Software Used to Trade Jack Hershey Methods

Discussion in 'Trading Software' started by Tums, Jun 26, 2007.

  1. tiddlywinks

    tiddlywinks

    As posted from another thread...

    Here are instructions...

    To setup a basic PRV in SierraChart you need 2 charts. A primary chart for trading and a second chart to provide the PRV data. The primary chart will include a study that will reference the second chart to provide the data for PRV calculation.To be clear, the main chart will have an overlay on the volume. In realtime, as the second chart volume updates/changes, you will see it as pro-rated to your primary chart time frame. This is not a stagnant PRV measure!

    I will assume Jacks standard presciptions...
    the primary chart is a 5 minute time-based chart of ES with a volume pane.
    The second chart is a 12 second chart of ES with a volume pane. 12 seconds was Jacks prescription for PRV.
    For no confusion, I recommend the second chart to be 24 hours, with a session time of 00:00:00 to 23:59:59.

    The second chart timeframe is a divisor of the primary chart timeframe. The resulting 300 seconds / 12 seconds = 25 intervals, 5 intervals per minute if you will. Personally, I use 20 seconds, my point being you can experiment. 20 seconds is 3 intervals per minute, etc. You get the idea.


    Now, the 2 charts just need be to hooked up...

    On the primary chart, the 5 minute chart, add the study named "Study/Price Overlay". The study should be "ordered" so it is AFTER the volume study of the primary chart volume. (remember, you can have dozens of studies on a chart! The order in which they calculate is sometimes important)

    After the overlay study is added, on the left side of the study settings window, change the "Chart Region" to the region(pane) where the primary chart volume is displayed. Usually this is chart region 2. Next, click the "Scale" button and change the setting to "Independent" and click OK. ... prorated and actual volumes can be very different! Lastly, for aesthetic reasons, change the "Value Format" to "1"... There is no reason for volume to be decimalized for display. Click the Apply button.

    Now for the settings of the overlay study....
    Click the "Study to Overlay" line. Two dropdowns will appear below.
    In the first dropdown, select the 12 seconds chart. In the other dropdown, select the volume study that is on the 12 second chart.

    Ive attached a screenshot with all the settings for the overlay study setup.

    The "Multiplier" setting provides the variable to determine the pro-rated value in relation to the primary time frame. As implied above, this is the number of intervals.

    Finally, click the "Subgraphs" tab... here you can change how the PRV is shown. By default it is a line. I like Stairstep. Point works for me too. A bar was my very first iteration... it is how I came up with my original "pace needle" tool. Experiment!

    And always remember to click "APPLY". lol

    Final comments...
    The artifact left on screen of the PRV is the last update before the next primary bar begins. I find this useful, as time-based bars are just "bundles" of what is really continuous data anyway. :) On some level, internet connection, data lag, and the speed of your rig either has an effect on precise timing, or not. Additionally, the usage docs of the Study/Price Overlay on SC site, discusses timing issues that can arise.

    fwiw, another interesting built-in study is "Volume-Volume Colored Based on Volume" In essence, it's dom/non-dom volume colorization. Just saying.

    This out-of-the-box PRV solution is better than my code in (at least) 1 way...
    1) with the proper SC data storage resolution, and the proper replay settings, this can be used in Replay mode! This needs multiple charts to be replayed simultaneously. And THAT is built in!

    Another useful SC feature... Using Chart Linking, it can be arranged so changing the symbol of the primary chart will change the symbol on the second chart, while maintaining all the studies, including PRV! Careful about changing time frame though... changing time frame will need to have the multipler setting changed, and/or changing of the time frame of the second chart, and vice versa.

    That is all. Feel free to PM. I am using SC v2028, the last 32-bit version afaik.
     
    #1581     Jul 19, 2020
    nir likes this.