One day, one feature!

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One day, one feature!

Postby Laurent » 27 Jul 2011

In order to improve MultiCharts, I think it is important to present our ideas
and our desires. So here are some features I'd like to see in MultiCharts!
Vote for me and also post your features! :)

1. A feature that allows you to draw trend lines, supports and resistances natively. You click on a button, you can select your timeframe or a type of line (minor/medium/major) and it draws the good lines! To my knowledge all the indicators provided by TS / MultiCharts are just basics / not very good. It would be a real plus to have a such efficient and reliable feature in MultiCharts. I know that's not so easy, but according to my experience, a few software draw them "correctly"(Ex: ProRealTime).
https://www.multicharts.com/pm/viewissue ... _no=MC-514

2. A native chart pattern recognition feature. Actually there is just a few indicators that can detect only a few basics patterns (double bottom/top, head & shoulder and penant). If you go on the Bulkowski website (http://thepatternsite.com/), you can see there a lot more. Only his old program and autochartist can detect them. A such feature would attract a lot of customers for MultiCharts, and it's a great feature only best programs can implement. You click on a button, you select your timeframe and it draws you the chart patterns.
https://www.multicharts.com/pm/viewissue ... _no=MC-515

3. The ability to have a native support for Market Profile.
https://www.multicharts.com/pm/viewissue ... _no=MC-471

4. The ability to trade forex via a MT4/MT5 broker.
https://www.multicharts.com/pm/viewissue ... _no=MC-516

5. The possibility to trade stocks, CFDs, options at a good European broker (not only futures and forex...). Ex: IG Markets/Boursorama. Actually Americans brokers are supported but not nice ones in europe :'(
https://www.multicharts.com/pm/viewissue ... _no=MC-517
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Re: One day, one feature!

Postby TJ » 27 Jul 2011

Laurent wrote:In order to improve MultiCharts, I think it is important to present our ideas
and our desires. So here are some features I'd like to see in MultiCharts!
Vote for me and also post your features! :)

1. A feature that allows you to draw trend lines, supports and resistances natively. You click on a button, you can select your timeframe or a type of line (minor/medium/major) and it draws the good lines! To my knowledge all the indicators provided by TS / MultiCharts are just basics / not very good. It would be a real plus to have a such efficient and reliable feature in MultiCharts. I know that's not so easy, but according to my experience, a few software draw them "correctly"(Ex: ProRealTime).
https://www.multicharts.com/pm/viewissue ... _no=MC-514

2. A native chart pattern recognition feature. Actually there is just a few indicators that can detect only a few basics patterns (double bottom/top, head & shoulder and penant). If you go on the Bulkowski website (http://thepatternsite.com/), you can see there a lot more. Only his old program and autochartist can detect them. A such feature would attract a lot of customers for MultiCharts, and it's a great feature only best programs can implement. You click on a button, you select your timeframe and it draws you the chart patterns.
https://www.multicharts.com/pm/viewissue ... _no=MC-515

3. The ability to have a native support for Market Profile.
https://www.multicharts.com/pm/viewissue ... _no=MC-471

4. The ability to trade forex via a MT4/MT5 broker.
https://www.multicharts.com/pm/viewissue ... _no=MC-516

5. The possibility to trade stocks, CFDs, options at a good European broker (not only futures and forex...). Ex: IG Markets/Boursorama. Actually Americans brokers are supported but not nice ones in europe :'(
https://www.multicharts.com/pm/viewissue ... _no=MC-517


Interesting thoughts.

Here are my thoughts...

1. What is a support? What is a resistance?
How many support lines you can draw on a chart? S1? PL? PL2? PPT? DL? 25%? Fibo? C-PP?
Woodie? Why not DeMark?
What happens if the "support" is not supported? Would MultiCharts pay for the loss?

2. Did Bulkowski helped himself, or anybody, made any money from his "pattern recognition"?
Do you know how many patterns you can create with mere 2 octaves on a piano keyboard?
After hundreds of years, musicians are still discovering new patterns and creating new hit songs!


never mind, it's only my 2 cents worth of random thoughts.
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Re: One day, one feature!

