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Printed Documentation Table Of Contents FutureSource Workstation ............................................................................................................... 1 Workstation Framework ................................................................................................................... 3 The Workstation Desktop ............................................................................................................. 3 Menu Bar...................................................................................................................................... 3 System Requirements .................................................................................................................. 4 License Agreement ...................................................................................................................... 5 Log In to Workstation ................................................................................................................... 5 Workspaces ................................................................................................................................. 5 About Workspaces ................................................................................................................... 5 Create a New Workspace ........................................................................................................ 6 Save a Workspace ................................................................................................................... 6 Exit Application ......................................................................................................................... 6 Workspace Auto Recovery ....................................................................................................... 6 Pages ........................................................................................................................................... 7 About Pages ............................................................................................................................. 7 Page Hibernation ...................................................................................................................... 8 Create New Page ..................................................................................................................... 8 Navigate Between Pages ......................................................................................................... 8 Rename Page .......................................................................................................................... 9 Copy and Paste Pages ............................................................................................................. 9 Clear Page.............................................................................................................................. 10 Delete Page ............................................................................................................................ 10 Windows ..................................................................................................................................... 11 About Windows ...................................................................................................................... 11 The Active Window ................................................................................................................. 11 Window Title Bar .................................................................................................................... 12 Arrange Windows in the Workspace ...................................................................................... 12 Rename Window .................................................................................................................... 13 Cut, Copy and Paste Window ................................................................................................ 13 Duplicate Window ................................................................................................................... 13 Application Tools ........................................................................................................................ 14 Function Keys ......................................................................................................................... 14 Toolbars.................................................................................................................................. 14 Quick Start Toolbar ................................................................................................................ 15 Undo Changes ....................................................................................................................... 15 Dock/Undock Toolbars ........................................................................................................... 16 Global Settings ........................................................................................................................... 16 Setting Global Alerts Options ................................................................................................. 16 Symbol Search Preferences................................................................................................... 18 Price Display Format .............................................................................................................. 19 Time Display Format .............................................................................................................. 19 Data Source Properties .......................................................................................................... 20 Status Bar ............................................................................................................................... 20 Default Model ......................................................................................................................... 21 Theta/Vega Display Format.................................................................................................... 21 Edit Default Model Parameters .............................................................................................. 21 Charts ............................................................................................................................................ 23 About Charts .............................................................................................................................. 23 The Chart Window .................................................................................................................. 23 Chart Toolbar ......................................................................................................................... 23 Chart Active Plug-in Toolbar .................................................................................................. 24 Data View Window ................................................................................................................. 25 About Continuation Charts ..................................................................................................... 26 iii Printed Documentation Continuation Chart Syntax ..................................................................................................... 27 Creating Charts .......................................................................................................................... 28 Create a Chart ........................................................................................................................ 28 Create a Continuation Chart................................................................................................... 29 Symbol Search ....................................................................................................................... 30 Change Chart Symbol ............................................................................................................ 32 Modify Continuation Chart Parameters .................................................................................. 33 Examples of Continuation Chart Headers .............................................................................. 34 Add a Symbol as an Overlay .................................................................................................. 35 Copy, Cut, Paste Chart Objects ............................................................................................. 36 Delete the Symbol from the Chart .......................................................................................... 36 Chart Types (Aggregation) ..................................................................................................... 36 Studies ....................................................................................................................................... 37 Available Studies .................................................................................................................... 37 Add a Study to a Chart ........................................................................................................... 40 Overlay a Study ...................................................................................................................... 40 Change Study Color ............................................................................................................... 41 Change Study Properties ....................................................................................................... 41 Delete a Study from a Chart ................................................................................................... 41 Study Descriptions and Properties ......................................................................................... 41 Tools .......................................................................................................................................... 84 Tools List ................................................................................................................................ 84 Drawing Toolbar ..................................................................................................................... 85 Working with Tools ................................................................................................................. 85 Available Tools ....................................................................................................................... 87 Tool Properties ....................................................................................................................... 98 Working with Panes ................................................................................................................. 106 Chart Panes.......................................................................................................................... 106 Add a Symbol to a New Pane .............................................................................................. 106 Resize Pane ......................................................................................................................... 107 Delete Pane .......................................................................................................................... 107 Scales ...................................................................................................................................... 108 Auto-Scale ............................................................................................................................ 