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Worden Discussion Forum » Customer Training & Support » Ask a Trainer - TC2000 version 7 » 4 Questions

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Ketracel
Posted : Thursday, August 11, 2005 10:04:49 PM
Registered User
Joined: 8/5/2005
Posts: 18
 I have 4 unrelated questions:

1) I'd like to learn more about RS - especially RS formulas for PCFs that are already out there (I haven't found a video for this and haven't any luck searching for RS as I get a bunch of Wilder's RSI which is not what I mean - I mean relative strength - comparing one to another security)

2) Is it possible to pretend that a PCF applies to yesterday or 5 days ago and see what would have turned up back then? I ask this because I would like to 'backtest' (although it would just be informal and for a few days) a PCF. How would I do this? just put in C.1 and V.1 to denote previous day?

3) I clicked on the industry bar (top of chart) and by mistake clicked on plot industry comparison. How do I remove this?

4) I was experimenting with drawing trendlines. How do I erase them?

I'd also like to make a general observation. It goes without saying that TC is one heck of a powerful piece of software. There is quite a bit it can't do but there is a lot that it can. To a newbie, there is a lot to learn and absorb, even just the GUI, nevermind manipulating, sorting and filtering data through basic formulas. Usually when dealing with something as complex as this, it is a good idea to have a very well organized and thought out tutorial. I, personally, want to learn as much as I can, as fast as I can, about the TC and put it to use.

So far, I've only stumbled upon videos and hints/answers in a halfshod way. Don't get me wrong, the videos are top notch and the answers are clear and very helpful (and quick!). I guess what I'm saying is it would be a great help to your customers if you compiled all the videos/threads about how to learn TC in one centralized place. For example, if you made one large video which went through the manipulation of graphs (and piled everything in there, not just one or two things) and then another long video about PCFs. Some, like me, want to put in one hour or more at a time so that we can hit the ground running. I DONT want to spend the next 4 months learning TC2005 in drips and drabs.

Hey, it might even lighten the load on the trainers who, I can tell, have to answer a lot of the same questions over and over again.

Just a friendly suggestion.
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Craig_S
Posted : Thursday, August 11, 2005 10:32:02 PM


Worden Trainer

Joined: 10/1/2004
Posts: 18,819
 I designed this for someone like you. Have you checked it out yet?

If you are new to TeleChart READ THIS FIRST!

As for your questions:

1) There is no way to write a PCF for relative strength. The PCF language does not allow you to refer to a specific ticker (as you would need to for a comparison). You can use visual sorting on the RS indicator. Here are some videos to check out:

Visually Backtesting Specific Symbols

Sort by indicator or price movement using Visual Change sorts

Sort by Visual Value to find new highs and lows in price and indicators

Comparing indicators using Visual Difference sorts

2) Yes. Check out this post I made on syntax. You will see how you can have a PCF refer to a past date (X days ago)

Handy PCF example formulas to help you learn the syntax of PCFs!

3) Hold down CTRL-C and uncheck the visible option.

4) CTRL-D will erase them backwards from when you drew them. You can also go to either end of the trendlines and a yellow circle will appear. Right click them and delete. Here is a video to check out:

Drawing Trendlines, Regressions and Writing Notes on a chart

*wipes brow*

I think that's everything!
- Craig
Here to Help!
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Ketracel
Posted : Thursday, August 11, 2005 10:52:34 PM
Registered User
Joined: 8/5/2005
Posts: 18
 Thanks very much Craig. And I hope you take the suggestions/critiques in the spirit offered.

Could you provide, say, a library of ALL videos or helpful threads for the new and uninitiated?

I know that not everything will stick the first time around but I'm going to go through them several times and take notes (my weekend is shot!).

One more thing...the web tools (graph) section doesn't work for me. I'v tried it with Firefox and IE6+ both. I can get one or two graphs by choosing from the pull down menu. But soon enough, I get 'Data Loading...' as a permanent fixture and nothing comes up. I'm trying to get %above 40 day and % above 200 day. Also, I think an 'operating companies only' AD line (for the NYSE) would be much more helpful than a 50 cent AD line (check out the Lowry's article on this).

