Hello, someone knows how could I use an indicator in multicharts, with the data of another indicator? For example, use the bollinger bands with the RSI data. Thank you very much
Try to ask someone here: http://www.elitetrader.com/vb/showt...perpage=6&highlight=multicharts&pagenumber=57
YES. MultiCharts is EasyLanguage compatible. You can program it to calculate an indicator in any manner you like. In your example, simply go into the program and change the input Variable from "Close" to "RSI".
Hello, Why would you like to use an indicator with the data of another indicator? What is the reason for doing this? Which indicator applied to data of another indicator (rather than the price) would be useful and in what type of conditions would it be useful? Could you please explain? Sorry for stupid question. Regards
Actually this is done quite often by professionals and Quants... you are in effect making a derivative of a derivative. e.g. taking a moving average of a moving average... or Bollinger Band of a Bollinger Band... Another example is the MACD, it is a derivative of the moving averages.
OK, at the moment my stochastic is calculated on price action. Can I make a stochastic be calculated on RSI action? Regards
Stochastic calculation includes the High, Low and Close. RSI provides only one output. You have to first work out how to fit the one RSI output into the 3 Stochastic input.