108 Compress or Expand the Price Scale .................................................................................. 109 Compress or Expand the Time Scale .................................................................................. 109 Scroll Chart Horizontally ....................................................................................................... 110 Properties ................................................................................................................................. 110 Plot Styles............................................................................................................................. 110 Change Chart Symbol Color ................................................................................................ 111 Customize Chart Display Settings ........................................................................................ 114 Quotes ......................................................................................................................................... 121 About Quotes ........................................................................................................................... 121 The Quote Window ............................................................................................................... 121 Quote Active Plug-in Toolbar ............................................................................................... 122 Creating Quotes ....................................................................................................................... 123 Create a Quote ..................................................................................................................... 123 Insert Symbols on Quotes .................................................................................................... 123 View Previous Prices ............................................................................................................ 124 Symbol Search ..................................................................................................................... 124 Change Quote Symbol ......................................................................................................... 126 Delete a Symbol from a Quote ............................................................................................. 126 Expressions on Quotes ........................................................................................................ 127 Exchange Traded Spreads................................................................................................... 127 Open a Chart from a Quotes Board ..................................................................................... 127 Open a Data Table from a Quote ......................................................................................... 128 Open Time & Sales from a Quote ........................................................................................ 128 iv Table Of Contents Columns ................................................................................................................................... 128 Quote Columns .................................................................................................................... 128 Special Price Characters ...................................................................................................... 131 Drag and Drop Quote Columns ............................................................................................ 132 Increase/Decrease Quote Column Width............................................................................. 132 Sort Data in a Quote Column ............................................................................................... 132 View Contract Name on a Quotes Board ............................................................................. 133 Customize Quote Columns .................................................................................................. 133 Best Column Fit .................................................................................................................... 135 Fit Quote Columns to Window.............................................................................................. 135 Change Quote Column Set .................................................................................................. 136 Delete a Quote Column ........................................................................................................ 136 Rows ........................................................................................................................................ 137 Add a Blank Row to a Quotes Board ................................................................................... 137 Delete a Quote Row ............................................................................................................. 137 Cut Row from Quote ............................................................................................................. 138 Quotes Board Row Headers ................................................................................................ 138 Insert Title on a Quotes Board ............................................................................................. 139 Change Quotes Board Title .................................................................................................. 139 Remove Quotes Board Title ................................................................................................. 140 Tabs ......................................................................................................................................... 140 Add a Tab to a Quotes Board............................................................................................... 140 Rename Tab ......................................................................................................................... 140 Clear Quotes Tab Contents.................................................................................................. 141 Delete Tab ............................................................................................................................ 141 View Quote Tabs .................................................................................................................. 141 Properties ................................................................................................................................. 142 Customize Quotes Board Display Settings .......................................................................... 142 Save a New Quotes Board Theme ...................................................................................... 145 Apply a Theme to a Quotes Board Window ......................................................................... 145 Quote Color Alerts ................................................................................................................ 146 Resize Quote Font on a Quotes Board ................................................................................ 147 View Quote Scroll Bars ........................................................................................................ 147 Flash Quotes ............................................................................................................................ 148 About Flash Quotes .............................................................................................................. 148 Flash Quotes Active Plug-in Toolbar .................................................................................... 150 Open Flash Quotes .............................................................................................................. 150 Flash Quotes Column Width ................................................................................................ 151 Customize Flash Quotes Display Settings ........................................................................... 151 Save Flash Quotes Theme................................................................................................... 153 Apply a Theme to Flash Quotes ........................................................................................... 154 Delete Flash Quotes Theme ................................................................................................ 154 Copy/Paste - DDE Links .......................................................................................................... 155 Copy and Paste Quote Rows ............................................................................................... 155 Copy Text from Quote .......................................................................................................... 155 About DDE............................................................................................................................ 155 Copy / Paste DDE Link ......................................................................................................... 156 Options ........................................................................................................................................ 159 Viewing Options ....................................................................................................................... 159 View Options using Flash Quotes ............................................................................................ 160 View Options using a Quote Window ...................................................................................... 161 Default Model ........................................................................................................................... 163 Edit Default Model Parameters ................................................................................................ 163 Theta/Vega Display Format ..................................................................................................... 164 Data Table ................................................................................................................................... 165 About Data Table ..................................................................................................................... 165 v Printed Documentation Data Table Active Plug-in Toolbar ........................................................................................... 166 Open Data Table ...................................................................................................................... 166 Sort Data Table ........................................................................................................................ 167 Drag/Drop Data Table Columns............................................................................................... 167 Go to Most Recent Data Entry ................................................................................................. 168 Change Data Table Aggregation ............................................................................................. 168 Customize Data Table Display Settings .................................................................................. 168 Time & Sales ............................................................................................................................... 169 About Time & Sales ................................................................................................................. 169 Open Time & Sales .................................................................................................................. 