If you trade stocks, options, or futures on TradeStation and are looking for an edge in the market, take a look at this post. I will be sharing some of my favorite indicators that can help traders make better trading decisions by improving their understanding of the markets. I hope you find these as helpful as I have!
We’ve developed some bespoke indicators, others we’ve found on the internet on other websites, and we’ll provide you with the links to download them.
We have looked for ways to organize the indicators to make your search quick and easy. You will find a short description of the indicator and the link to download it.
If you want, you can directly visit the page where all our free indicators are present and download them all for free.
A few important points before you begin downloading
Before you begin downloading tradestation indicators for free, we’d like to remind you of a few important points.
The easiest method to obtain an indicator for TradeStation is to download it. However, you will never be pleased with what you have downloaded. There will always be something else you would want to change or add. Experimentation, statistics, and endless backtesting are all involved in automated trading.
If you’re using TradeStation or MultiCharts as your primary platforms, learning the EasyLanguage programming language is by far the most significant investment you can make.
Clicking this link will take you to a list of numerous free lessons that will help you get started with the programming language. It isn’t necessary to write an indicator or strategy from scratch, as many times it’s enough to make a few modifications and do so by understanding the fundamentals of the programming language.
In addition, some programs allow you to create TradeStation and MultiCharts indicators quickly with a few clicks for little money. EA Builder is a program we’ve often used to generate simple signals, and is ideal for creating essential and beginning signals.
If you want more sophisticated indicators or strategies, please get in touch with us, and we will try to connect you with a good freelancer who collaborates with us and can assist you at low costs.
Free Downloadable TradeStation Indicators
ADX Histogram and Slope Indicator
The Average Directional Index ADX is a good indicator for determining whether or not the trend is strengthening. Every time traders must decide if the price is rising or declining.
We may also include the ADX Slope Indicator in our indicator set. We’ve created several free Slope Indicators, including the Moving Average Slope Indicator.
The slope direction is straightforward to detect; you need to compare the most current ADX value with the two previous ones.
Auto Trendlines Indicator
The indicator draws two horizontal trendlines, one support (Red Line) and one resistance (Green Line).
The highest and lowest values of the previous 20 bars are determined by default settings, and two are drawn in the previous 100 candles.
If you want to get the highest or lowest value from a longer period, simply replace the BackHigh_Calc and BackLow_Calc variables.
SuperTrend Indicator for TradeStation
The SuperTrend Indicator for TradeStation is a highly effective trading tool that can help you spot rising trends. The SuperTrend Indicator doesn’t use lagging indicators like the moving average to trade intra-day movements.
The ST indicator may assist intraday traders in predicting future trends, as well as longer-term predictions. Today is one of the most widely used tools among traders.
The SuperTrend Indicator is a follower trend indicator. These indicators inform us whether the current trend is continuing or changing course.
The Supertrend is based on Wilder’s Parabolic SAR, which was also made in the same mold. The benefit of the Supertrend is that it stands horizontally when prices laterally, preventing us from getting out of position before time.
Smoothed RSI indicator for TradeStation and MultiCharts
This article will teach you how to improve a trading strategy’s performance and reaction time with a bit of a lag penalty. We may do this by employing smoothing indicators that trade-off increased delays against less noise in indicator signals from price changes.
Let’s see how to make a smoothed RSI indicator in Easylanguage for TradeStation and MultiCharts without using a Moving Average. We’ll use the standard RSI, and we’ll create two custom indicators.
The traditional indicator is placed below the graph on the chart. Another interesting thing about indicators is that you can place them everywhere.
For instance, we created a PaintPar indicator that changes the candle colors based on the trend.
Connors RSI2 Strategy free download
If you want to reduce the risks associated with your trades, Connors RSI 2 strategy is one of the most excellent methods.
This post will show you how to implement this technique in conjunction with the explanation for Connors’ RSI-2 indicator so that you may profit from it, too, using TradeStation or MultiCharts.
We’ll apply this technique to the SPY, a popular US stock index ETF. You will also learn how to set up a TradeStation strategy using EasyLanguage for the Connors RSI-2 system. You’ve established the trend with a 200-moving average; now choose an RSI level to indicate purchasing or selling possibilities within the direction.
For buy orders, Connors used RSI levels of 0 to 10; for sell orders, he used levels ranging from 90 to 100.