Also, you should know that I first 'discovered' Worden in 2000! I got this little booklet with all these messages about RS (its on your website as a pdf) and I liked it so much I kept it. Over the years, I've found that the simpler the better and RS is the only indicator that has survived on my screen (no ADX, no MACD, etc.) Just price, volume and RS. Well, to each his own, I guess. Anyway, I dug up this 5+ year old booklet and thought, hmmm, wonder if Worden is still around...
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Bruce_L
Posted : Friday, August 12, 2005 5:47:12 AM


Worden Trainer

Joined: 10/7/2004
Posts: 65,138
 The videos Craig mentioned are the best place to start, but there are more videos here:

Product Help/Tutorial Videos
Strategy Videos, Notes and Reports
Books & Videos

The free online Product Videos are mostly about how to use the program while the free online Strategy Videos can help with interpretation. The Books & Videos section provides information about the training materials available for sale.

The AD Line, 50 Cent AD Line and 50 Cent AD Ratio currently work for me, but the other three options seem to be stuck on loading data. I'll report it to our Data Department so they can have a look. You may wish to make your Operating Companies Only NYSE AD Line suggestion in the Comments/Suggestions forum.
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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Ketracel
Posted : Sunday, August 14, 2005 10:48:46 PM
Registered User
Joined: 8/5/2005
Posts: 18
 ok, I'm back with some more Q's:

how do I save watchlist and other screen configurations? you know the look/feel that the video talks about? or is it automatically saved?

on the graph, there is high, low, close, date, etc.
they are clickable, why? what functionality do they possess?

is it possible to remove (NOT minimize) the middle graph?
as I mentioned above I only use RS, price and volume (no TSV, BOP, MACD, etc.) I'd like that bit of screen real estate
===================================
I've been searching the previous discussions on bases and I've found some interesting ways to find them, I'll list them below and I'd like to ask you what the pros and cons are for each and what is the best way to find bases. Also, if there are other methods for finding bases, please advise.

First Method

(MAXH60 - MINL60) / MINL60 * 100
This finds the % of the 12 week range
Then one can filter to say, 20% or less fluctuations (Min to 20) depending on how tight/loose the base you're looking for
My question re this is, shouldn't it be close rather than high? That is to say, (MAXC60-MINC60)/MINC60*100
Also why divide by the MIN why not the MAX?


Second Method

I found this one in a formula called 'consolidating'
(MAXH60-MINL60)/(AVGH60-AVGL60)*100
This one finds stocks that are consolidating IF we filter for the LOW values of that forumla (high values are trending)
Again, shouldn't it be C rather than H? why not?


Third Method

In a tight and long base (relatively speaking) you find that the averages of different lengths approximate each other. Also the average of the same length (say 40 days) approximates itself X days in the past.

So something like:
AVGC40/AVGC40.40
Then we can rank the value (since this formula
compares the 40 day MA today to the 40 day MA 40 days ago)
according to how close this value is to 1
so something like 0.95 < value < 1.05
would theoretically give us a basing formation

What I'm not sure about is how one would go about comparing the different lengths of MAs to each other. For example the 20 day, 50 day and 150 day MAs.
Would this do?
AVGC20/AVGC50
(then ranked according to the same criteria around a value of 1)
But this only allows us to compare 2 at a time, is there a way we could rank 3 or more?

So above are some ways of finding bases that I've found and thought up myself. Are there anymore? have I missed any? which do you guys think is the 'best' (that is under what conditions would it work and not)?

And finally...

This brings me to my last question. The use of OR in PCFs. I know what it is and how to use it in the formula window. But in the window (I'm not sure what its called) where we add criteria to easyscans/PCFs, I don't see a way to put in OR. When you add criteria, I assume that its always AND as an operator not OR.

The reason I ask this is for breakouts. Imagine that you want to filter a 20 day breakout OR a 40 day breakout OR a 100 day breakout OR a 250 day breakout. I think you get my drift. The point is that a breakout could happen out of a 20 day congestion, a 60 day congestion, etc... Using OR would allow you to find the situations as they each occur. I'd just like to be able to know how to enter this in that whatchamakalit window (I already know how to key in the letters O and R in the new PCF window but this doesn't give me the functionality of chopping it up that the other way does)

Thanks very much guys.