169 Time & Sales Active Plug-in Toolbar ....................................................................................... 170 Time & Sales Navigation .......................................................................................................... 170 Change Time & Sales Symbol ................................................................................................. 171 Change Time & Sales Columns ............................................................................................... 171 Drag/Drop Time & Sales Columns ........................................................................................... 171 Customize Time & Sales Display Settings ............................................................................... 172 Sort Time & Sales .................................................................................................................... 173 Filters ....................................................................................................................................... 173 Set Time & Sales Filter ......................................................................................................... 173 Highlight Filtered Time & Sales Data ................................................................................... 174 Clear Time & Sales Filter ..................................................................................................... 175 News ............................................................................................................................................ 177 About News .............................................................................................................................. 177 About News .......................................................................................................................... 177 News Active Plug-in Toolbar ................................................................................................ 177 About Fixed Story Numbers ................................................................................................. 178 Viewing News........................................................................................................................... 179 Open News Window ............................................................................................................. 179 Preview News Story ............................................................................................................. 179 Open News Story ................................................................................................................. 180 View News Using a Search Filter ......................................................................................... 180 Flash News ........................................................................................................................... 180 Sort Headlines ...................................................................................................................... 181 Print News Story ................................................................................................................... 181 Save News Story as Text ..................................................................................................... 181 Copy, Paste News Story Text .............................................................................................. 181 Minimize, Maximize, and Close News Window .................................................................... 182 Search ...................................................................................................................................... 182 Keyword Search ................................................................................................................... 182 Fixed Story Number Search ................................................................................................. 183 Custom News Search ........................................................................................................... 184 News Search Filters ............................................................................................................. 185 Clear News Search Filter ..................................................................................................... 185 Delete News Search Filter .................................................................................................... 186 Properties ................................................................................................................................. 186 Customize News Column Headings ..................................................................................... 186 Show/Hide News Scroll Bar ................................................................................................. 186 Customize News Display Settings ....................................................................................... 187 News Story Display Settings ................................................................................................ 188 Reuse Story Window ............................................................................................................ 189 Alerts ............................................................................................................................................ 191 About Alerts .............................................................................................................................. 191 About Alerts .......................................................................................................................... 191 About Price Alerts ................................................................................................................. 191 About News Alerts ................................................................................................................ 192 About Time Alerts ................................................................................................................. 192 vi Table Of Contents Alerts Window ...................................................................................................................... 192 Alerts Notification Window.................................................................................................... 193 Alerts History Log ................................................................................................................. 194 Setting Alerts ............................................................................................................................ 195 Setting Global Alerts Options ............................................................................................... 195 Set Price Alert ...................................................................................................................... 197 Add Price Alert from a Quote ............................................................................................... 199 Set News Alert ...................................................................................................................... 199 Set Time Alert ....................................................................................................................... 200 Enabling/Disabling/Deleting Alerts ........................................................................................... 200 Enable an Alert ..................................................................................................................... 201 Disable an Alert .................................................................................................................... 201 Delete an Alert ...................................................................................................................... 201 Browser ........................................................................................................................................ 203 About The Browser .................................................................................................................. 203 Browser Active Plug-in Toolbar ................................................................................................ 203 Home Page .............................................................................................................................. 203 Open a Browser Window ......................................................................................................... 204 Search in Browser Window ...................................................................................................... 204 Import/Export ............................................................................................................................... 205 About Importing and Exporting ................................................................................................ 205 Import Page.............................................................................................................................. 205 Import Window ......................................................................................................................... 205 Export Page ............................................................................................................................. 206 Export Window ......................................................................................................................... 206 Export Data .............................................................................................................................. 206 Export Image ............................................................................................................................ 207 Printing ......................................................................................................................................... 209 Print Contents of Window ........................................................................................................ 209 Print Preview ............................................................................................................................ 209 Page Setup .............................................................................................................................. 210 Your Account ............................................................................................................................... 211 My Account .............................................................................................................................. 211 Your E-mail Address ................................................................................................................ 211 Change Your Subscription Package, News Services or Exchanges ....................................... 211 Update Billing Information ........................................................................................................ 214 Update Contact Information ..................................................................................................... 214 View Invoices ........................................................................................................................... 215 Forgot Your Password? ........................................................................................................... 216 Change Your Password ........................................................................................................... 