| Freas |
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Beta Testers, Gold User, Member, Platinum User, TeleChart
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| Registered User |
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| Thursday, October 7, 2004 |
| Saturday, May 14, 2016 4:36:16 PM |
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This is for all those who have submitted to the three forum topics;
--“Am I the only Telechart user disappointed in TC2000 v12”
--“Number on bottom right of charts”
-- http://forums.worden.com/default.aspx?g=posts&t=13568
This is an excerpt from a lengthy presentation I gave some time ago to a Telechart user group.
Telechart, like most charting, starts with a chart window that displays price history with the maximum and minimum price values at the top and bottom respectively for the selected time frame and then adds grid lines with price values at those lines – look at a chart.
TC2007 sets the number of price value grid lines at 11 using 12 even spaces to draw the chart.
TC2000 v12 allows the number of grid lines (as well as margins at the top and bottom of the chart) to be selected. To make the same chart view as found in TC2007 set the number of grid lines to 13 and set the margins to zero (0).
Set up the following PCF in TC2007 and indicator in TC2000 v12 and name it “Gradient”;
(10 EXP(.0833 * LOG(MAXH147 / MINL147 ) ) - 1) * 100
Make sure the PCF is updated to the current date, the charts in both TC2007 and TC2000 v12 are set to display seven month daily charts in the log scaling mode and the gradient PCF/indicator is set up as a column in a S&P 500 watch list and sort the watch list using the gradient PCT/Indicator. (Seven months corresponds to 147 bars or Zoom = 4 in TC2007)
Note the following:
1. The scale values are the same in TC2007 and TC2000 except TC2000 has added values displayed at the top and bottom of the chart.
2. The value displayed in the gradient column in both TC2007 and TC2000 v12 is within +/- 0.03 of the red line spacing number shown at the bottom right corner of the TC2007 chart (in most cases). I have no idea what the line spacing number indicates in the TC2000 v12 chart and hope that it will be fixed in the promised scaling revisions.
The gradient PCF/indicator can be used for the purposes stated in some of the comments in the forum topics indicated above providing volatility selection technique. Listing in a watch list is also very helpful.
Changing the number 147 to any other number, e.g. 21 for a month, can provide gradient scaling for a different time frame, however, you should check it out before you depend on it.
Gradient was a vehicle used to illustrate, to a Telechart User Group, concepts of “Know what you are looking at”, “Common charting method and display” and the value of being able to “Normalize Charts”.
I hope you find this both helpful and informative and help encourage you to think for yourself as Don Worden would say.
Finally, follow the tutorial videos and Webinars provided for TC2000 v12, I personally think it is the most excellent version of Telecharts ever, even with the minor problems still to be fixed.
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QUOTE (fpetry) The new version of TC2000 continues to disappointment me greatly. I just checked out version 12 and it's still missing what is to me a very, very major function, logarithmic grid line percentages. Six months I think the new whiz bang Telechart has been out and this function is still not there, what gives? Most all of my easy scans in 2007 include a grid line percentage pcf for a particular zoom setting, thus none of them work in the new version. After six months or so I am not encouraged.
Did yoy get the PCF at a Philladelphia Telecharts user group meeting?
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Thanks Bruce
I will be working through all this over the next few days.
it would probably be a good idea to move these comments to the original Topic. I should have kept it there.
Freas
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Thanks for your reply Bruce. I don’t want to let go of this, partly because your answer seems to leave it open ended for a conclusion, and partly because it is so very important to me. So I must respond as follows and hope that it is sufficiently concise although quite lengthly.
I have been trying to work through the LR problem using your BEL LR Channels Workspace. I find more problems and misunderstandings that I could sure use your help on. I will list them by number and would hope you could answer them the same way.
1. Ref. Linear Regression Trendline.2 Block diagram:
I wanted to disconnect from the Date Marker so I replaced its block with “Add Days” block using “BarChart End Date” and “Parameter: Whole Number”. Although this appeared to work at first it caused some confusion in that the chart did not reflect the correct LR start date; -19 days had to be used to get a 15 day setback. The “Add Days” block uses calendar days not the number of bars. Problems: The blocks definition should state “calendar days” to avoid confusion for most of us who think in terms of bars. Secondly there is no block for “Add Bars” to obtain a date relative to the end date/bar, i.e., date output as opposed to the “Date and Bar” series output of the “Bar Offset Block”.
I then attempted to insert a “Bar Offset” block between the “BarChart Price History 2” and “Linear Regression Trendline” blocks with a “Parameter: Whole Number” input (set at 15). Doing this results in the Trendline to change its slope and be in error but it does set the Trendline start date back 15 bars as noted when the “Optional: Regression Date” input to the “Linear Regression Trendline” block is eliminated. Can you explain what is going on here since it does seem to be a logical setup?
The block diagram was left with the “Add days” connection made and the “Bar Offset” output disconnected.
