In order to support the EdgeClub templates based on the ‘Trading Leveraged ETFs with ConnorsRSI’ strategy guide from TradingMarkets.com a few new indicators and scripts have been added to the EdgeClub. They are listed below:
New Functions that can be called from Chart Script:
|Number of bars that current streak has run. negative value means downstreak, positive value means upstreak, 0 means close this bar == close previous bar
|Generates scale-in signals whenever price is less than previous entry price
|The Percentage Rank of the current bar's value compared to N previous bars values for the data passed in
New Chart Script:
|Indicator displaying ConnorsRSI value
|Indicator that shows the number of bars that current streak has run. A streak is defined as a consecutive higher or lower closes. A negative value indicates a downstreak, a positive value indicates an upstreak, 0 indicates that the close price of this bar is the same as the close price of the prior bar.
|The N Period RSI of the streak of higher or lower close prices.
|The 1 day percentage change rank of the current bar compared to N previous bars
|An indicator that shows the ConnorsRSI Leveraged ETFs trading system in a chart sub area. The value of the indicator identifies how many scale-ins are being held at any time. The EXITSCRIPT parameter is necessary to provide a cut-off for scale-in signals and return to detection of main setup signal.
|An indicator that shows the ConnorsRSI Leveraged ETFs trading system state.Each value of the indicator identifies a state of the system as follows: 0 = no position, 1 = Buy First Unit, 2 = Buy 2nd Unit, 3 = Buy 3rd Unit, 4 = Buy 4th Unit, 5 = Buy 5th Unit, -1 = Hold, -2 = Exit Long. This indicator is designed for use by the EdgeClub templates.
|Scan for ConnorsRSI (3,2,100) > X
|Scan for all ConnorsRSI leveraged ETFs trading setups. Among other criteria this scan detects where ConnorsRSI(3,2,100) < X. This scan does not detect additional scale-in points.
|A scan that detects all ConnorsRSI Leveraged ETF entries including initial entry and additional scale-in points. The MaxEntries variable determines how many scale-ins are allowed (including initial entry). The EXITSCRIPT parameter is necessary to provide a cut-off for scale-in signals and return to detection of main setup signal. This scan can be used in the 'Entries' tab.
These scripts are used directly by the EdgeClub templates for simple one button press operation. But more adventurous users can use these scripts for scanning and for charting by going to the relevant tab in the application and using the scripts which will be located in the Script Library.