I'm creating this forum topic to handle general and miscellaneous RTL questions and to compile guidance material for RTL education. Feel free to ask any RTL related question in a response to this topic.
If you are new to RTL, a great place to start is the 8 part RTL Lesson video series which you can find by clicking on the Videos tab on the RTL page: https://www.linnsoft.com/rtl
How would you go about creating an analysis that examines how far price bounces of a specific level at a certain time of day?
I was thinking along the lines of a signal for the time of day (using POS) and another to check if a fractal / ZigZag is near the level I'm interested in. But how do I figure out how far price travelled away from this level before it came back and broke the fractal or before an X tick pullback occurred?
Or is there a better way? (I'm aware of the RTX PivotStrategyAnalysis but that's too automated for me, I'm interested to examine how far price moves WHEN it bounces).
Thanks a lot, I'm looking forward to see how you'd approach this!
Cheers,
Nic
Take a look at Homework #20 and #21 at https://www.linnsoft.com/homework
Thanks, I checked that out and am working on it now.
Do you see any possibility to calculate / record the MFE before price came back to the initial level within this context?
Nic,
I this chart: https://www.linnsoft.com/charts/pricepivotcountmovesdaily-es
I added stats for the average number of pivots per day (off the key price level), as well as the average move (in ticks) after pivoting off those key price levels.
How can I create a custom indicator in RTL that accumulates data throughout the day?
For example if I wanted to take the volume from the up bars in a chart and subtract the volume from the down bars in the same chart, on a bar by bar basis and display the result as a continuous line in a separate pane. It could be thought of as being similar to the delta bars option in the Volume Breakdown indicator just using volume instead of delta.
Am relatively new to this so please forgive me if the answer is super easy.
Many thanks in advance.
Derek
There are a variety of ways you could do this, but the following custom indicator below would do it...
SUM(VO * ((CL > OP) - (CL < OP)), POS)
...with POS setup as "bars from start of session". On 1st bar of session, POS will have a value of 1, on 2nd bar, a value of 2, and so on. So the SUM(X, POS) syntax will simply sum X for the full session. In this case, X is VO * ((CL > OP) - (CL < OP)).
The expression (CL > OP) will be true or 1 when close is above open (and 0 otherwise), and when close is below open, CL < OP will be 1 (and 0 otherwise). So the expression (CL > OP) - (CL < OP) will be 1 when CL > OP and will be -1 when CL < OP (and 0 when CL = OP). So by multipying this by VO (volume of each bar) we get exactly what we want on each bar, a positive volume for up bars and a negative volume for down bars. We take these per bar values and sum them up for the entire session with SUM(X, POS). Below is snapshot and chart definition.
https://www.linnsoft.com/charts/sumupdownvolume-es
Hi Chad,
Very much appreciated, don't think I would have come up with that anytime soon :)
Derek
"RTX Extension IsPivotStrategyAnalysis failed to load and/or is missing from the DLL folder"
This is the message that I receive when adding the indicator to my chart. I'm interested in extracting data/backtesting how many times price breached or bounced from the pivot as well as how far.
Choose File > Open > RTX Extension Manager
and then PivotStrategyAnalysis form the list and Install/Update it.
Let me know if that works.