Technical indicators are mathematical calculations based on the price, volume, or open interest of a security or contract. By analyzing historical data, technical analysts use indicators to predict future price movements. Examples of common technical indicators include Relative Strength Index, Stochastics, MACD and Bollinger Bands.
Users can use the Indicator block to create conditions on various different indicators. To use an indicator block a user simply needs to drag the indicator block on to the canvas and double-click on it to edit.
First, start off by searching for an indicator.
Once a user selects an indicator, the edit dialog shows up as below with some sections:
The edit dialog of an indicator block has the following sections:
On the selection of an indicator, the user will be shown a bunch of parameters filled with appropriate default values which the user can edit. Each indicator has some required parameters and some optional parameters. All parameters have some default value.
Users can put in whatever values they seem appropriate for the indicator to calculate results.
At times an indicator can have multiple outputs. The user selects the required output and adds a condition to check if the output value is higher/lower than the number mentioned.
The indicator block has 'Persistence' and 'Candle History' as advance inputs. Apart from these, additional advance parameters may be available depending on the indicator chosen.
Sample strategy conditions:
Below are a few examples of how a strategy condition can be set up
Trigger an event when the ‘signal’ output of the MACD(12,30,9) is to be greater than 5.
Trigger an event when the EMA (12) is greater than 6500 for 3 successive candles.