216 Billing Policy ............................................................................................................................. 217 Cancelling Your Subscription ................................................................................................... 218 Check for Software Updates .................................................................................................... 219 Index ............................................................................................................................................ 221 vii FutureSource Workstation Congratulations on your investment in FutureSource Workstation™. Workstation opens the door to a new dimension in expert data analysis. You will find this software to be the most comprehensive charting, analysis, news, and price display package you will find anywhere. To learn more about Workstation, visit http://workstation.futuresource.com About Workstation Workstation is a software application that receives tick-by-tick data via the Internet using FutureSource Market Data Server® (MDS) and Quantum Server. These server-side technologies represents a new generation of data management. Using real-time or delayed data received from the exchanges, Workstation allows you to analyze prices using advanced charting and technical analysis. Workstation also includes sophisticated news handling and full Windows 2000/XP and NT 4.0 functionality. Features Some of the features of Workstation include: Presentation — unlimited number of open windows in a flexible workspace environment, including multi-monitor support. Quotes — over 50 different price aspects including Greeks, and the ability to display studies on a quote board. Charts — Tick, Intraday, Daily, Weekly, Monthly, Continuation and chartable expressions Options — display option boards with customizable columns, where you can specify the number of strikes to show. Analysis — 41 Indicators and a complete set of drawing tools including Gann, Fibonacci and Andrew’s Pitchfork News — streaming real-time news Browser — built in browser component Alerts — real-time optical, acoustical, e-mail, or printed alerts to identify special price, condition, intersection, time, or news situations Historic Data Table — view and export historical data for any contract Last updated: 09/07/04. Version 1.8 1 Workstation Framework The Workstation Desktop Workstation’s desktop contains certain key components that you should become familiar with. Menu bar Toolbars Windows Window Title Bars Pages Status bar Menu Bar The Menu Bar is found along the top of the application window, and displays the menus specific to Workstation. Menus hold the commands you will use to create and modify workspaces and pages, organize your windows, and access user help. Menus also change depending on the content of the active window. For example, when a chart is the active window, the menu bar looks like: 3 Printed Documentation When a Quotes Board is the active window, the menu bar look like: System Requirements Operating System Requirements Windows 2000, XP or Windows NT Version 4.0 with Service Pack 4 or higher Windows 95, 98 and ME are not supported Minimum Hardware Requirements Pentium III 500 or greater 256MB of RAM or higher 100MB of hard drive space 800x600 or higher screen resolution Recommended Hardware Requirements Pentium III 500 or greater 512MB of RAM or higher 100MB of hard drive space 1024x768 or higher screen resolution Internet Connection Requirements An Internet Service Provider (ISP) via high-speed connection such as Cable, DSL, T1 or ISDN is required to run FutureSource Workstation. Using lower speed Internet services such as 56K will affect performance and is strongly discouraged. Corporate users: If running behind a firewall, port 4001 and 4002 must be open. Please contact your network administrator for assistance. For more information, please contact one of our sales representatives: U.S. Sales Headquarters: (800) 621-2628 E-mail: [email protected] In Europe, please call: European Sales Headquarters: +44 (0)20-7979-1000 E-mail: [email protected] In Australia or Southeast Asia, please call: Australia / Southeast Asian Sales Headquarters: +61 (0)2-9261-1513 E-mail: [email protected] In Brazil, please call: Phone: 011 55 11 3078-5786 E-mail: [email protected] 4 Workstation Framework License Agreement This documentation in all of its forms including printed and electronic, is owned and copyrighted by FutureSource L.L.C., hereafter referred to as FutureSource. Any reproduction, resale, or distribution of this documentation without the express written permission of FutureSource is prohibited and is a violation of United States copyright law. FutureSource reserves all rights worldwide. The software is owned and copyrighted by FutureSource. Any reproduction, resale, or distribution of this product is prohibited and is a violation of United States copyright law. FutureSource reserves all rights worldwide. This product is licensed to you on an "as is" basis and is without warranty of any kind, either expressed or implied. Furthermore, FutureSource shall not be liable for any damages, either directly or indirectly arising out of the use of this product. This includes loss of business, anticipatory profits, or consequential damages resulting from the use of or misuse of your computer and this software. The on-line documentation may contain inaccuracies and errors. FutureSource assumes no liability for any errors or omissions therein. It should not be assumed that the methods, techniques, or indicators presented in this manual or in the software will be profitable or that they will not result in losses. Trading involves the risk of loss as well as possibility of profit. Past performance is not a guarantee of future results. All investments and trades carry risk, and all trading decisions of an individual remain the responsibility of that individual. Copyright © 2003 by FutureSource L.L.C. All rights reserved. All FutureSource products are trademarks or registered trademarks of FutureSource. Other brand and product names are trademarks or registered trademarks of their respective holders. Windows, as used in this manual, refers to Microsoft's implementation of a graphical user interface. Log In to Workstation From your Start menu, select Programs | FutureSource | Workstation, or simply click the Workstation icon on your desktop (if you selected to install one during installation). Workspaces About Workspaces Every user who accesses Workstation must do so using their own reserved area. This area is known as a workspace. 5 Printed Documentation A workspace is a specialized file used to store and organize pages and windows created by a user. A workspace can contain many different types of windows, each with their own properties and characteristics, placed on one or more pages within the workspace. When you open Workstation, you may open a new workspace, or open a saved workspace. Workspaces can be saved or discarded when you are finished using them. When saved (using an .fsw file extension), they can be retrieved by any Workstation user. Create a New Workspace Creating a new workspace allows you to store and organize different kinds of pages and windows. For example, you might have one workspace used exclusively for organizing financial quotes, charts and news, and another workspace used exclusively for organizing energy quotes, charts and news. From the File menu, select New Workspace. Save a Workspace When you close Workstation, you are always asked if you wish to save the changes made to your workspace. In addition, you may save your workspace at any time using these commands: From the File menu, select Save Workspace. Note: If you wish to save the workspace using a different name, from the File menu, select Save Workspace As, then type a new name for the workspace. Exit Application Prior to closing Workstation, you should consider whether you need to save any of the changes you have made to the workspace. To close Workstation 1. From the File menu, select Exit. OR Click on the "X" in the upper right corner of the application. OR Press Alt + F4. 2. Respond to the question asking whether you wish to save your changes to the workspace. Workspace Auto Recovery 6 Workstation Framework If Workstation closes down unexpectedly, the software will attempt to recover your workspace the next time you log in. In this situation, you will be presented with the option to open a recovered version of the workspace, or the last saved version of the workspace. A recovered workspace may contain more of your recent entries than a saved workspace. Upon logging in, a screen such as this one will be displayed: 1. Select the workspace you wish to open by clicking on the version in the yellow box. Your selection will be outlined with a rectangle. 2. To view the workspace prior to opening, click the Preview button. 3. To open the workspace, click the Accept button. Pages About Pages One of the unique features of Workstation is its ability to store and retrieve a vast number of windows and analysis tools using a concept called pages. What is a page? A page, represented as a tab on the lower part of the workspace, is a holding area for one or more windows and represents the entire viewing area on the screen. Workstation allows you to create an unlimited number of pages in any workspace. Each page can contain an unlimited number of windows. 7 Printed Documentation A page, along with all of the data displayed on it, can be named for easy retrieval at a later time. You may find it helpful to put charts and quotes for specific contracts on their own pages, and then move between them as the trading day progresses. Page Hibernation When a page is not in view, Workstation will put the page in "hibernation" after a specified number of minutes, thus suspending the flow of streaming data to the windows on that page. Page hibernation is used to conserve system resources. For traders who move constantly between pages, you may want your hibernation setting to activate after a longer period of nonuse. For those who may only switch pages every hour or so, a shorter period may be more appropriate. By default, pages will hibernate after 20 minutes of non-view. To modify page hibernation settings 1. Open the page by clicking on its tab. 2. From the Page menu, select Hibernate Inactive Pages After, then select the appropriate time setting from the list displayed. Create New Page From the Page menu, select Add New Page. OR Right-click on a page's tab to display the context menu, and select Add New Page. Result: A new tab is appended to the right of all other tabs at the bottom of the application. Navigate Between Pages Navigating between pages You can switch between pages by pressing the F12 key, then selecting the page you wish to view using the graphic that appears on your screen. Use your left and right arrows to highlight the tab you desire, then press Enter: 8 Workstation Framework You may also switch between pages by simply clicking on the tab you wish to open. Tabs are found at the bottom of the application. In addition, when the width of all tabs exceeds the width of the opened workspace desktop, the left and right arrows found at the bottom right of the workspace are used to bring hidden tabs into view (much like Microsoft Excel). The Page menu will also list the titles of all pages on the bottom of the menu, allowing you to navigate directly to the page: Open the Page menu, then select the page you wish to view from the list of page names displayed at the end of the menu. Rename Page 1. Open the page you wish to rename by clicking on its tab. 2. From the Page menu, select Rename Page. 3. Type the name for the new tab and press Enter. OR 1. Open the page you wish to rename by clicking on its tab. 2. Double-click on the tab displayed at the bottom of the workspace. 