Answers to Common Questions
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Question |
How do I add a line to an intraday chart which displays the previous daily closing price (or previous daily high, previous daily low, etc.)? |
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Answer |
This would be accomplished with the
Mixed Periodicity Data (MPD)
Indicator. Below is a 10 minute chart of MSFT. Two
indicators have been added to this indicator to display two alternative
solutions.
The blue lines are built by adding the Mixed Periodicity Data indicator directly to the charts using the settings below. As you can seen, these lines historically display the previous "daily" closing price.
The key MPD settings here are "Daily" periodicity, "Last" data (price), and "1 Bars Back" to give us the previous daily closing price. To obtain the previous days high or low, the same settings would be used, simply replacing "Last" with "High" or "Low". This indicator will actually take the "daily" data and stretch it across the intraday bars. MPD is an extremely flexible indicator, and can be used to mix almost and combination of periodicity, ticker, and data, with any other combination of ticker and periodicity. One important note: You MUST have complete/accurate daily data on file for the symbols being studied in order for this to work properly. MPD, however, does not label the line(s) with the price. The red line on the right side of the chart above was accomplished using the Horizontal Reference Line Indicator with the settings below.
Notice that the "Price Source" of the reference line was "Use CI: MPD_PrevClose". CI stands for Custom Indicator. A custom indicator with the name of MPD_PrevClose was used to compute the price at which this reference line would be drawn. In this case, the custom indicator simply had the syntax: MPD Where MPD was setup exactly as seen above. Using custom indicators in this way inside reference lines provides the user with a way to get the "current" value of that custom indicator in a chart (no historical values). It also gives the user some flexibility as far as labeling the line (with the price, with customized test, on the left of right, etc.). Also notice that the "Compact" option is checked. This option limits the drawing of the reference line to the small area between the last/current bar, and the vertical scale at the right. This area can be enlarged by increasing the "Look Ahead" period setting within the "View Period" tab of the Chart Preferences (Chart Preferences can be accessed by double-clicking on the horizontal scale along the bottom of the chart). For more information on the Mixed Periodicity Data (MPD) Indicator, visit: www.linnsoft.com/tour/techind/mpd.htm For more information on the Horizontal Reference Line Indicator, visit: www.linnsoft.com/tour/techind/refLine.htm If your symbol is set to the 24 hour session, and you'd like to access the high, low, or close of the previous RTH (regular trading hours) session, visit: |
