Elder - Indicators setup for Triple Screen Trading System
Author: Olekso-Monsterlo
Creation Date: 3/3/2017 11:03 AM
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Olekso-Monsterlo

#1
Hi All,

I'm totally newbie in a trading world and I need some help with indicators to set up Triple Screen Trading System.
Sorry for a primitive questions but I almost expired my trial period and I need some help to speed up a bit. :)
I bought Elder's book named "Come Into My Trading Room" and I try to use indicators for Triple Screen System.

* The first problem that I met is about MACD indicator. Each time when I drag it to a chart it displays line.
As I understand it's no metter will I see line or histogram but for convinience I'll prefer to use histogram.
How can I configure to display histogram ?

* I tried to find a way to set channel for EMA indicator (As I understand it's a two lines that should go one upper and one lower the EMA indicator)
How can I set channel and configure it ?

* It's a bit unclear what indicator he use as "Index of Power/Strength". He mentioned in his book that some programs added it.
Do we have such in a WealthLab ?
If someone familar with this trading system can you please suggest any replacment for this indicator ?

* I saw that indicators description contains links to a wiki with source code. Does it mean that we can write own indicators or update existing ?
(I have basic programming experience)

PS: My apologies if I'm asking in a wrong forum section.

Thanks in advance,
Oleksii
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Eugene

#2
Oleksii,

"Elder Triple Screen" is built in Wealth-Lab. Run it from the "Open Strategy" dialog > "Trend Following" folder.

QUOTE:
As I understand it's no metter will I see line or histogram but for convinience I'll prefer to use histogram.

Double-click on the MACD and choose Histogram style. More details in the Wealth-Lab User Guide (Help menu) > Charting > Plotting Indicators > Plotting with Drag and Drop. A more configurable MACD Histogram exists in Commuity Indicators known as MACDEx_Histogram.

QUOTE:
* I tried to find a way to set channel for EMA indicator (As I understand it's a two lines that should go one upper and one lower the EMA indicator)

These channels are known as bands or envelopes. There are numerous examples of creating bands around some centerline everywhere - in downloadable Strategies, the Wiki, the QuickRef tool, in forum posts etc. For example, Moving Average Envelope in Community Indicators.

QUOTE:
* I saw that indicators description contains links to a wiki with source code. Does it mean that we can write own indicators or update existing ?

Yes. You can modify any indicators from Community Indicators and TASCIndicators libraries, just not the built-in ones a.k.a. Standard Indicators. Both come with open source code but if you need the API reference, here's it: Wealth-Lab Version 6 (.NET) Development Guide
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Olekso-Monsterlo

#3
Thanks Eugene! Very fast and detailed replay.

Maybe someone who familiar with Triple Screen Trading System will share his experience :)
I found a few topics where this system was mentioned so maybe someone will answer too.