See Chart Operation for instructions on how to access the parameters dialog to adjust the settings listed below. The parameters highlighted in green below are shared between the watchlist and the chart via params linking.
Indicator Options |
The following parameters fall in the general indicator parameter category. |
Check this box to activate the params linking feature. The default is checked (true).
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Check this box to display the Activity Monitor dialog in the chart. The default is checked (true).
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This represents the number of bars back from the current bar to analyze for trend lines, support/resistance zones, and gap zones. The range is from 20 to 2000 and the default is 250.
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This number represents the minimum 'strength' or 'size' that a potential pivot must have to be considered as a valid pivot. This is measured as the number of bars on either side that are lower (for defining a high pivot) or higher (for defining a low pivot). A pivot size of 2 would require that each high pivot have two lower highs on either side and each low pivot have two higher lows on either side. Increasing this number will likely reduce the number of pivots that are identified by the script and, therefore, it will reduce the number of trend lines and support/resistance zones. In general, a lower Pivot Size setting provides a higher granularity in terms of trendline and S/R zone identification. The range is from 1 to 20 and the default is 3.
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This number represents the minimum length (expressed in bars) for a trend line to be considered valid by the system. You can use this parameter to filter out shorter trend lines that may not be as meaningful, from a trading perspective, as their longer counterparts. The range is from 5 to 1000 and the default is 10.
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This number represents the minimum number of touchpoints that a trend line must have to be considered valid by the system. A "touchpoint" is simply an area where price is in close proximity to, or actually touches, a trend line. The range is from 2 to 1000 and the default is 3.
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This number is the length, in bars, of the Average True Range (ATR) calculation to use when determining the Tolerance to be used by S/R Analyst Pro.
Tolerance is the percentage of price that constitutes a Break or a Touch of a trend line and is used in evaluating the validity of a potential trend line. If a trend line is broken at any point between the oldest pivot and the Ignore Zone, the trend line is considered invalid and is discarded. Conversely, all data points between the beginning of a trend line and the end of a trend line are analyzed and each time the price is within the Tolerance value of the trend line at that point in time, the trend line's touch count is incremented. The high price is used when testing upper trend lines and the low price is used when testing lower trend lines.
A Break is encountered if any price (high price for upper trend lines and low price for lower trend lines) exceeds the trend line by more than this amount.
A Touch is encountered if any price (high price for upper trend lines and low price for lower trend lines) comes within (but does not exceed) this distance to a trend line (on either side of the trend line).
Breaks and Touches are checked for between the oldest pivot and the Ignore Zone (which is generally the 3 most recent bars). In other words, a break that occurs within the last 3 bars of trading does not invalidate the trend line and this is how you identify trend line breakouts and breakdowns as they occur.
Tolerance is calculated by taking a fractional Multiple of the security's ATR. The range is from 1 to 200 bars and the default is 14.
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This number represents the number of ATRs to use when calculating the Tolerance value. Generally you would set this to a fractional value (i.e., 0.10 or 0.20, etc.). See the discussion under Tolerance ATR Length above. Range is from 0 to 5 and the default is 0.1.
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Use the Length Weighting parameter to instruct the system to favor longer trend lines over shorter trend lines.
There are four 'weight' settings available in S/R Analyst Pro that allow you to fine-tune the trend line selection process. These are Length Weighting, Touchpoint Weighting, Gap Weighting and Proximity Weighting. If you assign a larger number to one or more of the weighting parameters, you are instructing the indicator to create an internal bias towards a particular trend line characteristic. For example, if you set Touchpoint Weighting to 2 and leave all of the other weightings at the default value of 1, the system will favor those trend lines that have the most touchpoints when it determines which are the best trend lines to display on the chart.
Note: The 'best' Upper Trend Line and Lower Trend Line will always be displayed as a slightly thicker line than any other trend lines that may be displayed on the chart.
Range is from 1 to 20 and the default is 1.
