EasyLanguage, created more than two decades ago by TradeStation Securities, is a programming language used 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 positive aspects over other similar programming languages. Unlike other languages found in the financial market trading sectors, like FORTRAN, this language is not hard to understand having been designed for use by traders without specialized computer and programming knowledge. Commands in the language are pretty straight forward enough that somebody not trained in tradestation programmer can find out the reason and performance of a type of code with minimal training and possibly just a reference book for tips. Using simple English rather than code implies that companies making use of the language have to spend less time as well as resources on training their traders, which translates over time into greater profit.
Even though language was made by TradeStation, other trading platforms quickly picked up on the language and began to support scripts printed in it and to increase compatibility with scripts authored by TradeStation. Other proprietary high-end automated trading platforms have even, to varying degrees, incorporated language elements similar to TradeStation’s.
Even though it is possible for someone to define one’s own, unique functions within the language, it is not expected that most people will do that. In this way, the language functions as being a logical programming language as opposed to a functional programming language.
Since it is so very easy to learn, the language enjoys a reasonable amount of popularity among traders. Consequently, a quick search on the internet shows that a multitude of tutorials and script depositories are for sale to those interested in learning how to use the language. Furthermore there are lots of communities and forums dedicated to the language, so assistance is never miles away if one gets stuck hoping to get the language to perform a needed function. Additionally, there are several books available to help those developers who often enter into great detail with the language.
An additional advantage that this language has is its longevity and compatibility. Because it really has been around for more than two decades, the language is trusted in the financial community and it has shown 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 provides some compatibility and the ability to communicate with the venerable language.
Though the TradeStation trading package comes along with a wide variety of trading indicators known as analysis techniques, many who use TradeStation develop the desire to incorporate or customize their very own indicators using TradeStation code. This short article will demonstrate how to create a simple indicator that displays the present 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 a current indicator that partially addresses certain requirements and after that modify it further. For this example, the Volume indicator that accompany TradeStation provides an acceptable foundation.
To start dealing with TradeStation code, first open the quantity indicator using the EasyLanguage editor. EasyLanguage is the programming language that TradeStation uses. Start by right-simply clicking any chart, then select Insert Analysis Technique through the pop-up menu. Through the dialog box that appears, select the Indicator tab, and then scroll down to find the Volume indicator in the list. Click once on the Volume indicator row to focus on it, and after that select the Edit EasyLanguage button beneath the uaullk box. The EasyLanguage editor will open with the code for that Volume indicator ready for editing.
EasyLanguage code is split into three sections. The first block defines the Inputs. These inputs are only able to be changed by formatting a warning sign once it has been put into a TradeStation chart. Following the Inputs are the Variables. These initialize once the indicator first launches in a session, and their values are modified using code. After those two blocks is the actual code that executes.
Even though language is powerful, it offers its flaws. Because the language was created to be used by end-users that are not necessarily programmers, it can sometimes be difficult to have the language to perform tasks outside its normal operating parameters. This can be overcome in some ways by various scripting techniques, yet it is not a general programming language. In this manner, the language’s strength is additionally its own weakness.