Postby JoshM » 28 Jul 2011

Nice idea for a thread Laurent. :)

Laurent wrote:[..]
5. The possibility to trade stocks, CFDs, options at a good European broker (not only futures and forex...). Ex: IG Markets/Boursorama. Actually Americans brokers are supported but not nice ones in europe :'(
https://www.multicharts.com/pm/viewissue ... _no=MC-517

Don't know if this would be such a great add-on for MultiCharts. What is an "European broker" in your opinion? The problem, in my view, is that there are not a lot (if any) "true" European brokers.

For example, Boursorama is a France broker and I, as an European (Netherlands), can't seem to open an account there (unless perhaps, until I learn fluently French ;) since they only seem to have a French site). I've never heard of IG Markets but they are available for my country, yet they're one of the tiniest players here so I would not be interested in trading through them. The problem with "good European brokers" is that they are mostly local players, and if they go "cross border", they're small and not competitive with the already established local players. And, at least for my country, these local and 'European' brokers can't compete (on price, order execution or data feeds) with what American brokers provide.

So, I'm not saying Laurent that this feature request is not good (since one could argue that for capital protection etc. a local broker can be very preferable), but that the European brokers don't have the capabilities that the bigger American brokers have. At least, not the ones that I know of.

I agree with TJ that it's somewhat subjective to draw a trend line or a chart pattern, since different people use different interpretations of it. Since EasyLanguage already can draw trend lines, if someone has a clear cut rule set for trend lines, he can make an indicator for this.

On-topic: my top 5 of feature request I'd like to see implemented:

I guess this topic is more reflective of our trading styles than providing a consensus about what the most wished for features are. :)


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Re: One day, one feature!

Postby JoshM » 28 Jul 2011

Tresor wrote:
JoshM wrote:On-topic: my top 5 of feature request I'd like to see implemented


Only 5? My list of 12 hereunder:

Yes, a top 5 from a watch list of 48. ;) I personally rather have MC implement just those 5 features than the other 43, even though they're all nice feature requests, there not all important (for me). And I assumed a top 5 will evoke more reader response than a top 48, and listing my top 48 would also give the impression that MultiCharts is a buggy/limited program - which is not the case. :)
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Re: One day, one feature!

Postby Laurent » 28 Jul 2011

Thanks for all your replies :)
I have voted for most of your features, some are really easy to implement I think. :)

Let's answer to TJ! :)

1. Well, there is no way to have a perfect feature for that... but it's possible to have something better than a few simple indicators.

But you definitively can have something better according to me... just check this capture on prorealtime, major trend channels are "correctly" draw.
http://lcchong.files.wordpress.com/2011/06/image41.png

It's trendlines on a chart point of view (no fib, no pivots...), it must touch at least 3 points, be located on the extremum/hi/lo and pass through a maximum of points. (Hard to explain in english :), easier in french). Same for the horizontal supports and resistances (no retracement, no fib)

- "What happens if the "support" is not supported? Would MultiCharts pay for the loss?"
Well, that's trading, you could say the same thing with almost all the indicators :)
It gives an an indication, and remember that's just a button you push to draw the lines, that's not by default. ;)

2. Bulkowski has listed all the classical chart patterns and gives their statistics of profitability in his books (I recommend his books, you would be surprised). And well, there is a lot of traders who trade this chart patterns. Autochartist is a recent tool for the forex which draw some nice patterns. It is very appreciated! :)

VOTE VOTE VOTE :)

3. I agree with the brokers JoshM! :) The problem with European brokers is that they are mostly local players... :'( For example Boursorama (Bank online + Broker) is located in france, in spain and in germany not in netherlands. There is a lot of good brokers but not for all the european countries... But why not implement 2 or 3 europeans brokers to cover 80% of the countries? As an European customer of Multicharts, I would like to trade stocks on a European broker, not on an American one :)
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Re: One day, one feature!

Postby Tresor » 28 Jul 2011

Laurent wrote:VOTE VOTE VOTE :)


I hate to bring this bad news (based on my observations)to you: number of votes has not been the driving force for assigning prorities for MC engineers and the reality is unlikely to change.