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Doug_H
Posted : Monday, August 15, 2005 1:47:02 AM


Worden Trainer

Joined: 10/1/2004
Posts: 4,308
QUOTE
how do I save watchlist and other screen configurations? you know the look/feel that the video talks about? or is it automatically saved?


WatchLists are saved as you create them. The way you save your chart settings is determined by the choice you've made under Tools|System Settings. On the chart template tab, you can choose the following:
1. Ask me if I'd like to save my settings (you will be prompted to save or not as you change from one chart template to another)
2. Don't ask me (any changes you make to a template will not be saved when you go to another template)
3. Automatically save my changes (any changes made to a template will automatically be saved when you move to another template)

QUOTE
on the graph, there is high, low, close, date, etc.
they are clickable, why? what functionality do they possess?

These items are displayed on what is called the data bar. The data bar is customizable. Click on one of the items, and you will find a menu where you can do things like edit the item, remove the item, etc. here is a video that you may find helpful:

Customize the Data Bar to display selected data points

QUOTE
is it possible to remove (NOT minimize) the middle graph?

It is not possible to remove the middle chart window. It can only be minimized.

QUOTE
The use of OR in PCFs. I know what it is and how to use it in the formula window. But in the window (I'm not sure what its called) where we add criteria to easyscans/PCFs, I don't see a way to put in OR. When you add criteria, I assume that its always AND as an operator not OR.

First, let's get some terminology straight. PCF's and EasyScans are not the same thing. PCF's are formulas you write that create new conditions by which you can sort or scan. EasyScans are WatchLists built by specifying certain conditions. PCF's are often used as EasyScan conditions, along with the other conditions that are built into TeleChart. In other words, creating a PCF simply adds a new condition to the list of conditions you may select from when creating an EasyScan.

PCF's can most certainly include the logical operator OR. EasyScans, however, do not employ the OR statement. When you add conditions to your scan, it is implied that each is connected to the other with an AND. EasyScans find stocks where condition one is met AND condition two is met, etc.. You cannot build a scan that finds stocks where either condition one is met OR condition two is met, etc..

QUOTE
(MAXH60 - MINL60) / MINL60 * 100
This finds the % of the 12 week range
Then one can filter to say, 20% or less fluctuations (Min to 20) depending on how tight/loose the base you're looking for
My question re this is, shouldn't it be close rather than high? That is to say, (MAXC60-MINC60)/MINC60*100


You could build this formula on closes rather than highs and lows. The question is, which finds better bases according to your definition (or your eyes)? The original formula divides the maximum trading range by the minimum low. The suggested alternative divides the maximum range of closes by the minimum close. Try them both, and you be the judge.

QUOTE
Also why divide by the MIN why not the MAX?


Consider the formula for a regular 60 day price percent change:

(C-C60)/C60 * 100

If you subtract C60 from C, then you divide by C60. Therefore, if you subtract MINL60 from MAXH60, then you divide by MINL60.

QUOTE
What I'm not sure about is how one would go about comparing the different lengths of MAs to each other. For example the 20 day, 50 day and 150 day MAs.
Would this do?
AVGC20/AVGC50


Yes

QUOTE
But this only allows us to compare 2 at a time, is there a way we could rank 3 or more?


I don't think you can mathematically. You would have to resort to a boolean expression like AVGC20>AVGC50 AND AVGC50>AVGC200.

- Doug
Teaching Online!
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markacz
Posted : Monday, August 15, 2005 4:08:10 AM
Gold Customer Gold Customer

Joined: 5/4/2005
Posts: 74
 Doug:
Do the trainers ever sleep? 1:47 a.m.?
markacz
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Craig_S
Posted : Monday, August 15, 2005 8:18:18 AM


Worden Trainer

Joined: 10/1/2004
Posts: 18,819
 Do our Users ever sleep? 4:08am??


- Craig
Here to Help!
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