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Use the Touchpoint Weighting parameter to instruct the system to favor trend lines with more touchpoints over trend lines with fewer touchpoints.
There are four 'weight' settings available in S/R Analyst Pro that allow you to fine-tune the trend line selection process. These are Length Weighting, Touchpoint Weighting, Gap Weighting and Proximity Weighting. If you assign a larger number to one or more of the weighting parameters, you are instructing the indicator to create an internal bias towards a particular trend line characteristic. For example, if you set Touchpoint Weighting to 2 and leave all of the other weightings at the default value of 1, the system will favor those trend lines that have the most touchpoints when it determines which are the best trend lines to display on the chart.
Note: The 'best' Upper Trend Line and Lower Trend Line will always be displayed as a slightly thicker line than any other trend lines that may be displayed on the chart.
Range is from 1 to 20 and the default is 3.
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Use the Gap Weighting parameter to instruct the system to favor trend lines with smaller gaps over those trend lines with larger gaps. A "gap" is simply the distance between touchpoints on a trend line and the theory is that a trend line with evenly distributed touchpoints is more robust than a trend line comprised of touchpoints that are perhaps clustered at either end of the trend line.
There are four 'weight' settings available in S/R Analyst Pro that allow you to fine-tune the trend line selection process. These are Length Weighting, Touchpoint Weighting, Gap Weighting and Proximity Weighting. If you assign a larger number to one or more of the weighting parameters, you are instructing the indicator to create an internal bias towards a particular trend line characteristic. For example, if you set Touchpoint Weighting to 2 and leave all of the other weightings at the default value of 1, the system will favor those trend lines that have the most touchpoints when it determines which are the best trend lines to display on the chart.
Note: The 'best' Upper Trend Line and Lower Trend Line will always be displayed as a slightly thicker line than any other trend lines that may be displayed on the chart.
Range is from 1 to 20 and the default is 1.
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Use the Proximity Weighting parameter to instruct the system to favor trend lines that are closer to current price.
There are four 'weight' settings available in S/R Analyst Pro that allow you to fine-tune the trend line selection process. These are Length Weighting, Touchpoint Weighting, Gap Weighting and Proximity Weighting. If you assign a larger number to one or more of the weighting parameters, you are instructing the indicator to create an internal bias towards a particular trend line characteristic. For example, if you set Touchpoint Weighting to 2 and leave all of the other weightings at the default value of 1, the system will favor those trend lines that have the most touchpoints when it determines which are the best trend lines to display on the chart.
Note: The 'best' Upper Trend Line and Lower Trend Line will always be displayed as a slightly thicker line than any other trend lines that may be displayed on the chart.
Range is from 1 to 20 and the default is 2.
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This number represents the maximum number of upper trend lines and lower trend lines to monitor at any given time. The range is from 1 to 100 and the default is 4.
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This number represents the number of most recent price bars that should be ignored by the trend line analysis routine for purposes of determining trend line breaks. This is important since it allows trend lines to remain visible as price pushes through the line. The default value is 3, which means that the 3 most recent bars will be ignored for each trend line when it is examined to see if any breaks have occurred. The Ignore Zone is highlighted by a light-colored bracket on the chart display. The range is from 0 to 100 and the default is 3.
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Select from "None", "Active Only", and "All". This parameter allows you to control the display of support/resistance (S/R) zones on the chart and in the watchlist. This parameter has three settings available:
•None: Select this setting to prevent S/R zones from being displayed on the chart or in the watchlist.
•Active Only: Select this setting to display only those S/R zones that have not yet been breached. A S/R zone is considered as breached if price crosses over the S/R line at any point along the length of the line. By crossing over we mean that price must have closed on one side of the line and then at some point closed on the other side of the line. A high or low that pushes past a S/R line is NOT considered as a breach.
•All: Display all S/R zones. Any S/R zones that are Active will have a small square displayed at the very end of the S/R line. This will make it easier for you to differentiate between those S/R zones that have already been breached and those that have not yet been breached.