If you want things get done in MC then best, empirically proven way of approaching it is to start a trading forum business through which you can infuence MC engineers to implement the features of your interest. Explained here viewtopic.php?f=1&t=8560
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Re: One day, one feature!

Postby Laurent » 28 Jul 2011

Sniffffffffff :(

I hope it has changed since May! :p
btw I really like your thread and your ideas (if necessary) !

Proposed changes to Project Management:
MC, in order to help you sort out the correct order of feature implementation I come up with an idea:
1. You put a reasonable price tag for each feature.
2. Traders will or will not commit to pay the price.
3. Traders' (sponsors') name are publicly visible to ensure transparency.
4. Once the comittment hits 100% of the price you wait 2 weeks for the commited funds to be transferred to your account.
5. Once you receive 100% of the price, you start coding.
6. A trader (sponsr) who contributed the most funds for a particular feature will have a right to decide on the final shape of the feature, e.g. if a feature is ''implementing key shortcuts'' the trader will decide on the shortcut combination.

This is voting with money. Features with higher % of funding will have a higher pririty.


Why not if it's necessary? Maybe that can help to recruit new developers to have our features achieved :)

Btw this post is also to submit new ideas to MultiCharts engineers! :)

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Re: One day, one feature!

Postby JoshM » 28 Jul 2011

Laurent wrote:2. Bulkowski has listed all the classical chart patterns and gives their statistics of profitability in his books (I recommend his books, you would be surprised). And well, there is a lot of traders who trade this chart patterns. Autochartist is a recent tool for the forex which draw some nice patterns. It is very appreciated! :)

Probably somewhat off-topic: When he tested them in his books, did he also gave clear cut definitions (or perhaps code) how he tested them? If yes, then we can (theoretically) also code them in MC. :)

Laurent wrote:3. I agree with the brokers JoshM! :) The problem with European brokers is that they are mostly local players... :'( For example Boursorama (Bank online + Broker) is located in france, in spain and in germany not in netherlands. There is a lot of good brokers but not for all the european countries... But why not implement 2 or 3 europeans brokers to cover 80% of the countries? As an European customer of Multicharts, I would like to trade stocks on a European broker, not on an American one :)

Agreed, and if these brokers actively offer MultiCharts to their clients (like US brokers do), then this can also be a boost to the customer base of MultiCharts, I assume.

Tresor wrote:I hate to bring this bad news (based on my observations)to you: number of votes has not been the driving force for assigning prorities for MC engineers and the reality is unlikely to change.

If you want things get done in MC then best, empirically proven way of approaching it is to start a trading forum business through which you can infuence MC engineers to implement the features of your interest. Explained here viewtopic.php?f=1&t=8560

True, the number of votes does not seem to be related to the speed by which feature requests get implemented (which is understandable given certain feature request I think).

But I'm doubtful paying for features might work - for example, a feature that I'd really like to see implemented only got 3 votes (with one from myself ;) ). Assuming people are much more eager to vote for it than to pay for it, I don't see how organizing multiple people and actually let them pay for it might work in practice.

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Re: One day, one feature!

Postby Tresor » 28 Jul 2011

JoshM wrote:
Laurent wrote:But I'm doubtful paying for features might work - for example, a feature that I'd really like to see implemented only got 3 votes (with one from myself ;) ). Assuming people are much more eager to vote for it than to pay for it, I don't see how organizing multiple people and actually let them pay for it might work in practice.


In the above example you and two other traders by failing to fund the feature would prove to us and basically to themselves and to MC team that this particular feature is objectively and measurably unimportant.

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Re: One day, one feature!

Postby Laurent » 28 Jul 2011

Probably somewhat off-topic: When he tested them in his books, did he also gave clear cut definitions (or perhaps code) how he tested them? If yes, then we can (theoretically) also code them in MC. :)


I have bought Encyclopedia of chart patterns from him, it's really good, he gives all the details of the patterns. To have an idea, the best thing to do is to consult the first pages on amazon:
http://www.amazon.com/Encyclopedia-Char ... 0471668265

On his website he gives his own free tool (http://thepatternsite.com/patternz.html) to detect the chart patterns. However it's old and not easy to use + he does not give the code.

