Multicharts User Thread

ssierra · Apr 18, 2008

Hi,
I use Ninjatrader and I downloaded the new version of Multicharts.
I would like to have some feedback from people that tried both to know if there are benefits with Multicharts over NT.

Is it possible to trade live with Multicharts? I am not talking about systems but also discretionary trading.

Thanks

Tresor · Apr 21, 2008

Hi Guys,

Have you heard of Tom DeMark indicators? Have you use them? Are they any good? Are some of these coded for MC and available from somewhere?

Regards

Tums · Apr 21, 2008

Quote from Tresor:

Hi Guys,

Have you heard of Tom DeMark indicators? Have you use them? Are they any good? Are some of these coded for MC and available from somewhere?

Regards

If it is available in EasyLanguage for Tradestation, it can be used in MultiCharts.

maxpi · Apr 21, 2008

Quote from ssierra:

Hi,
I use Ninjatrader and I downloaded the new version of Multicharts.
I would like to have some feedback from people that tried both to know if there are benefits with Multicharts over NT.

Is it possible to trade live with Multicharts? I am not talking about systems but also discretionary trading.

Thanks

Last time I looked, Multicharts could be programmed to trade from the charts, the scripts can read lines drawn on the charts, but it didn't have things like Ninja's chart trader.

SuperCruz · Apr 25, 2008

The following quote of Tums has been taken from here (http://www.elitetrader.com/vb/showthread.php?s=&postid=1898012#post1898012)

Quote from Tums:

Whether Tradestation given them permission is none of your freaken business.
Tradestation is a public corporation, you don't think they know how to run their business?
They have expensive lawyers, you don't think they would/could fire off an imposing letter to MultiCharts if their benefits were infringed? LOL................

I would like to differ, as if you sell a product to the public; you are in the eyes of the public. Thus, you have some responsibility to the public, and you do owe an explanation for your actions. Thus, it is definitely our business to know about the permission issue. Many issues like this have caused the customers of an unethical product to be disenfranchised. Thus, being in Russia does not mean you can violate the intent of copyright laws. Even though, it makes it hard for TradeStation to sue you. If you lack integrity, that shows and means a lot in terms of your public face.

Quote from Tums:

..............If MultiCharts were to "steal" the code, you don't think they would be "stupid" enough to leave the copyright notice in there untouched ????
If copyright is an issue, all they have to do is re-write the code. MACD and stochastics are not rocket science, anybody can whip that out in no time. ..................

You are correct; they left the copyright notice untouched. However, they did not rewrite the language as per copyright issues.

The proof can be seen in the same thread as follows:

- http://www.elitetrader.com/vb/showthread.php?s=&postid=1809939#post1809939
- http://www.elitetrader.com/vb/showthread.php?s=&postid=1809982#post1809982

Quote from Tums:

............My perspective is: it is a benefit to Tradestation to have another software uses EasyLanguage.
Plagiarism is the most sincere form of compliment.
MultiCharts' participation will ensure the longevity of EasyLanguage, and ultimately the longevity of Tradestation.

You are correct again, that to imitate is a compliment, however are you willing to let all trading software (like AmiBroker, TradersStudio, TradingBlox, Ninja etc.) to use your popular language without any issues for the sake of longevity and benefit of TradeStation.

Moreover, if I was making accusations about Trading Blox, Tim would reply, if it was AmiBroker, Tomasz would reply, and if it was TradersStudio, Murray would reply and so on forth. It is a simple human tendency, as âNo one would like to hear anything negative about them if it is not true". Even I responded to your statements when you all said that I am not making efforts to contact and is just making an issue.

Please, before anyone of you answers please do not answer for all of you have taken pains to explain and answer. I would for once like your sponsor, the MultiCharts ET sponsor, Andrew Kirillov, and only him to answer at this moment; as he is the only person who really counts at this junction. This is a personal request to you, Mr. Andrew Kirillov, to please answer the above queries.

Tresor · Apr 25, 2008

Hello Guys,

I have a few silly newbie questions on signals that are available in MC. Before I ask them I would like to explain what's on my mind.

I would like to have a trading system in my MC that I would use for reversing position. At the moment I use Stochastic slow, RSI , TRIX and MACD jointly to determine the moment of reversing. Now I would like the machine to do it for me thus eliminating emotion factor. I too often hope the price will go up or down and need to enter at a less rewarding moment

Yes, I am a silly newbie

The system would show green arrows to go long and red ones to go short based on 3 - 4 other signals / indicators.

E.g., it would tell me to reverse into long when at least 2 of my 4 oscilators are oversold. In case no oversold level is reached then the buy signal would appear when MACD crosses zero line - or something similar.

Could you please tell me please if:

1. making such a system (combined of a few conditions and few osscilators) is possible in MC

2. Have you used Cusom Programming service by MC and what is your experince with this service and do you think my concept could be programmed for MC

3. Is there a place in the Internet where such issue of combined conditional system is discussed so that before I ask MC for their custom programming I could first determine what I excatly want or could get further inspiration?