3. Type the name for the new tab and press Enter. OR 1. Open the page you wish to rename by clicking on its tab. 2. Right-click on the tab to display the context menu, then select Rename Page. Copy and Paste Pages 9 Printed Documentation You may make a copy of a page, with all its contents, and paste it as a new page in your workspace. 1. Open the page you wish to copy by clicking on its tab. 2. From the Page menu, select Copy Page. 3. From the Page menu, select Paste Page. Result: A new page is pasted as the last page in your workspace. OR 1. Open the page you wish to copy. 2. Right-click on the tab to display the context menu, then select Copy Page. 3. Right-click on the tab to display the context menu, then select Paste Page. Clear Page Use the "Clear Page" function to remove all windows from a page. 1. Open the page you wish to clear by clicking on its tab. 2. From the Page menu, select Clear Page. OR 1. Open the page you wish to clear. 2. Right-click on the tab to display the context menu, then select Clear Page. Delete Page 1. Open the page you wish to delete by clicking on its tab. 2. Click the "X" found in the lower right corner of the workspace, next to the page navigation arrows. OR 1. Open the page you wish to delete. 2. From the Page menu, select Delete Page. 10 Workstation Framework OR 1. Open the page you wish to delete. 2. Right-click on the tab to display the context menu, then select Delete Page. Windows About Windows A window contains one specific component: a chart, quote, news list, or browser. Windows may be minimized, maximized, and closed using standard windows conventions. In addition, when window titles are visible, double-clicking on the title bar will maximize the window. Workstation can display an unlimited number of windows each with different components, on any page within a workspace. In the example below, you see four windows cascaded on a tab in a workspace. The Active Window 11 Printed Documentation Workspaces and pages can contain multiple windows. But how do you change the content of one window? When making changes to a window, you must first make it the active window. When the window title bar is blue, it is the active window. Setting the active window To set the active window, just click anywhere on the window. Note: This also changes the Active Plug-in toolbar and menu at the top of the application. Window Title Bar The window Title Bar contains a description of the window, and the window minimize, maximize and close commands. Title Bars may be viewed in Normal or Small mode, or may be hidden if you are trying to free up additional screen space. Title bars may be viewed or hidden on individual windows, or you may make a global change to set all window title bars the same. To hide or display a window's title bar From the Window menu, select Title Bar, then select Normal, Small, or Hidden. To hide or display ALL window title bars From the Window menu, select Make All Title Bars, then select Normal, Small, or Hidden. Normal: Small: Hidden: Arrange Windows in the Workspace 12 Workstation Framework Tiling and cascading windows is an easy way to organize the content of your workspace. To arrange windows From the Window menu, select Tile Horizontally, Tile Vertically, or Cascade. If you have numerous windows on your workspace, it can sometimes be difficult to find the window you want when they are cascaded, or when tiling is not feasible. The Window menu will list the titles of all windows on the page at the bottom of the menu, allowing you to navigate directly to any window: To navigate windows Open the Window menu, then select the window you wish to view from the list of window names displayed at the end of the menu. Rename Window You can change the name of the window that appears in the Title Bar to make the contents of the window more meaningful. To rename the window 1. Click on the window you wish to rename to make it the active window. 2. From the Window menu, select Rename. 3. Type the new title in the field provided, then click OK. Cut, Copy and Paste Window Workstation allows you to cut or copy the contents of any window to the clipboard, then paste it onto another page (tab) on the workspace. This is helpful when you wish to create a new page on the workspace that is very similar to another. To copy or cut a window to the clipboard 1. Click on the window to make it the active window. 2. From the Window menu, select Copy Window. If you wish to completely remove the window from its original location and paste it to another location, from the Window menu, select Cut Window. To paste a window in another location 1. Open the target page where the window will be copied. 2. From the Window menu, select Paste Window. Duplicate Window 13 Printed Documentation Workstation allows you to make an exact copy of a window in the current page of your workspace. This is helpful when you wish to create a new window that is very similar to another. To duplicate a window 1. Click on the window to make it the active window. 2. From the Window menu, select Duplicate Window. Application Tools Function Keys Press F1 F2 F3 F4 F5 F6 F7 F8 or (Shift ~) F9 F12 Ctrl + F4 Shift + F10 Alt + F4 To Open Display Help Chart Quotes Board News Browser Data Table Time & Sales Flash Quotes Options Page Navigation Closes the active window Displays the context menu for the active window. Exits Workstation Toolbars Workstation has four toolbars which contain common commands used to create and modify windows. Available toolbars include: Quick Start - used to create a Chart, Quote, News, Browser, Data Table, and Time & Sales windows. Active Plug-in - this toolbar changes, depending on the active window. It contains commands critical to the processing of the window, such as Symbol Finder (Chart, Quote, Data Table, Time & Sales), Keyword Search (News), and URL (Browser). Drawing Tools - applicable only to Charts, this toolbar contains commands for adding drawing tools such as Fibonacci Arc, Rectangle, etc. Chart Tools - applicable only to Charts, this toolbar contains commands for changing the plot type, symbol color and cursor tracking options. 14 Workstation Framework To Display or Hide Toolbars From the Preferences menu, select Toolbars, then check or uncheck the toolbars you wish to display. Note: When checked, the toolbar is visible. OR Right-click on an open toolbar to display the context menu, then check or uncheck the toolbars you wish to display. Note: This option is only available when at least one toolbar is already visible. Toolbars can display the commands in one of three manners, depending on your preference: Text Only: Icon Only: Text and Icon (Default): To change the toolbar display style Right-click on an open toolbar to display the context menu, select Display style, then check the preferred style from the list. Note: You may only access this option when at least one toolbar is already visible. Quick Start Toolbar The Quick Start toolbar allows you to create new windows using a click of the mouse. Tools are graphical representations of the most frequently used commands and features in Workstation. Undo Changes Workstation remembers your activities, and allows you to undo your changes if you realize you have made a mistake or wish to revert to a previous setting on a window. Changes are recorded in chronological order, so they must also be reversed in chronological order. Once a workspace is closed, however, you may not undo any changes made to the workspace prior to closing. To undo changes 15 Printed Documentation From the Edit menu, select Undo (command). Note: The Undo command in the Edit menu will show you which command it is reversing. Dock/Undock Toolbars The toolbars may be docked or undocked, allowing you to move them to any area of the screen. A docked toolbar will display "grab bars". When a docked toolbar is moved, it will attempt to attach itself to the top, bottom, left or right border of the application. Once a toolbar is undocked, it will not display grab bars, and can be dragged and dropped anywhere on the screen. Global Settings Setting Global Alerts Options Prior to setting price, news, or time alerts, you need to set your software options for how you wish to receive alerts. To set Alerts Options 1. From the Preferences menu, select Alerts Options. 2. Select the desired options, then click OK. 16 Workstation Framework Option Window Notification Sound Description When checked, the Alerts Notification Window will appear on-screen whenever a new alert is triggered. When checked, the selected sound (.wav) file will be heard whenever a new alert is triggered. Note: A special Alerts sound directory is installed to your PC, with special sound files that may be used to alert you to market conditions. The sound directory is located in My Documents/My FutureSource Workspaces/Sounds. These .wav files include a voice that speaks: "Your alert target has been hit." "Breakout" "New High" "Your profit target has been reached." "Your stop has been hit." Sound Once Once you have selected a sound file, use the Test button to verify the sound clip is working. When checked, the audio alert will only sound once. 17 Printed Documentation When unchecked, the audio alert will continuously sound until you click the "Recognize" button in the Alerts Notification Window. E-Mail When checked, an e-mail notification will be sent whenever an alert is triggered. You can get the settings for Mail Server Address (SMTP) and Port from your Internet Service Provider (ISP) or local area network (LAN) administrator. E-Mail Address of Sender is your e-mail address, while E-Mail Address of Recipient is where the e-mail alert will be sent. News AutoPrint Once you have identified the settings, use the Send Test E-Mail button to verify that e-mail delivery is functional. When setting a News alert, you may choose to automatically send the news story to your printer. In order for this option to work, you must identify which printer to use (printers are defined in your Control Panel), along with the font style and size. Symbol Search Preferences Symbol Search Preferences define how Workstation will locate symbols in the Symbol Search dialog box. By default, Workstation will ask you to choose a search type (search by Description or by ID) unless the preference is changed. Example When "Choose search type from the search dialog" is your preference and you know the root for Silver is "SI", you would enter SI in the search field, then click By ID, and then click GO. 18 Workstation Framework However, when "Search first by ID, then by Description if no match is found" is your preference and you enter SI in the search field, then click GO, Workstation will first attempt to locate the root symbol "SI". If not found, it will retrieve all root symbols with "SI" in their descriptions. This setting may be preferred, as it saves the keystroke used to identify how to search. To change symbol search preferences 1. Click the Symbol Search button from the Active Plug-in toolbar. Result: The Symbol Search dialog box displays. 2. On the Search tab, click the Symbol Search Preferences button located at the bottom of the dialog box. 3. Choose an option, then click OK. Price Display Format You may choose how Workstation displays prices by setting a global price display format. There are two options to choose from: Classic or Formatted. Symbol Corn - C1! S&P 500 - SP1! Mexican Peso - ME1! Natural Gas - NG1! Classic 2174 105520 89000 5407 Formatted 217'4 1055.20 0.089000 5.407 To change the price display format 1. From the Preferences menu, select Price Display Format, then select Classic or Formatted. Time Display Format 19 Printed Documentation You may choose how you prefer Workstation to display times in Quote, Flash Quote, and Time & Sales windows by setting a global time display format. You may choose the time zone, and also formatting options for dates, AM/PM, and seconds. Note: Formatting of time in a News window is set by changing the News Display Settings. To change the time display format 1. From the Preferences menu, select Time Display Format. 