S/R zones are price levels that have acted as support and/or resistance in the past and, it is assumed, will again in the future. S/R zones are displayed as colored horizontal lines on the chart and are drawn from the oldest pivot point in the group of pivot points that created the support/resistance level.
All S/R zones are assigned a 'strength' rating. S/R zone strength is simply a measure of how many pivot points have touched the line from beginning to end..... the more pivot points that touch the price level, the stronger that price level is likely to be in terms of providing support/resistance. The current Tolerance value is used to determine whether or not a particular pivot point has touched a particular S/R price level.
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This number represents the minimum 'strength' that a support/resistance (S/R) zone must have in ordered to be considered by the system as a valid S/R zone. S/R zone strength is measured by counting the number of pivots that touch the price level in question. By 'touch' we mean that the pivot comes within the distance specified by the calculated Tolerance value. If you set the S/R Strength parameter to 4, then only those S/R lines that have a measured strength of 4 or greater will be displayed on the chart. Range is from 1 to 1000 and the default is 2.
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The S/R Formatting parameter is used to adjust the display characteristics of all S/R zone lines to make it easier for you to interpret their significance. The options for this parameter are:
•None: No special formatting is used. Each S/R zone line is simply displayed as a horizontal line at the thickness specified in the S/R Line Thickness parameter.
•Print Strength: Each S/R zone line is displayed as a horizontal line at the thickness specified in the S/R Line Thickness parameter AND the strength is displayed in the form of a number directly to the right of the S/R zone line.
•Adjust Thickness: Each S/R zone line is displayed as a horizontal line and the line thickness will be set to the strength of that particular S/R zone line. So, if a specific S/R zone line has a strength of 5, it will be drawn on the chart as a horizontal line with a line thickness of 5. Note that S/R zone lines will be drawn up to a maximum thickness of 15.
•Both: This option simply combines the behavior in "Print Strength" and "Adjust Thickness" above.
The default value is Print Strength.
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Set the line thickness to use to draw all S/R zone lines. Range is from 1 to 10. The default value is 2.
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Select from "None", "Active Only", and "All". This parameter allows you to control the display of Gap zones on the chart and in the watchlist. This parameter has three settings available:
•None: Select this setting to prevent Gap zones from being displayed on the chart or in the watchlist.
•Active Only: Select this setting to display only those Gap zones that have not yet been breached. A Gap zone is considered as breached if price crosses through the entire gap over one or more bars.
•All: Display all Gap zones.
Gap zones are always displayed on the chart in pairs. For example, in a Gap Up situation (e.g., the current bar's low is higher than the prior bar's high) a Gap zone will be drawn encompassing the area between the high of the prior bar and the low of the current bar. And in a Gap Down situation (e.g., the current bar's high is lower than the prior bar's low) a Gap zone will be drawn encompassing the area between the prior bar's low and the current bar's high.
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Set the line thickness to use to draw all Gap zone lines. Range is from 1 to 10. The default value is 3.
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This number represents the maximum number of ATRs that a S/R zone or Gap zone can be away from current price and still be displayed on the chart or in the watchlist. This is simply a display filter that can be used to reduce clutter in the chart or watchlist by forcing the system to only display S/R or Gap zones that are close to current price. Range is from 1 to 1000 and the default value is 30.
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Check this box to display upper trend lines in the watchlist and in the chart. If unchecked then no upper trend lines will be considered for alert generation. The default is checked.
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Check this box to display lower trend lines in the watchlist and in the chart. If unchecked then no upper trend lines will be considered for alert generation. The default is checked.
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Set the line thickness to use to draw all trend lines. Range is from 1 to 10. The default value is 1.
Note: the 'best' upper and lower trend lines will always be drawn at a thickness that is 1 greater than the value you specify here.
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Check this box if you want the total number of trend line touches printed just to the right of the end of each trend line.
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Check this box to display all pivot points on the chart. The default is checked (true).
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Show Tolerance Value? |
Check this box to display the current Tolerance value in the study title. The default is checked (true).
