EasyLanguage, created more than 20 years ago by TradeStation Securities, is actually a programming language utilized for trading stocks, EFTs and similar such products. The language is used to create custom indicators for financial charts and to create algorithmic trading techniques for various markets.
EasyLanguage has several advantages over other similar programming languages. Unlike other languages used in the financial market trading sectors, like FORTRAN, this language is easy to find out having been intended for use by traders without specialized computer and programming knowledge. Commands within the language are pretty straight forward enough that somebody not trained in tradestation easylanguage can determine the reason and function of a type of code with minimal training and possibly merely a reference book to use as tips. Using simple English rather than code implies that companies using the language must lower your expenses some time and resources on training their traders, which translates in the end into greater profit.
Even though language was made by TradeStation, other trading platforms quickly picked up on the language and started to support scripts developed in it and to increase compatibility with scripts published by TradeStation. Other proprietary high-end automated trading platforms have even, to varying degrees, incorporated language elements comparable to TradeStation’s.
Though it may be possible for someone to define one’s own, unique functions inside the language, it is not expected that many individuals will accomplish this. In this manner, the language functions as being a logical programming language rather than a functional programming language.
As it is so easy to learn, the language enjoys a reasonable amount of popularity among traders. As a result, a quick search on the internet will demonstrate that a multitude of tutorials and script depositories are offered to those thinking about learning how to operate the language. In addition there are many communities and forums focused on the language, so guidance is never far away if one gets stuck hoping to get the language to perform a needed function. There are also several books accessible to help those developers who often go into great detail with the language.
Another advantage that the language has is its longevity and compatibility. Because this has been around for more than twenty years, the language is trusted within the financial community and has shown it isn’t going anywhere anytime soon. Because of this, it is now widespread and many competitor languages, such as MultiCharts’ own proprietary language PowerLanguage, have taken steps to make certain that it offers some compatibility and the opportunity to interact with the venerable language.
Though the TradeStation trading package comes along with a multitude of trading indicators called analysis techniques, many people who use TradeStation develop the drive to add or customize their very own indicators using TradeStation code. This article will demonstrate how to produce a simple indicator that displays the existing 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 find a current indicator that partially addresses the requirements and after that modify it further. For this particular example, the quantity indicator that is included with TradeStation gives an acceptable foundation.
To start utilizing TradeStation code, first open the quantity indicator with all the EasyLanguage editor. EasyLanguage will be the programming language that TradeStation uses. Start by right-clicking on any chart, and then select Insert Analysis Technique from your pop-up menu. Through the dialog box that appears, pick the Indicator tab, and after that scroll down to get the Volume indicator within the list. Click once on the Volume indicator row to focus on it, then 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 a warning sign after it has been included in a TradeStation chart. Pursuing the Inputs are the Variables. These initialize once the indicator first launches during a session, and their values are modified using code. After these two blocks will be the actual code that executes.
Even though language is powerful, it provides its flaws. As the language was created to be used by end-users that are not necessarily programmers, it can sometimes be difficult to get the language to do tasks outside its normal operating parameters. This could be overcome in some ways by various scripting techniques, however it is not a general programming language. In this manner, the language’s strength is additionally its own weakness.