Overlaying an Indicator from a Different Timeframe

[brownsfan019 17]

This may be of use to those that want to overlay an indicator of a certain timeframe on a different timeframe (ie, a 5 min bollinger band on a 1 min chart). There's a few reasons to do this, but I just wanted to outline here how it's done via OEC trader.

1) Open up your chart to the higher timeframe you want to use. Let's use a 15 minute CL chart for example here.

 

2) Click INSERT > ADD NEW CONTRACT (top menu bar). In Contract choose the CL contract you want.

 

3) IMPORTANT - while still in this dialog box, click the button under new area and select your contract there. Also click Right Axis button.

 

4) It will look like nothing happened, but there is now 2 contracts on this chart.

 

5) Apply your indicator (here I've applied a bollinger band).

 

6) Here's where it can get a little tricky....

a. Click the top right <<.

 

b. Click the 2nd GCL and bring up that menu.

 

c. Go down to Misc and change timeframe to the other setting you want. Here I choose the 5 min timeframe.

 

 

d. Looking at the chart, you will see some overlap b/c there's 2 charts on there.

 

e. Go back into your other GCL setting and change that to Transparent.

 

 

7) Add your indicator (here bollinger bands) and now in the input section you will see a few more options.

 

 

8) If your indicator is covering price up, it could be how the outline is being laid. You may need to change to a LINE setting. When I applied these bollingers, price was covered up by some of the bollinger in the range setting. When I changed that to a line, it worked fine.

 

9) Final result is a 5 minute chart with 15 min bollingers:

 

 

NOTE - You'll see the top left shows the countdown for the main setting, which is the higher timeframe. I do not know of any way to change that.

[Dinerotrader 10]

This may be of use to those that want to overlay an indicator of a certain timeframe on a different timeframe

 

Great stuff BF. Thanks for posting.

[brownsfan019 17]

Contrary to an opinion or two, I do use this thing daily and know quite a bit about it. I actually use the product that I provide information on. It's a novel concept, but I thought if I was going to offer information on this, I probably should use it every single day.

[Frank 10]

thanks brownsfan -- one thing that OEC has been weak in is coloring the bars in indicators based on the value of the bar.

 

but at least you can use your trick to do something simple like this now:

 

[brownsfan019 17]

thanks brownsfan -- one thing that OEC has been weak in is coloring the bars in indicators based on the value of the bar.

 

 

I agree - it's not as easy as it could be but this is an option to get around it.

[brownsfan019 17]

ROLLOVER

 

I forgot to mention that when it's rollover time (like today for oil) the easiest way I've found to do this if you using the multiple symbols as explained above, just recreate your chart from scratch. At least for me and based on how I set my charts up (and being ocd about wanting things in a certain spot) I just recreate my chart.

 

Now, I'm just trading oil so this is a quick process. If you are trading a bunch of markets, this might not work for you. You can adjust everything in your current charts, but depending on your layout (in particular what you display in the data box) it could end up in a different order.

 

For me, I have to have my data box so that H,L,C,O is displayed right at the top. And as long as I put the symbol on first, it is always displayed at the top. If I remove the old symbol and then add in the new symbol while I still have my other stuff on the charts, the O,H,L,C ends up at the bottom of my data box and that won't work for me. I've trained my eyes to go to a certain spot for certain info.

 

That's how I do it. You may find that you can just adjust everything in your current chart and it doesn't bother you.

[daedalus 10]

thanks brownsfan -- one thing that OEC has been weak in is coloring the bars in indicators based on the value of the bar.

 

but at least you can use your trick to do something simple like this now:

 

 

Wait a tick... how did you do that? I've been having a hell of a time getting my bars colored in paintbar studies and have resorted to simply drawing colored dots on the close prices of each par which while annoying and doesn't look great, is still functional...

 

Can you walk me through in a bit more detail how you got paintbar functions on your chart?

[Eric Johnson 10]

VT trader and Quote Tracker have some nice tools for setting transparency levels (overlaying charts etc.) and paint bars.

Then there is the subject of relative calculations for time frames. For instance the 250 ema on a 5 min chart, can resemble the 50 ema on the 60 minute chart (sorry I am travelling or I would post a list of actual corresponding pairs). So I can put bigger time frame awareness on my 5 minute chart with bigger ema numbers. This concept can be scaled into paint bar calculations, or even indicator calculations (by adding multiplyers to basic formula and resaving as a new modified indicator).

[brownsfan019 17]

VT trader and Quote Tracker have some nice tools for setting transparency levels (overlaying charts etc.) and paint bars.

Then there is the subject of relative calculations for time frames. For instance the 250 ema on a 5 min chart, can resemble the 50 ema on the 60 minute chart (sorry I am travelling or I would post a list of actual corresponding pairs). So I can put bigger time frame awareness on my 5 minute chart with bigger ema numbers. This concept can be scaled into paint bar calculations, or even indicator calculations (by adding multiplyers to basic formula and resaving as a new modified indicator).

 

This is being posted in the Open ECry forum, so we are referring to the OEC software.

[Frank 10]

daedalus,

 

that chart I posted is just price, not paintbar indicators. OEC's version of EasyLanguage doesn't appear to support the 'setplotcolor' indicator functions (nor 'setplotwidth'), which is seriously dumb.

 

the chart I posted should be easy to replicate using the steps outlined above (by Brownsfan) to add the same contract twice if you want 2 diff't colors.

 

if problems, let me know

 

frank

[trader273 10]

I got the setplotcolor to work in OEC. Havent used it for paintbars, but for plots it seems to work.

[Frank 10]

hey, thanks trader273 -- this didn't work a few months ago -- must have been latest update. credit to OEC for strong, consistent improvement.

Edited February 22, 2010 by Frank

[Frank 10]

comparison indicator --- EL code in OEC and Tradestation:

 

 

OEC code (note that conversion needs to take account of fact timestamping is diff't in TS vs OEC):

 

vars: firstbar(0), length(0);

 

if date>date[1] then begin

firstbar=currentbar;

end;

 

length=(currentbar-firstbar);

 

 

 

value1=((h-l)/0.25)+1;

value2=summation(value1, length+1);

 

value3=(value2[14]+value2[28]+value2[42])/3;

 

plot1(value2, "TPOs");

 

 

if time>=630 then

plot2(value3,"[14]");

 

if time<1030 then

setplotcolor(1, blue);

 

if time>=1030 then

setplotcolor(1, green);

 

setplotcolor(2, magenta);

[trader273 10]

 

OEC code (note that conversion needs to take account of fact timestamping is diff't in TS vs OEC):

 

 

I think OEC fixed this too. If you click "expand chart properties" on a chart. Its an arrow in the upper right corner of the chart and select "Show Open Times" (its the first option) and set that to off, it will show the close times. I believe thats how TS does it. Not entirely sure but that should fixed the need to convert times in EL when using OEC.