Is there a channel function?
Author: mkt_ronin
Creation Date: 5/22/2010 2:57 AM
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mkt_ronin

#1
While I see the trendline function, is there a channel function where one clicks on a point and drags the line to another point, clicks, it locks, and then you move the mouse away from the line and a parallel line follows it and you can click to stop it?

Also, if in doing this the channel line is thicker that a line that runs the middle and as an added bonus, if lines can also be drawn a percentage above and below the main channel lines, that would be great. The charting program Think or Swim has this as a feature (setting additional lines)and I have attached a link that will show a picture of what I am trying to describe.

http://www.screencast.com/users/mkt_ronin/folders/Jing/media/b37ce159-9d22-4391-af65-5cd20384a467

Apparently Ameritrade also allows these lines to be drawn with additional parameters besides just the two channel lines:


http://lh3.ggpht.com/_3yZMBZVLOQw/S-de7gkNK0I/AAAAAAAACpU/iMqFj_Sb-EY/s1600-h/20100507_22472.png

Thanks
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Cone

#2
Similar to ThinkOrSwim, you can right click the Trendline to draw it's parallel and then you can position it as a channel.

I use channels all the time (they're very good predictors of market turns if you draw them correctly) and I've got 2 or 3 other manual drawing tools that I'd like to add. The Channel with centerline will be the first I get to when I have the chance.
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mkt_ronin

#3
Thanks for that tip.....I didn't know that.

Now as to adding a trendline in the middle and on each side as a percent outside each channel line (I like to use +/-33%) is there a possible way to add lines by values? I don't think so else you'd have told me that the centerline can be added with a feature that is already available.

If not, what do you think the chances are that Wealthlab will include it in the next update, and have you any idea how to ask for it? I prefer it over TOS since it links to my Fidelity account, but this is a major element in my trading so I'm forced to use two platforms, and I'd like to look back in time but TOS only goes back 180 days with tick data.

Thanks
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Cone

#4
QUOTE:
is there a possible way to add lines by values?
Sure, by programming it. You can even do all of your Trendlines by programming (assuming you knew precisely how to identify the points at which to anchor the lines), but here's a nifty example of how you can draw 2 named Trendlines, "Trendline_1" and "Trendline_2" by default (see Trendline Properties), and the script will automatically draw channels around them based on the specified percent (a slider) around them (assuming a percentage of the vertical distance between them). You can also turn on and off the c/L with a slider.

CODE:
Please log in to see this code.

Note! If you reposition the Trendlines, you have to re-run the Script by clicking "Go" or hitting F5.

QUOTE:
If not, what do you think the chances are that Wealthlab will include it in the next update
0.1% chance. The next release is basically carved in stone already. I can't promise I'll get to it either.
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mkt_ronin

#5
Thanks! I'll try to follow the directions for importing it on Monday unless it pours here on Sunday as I'm not golfing if it does.

When I figure out what you so graciously gave me, I might have answered much of the above and have all I need.

Thanks...you've been very helpful!

(edited below)

WOW...I did that in under 5 minutes! Thanks so much....not sure I need the two lines close to the center line but I think I can modify the code. I knew I should have taken programming long ago in college rather than economics. But I can REALLY BS about the mkts at a cocktail party...LOL

Here's what I did in moments.

http://www.screencast.com/users/mkt_ronin/folders/Jing/media/0f1a654e-3eec-40a2-9486-4ea43966f467

I think some way some way to hot key that with a macro of sorts might make it easier. I admit to being awful with manuals. If there is a way to add that "system" to vertical right column so I can just click a button? That would make it close to perfect. And if that can be done, a button there that would pop up a parallel channel line, rather than right clicking on the trendline for the drop down menu to select from and generate it, and I'll have all I need!

Thanks so much!



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Cone

#6
QUOTE:
If there is a way to add that "system" to vertical right column so I can just click a button?
Sure there's a way, just like there was a way to do what you just asked. But I already mentioned that I don't have time to do an integrated Drawing Tool solution since it will take me much more than the 20 minutes or so that the code above took.) And sure, just about anything you can image can be done with it.

Note also that in a Streaming chart, if you reposition the Trendlines, the channel lines will update at the next end of bar automatically. The key is that the script has to run to read the lines you've drawn.
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mkt_ronin

#7
Hi Cone,

When I asked if there was a way I didn't mean to imply that I was asking if there was a way for you to do it for me for free. I meant if there was a preprogrammed way to, like Windows with its menus to design one's interface to a degree, a way that WL already allows for it to be added by using what is already in the program. What you gave me was great for my purposes and I really appreciate it.

Are there any third party developers that write things for Wealthlab where if I had a small project I could define what I wanted and get an estimate as to cost?

Thank you
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Cone

#8
They're around and you can start a new topic to solicit, but it'll be hard for someone to create Drawing Objects since the ADI documentation isn't published yet.