According to our findings, investing on an RSI dip below 5 resulted in greater returns than investing on a RSI fall below 10. In other words, the less an RSI drooped, the higher the profits from subsequent long bets.
Exponential Bollinger Bands – Download, Tips and Strategies
The Bollinger Bands are most often derived with a simple 20-period mobile average. The behavior of the Bollinger Bands will not be substantially altered by utilizing an exponential moving average.
The Exponential Bollinger Bands indicator’s most significant features are as follows: The bands will stay closer to prices when the market is calm. When volatility is high, the bands move away from prices more quickly.
In reality, the Exponential Bollinger Bands are more responsive to price fluctuations. In this post, we’ll explain why this happens and show you how to take advantage of it.
Double Exponential Moving Average DEMA
The use of a Double Exponential Moving Average might be the perfect alternative if you want to make your Moving Average more leading and less lagging.
The DEMA is estimated using an exponential average, which gives greater importance to the most recent prices than the earlier ones. As a result, it should be more in line with the market and its continuous changes.
Let’s take a look at the Moving Average in action. This represents a simple moving average, which is plotted on the y-axis and summarized as an exponential moving average on the x-axis. We can compare that to a double exponential moving average by drawing it as such:
A double exponential moving average responds more strongly to changes in volatility than a simple moving average.
If you’re employing a trend follower approach, the ideal moving average is a simple moving average. Your mission with this strategy is to follow the trend as long as possible, and a slower-moving average can help you achieve that goal.
Instead, if you’re creating a reversal system and need to react quickly to changes in the market, the Double Exponential Moving Average is the way to go.
SuperTrend Multi Time Frame Indicator
What do you think about reducing as many false alarms by utilizing the SuperTrend in several timeframes?
In general, we prefer indicators with a lot of parameters or time scales. Averaging is usually a winning option when trading.
We utilize 60 minutes, daily, and weekly time frames. We may affect the intraday session’s actual trend, but only concerning the long-term trend.
When the three SuperTrend are long, our indicator turns green; when short, it turns red.
When there is no identified aim, the indicator remains flat and becomes black.
Auto-trade divergences indicator free download
A divergence occurs when a momentum indicator and the market disagree. The relative strength index (RSI), stochastics, and rate of change (ROC) are all momentum indicators.
You may quickly identify the difference with your eyes, but you can utilize a TradeStation automated indicator that you can download for free.
Our modest suggestion for you is to apply two moving averages (10 and 20 periods) to RSI and Price.
There is a divergence when the fast-moving average of prices is above the slow-moving average, and the fast-moving average of the oscillator is below the slow-moving average.
Coppock Curve free download for TradeStation
The Coppock Curve for TradeStation is a momentum indicator. The Coppock Curve aims to show long-term investing possibilities in the US stock market. This is an essential technical tool for detecting buying opportunities in the S&P 500 and Dow Jones Index, two major stock indices.
Coppock looked for buying opportunities once the indicator had moved from negative territory to positive. Even though Coppock did not utilize it for sell signals, many technical analysts consider a cross from positive to the negative ground as a sell indication.
We did not use the Coppock Curve to find bottoms. The Coppock curve was made for rising stocks and identified them. As a result, it simply signals to buy recommendations by default.
The Coppock Curve indicator for TradeStation is more effective in shorter timeframes, such as daily or weekly. For the study of many markets, we prefer the Coppock. It may analyze all of Standard & Poor’s sectors.
The Coppock Curve’s zero line serves as a trade trigger, with buy and sell signals generated when the line rises above or falls beneath zero. When the Coppock has recovered to its original position, investors may sell out long holdings and restart long positions.
Perry Kaufman – Efficiency Ratio Indicator
The Kaufman Trading Efficiency Ratio is a trading method based on Perry Kaufman’s market efficiency model, which he outlined in his book “Smarter Trading: Improving Performance in Changing Markets.”
The perry Kaufman Efficiency Ratio for TradeStation is calculated by dividing the price variance over time by the number of price changes that triggered it. The proportion resulting from this calculation is between 0 and 1, with higher values indicating a more efficient or trending market.
The Efficiency Ratio is a ratio that ranges between 0 and 1. It has the value of 1 when prices move in the same direction for the duration of the indicator’s calculation, such as n bars. It has a value of 0 when prices do not change over the n periods.
