The following knowledgebase article is currently intended for a subset of invited testers only. We plan to make this update available to others in the future.
Please do not ask about this information in the live trading rooms.
Questions can be directed to John via support@basecamptrading.com Watch for more information about this coming soon.
We made some updates in our ValueCharts(R) indicators for Thinkorswim. These changes are just for the Thinkorswim platform. The indicators that have been updated include ValueCharts(R), ValueBars, and several other indicators that use these algorithms. They will generally have a version number of 1.4 or higher. The following FAQs may be helpful in answering questions about the revisions.
FAQs
Why were the indicators updated?
The new versions include some improvements to the algorithms that make them more efficient and better aligned with other platforms' implementations. We also tried to improve input naming consistency, update default input values, and provide the ability to adjust colors.
How do I switch to the new versions?
Import the new indicators as you would any other indicators. The new versions begin with MQ_, so the old ones, which may not start with MQ_, may still be present. Once you confirm that you no longer need the old versions, you can remove the old ones and replace the old instances on your charts. Note that the initial test versions of the indicator have different names. Once the testing is complete, the updated versions can be downloaded to replace the original version on your charts.
Does this update apply to all platforms?
No. This update applies just to the thinkorswim implementations.
What is the Version input for?
The updated indicators will include a version number so you can tell if you're running the new version. While this number can be changed, just like any other input, we suggest you leave it unchanged. If you want to confirm that you're using a certain version, and you've saved a new default for the indicator, you can click the Reset to factory default link on the Indicator's properties dialog and get back the original values of the Version input, as well as other default settings. The following image shows where this link is, which is only available after using the Save as default link to save new default values.
What happens if I change the version number input?
Changing the version input has no effect on the indicator. It's merely present to indicate the version number. We suggest you do not change the Version input value, as changing it will no longer represent the correct version number of the indicator.
What are the new inputs in ValueCharts?
Along with the new Version input, ValueCharts has three new inputs. Show Label determines whether a label is shown providing the text of the ValueCharts(R) state of the current bar's close. Show Bands determines whether the color bands are displayed, or just the ValueCharts(R) bars themselves are shown. Show Levels determines whether lines are provided that depict the points where the colors change. Note also that NumBars was renamed to AnalysisPeriod to match the input name on other platforms. Also, there are new color settings that can adjust the ValueCharts(R) colors, which can be found in the indicator's properties under the Globals section.
What are the new colors for in ValueCharts(R)?
Since some people have difficulties in telling some colors apart, especially red and green, we have provided the ability to change the default ValueCharts(R) colors. There are three groupings of colors that can be changed.
- VCGreen, VCRed, VCYellow - Set the color of the ValueCharts(R) bars
- zBandGreen, zBandRed, zBandYellow - Set the colors of the ValueCharts(R) bands, or zones. These are the regions of color displayed on the ValueCharts(R) plot. Note that these zones change in intensity depending on whether the cursor is hovering over the plots.
- zLevelRed, zLevelYellow, and zLevelZero - Set the colors of the optional lines that separate the color zones, as well as the zero level that would appear in the center of the green zone. Though they're defaulted to gray, you may wish to make the lines red, yellow, and green, respectively.
You can find the colors under the Globals section of the indicator's property dialog, as shown in the following image. Click on a color swatch to change the color. Click on the Save as default link at the top of the dialog to make the colors and other settings the default for the next time the indicator is added to a chart.
Where can I set the colors of ValueCharts(R) and other related indicators that allow it?
You can find the color swatches in the Globals section of the indicator's property dialog, as shown in the image, above. You may need to click on the arrow to the left of the word, Globals, to expand the section and see the swatches. Scroll down to find them if needed. Definitions of these colors are provided in the FAQ before this one.
How can I make ValueCharts(R) in Thinkorswim appear more like it does in TradeStation?
With this new version, we've provided the ability for ValueCharts(R) to appear in Thinkorswim more like it does in TradeStation. The bars are already colored now to identify the ValueCharts(R) color on the bar itself, so the colored bands are no longer required. The bands are enabled by default, but they can be disabled by setting ShowBands to No, leaving just the colored bars. This will make it appear similar to how it appears in TradeStation.
How do I make the zero level appear in ValueCharts(R)?
The zero-level plot is disabled by default. To enable it, make sure that Show Levels is set to Yes, and then make sure the plot is enabled by assuring that Show Plot is checked for the ZeroLevel plot, as shown in the following image:
How do I hide the Zero Level?
The ZeroLevel will only appear if the Show Levels input is set to yes, and its plot is enabled. With Show Levels enabled, you can hide the Zero Level by unchecking its ShowPlot option, as pointed to by the red arrows in the above image.
Do the indicators work on both dark and light backgrounds?
You'll find that our room hosts typically use a darker background in their charts, but the indicators can work on either a light or dark background. A dark background is probably preferred, as it will be easy to discern the various colors without modification. If you select a light background, such as white, you may have difficulty seeing the yellow as it's close to the white color. To make the yellow stand out better, you could select a darker yellow or something closer to orange or brown. These new versions allow you to select colors for any of the ValueCharts(R) colors. You could even use a completely different color, such as blue, if it makes it easier to see. We will continue to use colors to identify ValueCharts status, as well as the attribute like, "Moderately Overvalued". Unfortunately, there's no way to increase the thickness of the bars in Thinkorswim, which would have made it easier to see. When using a light background, you find it easier to use darker versions of the colors for the bars while turning on higher-contrast versions of the color zone bands. Experiment with what works best for your needs. If you struggle with getting the colors to be easy to see, you might find that a light gray background may be easier to use than a fully-white background.
Why are the plots different in the new versions of the ValueCharts(R) indicators?
Improvements in the algorithms to calculate the values makes slight modifications to the placement of the bars, so they will plot slightly differently from previous versions.
Why is the AnalysisPeriod (formerly NumBars) changed to 5?
In the original version, the first input was set to 14. We almost exclusively use 5 for this input, so we've changed the default value to 5.
How do I change the colors in MQ_ValueBars?
You can change the colors of the Red, Yellow, and Green indications by modifying the color swatches for each under the Globals section of the indicator properties dialog. Please refer to changing colors for ValueCharts above for a description of how to do this.
How do I change the colors in MQ_ValueLevels?
You can change the colors of the plots in MQ_ValueLevels by selecting the plot you want to change in the Plots section, and clicking on the color swatch for that plot. You can identify each plot by its name. The negative ValueCharts(R) value plots begin with an underscore. For example, Plots VCLevel12 and _VCLevel12 represent the ValueCharts(R) +/- 12 plots, which are defaulted to red.
Can I selectively show only certain levels in MQ_ValueLevels?
Yes, you can selectively uncheck the Show Plot option for each plot within the Plots section of the indicator properties dialog. Uncheck the plots you want to disable.
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