Chart Based Trading

Questions about MultiCharts and user contributed studies.
momentum
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Chart Based Trading

Postby momentum » 18 Feb 2008

Can u give an idea about time of proposed implementation of Chart Trading - Clicking on a chart to place orders. This is a killer application for most discretionary traders. I use MC to test ideas but am pulling the trigger manually.

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Andrew Kirillov
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Postby Andrew Kirillov » 18 Feb 2008

I think the best thing we can do is to allow users to add events, button, clicks and other things on a chart. So sophisticated programmers will be able to create (and sell?) a script that will interact with users via chart clicks or buttons and send orders via special functions and DLL calling (our generic DLL interface) to a broker of your choice.
After order executed or placed the script can plot lines and text using trend lines. So we will not implement chart trading, but give opportunity for 3d parties to make tools people need. So this is an idea of an open platform.
What do you think?
Comments are highly appreciated.

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Postby momentum » 18 Feb 2008

I, for one, would like to see an implementation of Chart Trading similar to NT.

I see this as a basic must have in any modern trading platform.

There are two large groups of users out there: discretionary traders and system traders. By NOT implementing chart trading you will lose the discretionary traders to other platforms that have it.

After having used chart trading, I can say it improves a discretionary day traders p&L by at least 20% due to the increased speed of entering a trade.

When you add MC's easylanguage and data management abilities, its a winning combination as the other chart trading platforms require more programming ability to create the indicators we use and do not support the same range of data feeds. With the great improvement in the drawing tools, it would be a great shame not to have chart trading.

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Postby Andrew Kirillov » 18 Feb 2008

I see your point. We will consider it carefully. Thank you for the input.

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Postby TJ » 18 Feb 2008

I think the best thing we can do is to allow users to add events, button, clicks and other things on a chart. So sophisticated programmers will be able to create (and sell?) a script that will interact with users via chart clicks or buttons and send orders via special functions and DLL calling (our generic DLL interface) to a broker of your choice.
After order executed or placed the script can plot lines and text using trend lines. So we will not implement chart trading, but give opportunity for 3d parties to make tools people need. So this is an idea of an open platform.
What do you think?
Comments are highly appreciated.
it is a great idea.

Whether you want to implement chart trading or not, additional tools will stimulate 3rd party participation, which in turn will generate more interest in the MC product. Definitely a Win-Win-Win situation.

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Andrew Kirillov
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Postby Andrew Kirillov » 19 Feb 2008

Yes. We will try to be more open and flexible!

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Postby Nick » 19 Feb 2008

Ratcheting down a stop by dragging it up/down as price action develops is unbeatable.
Nick,
Could you tell me more about this feature?

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Postby Nick » 19 Feb 2008

Another couple of thoughts chart trading had made it from feature request to scheduled for inclusion http://forum.tssupport.com/viewtopic.php?t=4499 I just wondered when and why it was dropped? Not to worry I guess if it is being re-considered for inclusion (as long as it makes it back in) :D

To me, even though it may be considered a fairly advanced feature, I would still describe it as a 'core' feature. I would not really want to rely on a third parties code to provide order generating functionality. Really all that is required is a way of attaching orders and lines and the job is done. OK OK I know that's over simplifying things but that's the crux of the matter. This sort of functionality will always be more robust and flexible if it is handled internally.

Cheers.

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Postby ABC » 19 Feb 2008

Andrew,

I'd really love to see both, on the one hand a chart trading feature implemented directly into MC and on the other hand the ability to add events, button, clicks and other things on a chart.
That would really give another boost to MC.

Best regards,
ABC

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Postby traderstuff » 20 Feb 2008

Andrew,

As was pointed out in a previous message, Marina, a member

of your staff stated last year that the chart trading

feature 'would' be part of MC by the end of this current

quarter. I sincerely hope that this is not going to be reneged

on.

I side with ABC who relayed that he would like to see BOTH of

the feature sets you mentioned incorporated into MC!


Other platforms, such as NT, are developing quickly

from just order entry 'front ends, into full fledged charting

applications along with many other features.

I sincerely hope that MC will continue to 'lead the way' in the

most expedient, yet prudent manner possible.

Best,

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Postby Andrew Kirillov » 20 Feb 2008

Another couple of thoughts chart trading had made it from feature request to scheduled for inclusion http://forum.tssupport.com/viewtopic.php?t=4499 I just wondered when and why it was dropped? Not to worry I guess if it is being re-considered for inclusion (as long as it makes it back in) :D

To me, even though it may be considered a fairly advanced feature, I would still describe it as a 'core' feature. I would not really want to rely on a third parties code to provide order generating functionality. Really all that is required is a way of attaching orders and lines and the job is done. OK OK I know that's over simplifying things but that's the crux of the matter. This sort of functionality will always be more robust and flexible if it is handled internally.

Cheers.
We didn't abandon this feature. We are simply delaying it.

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Andrew Kirillov
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Postby Andrew Kirillov » 20 Feb 2008

Andrew,

I'd really love to see both, on the one hand a chart trading feature implemented directly into MC and on the other hand the ability to add events, button, clicks and other things on a chart.
That would really give another boost to MC.