When the intervals between price changes are short, the denominator of the equation becomes far greater than the numerator, putting ER in danger of becoming zero.
It’s a unique technique for spotting and quantifying the trend of a financial instrument. “The trend is your friend” is a commonly used trader saying. It implies that following the current flow is a secure, conservative strategy.
Bollinger Bands BandWidth
The Bollinger bands squeeze signal shows as an elastic green line on charts with “BANDWIDTH” below, and it’s easy to spot even if they’re moving quickly or sitting there thinking. That is why this is so popular among scalpers who trade equities effectively by squeezing.
The Bollinger Band Width has the same two variables as the Bollinger bands: how many days to use for the middle band and how many standard deviations to include in each band.
A bandwidth indicator is a technical tool used to forecast changes in bandwidth (low values of bandwidth) or greater volatility (high values of bandwidth).
The BandWidth indicator tells you when the Bollinger Band Squeeze has begun. The amount of the squeeze will tell you what is going to happen.
Squeeze analysis can assist you in making sense of what may appear to be chaos by identifying key market turning points based on chart patterns such as breakouts (breakout), follow-throughs (squeeze), and retracements.
Free indicator tutorials for TradeStation and MultiCharts with EasyLanguage
In this part, you’ll discover a variety of TradeStation and MultiCharts indicators that aren’t available for download, but which can be created with a simple tutorial in EasyLanguage.
In the following tutorials, you’ll discover all of those codes necessary to create an indicator quickly and simply!
Intraday Intensity Indicator
The Intraday Intensity Index for TradeStation and MultiCharts is a technical indicator that combines volume with the price of an asset. This index can help traders see how today’s intraday highs and lows compared to yesterday’s closing prices, giving them insight into market sentiment for today’s trading sessions.
The Intraday Intensity Index Indicator is a volume measurement that considers the position of the closing trade within the session’s range of movement.
The Intraday Intensity Index is a measure of significant changes in prices due to volume. Because large volumes are frequently driven by institutional trading, we can also use it to reveal what’s going on with the markets and where there may be some possibilities if you understand how these things function.
Large volumes of trades are often driven by institutional trading. If there is a large number of bullish factors, it means that the market will do well. If there are more downward forces, this means that the market will do worse.
The basic concept of the Intraday Intensity Indicator for TradeStation is correct. However, it is also influenced by simplification: different phases may affect the session’s progress.
Bollinger Bands Reversal Price Exit Setup
In this EasyLanguage lesson, we look at how to use Bollinger Bands. The technique works best on markets that mean-revert. So you need to find mature and very liquid markets that usually react positively to these logics in the S&P500.
The stretagy will only buy when the closing price from one day is lower than the lesser band and the last bar’s price is greater than or equal to the upper band. To avoid reacting to market fluctuations, we have a filter in place that looks for a trend.
HULL Moving Average
The Hull Moving Average is a faster way to identify turning points than the usual moving average. The Hull MA is a smoothed moving average that cuts down on market entry and exit lag. This moving average is frequently too fast, generating more false positives than the basic moving average.
Hull Moving Average is a type of moving average that is calculated from a weighted moving average. What makes Hull so fascinating is the fact that it’s based on a Weighted Moving Average.
There are already a lot of moving averages on your platform. Why should you use another? It’s true that you currently have a large number of moving averages, but each one is slightly different, and the tiny variance can sometimes totally alter a plan.
The Vortex Indicator
The Vortex Indicator is a highly useful technical indicator that aids in the prediction of new trends.
14 periods are generally used for the Vortex Indicator. We may use it on a daily basis as well as intraday timeframes (15-30-60 minutes).
The indicator consists of two lines, one rising and the other falling. These lines may be used to assess what is currently going on in the market. The trend is bullish if the +VI is higher than the -VI.
Stock Trading System Benchmark Indicator
We established a buy-and-hold indicator in the context of comparing stock trading systems. Our stock trade system is benchmarked against the conventional buy and hold strategy.
We first figure out how much Capital we’ll require, and then I buy the ETF SPY for the same amount and keep it for the whole time frame of our approach.
This is a time-tested and obsolete approach to investing. We must spend less time in the market these days to avoid a similar occurrence.
The buy-and-hold technique is sometimes more successful, but it also has bigger drawdowns. We had a significant drop in 2008, for example.
We developed a Stock Trading System Benchmark Indicator that includes two trend lines.