New Symbol Overlay EFS Formulas

[eSignal_JasonK]

We now have some new EFS formulas for overlaying symbols in Advanced Charting. You can find them in our EFS Database group in File Sharing.

PerformanceComp.efs - Compares up to 3 (chart symbol + 2) symbols on a % performance basis as a non-price study. You must apply a time template that is not in dynamic mode so that the chart has a specific starting point. For intra-day charts, set your start and end times to match the market open and close times.

SymbolCompareAsNPS.efs - Compares the closing value of overlay symbol as a non-price study. Any time template will work for this formula.


symOverlay2.efs - Overlays a symbol as a price study and auto scales the overlay symbol's closing values to match the price levels of your chart's symbol. The overlay symbol and nFactor, which is the scaling ratio, can be changed from the "Edit Studies" option under "Chart Options." This formula isn't dependant on a specific time template, but keep in mind that the initial scaling ratio (nFactor) is established at the starting time frame of your time template. You can see what the current value for nFactor is in the cursor label window.

As new scenarios arise will we make adjustments to the existing formulas and/or add new ones. Hope you find these helpful.

[akiri]

Some Bugs in Overlay

I used all 3 fromulas and am posting the png file.

In this file I compare Dax Futures to $tick and $indu.

Right now only the Dax is trading and both $tick and $indu are not, I still see lines, guess that yesterdays close of $tick and $indu is being used for comparison. I think the comparison should be of the close of the same bar in the present time. The overlays maybe using the close but that may not be the same time.

And also in this picture I see a green line in the main frame though I have not put in anything to compare.

Could you please look into it or explain why this is happening.

[akiri]

Overlay

And here I have added the $tick symbol to the price frame and nFactor, I still get a line, which is different now.

But the $tick is not active, so something is going on.

Kiri

[eSignal_JasonK]

Overlays

Hello Kiri,

Thank you for experimenting with the overlay formulas. This is very useful feedback.

Let's go over a couple of things from your first post.

1. I noticed that your time template is in Dynamic mode. For PerformanceComp.efs (study title: "% Performance AX H3-DT vs. ($tick, $indu)") you can't use a dynamic time template. If you want to compare two symbols on a percentage basis you have to have a specific starting point that doesn't change dynamically. Therefore, using this formula in Dynamic mode isn't useful because you will have a starting point that changes as you scroll back in time. Also, using $Tick can't be used with this formula because it's values oscillate above and below zero. I didn't incorporate any logic into the code to account for negative values.

2. Using PerformanceComp.efs to compare two symbols that don't trade at the same time will not be useful with a real time interval for obvious reasons. To create a useful comparison, change your interval to a daily interval on a non-dynamic time template.

3. After applying an overlay formula, you will still see a line(s) drawn even if you haven't entered a symbol. Those lines will be the same as the zero line.

In your second post, you are using $Tick with symOverlay2.efs. Again, this formula is not useful for this scenario because of the negative values of $Tick. Additionally, using two symbols on an intra-day interval that don't trade at the same time will not produce useful results with this formula.

Perhaps we need to make a new overlay to accommodate how you would like to compare $Tick to another symbol. Please explain in detail what you would like to see.

Thanks,

[akiri]

Jason

U are right I was experimenting to see what would happen when one instrument is trading while other is not. With Dax Futures they trade from 3 am EST to 2 pm EST, so they do overlap US RTH. I would like to see the ratio or some comparison of Dax to $tick directly, when $tick is active. (So need to incorporate when both are active at the same time)

So there needs to be a mechanism for comparing 2 symbols that do not trade at the same time.

I have noticed that when tick is at an extreme, the Dax also gets to an extreme, and for me the tick warns that the trend is coming to an end.

Same thing with ES.

I would like to compare Dax to ES; Dax to $tick and ES to $tick

I look for extremes, divergences over different time periods etc.

Now I don't know how the ratio is gonna get interpreted, but if u create overlay files that take care of the issues u and I have outlined then I would be happy to experiment with it.

Here is some ways I use $tick with ES. Looking for divergences.
Looking at tick size etc.

[akiri]

Divergence Study

Jason

I forgot to mention, that other than the overlay study, a price indicator divergence study would be nice too.

Basically the study marks something, maybe the background color changes or something when ever there is a price-indicator divergence. Maybe it is in one of the efs and I have not paid much attention to it. If there is a study or code that does that please point me towards it.

Kiri

[ACM]

Kiri
You can find one (actually two - one for bearish and one for bullish divergence) here courtesy of Louie Flores
Alex