Best regards,
ABC
I agree. We will keep it mind.

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Andrew Kirillov
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Postby Andrew Kirillov » 20 Feb 2008

I sincerely hope that this is not going to be reneged
on.
I think this is not good wording. We always try to do what we promise. If you ever created even small programs you should probably know that it is very hard to make prices estimations.
It goes without saying that development of large products like MultiCharts implies some delays and inaccuracies.

I sincerely hope that MC will continue to 'lead the way' in the

most expedient, yet prudent manner possible.
I’m wondering how we can organically connect EL-based algo-trading with manual visual one. Do you think coping NT is an answer?

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Postby Nick » 20 Feb 2008

Ratcheting down a stop by dragging it up/down as price action develops is unbeatable.
Nick,
Could you tell me more about this feature?
That was strange it appears I asked this question of myself which was not the case :)

With NT orders show as horizontal lines on the chart. You can drag these up or down and the order is modified. If you have a position with a stop and target (both showing as horizontal lines on the chart) you can modify them by dragging the lines up or down.

Cheers.

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Postby TJ » 20 Feb 2008

Do you think coping NT is an answer?
We know MC will exceed NT's capabilities. (as well as Ami, QT, etc.,)

We have so much faith in you, we bought the program!

;-)

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Postby Andrew Kirillov » 21 Feb 2008

Thank you! We will try to do our best!

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Postby Nick » 24 Feb 2008

Im sure you will! BTW perhaps its not necessary to connect chart based trading to EL / algo trading? Though of course if you come up with an elegant way to do this that may well be unique.

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Postby traderstuff » 25 Feb 2008

On Feb 20 Andrew wrote -

"I think this is not good wording. We always try to do what we promise."

"I’m wondering how we can organically connect EL-based algo-trading with manual visual one. Do you think coping NT is an answer?"

***

I apologize if my wording offended you, and also if it connotated that I have or am using NT, as I never have.

On that note however, NT seems to be mentioned in a lot of trader groups, forums etc, let alone the number of 'broker' partners they currently have.

I believe you would be a much better judge of whether to copy NT or not, as I am Not a programmer type person.

I will say that since I wrote to you last, I have found out that NT already has TS compatibility via DLL or E-Mail that uses Easy Language.

( this appears to have been a feature that has been released some time ago, so you most likely are already aware of it )

Does this mean that MC is already compatible with NT for auto Strategy trading?

Like others have mentioned, including myself, we have a vested interest in the continuing success of MC, as we have purchased the program, but a much greater reason is in using MC as a major tool to help traders trade profitability.

Of course the level of trader prowess is most basic for long term profitably.

Best,

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Correction

Postby traderstuff » 25 Feb 2008

I am changing the sequence of two words I wrote in the above post -

"
Like others have mentioned, including myself, we have a vested interest in the continuing success of MC, as we have purchased the program, but a much greater reason is in using MC as a major tool to help traders trade profitability.

Of course the level of trader prowess is most basic for long term profitably.
"

changed to -

"
Like others have mentioned, including myself, we have a vested interest in the continuing success of MC, as we have purchased the program, but a much greater reason is in using MC as a major tool to help traders trade profitably.

Of course the level of trader prowess is most basic for long term profitability.
"

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Postby Andrew Kirillov » 26 Feb 2008

Does this mean that MC is already compatible with NT for auto Strategy trading?
It should work if it works using EL. If it uses e-mail alerts it will not works since we don't support it yet.

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Postby Andrew Kirillov » 26 Feb 2008

Could somebody list the NT features we should have in MultiCharts?
Last edited by Andrew Kirillov on 26 Feb 2008, edited 1 time in total.

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Postby konstantin » 26 Feb 2008

Did anyone try to send orders to NT with MC?
http://www.NT-support.com/Help ... ?Overview9

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Postby Nick » 27 Feb 2008

Hi Andrew,

I just downloaded the latest NT (been keeping an eye on it for a while and was an original tester). As far as chart based trading goes it is pretty much as good as it gets. To be honest the best way to see how it works is download the free version and just place simulated orders move em around and generally 'play' with it. Within 10 minutes you will see how it works. To write about it would take much longer and still would not convey the ease of use that actually using it would. By far the best way to see how they have done it. To be honest I wouldn't change a thing.

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Postby Andrew Kirillov » 29 Feb 2008

We will keep it in mind!
Thank you for your input.

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Postby deobisnath » 02 Mar 2008

Excellent thread on a important featuer than can provide a quantim leap for MC. Like many others here, I have invested much time in MC and we want MC to be the best.

MC Version 3 has been a great improvement, a vastly superior product. I am closer to dumping TS which I now run parallel with MC. The broker freedom of MC, coupled with the new featuers in MC, make it an attractive platform. MC 3 is much faster in backtesting, almost a 30% increase when testing 1-m data.

Thanks to everyone at MC, including the very helpful technical staff moderating this forum. We look forward to a mutually beneficial relationship with MC

Deosaran

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Postby Andrew Kirillov » 04 Mar 2008

Thank you Deosaran,
We appreciate your comments. We will try to do our best to create balanced and powerful product.


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