2 July 2010

Trading Software for Mac: Running TradeStation on an Apple Mac

This article plus video has been expanded and updated here: Trading Software for Mac.

Happy 4th of July to all the American readers of Emini-Watch.com. And happy Canada Day to all the Canadians!

OK, this video is only for the Mac-curious. It’s 20 minutes long but it’s jammed packed full of information about using TradeStation on a Mac. If you’ve ever wanted to get off the Microsoft treadmill but were a TradeStation die hard (like me) then this video might help you take the leap.

If you’re reading this article via email or RSS reader, then follow this link to view the Trading Software for Mac video on the website.

HIGH DEF VIDEO – MAY TAKE 15 SECONDS TO LOAD

Trading Software for Mac (20:39)

If you don’t have time to watch the video then here are some summary points.

Running TradeStation on a Mac relies on some very clever software – Parallels Desktop 5. This software allows you to run the Windows operating system within the Mac operating system. And it’s rock solid and fast.

Booting up and chart opening times are very reasonable:

  1. 40 seconds to start the Mac
  2. 3 seconds to start Parallels
  3. 60 seconds to start Windows 7
  4. 10 seconds to start and log into TradeStation, and
  5. 30 seconds to open one of my complex tick bar charts in TradeStation or
    1.5 seconds to open any other minute, hourly or daily chart.

Pros of running TradeStation on a Mac:

  1. It works. No crashes so far and fast.
  2. Able to open multiple tick bar charts simultaneously.
  3. Real-time chart updating is fast too.
  4. No fan noise and cool – to be honest I don’t even know if there is a fan!

Pros of running a Mac in general:

  1. It just works – networking, installing/uninstalling applications, etc.
  2. Beautifully engineered, no joins, no nooks and crannies to get dirty.
  3. Very quick start up at about 40 seconds.
  4. Seamless integration with iPhone, iPod, iPad, iTunes, etc.

Cons of running a Mac or adjustments I need to make:

  1. New keyboard layout means re-learning/re-assigning hotkeys.
  2. “Finder” for managing documents and files is not as easy as Windows – yet.
  3. Apple-native versions of applications need to be re-learned.

There you go. Just some initial thoughts on running TradeStation on a Mac. So far I’d rate it 9.5 out of 10. The only downside is the time it takes to adjust.

Enjoy your weekend and remember the Emini market is closed Monday.

Read more about TradeStation EasyLanguage

25 November 2009

TradeStation – 10 Time Saving Tips & Tricks

If you're a TradeStation user you might be interested in this video – 10 Time Saving Tips & Tricks for TradeStation. Apologies for not posting to the site this week – we lost our Internet connection for 2 days here in Biarritz, France.

If you're reading this article via email or RSS reader, then follow this link to view the TradeStation Tips & Tricks video on the website.

HIGH DEF VIDEO – MAY TAKE 15 SECONDS TO LOAD

TradeStation: 10 Time Saving Tips & Tricks (13:02)

A workman needs to know his tools. If you're a trader, your charting platform is a critical tool. Here are my suggestions for using TradeStation more efficiently.

TradeStation Tip #1: Use Google to search for answers

Can't find it in the manual? Don't read manuals! Use Google instead. Type site:http://tradestation.com "keyword" into the Google search box. This will restrict search results to just the TradeStation site. Alternatively search for "keyword" plus TradeStation or EasyLanguage.

TradeStation Tip #2: Backup your work and EasyLanguage files

TradeStation has a backup capability in-built. Set this up to run automatically, every week, at 3am so it doesn't get in your way. In addition, every month I export and save all my EasyLanguage files using the export wizard. These are saved on my hard drive and then I use Mozy to automatically backup all my hard drive files off-site.

TradeStation Tip #3: Setup hot keys for frequently used functions

Hot key settings can be found under View > Hot keys. I have hot keys for new workspace, new window, copy/paste window, workspace pointer, window pointer, change workspace, change window, etc. You can move around so much quicker with hot keys.

TradeStation Tip #4: Setup analysis groups

Combine your favorite indicators into an analysis group so you can add them to a chart all in one "hit". You can also add this indicator group automatically to any new chart you start. Right click on a chart takes you to a number of options – including the analysis group settings.

TradeStation Tip #5: Link windows with the same symbol

The symbol window link ("S" in the top right of each window) will join together different time frame charts of the same symbol. If you change the symbol in one chart – all the other charts will change too. Very handy if you want to look at a sequence of symbols in different time frames. For example, daily, weekly and monthly charts for swing trading stocks.

TradeStation Tip #6: Hot keys for workspace and window pointers

If you use multiple time frame charts you'll often want to see where you are. Set up a hot key to add a pointer that shows where you are on all the charts open in a workspace. Useful for reviewing history and seeing what was happening in each of the different time frames. I use this at the end of every day to review the day's Emini trading and setups.

TradeStation Tip #7: Hot keys to move between windows and workspaces

Easy one here and already setup with the default TradeStation settings. You can select the workspace you want to view with control + page up/down. Then select the window (or chart) you want to be live with control + tab. Finally, change the bar spacing with the up and down arrows.

TradeStation Tip #8: Hard code colors, lookbacks, etc. in EasyLanguage

Difficult to explain this one, so I'd suggest following the instructions on the video. This is a very useful way of making global updates to things like indicator colors, lookback periods, etc. Rather than go into every chart you've added an indicator to and changing the colors, etc. – you can do the same just by changing the EasyLanguage code once and re-verifying.

