How do I add an indicator?
Indicators can be added to Trading Station in several ways:
- By right clicking on the chart and selecting ‘Add Indicator’
- By clicking 'Insert' >> 'Add Indicator' in the toolbar at the very top of the page:
- By clicking on the ‘Add Indicator’ icon on the chart toolbar:
After using any one of these methods to add an indicator, you will be presented with this screen:
Indicators are organized in categories based on design and function. You can look for specific indicators using the search bar at the top of this screen.
After you have selected your indicator of choice, you will be asked to input its properties.
- Parameters is where you specify what you exactly want the indicator to track and how you want it to look. You will find settings organized into categories such as calculation, appearance, and style. To make a change, simply click on the box of the desired parameter. There will often be a menu that must be clicked in the bottom right corner of the box, as in the case of color selection.
- The Data Source tab is used to tell the indicator where to get its information. Indicators can derive data from a variety of sources. This is where you specify which numbers are used for calculation. The most popular source of data among traders is the Close price, or the final price of a period. Close is set as the data source for indicators by default.
- The tab labelled Location allows you to choose where the indicator will be displayed. Options generally include on the chart itself, in a separate area below the chart, as well as on other indicators you already have set up. For example, if you wanted your RSI to include some Moving Averages, you would set the Location of your EMA or SMA to RSI. To set up an indicator in an area below the chart, simply check off the box at the top of the Location tab.
An example of a chart with several indicators:
Active indicators will be shown in the top left corner of the location they were set to. In the above chart, there are several Moving Averages as well as a SAR set up on the chart, and a MACD and RSI set up in a separate area below the chart. The layout of the indicator labels is: NAME(Symbol, Period). The indicators are also labelled in the colors that best match their profile so they are easily identifiable. For example, if I forget which of the lines on my chart is the 200 period MVA, I can simply refer to the labels and see that it is the blue one.
To edit an indicator that has already been set up, simply right click on the label of the indicator you want to edit. This will pull up the indicator’s properties screen.