But I'm doubtful paying for features might work - for example, a feature that I'd really like to see implemented only got 3 votes (with one from myself ;) ). Assuming people are much more eager to vote for it than to pay for it, I don't see how organizing multiple people and actually let them pay for it might work in practice.


Yeah, easier to vote than to pay :)
But it's good to dream sometimes :)
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Re: One day, one feature!

Postby Laurent » 30 Jul 2011

Here is a few new ideas, I have not submitted them on the bugtracker.
If you like one, I will!

- A feature that allows to retrieve financial ratios (EPS/EBIDTA ...) from some financial providers and to plot it on a chart. (I do not know if such providers exists in America?)
It would be then possible to use these financial ratios in your powerlanguage formula.

- A feature to import/convert MQL files? (MT4/MT5) in PowerLanguage.
Or a way to use them? Same with c# of NT? Maybe more interoperability with others softwares?

- An easy to put automatic trendlines on your own indicators or on oscillators (rsi, tsi, cci...).

:)

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Re: One day, one feature!

Postby TJ » 30 Jul 2011

Laurent wrote:...

- An easy to put automatic trendlines on your own indicators or on oscillators (rsi, tsi, cci...).

:)


These are already done,
The codes are on web; I don't have the links handy, I will post them if I come across them again.

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Re: One day, one feature!

Postby TJ » 30 Jul 2011

Laurent wrote:...
- A feature to import/convert MQL files? (MT4/MT5) in PowerLanguage.
Or a way to use them? Same with c# of NT? Maybe more interoperability with others softwares?

:)


The languages have different structure, designed with different philosophy,
thus they are not line-by-line translatable.
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Re: One day, one feature!

Postby TJ » 30 Jul 2011

Laurent wrote:...
- A feature that allows to retrieve financial ratios (EPS/EBIDTA ...) from some financial providers and to plot it on a chart. (I do not know if such providers exists in America?)
It would be then possible to use these financial ratios in your powerlanguage formula.
...
:)

I remember seeing an indicator in the TS forum to do this (before TS became a broker).

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Re: One day, one feature!

Postby TJ » 30 Jul 2011

Laurent wrote:...
2. A native chart pattern recognition feature. Actually there is just a few indicators that can detect only a few basics patterns (double bottom/top, head & shoulder and penant). If you go on the Bulkowski website (http://thepatternsite.com/), you can see there a lot more. Only his old program and autochartist can detect them. A such feature would attract a lot of customers for MultiCharts, and it's a great feature only best programs can implement. You click on a button, you select your timeframe and it draws you the chart patterns.
https://www.multicharts.com/pm/viewissue ... _no=MC-515
...


some basic pattern recognition codes here:
(not very intuitive though, but good code learning exercises)
http://www.tradersxchange.com/index.php

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Re: One day, one feature!

Postby sptrader » 30 Jul 2011

TJ wrote:
Laurent wrote:...
2. A native chart pattern recognition feature. Actually there is just a few indicators that can detect only a few basics patterns (double bottom/top, head & shoulder and penant). If you go on the Bulkowski website (http://thepatternsite.com/), you can see there a lot more. Only his old program and autochartist can detect them. A such feature would attract a lot of customers for MultiCharts, and it's a great feature only best programs can implement. You click on a button, you select your timeframe and it draws you the chart patterns.
https://www.multicharts.com/pm/viewissue ... _no=MC-515
...


some basic pattern recognition codes here:
(not very intuitive though, but good code learning exercises)
http://www.tradersxchange.com/index.php

***************************************************************************
*** I'm not sure if anyone else remembers but there used to be a "DOS" program "Pattern Matcher" that would allow you to select a combination of 2-5 bars or so, and the software would "scan" for that pattern,(allowing you to select desired accuracy-50% etc) THEN it would give results that would tell you how many times that pattern was found and what the following market direction was.. I don't remember the name of it but it was quite sophisticated and not very expensive..(20+ years ago)..

