EasyLanguage, created a lot more than twenty years ago by TradeStation Securities, is actually a programming language utilized for stock trading, EFTs and other such products. The language can be used to generate custom indicators for financial charts and to create algorithmic trading strategies for various markets.
EasyLanguage has several advantages over other similar programming languages. Unlike other languages used in the financial market trading sectors, including FORTRAN, this language is not hard to learn having been created for use by traders without specialized computer and programming knowledge. Commands in the language are quite obvious enough that somebody not trained in tradestation programming would be able to figure out the point and performance of a type of code with minimal training and perhaps merely a reference book for tips. The usage of simple English rather than code signifies that companies utilizing the language need to spend less time and resources on training their traders, which translates in the long run into greater profit.
Although the language was made by TradeStation, other trading platforms quickly picked up on the language and began to support scripts written in it and to increase compatibility with scripts written by TradeStation. Other proprietary high-end automated trading platforms have even, to varying degrees, incorporated language elements comparable to TradeStation’s.
Even though it is possible for one to define one’s own, unique functions in the language, it is not expected that many men and women will accomplish this. In this way, the language functions being a logical programming language rather than a functional programming language.
Since it is so easy to learn, the language enjoys a reasonable quantity of popularity among traders. Consequently, a quick search on the internet shows that numerous tutorials and script depositories are offered to those interested in learning how to use the language. Furthermore there are lots of communities and forums committed to the language, so assistance is never far if an individual gets stuck looking to get the language to do a needed function. In addition there are several books accessible to help those developers who often go into great detail using the language.
Another advantage the language has is its longevity and compatibility. Because this has been around more than twenty years, the language is trusted in the financial community and it has shown which it isn’t going anywhere anytime soon. As a result, it has become widespread and several competitor languages, like MultiCharts’ own proprietary language PowerLanguage, have taken steps to ensure that it offers some compatibility and the cabability to communicate with the venerable language.
Even though the TradeStation trading package includes numerous trading indicators known as analysis techniques, many who use TradeStation develop the desire to include or customize their particular indicators using TradeStation code. This article will demonstrate how to make a simple indicator that displays the current trading volume and also changes the visual indication of that volume to green when price closes up.
The simplest method to make a new indicator is to locate an existing indicator that partially addresses the prerequisites and after that modify it further. With this example, the amount indicator that accompany TradeStation gives an acceptable foundation.
To start working with TradeStation code, first open the amount indicator with all the EasyLanguage editor. EasyLanguage will be the programming language that TradeStation uses. Begin by right-simply clicking any chart, and then select Insert Analysis Technique through the pop-up menu. From the dialog box that appears, select the Indicator tab, then scroll down to get the Volume indicator within the list. Click once on the Volume indicator row to focus on it, and then click on the Edit EasyLanguage button beneath the uaullk box. The EasyLanguage editor will open using the code for that Volume indicator ready for editing.
EasyLanguage code is split into three sections. The very first block defines the Inputs. These inputs could only be changed by formatting an indicator once it has been added to a TradeStation chart. After the Inputs would be the Variables. These initialize if the indicator first launches throughout a session, and their values are modified using code. After both of these blocks will be the actual code that executes.
Even though language is powerful, it has its flaws. Since the language was made to be used by end-users which are not necessarily programmers, it can often be difficult to obtain the language to execute tasks outside its normal operating parameters. This is often overcome in some ways by various scripting techniques, however it is not a general programming language. In this way, the language’s strength can also be its own weakness.