Indicator based off data from indicators in other charts?

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kajkanjan
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Indicator based off data from indicators in other charts?

Postby kajkanjan » 12 Feb 2012

Hi all,

I am fairly new to Multicharts and have a question in regards to something I think in theory should be easy (and very powerful) and I am hoping Multicharts has the capability...

Basically I am looking to create an indicator that reads from other charts/indicators.

So as a simple example, let’s say I wanted to create an “Market RSI” that takes the average of the individual RSI indicator of 50 different stocks I pick and maps it as a single line/indicator. I can then run the RSI of the stock I am looking at and see where it is relatively to the “Market RSI”. So the “Market RSI” may be overbought as a whole, but the stock I am looking at might not be.

Is this possible?

Another simple example to explain what I am looking at would be to possibly create an indicator that I can display on any chart that gives me a measure of how many stock (from a list I dictate) are hitting or creating higher highs or lower lows for the past ‘n’ days.
So again, being able to judge how other stocks are moving as an easy to read single indicator and plotting it so I can compare what the stock I am analysing is doing.

Basically I want to be able to pull data from other charts (or more specifically, from indicators based off other data streams outside the security I’m looking at) and then plot whatever mathematical analysis I do on that data as an indicator to create a 'holistic indicator' or a 'relative point of view indicator'.

Everything right now I have is just an idicator running based off just the data set/chart I am looking it.

I thought I might be able to run an indicator based off the data in the watch list/scanner screen … as obviously everything is present there and it provides you the calculation value of any indicator you create on each stock in the list (except of course if you want to look back over ‘n’ periods).
I’d look to take those individual calculations and do what I need with them. Average them, add them, whatever.
But I just saw a thread that says this is not (yet) possible in Multicharts?

So is there a way to hard code it?
I don’t even mind if it requires some serious processing power/time as I am aware you would need to back load the data of all the stocks you wanted to grab an indicator value from, whatever that indicator might be.

I have some custom momentum indicators that would be great to consolidate... instead of flicking though 50 charts to see what the values/charts are showing and then kind of ‘keep it in mind’ when looking at opportunities.

I can do this in excel …. But obviously it is very tedious and you need to load and refresh a lot of data and math manually etc.
It would be great to dynamically consolidate it all in Multicharts, to pick what ever indicator I want as well as which data sets/stocks I want to run them over.


I hope that somebody can shed light on this! And hopefully there is a way to do this!
I also hope what I wrote made sense.

Thank you for your time and help
Kindest Regards,

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TJ
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Re: Indicator based off data from indicators in other charts

Postby TJ » 12 Feb 2012

Do a search on these third party add on. They are free.

GlobalVariables (or GV)
ADE (All Data Everywhere)
ELCollections


There are lots of reading material and sample codes, both here in this forum, and elsewhere on the web.


ps.
GlobalVariables is already included with MultiCharts as part of the installation process.

kajkanjan
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Re: Indicator based off data from indicators in other charts

Postby kajkanjan » 13 Feb 2012

Thanks TJ
Will look into this!

Cheers

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JoshM
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Re: Indicator based off data from indicators in other charts

Postby JoshM » 14 Feb 2012

Besides the resources mentioned by TJ, you might want to check out this thread, where Larssan requested something similar (source code is in that thread). Perhaps that will get you started.

kajkanjan
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Re: Indicator based off data from indicators in other charts

Postby kajkanjan » 14 Feb 2012

Excellent! Thank you JoshM.
There is some great material in there that I can certainly use as programming to that 'detail' is on a new level for me.

I will be sure to post back progress.

Thanks again
KJ


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