical Three Crows
integer = CDLIDENTICAL3CROWS(open, high, low, close)

CDLINNECK – In-Neck Pattern
integer = CDLINNECK(open, high, low, close)

CDLINVERTEDHAMMER – Inverted Hammer
integer = CDLINVERTEDHAMMER(open, high, low, close)

CDLKICKING – Kicking
integer = CDLKICKING(open, high, low, close)

CDLKICKINGBYLENGTH – Kicking – bull/bear determined by the longer marubozu
integer = CDLKICKINGBYLENGTH(open, high, low, close)

CDLLADDERBOTTOM – Ladder Bottom
integer = CDLLADDERBOTTOM(open, high, low, close)

CDLLONGLEGGEDDOJI – Long Legged Doji
integer = CDLLONGLEGGEDDOJI(open, high, low, close)

CDLLONGLINE – Long Line Candle
integer = CDLLONGLINE(open, high, low, close)

CDLMARUBOZU – Marubozu
integer = CDLMARUBOZU(open, high, low, close)

CDLMATCHINGLOW – Matching Low
integer = CDLMATCHINGLOW(open, high, low, close)

CDLMATHOLD – Mat Hold
integer = CDLMATHOLD(open, high, low, close, penetration=0)

CDLMORNINGDOJISTAR – Morning Doji Star
integer = CDLMORNINGDOJISTAR(open, high, low, close, penetration=0)

CDLMORNINGSTAR – Morning Star
integer = CDLMORNINGSTAR(open, high, low, close, penetration=0)

CDLONNECK – On-Neck Pattern
integer = CDLONNECK(open, high, low, close)

CDLPIERCING – Piercing Pattern
integer = CDLPIERCING(open, high, low, close)

CDLRICKSHAWMAN – Rickshaw Man
integer = CDLRICKSHAWMAN(open, high, low, close)

CDLRISEFALL3METHODS – Rising/Falling Three Methods
integer = CDLRISEFALL3METHODS(open, high, low, close)

CDLSEPARATINGLINES – Separating Lines
integer = CDLSEPARATINGLINES(open, high, low, close)

CDLSHOOTINGSTAR – Shooting Star
integer = CDLSHOOTINGSTAR(open, high, low, close)

CDLSHORTLINE – Short Line Candle
integer = CDLSHORTLINE(open, high, low, close)

CDLSPINNINGTOP – Spinning Top
integer = CDLSPINNINGTOP(open, high, low, close)

CDLSTALLEDPATTERN – Stalled Pattern
integer = CDLSTALLEDPATTERN(open, high, low, close)

CDLSTICKSANDWICH – Stick Sandwich
integer = CDLSTICKSANDWICH(open, high, low, close)

CDLTAKURI – Takuri (Dragonfly Doji with very long lower shadow)
integer = CDLTAKURI(open, high, low, close)

CDLTASUKIGAP – Tasuki Gap
integer = CDLTASUKIGAP(open, high, low, close)

CDLTHRUSTING – Thrusting Pattern
integer = CDLTHRUSTING(open, high, low, close)

CDLTRISTAR – Tristar Pattern
integer = CDLTRISTAR(open, high, low, close)

CDLUNIQUE3RIVER – Unique 3 River
integer = CDLUNIQUE3RIVER(open, high, low, close)

CDLUPSIDEGAP2CROWS – Upside Gap Two Crows
integer = CDLUPSIDEGAP2CROWS(open, high, low, close)

CDLXSIDEGAP3METHODS – Upside/Downside Gap Three Methods
integer = CDLXSIDEGAP3METHODS(open, high, low, close)

10. Statistics Functions

BETA – Beta
real = BETA(high, low, timeperiod=5)

CORREL – Pearson’s Correlation Coefficient (r)
real = CORREL(high, low, timeperiod=30)

LINEARREG – Linear Regression
real = LINEARREG(close, timeperiod=14)

LINEARREG_ANGLE – Linear Regression Angle
real = LINEARREG_ANGLE(close, timeperiod=14)

LINEARREG_INTERCEPT – Linear Regression Intercept
real = LINEARREG_INTERCEPT(close, timeperiod=14)

LINEARREG_SLOPE – Linear Regression Slope
real = LINEARREG_SLOPE(close, timeperiod=14)

STDDEV – Standard Deviation
real = STDDEV(close, timeperiod=5, nbdev=1)

TSF – Time Series Forecast
real = TSF(close, timeperiod=14)

VAR – Variance
real = VAR(close, timeperiod=5, nbdev=1)

11. Math Transform Functions

ACOS – Vector Trigonometric ACos
real = ACOS(close)

ASIN – Vector Trigonometric ASin
real = ASIN(close)

ATAN – Vector Trigonometric ATan
real = ATAN(close)

CEIL – Vector Ceil
real = CEIL(close)

COS – Vector Trigonometric Cos
real = COS(close)

COSH – Vector Trigonometric Cosh
real = COSH(close)

EXP – Vector Arithmetic Exp
real = EXP(close)

FLOOR – Vector Floor
real = FLOOR(close)

LN – Vector Log Natural
real = LN(close)

LOG10 – Vector Log10
real = LOG10(close)

SIN – Vector Trigonometric Sin
real = SIN(close)

SINH – Vector Trigonometric Sinh
real = SINH(close)

SQRT – Vector Square Root
real = SQRT(close)

TAN – Vector Trigonometric Tan
real = TAN(close)

TANH – Vector Trigonometric Tanh
real = TANH(close)

12. Math Operator Functions

ADD – Vector Arithmetic Add
real = ADD(high, low)

DIV – Vector Arithmetic Div
real = DIV(high, low)

MAX – Highest value over a specified period
real = MAX(close, timeperiod=30)

MAXINDEX – Index of highest value over a specified period
integer = MAXINDEX(close, timeperiod=30)

MIN – Lowest value over a specified period
real = MIN(close, timeperiod=30)

MININDEX – Index of lowest value over a specified period
integer = MININDEX(close, timeperiod=30)

MINMAX – Lowest and highest values over a specified period
min, max = MINMAX(close, timeperiod=30)

MINMAXINDEX – Indexes of lowest and highest values over a specified period
minidx, maxidx = MINMAXINDEX(close, timeperiod=30)

MULT – Vector Arithmetic Mult
real = MULT(high, low)

SUB – Vector Arithmetic Substraction
real = SUB(high, low)

SUM – Summation
real = SUM(close, timeperiod=30)

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Instruction (Manual) Document

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Title of the submitted instruction or manual Technical Indicator Library Excel Formula
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Date of Completion 21 October 2016
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