Quick illustration of systematically marking candles, using EasyLanguage, in terms of bullishness and bearishness.
It’s amazing how many neat things can be done with a little bit of programming in EasyLanguage on the TradeStation plaform. Yes, I know this is very elementary stuff but nevertheless let me share it with you. Traders not using programming are probably not aware of how quickly these things can be created.
Marking Bullish and Bearish Candles
This afternoon, I wanted to label candles as bullish or bearish depending on where price had closed relative to the high to the low. This was easy to code up:
What threshold should I use for the bull and bear ratings?
Well, I simply ran the code with various values and then checked the chart to see whether it looked about right to me. Very easy to do. I settled on a value of 0.65 (65%).
After creating this indicator, it can now be used as part of a trading strategy.
As I mentioned previously, two excellent resource places for EasyLanguage are:
Happy Tuesday afternoon.