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Retracement Drawing Force-To-Nearest-Tick display


#1

Occasionally I see some really nice features that I find very handy for trading.
This is one of them.

Sierra Charts allows to force-to-nearest tick option for drawings.
So for example for I try to apply a % retracement study on very small time frame in
low vol environment, many times I had other platforms just plotting the retracement levels
on a “sub-tick” number that was a simple math but it would show some odd numbers and
It was my manual work to decode the nearest tick which always adds some wasted calculation
time.

I am very excited to see that Sierra allows a quick fix and forces the drawings to nearest tick
so I can faster placed my adequate orders.

Started liking Sierra more and more after an initial cold period.

Cheers,

  • P11


#2

@Project11

Glad you are liking the platform so far! Thanks for mentioning this unique feature of Sierra Chart.

I’d also like to mention, that if you’d like, you can also change the displayed percentages of Fibonacci retracement lines and even add more than the default drawing tool displayed.

You can configure additonal levels and different percentages by heading over to 1. Tools > Tool Configs > Price Retracement Config

As you can see based on the image below, you can individually customize the %'s of the displayed retracement levels. You can also enable additional levels, customize colors, styles, and widths.

I’d also like to mention if you head over to the Options tab, you can display the actual price level for the retracement lines, enable vertical lines, extend your retracement lines to the Y axis of your chart, and much more. Just something to think about!

Thanks for the great feedback on Sierra Chart!
Jake
Optimus Futures Support :optimus_logo_no_backroug:
(800) 771-6748


#3

@Mod-JakeM,
Thanks for the details.
I already customized the %/Price, extensions, width and colors. The size of the font of the drawing wasn’t in the same area.
Now, I have all the Retracements setup as I would like. Very pleased.

Q: is it possible to attach an order to a retracement or a price level on a chart?
So for example, can I use a custom horizontal line or a series of Fib retracements to automatically purchase or sell once the price trades at those levels? It would be a form of automation instead of placing orders manually on the chart or the Dom.
I’m sure there’s a lot of tricky issues with this particular inquiry but I was curious what is available and can one attach a custom order to any drawing or study in the Sierra Chart environment?

Thanks a lot @Mod-JakeM,
Regards,

  • P11

#4

@Project11

As far as I know, automated orders cannot be attached to a drawing on Sierra Chart.

That being said, there are custom studies that can be created by the user to automate trading.

This may require some coding on your end though. We typically like to answer questions directly on our forum, but the topic of automated trading studies on Sierra Chart is quite extensive. For that reason, I’d like to provide you with this documentation from Sierra Chart directly on how to potentially get started with creating your own customized automated trading study: https://www.sierrachart.com/index.php?page=doc/ACSILTrading.html

Feel free to post any customized studies that may work for you. We’d love to gain some insight from our traders who have experimented with automated trading studies on Sierra Chart.

Thanks for following up!
Jake
Optimus Futures Support :optimus_logo_no_backroug:


#5

Great resource. Thanks @Mod-JakeM,
I will be researching and referencing that link.

It looks like Sierra Chart does support a variety of automated trading protocols.
My most favorite is Excel based environment and again, Sierra Chart outshines many competitors.
It is most thrilling to learn that Sierra Chart has designed a built-in spreadsheet auto trading and spreadsheet based environment to develop custom indicators and auto trading modules.
Am I correct with my assumption?
I will no longer be bound to a 3rd party/stand-alone Excel product and run into potential compatibility issues etc?
Does it mean, one does not need an actual copy of Excel running to use Sierra Chart spreadsheet features?

Keeping my fingers crossed.
Regards,

  • P11

#6

@Project11 We actually have a video on the topic of how to get started with using Sierra Chart’s built-in spreadsheet:

To my knowledge, it is not necessary to have a 3rd party spreadsheet product if you would like to dabble in automated trading with Sierra Chart.

However, one still can be utilized if you already have one. If you’d like, you can import/export to and from a 3rd party spreadsheet software such as Microsoft Excel. If you take a look at the image below, there are quite a few options to import or export data as a text file, which in turn, can be imported into a 3rd party spreadsheet software.

Thanks for the response,
Jake
Optimus Futures Support :optimus_logo_no_backroug:


#7

@Mod-JakeM ,
Great video and good introduction to Sierra Chart spreadsheet trading.
I will be looking forward to get to it once I get a handle on the general functions of the interface.
Cheers,

  • P11