TradeStation Tip #9: Use continuous futures contracts

I see so many charts from traders where they've plotted the current futures contract (e.g. ESZ09). That's great but they have to change it at rollover. If you use the continuous contract version (e.g. @ES) instead, the rollover happens automatically – plus all the history is already on the chart.

TradeStation Tip #10: Use 1440 minute intra-day charts

Particularly useful for getting volume data quicker. End of day volume data is delayed – the exchanges don't release it until well after the close. But if you use a 1440 minute intra-day chart (1440 minutes = 24 hours) then you'll get the running total volume traded and know what the daily volume was before it's released by the exchange. Sometimes the exchange makes some adjustments to the figure but it's usually pretty close.

Hope those tips & tricks for saving time with TradeStation were helpful to you. Happy Thanksgiving if you're American and good luck with your Emini trading.

Read more about TradeStation EasyLanguage

26 February 2009

TradeStation EasyLanguage Code: Stopping Volume

Change of pace today with a TradeStation EasyLanguage code example. I got an email from Vad who wanted to add an Alert to the Stopping Volume code shown here.

I thought I’d go a little further than just add an Alert and show you how I plot Volume and other patterns on charts with:

  • Text on the chart when a particular condition is met
  • The text is plotted away from the price bar and the gap can be varied
  • The text never falls outside the chart window and can always be seen
  • An Alert is issued when the condition is met, and
  • Multiple text elements can be plotted with additional conditions.

The TradeStation EasyLanguage Code

Inputs: TextColor(White), Space(True), StopAlert(True),

SpaceMulti(1), TextSpaceMulti(0.75);

Variables: OffsetBottom(0), OffsetTop(0), OffsetInput(0);

 

If Space = True then begin

Value1 = Average(Range,10)*SpaceMulti;

Plot1(H+Value1,"TopSpace",Tool_Black,0,0);

Plot2(L-Value1,"BottomSpace",Tool_Black,0,0);

End;

 

OffsetBottom = 0;

OffsetTop = 0;

OffsetInput = Average(Range,10)*TextSpaceMulti;

 

Condition1 = Ticks > Ticks[1] and Range < Range[1] and L < L[1];

Condition2 = Ticks > Ticks[1] and Range < Range[1] and H > H[1];

 

If Condition1 then begin

OffsetBottom = OffsetBottom+OffsetInput;

Value1 = Text_New(D,T,L-OffsetBottom,"Stop");

Value2 = Text_SetColor(Value1,TextColor);

Value3 = Text_SetStyle(Value1,2,2);

If StopAlert = True then begin

Alert("Stopping Volume Low");

End;

End;

If Condition2 then begin

OffsetTop = OffsetTop+OffsetInput;

Value1 = Text_New(D,T,H+OffsetTop,"Stop");

Value2 = Text_SetColor(Value1,TextColor);

Value3 = Text_SetStyle(Value1,2,2);

If StopAlert = True then begin

Alert("Stopping Volume High");

End;

End;

TradeStation EasyLanguage Code for Stopping Volume Pattern

The first block of code defines the inputs and variables:

  • The text color can be varied; default value is White
  • Space can be added around the price bars so text is always seen
  • The alert for a Stopping Volume condition can be turned on and off
  • The size of the blank space around the price bars can be varied
  • The distance of the text from the price bars can be varied

The second block of code calculates the space to plot around the price bars, based on the average range of the last 10 bars. The third block of code calculates the distance to offset the text from the price bars, again based on the average range.

The fourth block of code specifies the volume pattern conditions. In EasyLanguage the "ticks" variable is a more reliable way of calculating volume for both time-based and tick-based charts. The last two blocks of code plot the "Stop" text on the chart and trigger the alert.

The calculation of the variables "OffsetBottom" and "OffsetTop" allows multiple conditions to be plotted with text stacked below or above the price bars. You’ll need to add additional conditions to the code to see how this works. After you’ve added the additional conditions, don’t forget to duplicate the last two blocks of code and change the condition number, text and alert strings you want plotted.

The Stopping Volume Pattern & Profit Taking

The chart below shows the Stopping Volume pattern code in action.

Stopping Volume Pattern Image

Stopping Volume Pattern (Emini 5 minute)

Professional profit taking is occurring when the following conditions are met:

  • Volume is greater than the previous bar’s volume
  • Range is less than the previous bar’s range
  • A new high is made (in an uptrend) or a new low (in a downtrend), and
  • Closes off the highs (in an uptrend) or off the lows (in a downtrend)

The reduction in the bar’s range is the real key. It shows that additional selling (in an uptrend) or additional buying (in a downtrend) is keeping the bar’s range low. So Professional traders are taking profits and/or "fading" the current trend.

You will almost always see Stopping Volume patterns leading up to a market turning point. However, if the trend is strong it might take several Stopping Volume patterns in a row to slow the trend. Remember, most turning points are Stopping Volume patterns, but not all Stopping Volume patterns are turning points!

Click on the button below to download the latest version of the Stopping Volume TradeStation EasyLanguage code.

Download Now from Emini Watch

Software Bug Warning: Occasionally on TradeStation tick charts a Stopping Volume pattern will be plotted where the bar’s range is NOT less than the previous bar. This appears to be a TradeStation problem and luckily does not occur frequently. Thank you to Sam Beckers for pointing out this bug.

Read more about TradeStation EasyLanguage