2. To set the time zone, select Time Zone, then choose: Display in Local - shows all times as local times Display in Exchange - shows all times in the time zone of the exchange from which the data is transmitted Display in UTC - shows all times in Universal Coordinated Time (same as GMT Greenwich Mean Time) 1. To format the way times appear in any "Time" field, check or uncheck the fields for Show Dates Show AM/PM Show Seconds Examples Show Dates Show AM/PM Show Seconds Data Source Properties The Data Source properties define your user name and password, allowing you access to FutureSource data via the Internet. Once set, these properties should not be changed unless you are advised to do so by a FutureSource representative. To display Data Source Properties 1. From the Preferences menu, select Data Source Properties. Note: Your password is encrypted for your protection. Status Bar 20 Workstation Framework The status bar, located at the bottom of the screen, contains information that helps you work and navigate within Workstation. The status bar displays your connection status, connection statistics, and the date/time. Mousing over the connection status or statistics will display further information. You may choose to hide the status bar when you want to free up screen space to display other types of windows. To show/hide the status bar From the Preferences menu, check or uncheck Status Bar. Default Model You may identify a default model for displaying options. The default used by the application is the Black Scholes model. The Black Scholes model includes the Greeks. To set the default model From the Preferences menu, select Default Model, then choose from None or Black Scholes. Theta/Vega Display Format You may choose how to display Theta and Vega prices by changing your global setting. 1. From the Preferences menu, select Theta/Vega Display Format. 2. Select from one of these options: Raw Ticks Rounded Ticks Edit Default Model Parameters When using Black Scholes as your default model for displaying options, you may change the way in which the Option Interest Rate and Dividend Interest Rate is calculated. 21 Printed Documentation To change the Analytic Parameters 1. From the Preferences menu, select Edit Default Analytic Parameters, then choose Black Scholes. Result: The Default Model Parameters dialog box displays. 2. Enter new parameters in the fields provided, then click OK. 22 Charts About Charts The Chart Window A chart window contains the following parts: Chart toolbar Active Plug-in toolbar Drawing toolbar Symbol and indicator objects (delayed instruments are displayed with the number of minutes of delay in brackets in the Chart Header) Panes (the active pane always has a blue "highlight" around it) Chart properties, such as font, gridlines, background color Time and Price scales. Note: The symbol and study price values may display or be hidden in the price scale. Data View window with optional Cross or Bar tracking Chart Toolbar 23 Printed Documentation The Chart toolbar gives you access to common features and tasks using a click of the mouse. Tools are graphical representations of the most frequently used commands and features in Workstation. Command Description Tracking Clicking the arrow on this tool allows you to choose whether or not crosshair tracking will be activated along with the Data View window. Clicking the arrow on this tool allows you to choose the plot style from the list. The example above shows the Bar Plot selected. Clicking the arrow on this tool allows you to choose a color for the selected object. The object may be a symbol, study, or tool. Clicking the arrow on this tool allows you to choose the Alternate Color for the selected symbol. Alternate colors are used to represent session times or number of bars. Plot Style Color Alternate Color Chart Active Plug-in Toolbar The Chart's Active Plug-in toolbar gives you access to common features and tasks using a click of the mouse. Tools are graphical representations of the most frequently used commands and features in Workstation. Command Description Symbol Field Use this field to enter the symbol you wish to display. ... Clicking this button actives the Symbol Search dialog box. Add Clicking the arrow on this tool allows you to choose between adding a symbol to a New Pane, or as an Overlay. Use when more than one symbol is displayed in the pane. Clicking the arrow on this tool allows you to choose which symbol you wish to replace in the pane. Use to delete a selected object from the chart. Change Delete Aggregation Bring to Front Compress Chart Expand Chart 24 Clicking the arrow on this tool allows you to choose the chart type from the list. When multiple objects appear on the pane, use this tool to bring one object to the front of all others (for changing properties, etc.) This icon provides a shortcut for compressing the data displayed in the chart. This icon provides a shortcut for expanding the data displayed in the chart. Charts Data View Window The Data View window displays price information for the symbol, studies, and drawing tools displayed at the intersection on which the mouse is applied. The Data View window setting is enabled on individual charts and is available with Cursor Tracking, Cross Tracking, or Global Cross Tracking. The Data View window displays the price data of the selected bar. By moving the mouse across the chart, you are able to read the whole price range of the contract at any given time. Study and drawing tool values are also displayed in the Data View window. The vertical bar shows the date of a trade or time increment on the time scale at the bottom of the chart. Moving the vertical bar by one position in a Tick chart shows the price values for each trade, while moving the vertical bar in a Daily chart shows the price values for each day. Moving the horizontal bar allows you to see the price in the price scale on the far right of the chart. The colors of the Data View window correspond to the colors of the symbol, studies and tools applied to the chart. When the color of the symbol or study is changed, the color of the Data View window also changes. You may also change certain properties of the Data View window, such as the color of the crosshair or whether the tool values will display, by modifying the chart's Display Properties on the Data Info tab. When viewing a Tick chart, the Data View window will not display the Open, High, Low and Close prices due to the nature of the chart. Only the Last Price will be shown. To Show/Hide the Data View Window 1. Open a chart. 2. From the Chart toolbar, select a Tracking Option (shortcut key: press the Space Bar to open the Tracking drop-down list, then use your Up/Down arrow keys to select an option): No Tracking - the Data View window will not display. 25 Printed Documentation Cursor Tracking - a crosshair that appears only when you click on the chart. Holding the left mouse button and dragging the cursor over the chart will show the corresponding date in the time scale, price in the price scale, and price/study/tool values in the Data View window. Cross Tracking - similar to Cursor Tracking, but the crosshair and Data View Window stay visible on the chart even after you release the mouse button. Global Cross Tracking - this option will display the crosshair and Data View Window on ALL charts on the Page for the same time series. For example, you have a Daily chart for Corn, and a Daily chart for Wheat displayed. Using Global Cross Tracking, the crosshair and Data View Window will display data for the same bar on all charts. About Continuation Charts A continuation chart is a chart with an artificial time series, built from the daily time series for active and expired contracts. A continuation chart takes portions of each contract going back in time, and displays those portions as one chart (one time series). It allows you to define what portions of the historical data will be used, and also allows parameters to be applied to the history. A continuation chart relies on both current and historical data (a history of expired contracts). Therefore, if a continuation chart is built for a symbol with no historical data, the chart will look exactly like the front month. A continuation chart is created by choosing the Futures Continuation tab in the Symbol Selection dialog box, choosing the symbol root, and then defining the parameters to apply to the data. 26 Charts With a continuation chart, you may: identify the number of contracts forward to track. If the front month of crude oil is April, using a "3" designation will track the June contract as the current contract instead. If the front month for US Treasury Bonds is September 2003, using a "3" designation will track the March 2004 contract as the current contract. explicitly use only a given month each year, e.g., a continuation chart based only on December contracts define when the contract will roll (a number of days before the expiration date, or a number of days before the month of expiration) define whether holidays should be included in determining when the contract should roll back adjust data at roll, using the difference between the closing price on the current contract and the closing price on the next month out, and explicitly define the contract months to include in the historical data display (allows you to filter out months where trading activity is very low on certain contracts). Continuation Chart Syntax The chart header for a continuation contract contains additional parameters along with the contract's High, Low, Open, and Closing prices. An example of the syntax used to define a continuation chart in the chart header is shown below: The chart header is divided into segments, separated by a semi-colon (;). Up to four segments may appear in the continuation chart header. However, if parameters for a certain segment are not set, the segment will not appear. First segment %CL3! or %CLZ! The first segment contain the symbol's root, preceded by the percent sign (%). This identifies the chart as a continuation chart. The chart header also defines the number of contracts forward to track, or the fixed contract month. The front month is always defined as 1!. Using the example above, if the front month for the contract is April, a 3! in the chart header indicates that the contract being tracked is June. If a fixed month was chosen, the month's designation appears (in the example above, the month "Z", or December, will be used to construct the chart from each year). 