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Re: One day, one feature!

Postby Laurent » 31 Jul 2011

some basic pattern recognition codes here:
(not very intuitive though, but good code learning exercises)
http://www.tradersxchange.com/index.php


Not enough chart pattern recognition on your site, we found still the same (penant, cup & handle). :)

Here is a list of common chart patterns:
Broadening Bottoms, down breakout
Broadening Bottoms, up breakout
Broadening Formations, Right-Angled and Ascending, down breakout
Broadening Formations, Right-Angled and Ascending, up breakout
Broadening Formations, Right-Angled and Descending, down breakout
Broadening Formations, Right-Angled and Descending, up breakout
Broadening Tops, down breakout
Broadening Tops, up breakout
Broadening Wedges, Ascending, down breakout
Broadening Wedges, Ascending, up breakout
Broadening Wedges, Descending, down breakout
Broadening Wedges, Descending, up breakout
Bump-and-Run Reversal Bottoms, up breakout
Bump-and-run Reversal Tops, down breakout
Cup-with-Handle, Inverted, down breakout
Cup-with-Handle, up breakout
Diamond Bottoms, down breakout
Diamond Bottoms, up breakout
Diamond Tops, down breakout
Diamond Tops, up breakout
Double Bottoms, Adam & Adam, up breakout
Double Bottoms, Adam & Eve, up breakout
Double Bottoms, Eve & Adam, up breakout
Double Bottoms, Eve & Eve, up breakout
Double Tops, Adam & Adam, down breakout
Double Tops, Adam & Eve, down breakout
Double Tops, Eve & Adam, down breakout
Double Tops, Eve & Eve, down breakout
Flags, High and Tight, up breakout
Flags, down breakout
Flags, up breakout
Gaps
Head-and-Shoulders Bottoms, Complex, up breakout
Head-and-Shoulders Bottoms, up breakout
Head-and-Shoulders Tops, Complex, down breakout
Head-and-Shoulders Tops, down breakout
Horn Bottoms, up breakout
Horn Tops, down breakout
Islands Reversals, down breakout
Islands Reversals, up breakout
Islands, Long, down breakout
Islands, Long, up breakout
Measured Move Down
Measured Move Up
Pennants, down breakout
Pennants, up breakout
Pipe Bottom, up breakout
Pipe Tops, down breakout
Rectangles Bottoms, down breakout
Rectangles Bottoms, up breakout
Rectangles Tops, down breakout
Rectangles Tops, up breakout
Rounding Bottoms, up breakout
Rounding Tops, down breakout
Rounding Tops, up breakout
Scallops, Ascending and Inverted, up breakout
Scallops, Ascending, down breakout
Scallops, Ascending, up breakout
Scallops, Descending, down breakout
Scallops, Descending, up breakout
Scallops, Inverted and Descending, down breakout
Three Falling Peaks, down breakout
Three Rising Valleys, up breakout
Triangles, Ascending, down breakout
Triangles, Ascending, up breakout
Triangles, Descending, down breakout
Triangles, Descending, up breakout
Triangles, Symmetrical, down breakout
Triangles, Symmetrical, up breakout
Triple Bottoms, up breakout
Triple Tops, down breakout
Wedges, Falling, down breakout
Wedges, Falling, up breakout
Wedges, Rising, down breakout
Wedges, Rising, up breakout

For examples autochartist supports
Triangles*, Channels*, Wedges*, Tops and Bottoms*.


*** I'm not sure if anyone else remembers but there used to be a "DOS" program "Pattern Matcher" that would allow you to select a combination of 2-5 bars or so, and the software would "scan" for that pattern,(allowing you to select desired accuracy-50% etc) THEN it would give results that would tell you how many times that pattern was found and what the following market direction was.. I don't remember the name of it but it was quite sophisticated and not very expensive..(20+ years ago)..


Yeah SPTrader, "patternz" (http://thepatternsite.com/) is a 16 bit DOS program maybe that's this one! ;-) that looks really old ;-) There were also Chart Pattern Finder or cpFinder! :)


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