Regards

Tums · Apr 25, 2008

Quote from Tresor:
Hello Guys,
I have a few silly newbie questions on signals that are available in MC. Before I ask them I would like to explain what's on my mind.
I would like to have a trading system in my MC that I would use for reversing position. At the moment I use Stochastic slow, RSI , TRIX and MACD jointly to determine the moment of reversing. Now I would like the machine to do it for me thus eliminating emotion factor. I too often hope the price will go up or down and need to enter at a less rewarding moment Yes, I am a silly newbie
The system would show green arrows to go long and red ones to go short based on 3 - 4 other signals / indicators.
E.g., it would tell me to reverse into long when at least 2 of my 4 oscilators are oversold. In case no oversold level is reached then the buy signal would appear when MACD crosses zero line - or something similar.
Could you please tell me please if:
1. making such a system (combined of a few conditions and few osscilators) is possible in MC

> yes, it is possible
> MC comes with over 100 strategies. You can easily use one as a starting point: modify the parameters, or add additional criteria, to build your own system.
> EasyLanguage/PowerLanguage is very English-like. It is very easy to learn.

2. Have you used Cusom Programming service by MC and what is your experince with this service and do you think my concept could be programmed for MC

> never tried their paid service before.
> but their tech support is very helpful. They often go beyond their boundary of duties to help you with your programming questions.

> what you described don't seem too complicated. You can probably read a book and do it yourself.
> http://finance.groups.yahoo.com/group/MrEasyLanguage/
> http://finance.groups.yahoo.com/group/MrEasyLanguage/

> p.s. I could be wrong. LOL I should know better, software specifications tend to bloat once you started the project.

3. Is there a place in the Internet where such issue of combined conditional system is discussed so that before I ask MC for their custom programming I could first determine what I excatly want or could get further inspiration?

> http://finance.groups.yahoo.com/group/MrEasyLanguage/

Regards

hope the above helps.

Tresor · Apr 26, 2008

Tums,

I simply can't find words to thank you. You helped me on many occasions.

I signed up to to Mr Easy Language on Yahoo. I ordered the book. It will take a few month before they deliver it to my country. I hope I can understand the language of the book. I can hardly understand you guys in this forum

Of the strategies / signals that I tested the most profitable are signals given by Channel Breakout LE and Channel Breakout SE. Return on account shows 1058.91% on 6 weeks period (I have only such limited historic data). Is the return good or bad?

I still do not know how to operate Portfolio Backtester properly, but am learning

my biggest pain is optimization - it keeps telling me ''Invalid parameters. # of simulations must be greater than 1''

Could anyone tell me if there are more complex signals available on the web for download for MC so that I could test them and see if a higher return on account can be accomplished?

If you are using such complex signals (I believe it is called alghoritimic trading) what it is composed of? What types of indicators and what weighting do you put to these components. Should MACD be more important than RSI or some other indicator / signal or the other way round?

Regards and have a nice weekend

bidask · Apr 27, 2008

How do you guys build continuous contracts in multicharts? Say it's rollover day and you need to backadjust the old contract. how do you do this in multicharts?

Tums · Apr 27, 2008

Quote from Tresor:

Tums,
I simply can't find words to thank you. You helped me on many occasions.

> you are welcome ;-)

I signed up to to Mr Easy Language on Yahoo. I ordered the book. It will take a few month before they deliver it to my country. I hope I can understand the language of the book. I can hardly understand you guys in this forum

> you can also look at:
> http://www.amazon.com/Building-Winn...bs_sr_1?ie=UTF8&s=books&qid=1209178252&sr=8-1

> you should also download the EasyLanguage reference here: (right column)
> http://www.tssupport.com/support/tutorials/

Of the strategies / signals that I tested the most profitable are signals given by Channel Breakout LE and Channel Breakout SE. Return on account shows 1058.91% on 6 weeks period (I have only such limited historic data). Is the return good or bad?

> The return is unrealistic, but this is expected. There is much to learn in system trading. You will see the "deficiencies" as you explore further.

> You can download daily data from Yahoo. It is free.
> http://finance.yahoo.com/q/hp?s=SPY

I still do not know how to operate Portfolio Backtester properly, but am learning
my biggest pain is optimization - it keeps telling me ''Invalid parameters. # of simulations must be greater than 1''

> I have never tried the Portfolio backtest yet.

Could anyone tell me if there are more complex signals available on the web for download for MC so that I could test them and see if a higher return on account can be accomplished?

> yes, there are lots of strategies for download. Both free and for fee. Just do a Google search.

If you are using such complex signals (I believe it is called alghoritimic trading) what it is composed of? What types of indicators and what weighting do you put to these components. Should MACD be more important than RSI or some other indicator / signal or the other way round?

> Optimization can answer that for you. ;-)

Regards and have a nice weekend

This is all I can offer for now.

Have you tried the PowerLanguage Editor?
You can use it to open any indicators and strategies, and customize the indicator/strategy by changing the parameters, etc.
(make sure you save your customized script in a different name, otherwise it will overwrite the original.)

Have fun.