27 Printed Documentation Second segment 7EH The second segment identifies how the roll date for the contract is calculated. The roll date may either be calculated by subtracting a number of days from the contract's = (E)xpiration date, or from the contract's (M)onth of expiration. The chart header also defines whether or not holidays that fall within the time series will be included in the roll date calculation. Using the above example, the roll date is calculated by subtracting 7 days from the contract's (E)xpiration date. Any (H)olidays that fall within those seven days will be included in the roll date calculation. Third segment B The third segment identifies whether prices will be back adjusted at roll date. If a B is present in the chart header, price data will be back adjusted as follows: On the last day of trading when the contract will roll, Workstation takes the difference between the close on the current contract and the close on the next contract out. This difference is then applied to all prices going back in time on the chart. As a result, any differences that you see in contract prices at roll date is the real difference in price, and not the price difference due to the cost of money. Fourth segment FHJMUVZIN The fourth segment identifies the months to include "IN" the historical data displayed on the chart. Certain contracts, such as copper, allow trading on more months than activity may warrant. The result can show a month with very low activity as compared to others. When these months display in a chart, it can result in a distortion of the price activity that a trader may want to focus on. Using these parameters, you may tell Workstation what months to include in the data display. Creating Charts Create a Chart 1. Click the Chart button on the QuickStart toolbar. OR Press F2. OR From the File menu, select New Window, then select Chart. Result: An empty chart window is displayed. 2. From the Active Plug-In toolbar, position your cursor in the Symbol field, type the desired symbol, and press Enter. You may also use Symbol Search to find the symbol you wish to chart. You may enter: the commodity symbol, month, and year (such as WZ03 or SPH4) 28 Charts the front month (the futures delivery month with the soonest delivery date, or the option delivery month with the soonest expiration date). For the front month, enter the commodity code and the string "1!" (W1!, SP1!). Likewise, forward contracts may be selected using "2!" (2 months forward), "3!" (3 months forward), etc. (W2! or SP3!) the symbol root (W, SP, etc.) for the front month the symbol root prefaced with a percent sign (%W, %SP, etc.) to display a simple continuation chart the symbol root prefaced with a percent sign (%W, %SP, etc.) plus additional parameters, to display a continuation chart: (%SP3!;2M;B) an expression, using one or more contracts, numerical constants, and simple mathematical operators: DJY - SPY C1! - W1! SPY - %SP1!;4EH (NG1! + NG2! + NG3!) / 3 3. Customize your chart: change the plot style change the chart type add another symbol as an overlay add another symbol to a new pane add a study change the symbol color Create a Continuation Chart 1. Click the Symbol Search button from the Active Plug-in toolbar. Result: The Symbol Search dialog box displays. 2. Open the Futures Continuation tab. Note: If you don't know the root symbol, use the Search tab to first find the symbol you will use on the continuation chart. 29 Printed Documentation 3. In the Symbol field, enter root of the symbol. 4. If desired, select a Forward Month or a Fixed Month from the appropriate fields. Note: The default used by Workstation is to select a front month of 1. For example, if the front month for the contract is April, entering 3 in the Forward Month field indicates that the current contract being tracked will be June. 5. Click one of the Rollover options (days before expiration or days before month of expiration), then select the number of rollover days in the appropriate field. Note: Workstation uses a default of 0 (zero) roll days before expiration. 6. If desired, check the Include holidays in "days before" computation field. 7. If desired, check the Back adjust and/or Include only selected months options. When you check Include only selected months, you must also check the month symbols you wish to include on the chart. 8. Click OK to build the chart. Symbol Search The Symbol Search allows you to search for and select one or multiple symbols for entry into a chart or quote. Contracts are displayed for symbols that match your search criteria. 30 Charts You may search for symbols using either the symbol ID (root), a part of the symbol's description, or by exchange. Symbol Search also allows you to enter specifications for a futures continuation contract when creating a chart. To Use the Symbol Search 1. Click the Symbol Search button from the Active Plug-in toolbar. Result: The Symbol Search dialog box displays. 2. On the Search tab, position your cursor in the Search field. TO search by ... the symbol root THEN ... enter the root (C, W, SP, NG, etc) in the Search field. If your Symbol Search Preferences use the default setting, "Choose search type from search dialog", then click the By ID radio button, then click Go. description Result: Root symbol(s) matching your search criteria are displayed in the upper window of the dialog box, and all active contracts for the highlighted root are displayed in the lower window of the dialog box. enter a keyword (at least 2 characters in length) in the Search field. If your Symbol Search Preferences use the default setting, "Choose search type from search dialog", then click the By Description radio button, then click Go. exchange Result: Root symbol(s) matching your search criteria are displayed in the upper window of the dialog box, and all active contracts for the highlighted root are displayed in the lower window of the dialog box. leave the Search field blank. Choose an exchange from the Exchange drop-down list. Result: All root symbols carried by the exchange are displayed in the upper window of the dialog box, and all active contracts for the highlighted root are displayed in the lower window of the dialog box. 3. When multiple root symbols were found by the search, select the desired root symbol from the upper window. 4. Choose the desired contracts from the lower window: WHEN inserting to a ... THEN you may ... 31 Printed Documentation chart only select one contract from the lower window. quote select one or more contracts from the lower window: Use the Select All button to choose all active contracts shown. Use the Unselect All button to clear all selected contracts. To select multiple contracts, hold the Ctrl key and click each desired contract. To select sequential contracts, hold the Shift key, click the first desired contract, then scroll down to the end of the series and click the last desired contract. All contracts displayed between the two selected contracts are highlighted. Note: For a quote, you may also view the last 1-3 previous price ticks for the contract, using the drop-down list in the Previous Prices to Display field. 5. 6. By default, the Return as Forwards checkbox is checked. You may uncheck this field, if desired. (About Forward contracts) A forward contract is identified in Workstation as the root symbol, plus the number of months forward, followed by an exclamation point. For example: SP1! (the front month for the S&P 500) C2! (2 months forward for CBOT Corn) NG3! (3 months forward for Natural Gas) When specifying a symbol on a chart or quote, you can enter either the exact contract (SPZ03) ortheforward contract (SP1!). The advantage to entering forward contracts is that Workstation will automatically roll these contracts when they expire on your quote or chart. SP1! will translate to SPZ03 until it expires on 12/18/03, and will automatically translate to SPH04 from 12/19/03 until 3/18/04. When contracts are selected using a month/year-specific designation in a price or chart window, they will not be replaced when they expire. When you uncheck the Return as Forwards field, contracts are entered with the month and year, and these will expire on their expiration dates. 7. Click OK to return the selected contracts to your quote or chart. Change Chart Symbol 1. Click on the chart to make it the active window. 32 Charts 2. From the Active Plug-In toolbar, position your cursor in the Symbol field, type the desired symbol, and press Enter. Note: The Symbol field retains the last twenty symbols entered. To retrieve one of your frequently used symbols, click the arrow to the right of the Symbol field, select the desired symbol from the list, and press Enter. You may also use Symbol Search to find the symbol you wish to chart. You may enter: the commodity symbol, month, and year (such as WZ03 or SPH4) the front month (the futures delivery month with the soonest delivery date, or the option delivery month with the soonest expiration date). For the front month, enter the commodity code and the string "1!" (W1!, SP1!). Likewise, forward contracts may be selected using "2!" (2 months forward), "3!" (3 months forward), etc. (W2! or SP3!) the symbol root (W, SP, etc.) for the front month the symbol root prefaced with a percent sign (%W, %SP, etc.) to display a simple continuation chart the symbol root prefaced with a percent sign (%W, %SP, etc.) plus additional parameters, to display a continuation chart: (%SP3!;2M;B) an expression, using one or more contracts, numerical constants, and simple mathematical operators: DJY - SPY C1! - W1! SPY - %SP1!;4EH (NG1! + NG2! + NG3!) / 3 3. If the chart has multiple symbols displayed in one pane, you will be asked which symbol you are replacing. You may also click the arrow on the Change button to select the symbol you wish to change: Modify Continuation Chart Parameters 33 Printed Documentation 1. Click the Symbol Search button from the Active Plug-in toolbar. Result: The Symbol Search dialog box displays. 2. On the Futures Continuation tab, make the desired changes. 3. Click OK when done. Examples of Continuation Chart Headers The table below illustrates some examples of continuation chart headers, and how they are interpreted. All examples use the root CL (Crude Oil) as the symbol selected: Example Interpretation %CL Nearest futures continuation chart %CL1! Same as above ("1!" = front month) %CLZ! Nearest futures continuation chart, constructed using a fixed month "Z" (December) for each year. Second contract out; roll 5 days before the expiration date, include any holidays in that 5-day count. %CL2!;5EH 34 Charts Example: If the front month is January, and the expiration date is 1/20, the contract will roll 5 days before 1/20, on 1/15. Nearest futures continuation chart; roll 1 day before the expiration month. %CL;1M %CL2!;10MH %CL;7E;HMUZIN Example: If the front month is January, the expiration month is January. Contract will roll 1 day before January, or on 12/31. Second contract out; roll 10 days before the expiration month, include any holidays in that 10-day count. Nearest futures continuation chart; roll 7 days before the expiration date; include only the March, June, September, and December contracts. Add a Symbol as an Overlay 1. Click on the chart to make it the active window. 2. From the Active Plug-In toolbar, position your cursor in the Symbol field, and type the desired symbol. You may enter: the commodity symbol, month, and year (such as WZ03 or SPH4) the front month (the futures delivery month with the soonest delivery date, or the option delivery month with the soonest expiration date). For the front month, enter the commodity code and the string "1!" (W1!, SP1!). Likewise, forward contracts may be selected using "2!" (2 months forward), "3!" (3 months forward), etc. (W2! or SP3!) the symbol root (W, SP, etc.) for the front month the symbol root prefaced with a percent sign (%W, %SP, etc.) to display a simple continuation chart the symbol root prefaced with a percent sign (%W, %SP, etc.) plus additional parameters, to display a continuation chart: (%SP3!;2M;B) an expression, using one or more contracts, numerical constants, and simple mathematical operators: DJY - SPY C1! - W1! SPY - %SP1!;4EH (NG1! + NG2! + NG3!) / 3 3. Position your cursor on the Add button, click the arrow, and select As Overlay. (When the chart has multiple panes, you are asked which pane you want to add the overlay on.) 35 Printed Documentation Copy, Cut, Paste Chart Objects A fast way to place chart objects in Workstation is to copy and paste the objects directly into another chart or pane. You may copy one object from a pane, or the entire contents of a pane (the layer) and paste it to another chart or pane. You may also drag an object from one pane or chart to another using standard Windows conventions (left-click on the object, and hold the mouse button down as you drag it to the target pane or chart. Release the mouse button to drop the object in place). To Copy and Paste a Layer, Object, or Pane 1. Position your cursor in the pane you wish to copy, and right-click to display the context menu. Note: If you only wish to copy one object from the pane (such as the symbol, study, or a drawing tool), right-click on the object you wish to copy. 2. Select Copy, then select the object you wish to copy from the list displayed. 