Automated Trading with MultiCharts
Multicharts is a charting and automated trading platform, designed for futures, stock, and forex traders. It is highly professional and very flexible in nature. It allows traders to analyze and plot various data series of different times. It also enables them to use symbols from multiple data feeds and all this can be done in same chart window. It allows traders to mix time based and count based charts and also insert their own bids and trade on same chart.
Upon opening the program, the user selects between real-time or local (historical) data. MultiCharts opens up with a default workspace that is simple to change, or you can create your own. Linking to my real-time datafeed was a simple process and MultiCharts supports many of the feeds available. There are several steps involved in adding each symbol, but it is a logical process. I found that customising my chart and adding indicators was an intuitive process. All are available by right clicking on the chart or the background. A wide range of options is then available on different tabs. Users who are conversant with EasyLanguage can edit the preset indicators using the PowerLanguage program, or write their own.
As would be expected MultiCharts offers a wide range of technical indicators including Bollinger Bans, MACD (Moving Average Convergence Divergence), Volatility and Price Oscillator. They also have a wide range of Technical Analysis Signals such as TrendLine Breakout and Elliott Wave System. Should this not be enough MultiCharts offers the ability for a user to write their own technical analytics using EasyLanguage scripting which is a programming language chosen for the ease with which a non-programmer can pick it up and use it. There are numerous tutorials and user forums to help get to grips with it and to generate new ideas.
Optimisation is an important tool for traders that look for optimal combinations of their strategy inputs. There are two common methods of doing this – bruteforce and genetic algorithms. Each has its own advantages and disadvantages. Brute-force tries every possible combination and gives you the best result, while genetic tests only a sample but tries to find the nearly-optimal results in a fraction of the time brute-force takes. MultiCharts is a multi-threaded application, so new computers with multiple cores will perform optimisation significantly faster than older single-CPU machines. You can optimise for any parameter, such as Max Net Profit, or Min Number of Trades, or even write your own custom suitability functions.
MultiCharts can be configured to automatically trade through Interactive Brokers, Zen-Fire, Trading Technologies and Patsystems. Most often, market position information can be obtained via the broker. This software offers two types of automatic trading, synchronous and asynchronous. Synchronous auto trading plots entry/exit arrows on the chart after order execution. Asynchronous auto trading plots entry/exit arrows on the chart when the price value meets a specific strategy position. We liked that MultiCharts provides two choices to traders, so they can select what works best for them.
Online MultiCharts hosts numerous tutorials, mostly related to creating charts and importing data; they do not offer general trading information. In addition, their forum only provides MultiCharts information; it does not support general trading information or strategy discussion. The software comes with help files, a feedback link and the ability to check for updates, which, if the software is purchased, updates are free for life.
MultiCharts has an excellent strategy per formance viewer and can automatically prod uce 3D charts, a vital component of serious optimisation. TS support has made a great effort to ensure MultiCharts is compatible with basically any data format a vailable, which is convenient for its real-time functionality. An ‘alert’ system and the option of automated trading are very useful features for intraday and short-term traders, and allow the software to be used as a main market interface, not simply a strategy-testing system.
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