00:00Hello and welcome to program 90 in this series of tutorials and programs focused on TradeStation
00:08Easy Language. In this program we're going to be looking for what I've called hooks in the behavior
00:14of an oscillator and what a hook is is basically a pivot so you can see some hooks here and what
00:20the program does is for a particular oscillator it looks for a hook and then it looks for another
00:27hook within a user specified number of bars if that hook occurs we draw a signal across and if
00:38the oscillator then subsequently crosses below or in the example of in this case a green cross above
00:47these overbought oversold lines then it draws another point and the program allows you to specify
00:56several oscillators and in fact what you would do for each oscillator you'd reapply the program to the
01:04chart to show you which oscillators are available if we just go quickly into the program you'll see
01:11that these have got various codes so one MACD two MACD average four percentage are so just going looking
01:19at the first one here if we double click on that and we look at the inputs we'll see that we've got
01:25which osc is four so just going back to our chart of which osc values four would be percentage are and
01:34then obviously depending on which of these you select you would need to make sure that the other
01:39inputs to do with that oscillator were filled in appropriately so in this case we would just need
01:44to concern ourselves with this one if you were looking at a MACD you would need to concern yourself
01:49with these ones etc and I think they're fairly self-explanatory which ones you need to set up
01:54the other inputs that are important are the user specifies the overbought and the oversold
02:00levels and they're going to vary quite significantly between the different oscillators
02:05and the other ones max bars between this is the number of bars that are allowed between
02:11the hooks and then the max bars before break that is the number of the maximum number of bars
02:19that are allowed before the last hook and across over the overbought or oversold now obviously this is
02:26not a tool that could be necessarily used standalone it's rather an aid to support broader technical
02:38analysis and decision making another thing that you might wish to do is for example again looking at
02:46this example you might say well I want to change the the colors of particular plots so you might wish to
02:55change the color of the plot itself perhaps we want to go for a lilac color but you might also wish to
03:06change the color of the indicators so if we again go to the program and you can see that you could for
03:15example change the low cross at the moment it's green we could make that into a light pink
03:25color and same for these dots and if you decided having done that format edit studies and
03:36you had made some changes perhaps also the style you might have for example the the low cross at the
03:43moment is set up as a cross high cross also as a cross and overbought oversold as lines
03:54and then the breaks as points and if you decided to change those you could do that also but when
04:03you've made these changes if you click on default then that will default these values for future
04:09future times that you apply the program to a chart so as you verify the program so again just going back
04:17to the values if in this case we're looking at user input of four which means that we're concerned about the
04:25percent our length value as well as the overbought oversold max bars between max bars before break but for
04:34example if you are analyzing macd then you would need to modify these values potentially the other values would be
04:42entirely irrelevant and similarly for tsi rsi cci and so forth also in terms of these being applied to the chart if we click on
04:54each one and we go to scaling you'll see where this is applied so it's applied to sub graph two if we went to the next one
05:04double click scaling
05:09that is applied actually to sub graph six the next one scaling
05:16sub graph graph three so you can get the idea about applying several copies of the program to the chart so that you can see
05:24several different oscillators at the same time so hopefully this will be something that might interest you if so i will make a version
05:34available for download for a nominal fee and that will be unprotected so you can look at the code
05:40change it copy it use it in other programs if you wish and please also consider joining goldpass
05:48thank you
05:53you
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