EasyLanguage, created more than twenty years ago by TradeStation Securities, is actually a programming language employed for stock trading, EFTs and similar such products. The language can be used to produce custom indicators for financial charts and to create algorithmic trading techniques for various markets.
EasyLanguage has several positive aspects over other similar programming languages. Unlike other languages used in the financial market trading sectors, like FORTRAN, this language is not hard to learn having been intended for use by traders without specialized computer and programming knowledge. Commands in the language are simple enough that somebody not trained in tradestation easylanguage can determine the purpose and function of the line of code with minimal training and possibly just a reference book for a guide. The usage of simple English as opposed to code means that companies making use of the language need to save money some time and resources on training their traders, which translates over time into greater profit.
Even though language was designed by TradeStation, other trading platforms quickly found on the language and started to support scripts written 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 similar to TradeStation’s.
While it is possible for someone to define one’s own, unique functions within the language, it is not expected that many people will accomplish this. In this manner, the language functions being a logical programming language as opposed to a functional programming language.
As it is so simple to learn, the language enjoys a reasonable quantity of popularity among traders. Consequently, a quick search on the internet will show that a variety of tutorials and script depositories are for sale to those considering learning ways to use the language. In addition there are lots of communities and forums committed to the language, so assistance is never far away if an individual gets stuck looking to get the language to perform a needed function. Additionally, there are several books accessible to help those developers who often get into great detail with the language.
An additional benefit the language has is its longevity and compatibility. Because this has been around for over 20 years, the language is trusted inside the financial community and it has shown that it isn’t going anywhere anytime soon. Because of this, it is now widespread and lots of competitor languages, such as MultiCharts’ own proprietary language PowerLanguage, have taken steps to make certain that it provides some compatibility and the cabability to connect with the venerable language.
Though the TradeStation trading package comes with a wide variety of trading indicators called analysis techniques, many people who use TradeStation develop the need to incorporate or customize their own indicators using TradeStation code. This information will demonstrate how to make a simple indicator that displays the existing trading volume and also changes the visual indication of that volume to green when price closes up.
The most basic method to make a new indicator is to find an existing indicator that partially addresses the prerequisites and after that modify it further. With this example, the Volume indicator that accompany TradeStation offers an acceptable foundation.
To begin dealing with TradeStation code, first open the quantity indicator with the EasyLanguage editor. EasyLanguage is definitely the programming language that TradeStation uses. Start by right-clicking on any chart, and then select Insert Analysis Technique through the pop-up menu. From your dialog box that appears, select the Indicator tab, and after that scroll down to obtain the Volume indicator inside the list. Click once on the Volume indicator row to highlight it, and then click on the Edit EasyLanguage button underneath the uaullk box. The EasyLanguage editor will open with all the code for your Volume indicator ready for editing.
EasyLanguage code is divided into three sections. The initial block defines the Inputs. These inputs can only be changed by formatting an indicator once it has been added to a TradeStation chart. After the Inputs would be the Variables. These initialize when the indicator first launches in a session, along with their values are modified using code. After both of these blocks is the actual code that executes.
Even though the language is powerful, it provides its flaws. As the language was designed for use by end-users which are not necessarily programmers, it can occasionally be difficult to get the language to perform tasks outside its normal operating parameters. This can be overcome in some ways by various scripting techniques, however it is not a general programming language. In this way, the language’s strength can also be its own weakness.