Advanced Analytics

Has Value (HasVal)

The Has Value function displays a 1 if a value exists for the selected time or a 0 if no value exists for the chosen bar.

Example: HasVal(@)

Parameter	Description
Display	Opens a sub-window with display properties: Color = Select a line color. Weight = Type a value for line thickness. Display = Select line style: line, histogram, or dash. ShareScale = Assign a behavior for functions and studies sharing the vertical scale: Auto = System determine whether sharing is feasible. On = Scale is shared regardless of the functions and studies displayed. Off = Scale is not shared.
MarkIt	Opens the Specify Conditions for Marking Bar window.
Price	Price used for calculations.

High Low First (HiLo1)

The High Low First function displays a 1 if the high for the bar occurred before the low, a – 1 if the low occurred prior to the high and a 0 if less than 2 ticks have occurred.

Example: HiLo1(@)

Parameter	Description
Display	Opens a sub-window with display properties: Color = Select a line color. Weight = Type a value for line thickness. Display = Select line style: line, histogram, or dash. ShareScale = Assign a behavior for functions and studies sharing the vertical scale: Auto = System determine whether sharing is feasible. On = Scale is shared regardless of the functions and studies displayed. Off = Scale is not shared.
MarkIt	Opens the Specify Conditions for Marking Bar window.

Label (Label)

The Label function allows you to pick a value for an instrument and use that instrument value in another formula. Unlike using bar values, which change for each time period, the selected label value is used throughout the entire time range of the chart.

The values you can use in this function are the Current Values that appear as column headers in the Quote Spreadsheet or Custom QuoteBoard.

Example: Label(@,LastQuote)

Level (Level)

This function is available on the Add Study window and in the Formula Toolbox.

The Level function plots two lines, which identify the highest and lowest levels attained over a defined period. The methodology of the Level study allows the user to track one value, such as an average, and output another, such as the high, from the same bar.

Characteristics & Usage

Level is an overlay study, which may be used to define a trading range as these points are expected to provide support and resistance.

A move above or below the Level values may be considered a breakout from the trading range.

The Level study can be used as an effective measure of the strength of the bid or offer. Tracking the highest low serves as a measure of the bid and the lowest high serves as a measure of the offer.

The ability of Level to track one price while outputting either the same or a different price value allows the user to identify many different combinations.

Level is similar to the Channel study. The principal differences are:

Level is a far more flexible study, enabling the user to select the value to be tracked and different outputs.

Level identifies the highest and lowest Levels including the current bar, whereas Channel looks only over the preceding bars.

Calculation

Hi = Price of Bar with Highest Level over Period.

Lo = Price of Bar with Lowest Level over Period.

Parameter	Description
Price	Reference price returned when Level makes a new high/low over the specified period.
Level	Level which is tracked to identify the highest or lowest value during the specified period.
Period	Number of bars over which Level identifies the highest and lowest values.
Allow Gaps	Turn this on to display periods of no activity on the chart.

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