EasyLanguage, created more than two decades ago by TradeStation Securities, is actually a programming language employed for trading stocks, EFTs and similar such products. The language is utilized to create 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 utilized 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 inside the language are quite obvious enough that somebody not trained in tradestation programmer can find out the reason and performance of any line of code with minimal training and perhaps only a reference book for tips. Using simple English rather than code implies that companies using the language have to save money time and resources on training their traders, which translates in the long run into greater profit.
Although the language was created by TradeStation, other trading platforms quickly picked up on the language and began to support scripts developed in it as well as 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 inside the language, it is not expected that a lot of individuals will do this. In this manner, the language functions as a logical programming language as opposed to a functional programming language.
As it is so simple to learn, the language enjoys a reasonable level of popularity among traders. As a result, a quick search on the internet will demonstrate that a multitude of tutorials and script depositories are available to those thinking about learning how to operate the language. Additionally there are lots of communities and forums dedicated to the language, so guidance is never far if a person gets stuck hoping to get the language to carry out a needed function. There are also several books accessible to help those developers who often enter into great detail with the language.
An additional benefit that the language has is its longevity and compatibility. Because this has been around for more than 20 years, the language is trusted inside the financial community and it has shown it isn’t going anywhere in the near future. Consequently, it is now widespread and many competitor languages, including MultiCharts’ own proprietary language PowerLanguage, have got steps to make certain that it provides some compatibility and the ability to interact with the venerable language.
Even though the TradeStation trading package includes a multitude of trading indicators called analysis techniques, many people who use TradeStation develop the desire to incorporate or customize their own indicators using TradeStation code. This short article will demonstrate how to produce a simple indicator that displays the present trading volume as well as changes the visual indication of the volume to green when price closes up.
The easiest method to produce a new indicator is to look for a preexisting indicator that partially addresses the prerequisites and then modify it further. With this example, the Volume indicator that is included with TradeStation provides an acceptable foundation.
To begin with utilizing TradeStation code, first open the quantity indicator with all the EasyLanguage editor. EasyLanguage is definitely the programming language that TradeStation uses. Start by right-simply clicking any chart, and after that select Insert Analysis Technique from the pop-up menu. From your dialog box that appears, select the Indicator tab, and then scroll down to obtain the Volume indicator in the list. Click once on the Volume indicator row to highlight it, and then select the Edit EasyLanguage button underneath the uaullk box. The EasyLanguage editor will open with all the code for the 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 after it has been added to a TradeStation chart. Pursuing the Inputs are definitely the Variables. These initialize once the indicator first launches in a session, along with their values are modified using code. After these two blocks will be the actual code that executes.
Even though the language is powerful, it provides its flaws. Since the language was designed for use by end-users which are not necessarily programmers, it can often be difficult to obtain the language to perform tasks outside its normal operating parameters. This could 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.