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Cosmetic Options |
The following parameters pertain to the cosmetics used for the watchlist display. |
Extend Lines (bars) |
Enter a value that represents the number of bars past the most current price bar that trend lines, S/R zones, and Gap zones should be extended. Range is from 0 to 100 and the default is 10.
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Font Size |
Set the font size to be used for the display of pivots and/or any text on the chart. Range is from 5 to 55. The default is 9.
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Select the color to be used for drawing upper pivots. The default is light blue.
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Select the color to be used for drawing lower pivots. The default is light red.
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Select the color to be used for drawing S/R zone lines. The default is purple.
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Select the color to be used for drawing Gap zones that are below current price. The default is green.
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Select the color to be used for drawing Gap zones that are above current price. The default is red.
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Select the color to be used for drawing upper trend lines. The default is navy.
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Select the color to be used for drawing lower trend lines. The default is maroon.
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Color - Text |
Select the color to be used for drawing any text on the chart. The default is grey.
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Select the color to be used for drawing the Ignore Zone on the chart. The default is dark grey.
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Activity Monitor |
The following parameters pertain specifically the display of values in the Activity column. |
Width (pixels) |
Set the physical width of the Activity Monitor dialog in pixels. The default is 300.
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Font Size |
Set the font size to be used for the Activity Monitor display. Range is from 7 to 55. The default is 10.
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Low Activity Color |
Select the background color to be used to indicate low activity. The default is yellow.
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Average Activity Color |
Select the background color to be used to indicate average activity. The default is green.
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High Activity Color |
Select the background color to be used to indicate high activity. The default is lime.
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Very High Activity Color |
Select the background color to be used to indicate very high activity. The default is red.
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Foreground Color |
Select the foreground color to be used in the Activity Monitor. The default value is black.
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Horz Offset |
Set the horizontal position, in pixels, of the Activity Monitor in the chart. The default is 5.
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Vert Offset |
Set the vertical position, in pixels, of the Activity Monitor in the chart. The default is 40.
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The following parameters pertain specifically to alert generation. |
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Use Sound Alerts? |
Check this box if you want audible alerts generated. The default is checked (true).
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Use Pop-up Alerts? |
Check this box if you want pop-up alerts generated. The default is checked (true).
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Use Email Alerts? |
Check this box if you want email alerts generated. Note that this option only pertains to the indicator when it is run in a chart. Email alerts are not allowed from within a watchlist. The default is unchecked (false).
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Upper Trendline Alert WAV File |
Input the file name of the WAV file to be used when an alert is generated based on a upper trend line. Only applies if Use Sound Alerts? is checked. The default value is DING.WAV. eSignal provides a folder full of WAV files that can be used for alert purposes. Just type in the full name of any WAV file that is located in this folder, which is located at <My Documents>\Interactive Data\Sounds\
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Lower Trendline Alert WAV File |
Input the file name of the WAV file to be used when an alert is generated based on a lower trend line. Only applies if Use Sound Alerts? is checked. The default value is BOING.WAV. eSignal provides a folder full of WAV files that can be used for alert purposes. Just type in the full name of any WAV file that is located in this folder, which is located at <My Documents>\Interactive Data\Sounds\
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S/R Level Alert WAV File |
Input the file name of the WAV file to be used when an alert is generated based on a S/R zone. Only applies if Use Sound Alerts? is checked. The default value is CHIMES.WAV. eSignal provides a folder full of WAV files that can be used for alert purposes. Just type in the full name of any WAV file that is located in this folder, which is located at <My Documents>\Interactive Data\Sounds\
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Gap Level Alert WAV File |
Input the file name of the WAV file to be used when an alert is generated based on a Gap zone. Only applies if Use Sound Alerts? is checked. The default value is BUZZ.WAV. eSignal provides a folder full of WAV files that can be used for alert purposes. Just type in the full name of any WAV file that is located in this folder, which is located at <My Documents>\Interactive Data\Sounds\
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