EasyLanguage, created a lot more than two decades ago by TradeStation Securities, is actually a programming language employed for trading stocks, EFTs and other such products. The language can be used to generate custom indicators for financial charts and to create algorithmic trading methods for various markets.
EasyLanguage has several advantages over other similar programming languages. Unlike other languages found in the financial market trading sectors, including FORTRAN, this language is easy to find out having been created for use by traders without specialized computer and programming knowledge. Commands inside the language are pretty straight forward enough that someone not trained in tradestation programming would be able to find out the purpose and function of a type of code with minimal training and possibly merely a reference book to use as a guide. The use of simple English as opposed to code implies that companies using the language need to lower your expenses time as well as resources on training their traders, which translates in the end into greater profit.
Although the language was made by TradeStation, other trading platforms quickly found on the language and began to support scripts written in it and also to increase compatibility with scripts published by TradeStation. Other proprietary high-end automated trading platforms have even, to varying degrees, incorporated language elements much like TradeStation’s.
Even though it is possible for someone to define one’s own, unique functions within the language, it is not expected that a lot of people will do this. In this way, the language functions as being a logical programming language as opposed to a functional programming language.
As it is so very easy to learn, the language enjoys a good amount of popularity among traders. Because of this, a quick search on the internet shows that numerous tutorials and script depositories are available to those thinking about learning how to use the language. In addition there are many communities and forums committed to the language, so guidance is never far away if a person gets stuck trying to get the language to do a needed function. Additionally, there are several books offered to help those developers who often get into great detail with the language.
Another advantage the language has is its longevity and compatibility. Because it has been around for more than two decades, the language is trusted within the financial community and has shown which it isn’t going anywhere anytime soon. Because of this, it is widespread and many competitor languages, including MultiCharts’ own proprietary language PowerLanguage, took steps to make sure that it offers some compatibility and the cabability to communicate with the venerable language.
Even though the TradeStation trading package comes along with numerous trading indicators known as analysis techniques, many people who use TradeStation develop the desire to include or customize their own indicators using TradeStation code. This information will demonstrate how to produce a simple indicator that displays the current trading volume and also changes the visual indication of the volume to green when price closes up.
The simplest method to produce a new indicator is to look for a current indicator that partially addresses the requirements then modify it further. For this particular example, the quantity indicator that accompany TradeStation offers an acceptable foundation.
To start working with TradeStation code, first open the amount indicator with all the EasyLanguage editor. EasyLanguage is the programming language that TradeStation uses. Start with right-simply clicking any chart, then select Insert Analysis Technique through the pop-up menu. From your dialog box that appears, pick the Indicator tab, and then scroll down to get the Volume indicator inside the list. Click once on the Volume indicator row to focus on it, and after that select the Edit EasyLanguage button below the uaullk box. The EasyLanguage editor will open with all the code for that Volume indicator ready for editing.
EasyLanguage code is split into three sections. The initial block defines the Inputs. These inputs could only be changed by formatting an indicator once it has been put into a TradeStation chart. Following the Inputs would be the Variables. These initialize once the indicator first launches in a session, and their values are modified using code. After those two blocks will be the actual code that executes.
Even though the language is powerful, it provides its flaws. Because the language was created to be utilized by end-users that are not necessarily programmers, it can sometimes be difficult to have the language to do tasks outside its normal operating parameters. This could be overcome in a few ways by various scripting techniques, but it is not a general programming language. In this way, the language’s strength can also be its own weakness.