It was also noted that the LR Channel deviation varied as the date pointer was moved so attention was directed to the:
2. SD Channel Block Diagram:
I first changed the “Value For Date” block input from the date indicator to the “Add Days” block arrangement as indicated above for the “Linear Regression Trendline.2 Block diagram”. This fixed the channel deviation changes caused by the date bar. However if the Integer input to the “Add Days” block causes the output date to be a weekend day the LR Bands disappear! Either the integer would have to be adjusted whenever the LR Bands disappeared, the blocks code would have to be modified, or a Bar Count block with date output would have to be coded. In addition, weather the “Value For Date” date input comes from either the “Bar Chart End Date” block or the “Add Days” block the LR Channel line values and deviation do not line up with those in TeleCharts. This may be partly but not totally the result of the Log Scale dilemma.
Furthermore, I do not understand the definitions for either of the “Value for Date” and “Output Constant Single” blocks. Please elaborate on the definitions and terms of these two blocks.
On the left hand side of the diagram where it shows the inputs to the “Standard Deviation” block it seems to me that the standard deviation is being calculated for the last 50 days of the bar chart. I tried to insert a “Bar Offset” block (with a -15 integer input) to set the SD inputs to the agree with the 50 period and 15 bar offset of the LR line and channel. This results in no channel being shown on the chart. This is true for all negative inputs to the “Bar Offset” block, however positive (that is future as I understand it) inputs do result in the LR Channel being displayed but certainly not correct, and a “0” input results in the same LR Channel display as when the “BarChart Price History 2” is connected to the SD block instead of the “Bar Offset” block output. None of this makes sense to me so where is my thinking going wrong or is there a problem with the blocks coding or the diagram somewhere or what? Help please?
I may not understand your definition, calculation, and use of SD here as compared to that which is evident in the TeleCharts development. For example in TeleCharts a band setting of 30 just clips the top(s) or bottom(s) of the price excursions during the LR period which would indicate that the “30” setting is the 3-sigma value of the maximum excursion of price relative to the LR Trendline depending on weather that maximum excursion is above or below the LR Trendline, i.e., the absolute value of the excursion. The Blocks definition for the “SD” block is “Provides a Standard Deviation for the period provided” which leads the user to wonder whether this means 1-sigma or what, although the LR Channel depictured on the chart would seem to indicate a value near 3-sigma or simply the maximum deviation as opposed to a “standard” deviation. In the Worden Knowledge Base the best definition is given as “Standard Deviation is the root mean square of the distance of a set of points from the mean of those points” and is easy to understand but does not seem to fit the chart display without some multiplier. Please enlighten me.
I would like to know how you set up the extension and setback even without resolution for the Log scale presentation. I find that the LR Channel is still useful in all but the charts with the greatest gradient. Also to set up strategies I need to relate price to LR slope and the channel and channel extension components and values, for example the data obtainable when sorts are performed on the LR and its bands in TeleCharts. Please consider this when you are working the problems in Blocks.
Finally, a suggestion for an alternative approach to the LR Channel development; copy the LR Trendline and shift it up by an adjustable amount related to the deviation and of course the same for the lower band line. If my memory serves me correctly the original definition for the LR Trendline with Bands did not mention “standard deviation” rather it indicated some variation of the underlying over the period of the LR Trendline. The original definition is no longer available but you may be able to find it in your archives.
The products, TeleChart and Blocks, are in my opinion far above anything else of its kind to be found. It is also in my opinion that you folks are doing a spectacular job in developing the Blocks Platform at such a high rate of speed. Unfortunately, the one item I lust for, LR Trendline with bands and means to set up strategies, seems to be a big stumbling block. Thanks for your help and please make its solutions one of your highest priorities.
Thanks, Freas
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Craig/Bruce
Did you miss or drop this one or are you working on it?
Worden Discussion Forum » Blocks 2.0 » General Discussion » Regression Channels in Blocks
Freas
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I sent the following to the Blocks discussion, but I assume the trainers do not follow and respond as they do in the "Ask a trainer" discussion area.
I tried to get option chains after opening the TDAmeritrade Stocks Overview tool and loged on only to get loged off when I selected Options. I called TDA and they said that the problem was not with them. After looking at the list of internet tools I realized that there is not a specific tool available for TDA options; there is a specific options tool for OptionsXpress, ETrade, etc.
The TDA web site, when I log on, shows a URL for option chains as:
https://wwws.ameritrade.com/cgi-bin/u/OptionChain
This is a somewhat different format than the URL shown at the top of the TDAmeritrade Stocks Overview block diagram. I note that there are probably two blocks that require change in the block diagram and I do not know how to change them.
Can you help me make the necessary changes to build the TDA browser tool for option chains or can Worden programmers provide the tool in the library.
Thank you,
Freas
P.S. Craig Shipman's training class at White Plains, NY last week was excellent.
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Billboyd; Living in a small town in the PA mountains I have experienced the same "no one to talk to" problems. You might try the following; check out user groups that may be in your travel range, (removed by Moderator) - local chapters (under events on left side of window) - select from locations. Many have SIG groups for Telechart, MetaStock, VectorVest, etc. Also check with TeleCharts for their listing of user groups (you have to email them). This is a great way to meet up with people in your area that have similiar interests. Feal free to email me if you want more info; (removed by Moderator).
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