3. Position your cursor in the target chart or pane. 4. Right-click to display the context menu, then select Paste. Delete the Symbol from the Chart 1. Click on the symbol displayed on the chart, or click on the symbol's header. Result: The symbol is highlighted. 2. Press the Delete key. Chart Types (Aggregation) The chart type is used to define the aggregation, or the number of ticks, that make up one bar on a chart. Workstation allows the following types of charts to be created: 36 Charts Tick Intraday (user-configurable from 1-1439, with menu selection of 1, 2, 3, 4, 5, 10, 30, or 60 minutes) Daily Weekly Monthly The chart type you choose will depend on which analysis techniques you will apply, and whether short or long-term market activity is being studied. If the last day loaded is not the end of the selected compression period, Workstation displays a bar of the shortened period. For example, on Wednesday, the last price bar on a weekly chart will represent the shortened week of Monday through Wednesday. To Change the Chart Type 1. Click anywhere on the chart to make it the active window. 2. Use the drop-down list in the Chart toolbar to select the desired chart type. Note: If you want an intraday chart with different minutes than shown in the drop-down list, click in the list and type the number of minutes (between 1 and 1439), then press Enter. OR 1. Right-click anywhere on the chart to display the context menu. 2. Select Change Aggregation, then select the desired chart type from the list. Note: If you want an intraday chart with different minutes than shown in the context menu, simply click on the chart, then type /n (where n = the number of minutes), and press Enter. For example, /45 will return a 45 minute intraday chart. OR Enter the new aggregation directly onto the chart: Tick - Type /T and press Enter. Intraday - Type /n (where n = the number of minutes) and press Enter. For example, /45 will return a 45 minute intraday chart. Daily - Type /D and press Enter. Weekly - Type /W and press Enter. Monthly - Type /M and press Enter. Studies Available Studies Abbreviation Description 37 Printed Documentation ADX ATR BOLL CCI CRACK CRUSH DMI DMA ENV EMA EOSC HLMA HILOW HV ICH KC LIN LOSC MP MOM MA 38 Average Directional Index measures the strength of a prevailing trend, and whether or not there is movement or direction in a market. Average True Range is a Moving Average of the True Range values over 'n' periods of time. Bollinger Bands draws two bands that are typically plotted two numbers of standard deviations above and below a moving average. Commodity Channel Index is used to identify the beginning and ending of cycles. Crack Spread is the difference between the revenue from the refined products based on futures prices. Crush Spread is a futures transaction that parallels the process of producing bean oil (BO) and soy meal (SM) from soybeans (S). Directional Movement Index is used to determine whether a market is in a trending or non-trending mode, helping to identify whether it is bullish or bearish. Displaced Moving Average allows you to shift or center the moving average on the price chart. Envelopes are bands that are plotted in a certain, identical relationship above and below the Moving Average. Exponential Moving Average assigns more weight to recent price data, and less weight to prices further back in time. It is more sensitive to price activity than the simple moving average and tends to stick closer to the trend. Exponential Oscillator is the difference between two Exponential Moving Averages. High/Low Moving Average allows you to quickly and easily compute a simple moving average of the high and low for the interval. The length of the moving average may vary for the high and low. Highest High/Lowest Low of last 'n' periods defines an envelope of values by using the Highest High of Last 'n' Periods. Historic Volatility is a statistical standard deviation calculation that shows the historic volatility of the base instrument. Ichimoku Study is a trend-following indicator that identifies support and resistance levels and generates trading signals in a way similar to moving averages. Keltner Channel is a moving average of the "typical price", sometimes referred to as "average price". The width of the channel adjusts to market volatility. Least Squares Linear Regression indicates the dominant market trend relative to time. It can inform you when the market is diverging from an established trend, but only when prices fluctuate uniformly around the trendline and within a narrow range. Line Oscillator is a combination of two different studies. The first set of calculations compute a simple oscillator. The second part computes a simple moving average of the oscillator. Median Price is calculated by adding the highest and lowest price of the observation period and then dividing this by two. Momentum is the difference between today's low and yesterday's low. Moving Average is generally used to identify or confirm a trend, and works best in trending markets. Charts MACD MSD OBV OI OSC OBOS SAR ROC RSI RMA SSTO SOSC STO TVOL TRIX ULTOSC VMA Moving Average Convergence Divergence Indicator calculates moving averages that can monitor and signal trends. It is both a trend following indicator as well as an oscillator. Moving Standard Deviation is a statistical measurement of volatility. It is derived by calculating an n-time period Simple Moving Average of the data item; summing the squares of the difference between the data item and its Moving Average over each of the preceding n-time periods; dividing this sum by n and calculating the square root of this result. On Balance Volume is calculated as the continuous consecutive sum of volumes, whereby the entire volume of a day is added to the volume of the previous day’s OBV, if today’s closing price is above that of yesterday. Open Interest plots the number of open contracts for the futures market. Oscillator can be used to help identify divergences, short-term variations from the long-term trend, and to identify the crossing of two Moving Averages, which occur when the oscillator crosses the zero line. Overbought/Oversold Index relates the difference between today’s closing price and the period’s low with the trade margin of the given period. Parabolic Stop and Reversal - The study continuously computes "stop and reverse" price points. Whenever the market penetrates this "stop and reverse" point, you liquidate your current position and take the opposite position. Rate Of Change compares the most current bar's closing price in the past. The difference is calculated as a percentage. Crossing above the zero line is considered to be positive indication and, to some, a buy signal. Relative Strength Index plots upper and lower boundaries to determine overbought and oversold market conditions. Rolling Moving Average, sometimes referred to as "Smoothed Moving Average", assigns a weight to the price data as the average is calculated, though less weight is assigned to each later price in the series. Slow Stochastic is simply the normal stochastic smoothed via a moving average technique. Smoothed Oscillator is an Exponential Oscillator, only with a longer period applied. Stochastic is an oscillator that compares the difference between the closing trade price of an instrument and the period low, relative to the trading range over an observation time period. Tick Volume is not an exact indicator. If you are familiar with the traditional uses of volume, you should quickly understand the significance of tick volume. Trix displays the percent rate-of-change of a triple Exponentially smoothed Moving Average of the closing price. Ultimate Oscillator compares an instrument’s price with its price xperiods ago. Variable Moving Average - The Variable Moving Average study allows you to get very creative with the moving averages. Three 39 Printed Documentation VOL VOL/OI WTCL WMA WV PR AD moving averages are applied (normal, exponential, and smoothed). Volume can provide insight into the strength or weakness of a price trend. Volume and Open Interest. These values are transmitted from the exchanges. However, the actual volume and open interest figures are always one day behind price information. Weighted Close is another way of viewing the price data. It is an average of each day's price, placing a greater emphasis on the closing price rather than the high or low. Weighted Moving Average is designed to give the current or the recent price more weight than the previous prices Wilder’s Volatility is a volatility index made up of the ongoing calculated average, the True Range. William's %R examines ten trading days to determine the trading range, then calculates where today's closing price fell within that range. Williams' Accumulation/Distribution Index is a price change index, whereby the biggest price difference from today’s high or low, or yesterday’s closing price is subtracted from today’s closing price. Add a Study to a Chart 1. From the Menu bar, click Study. 2. Select a study from the list. OR 1. Right-click on the symbol to display the context menu. 2. Select Add Study, then select the study from the list. Note: When adding a study to a chart that contains an overlay of two symbols, you must first click on the symbol to which the study should be "attached". Overlay a Study When a study has been added to the lower pane, you may drag and drop it onto another pane, overlaying it onto the symbol. To overlay a study 1. Position your cursor on the study you wish to move. 2. Click and hold the left-mouse button, then drag the study to a pane containing the symbol. 3. Release your mouse button to drop the study in its new position. 40 Charts Change Study Color 1. Click on the study to select it. 2. Use the Color tool in the Chart toolbar to change the color. OR 1. Right-click on the study to display the context menu. 2. Select Change Color, then choose a color from the menu displayed. Change Study Properties Each study contains its own properties: the parameters used to calculate the study, and colors and line styles used to plot the study. You may change a study's parameters as desired, and even save your changes so they are applied to future charts whenever the study is applied. To change a study's properties Double-click on the study. OR Right-click on the study to display the context menu, then select Properties. Note: See each individual study for details on its parameters. Delete a Study from a Chart 1. Click on the study displayed on the chart, or click on the study's header. Result: The study is highlighted. 2. Press the Delete key. Study Descriptions and Properties Average Directional Index The ADX, developed by Welles Wilder, measures the strength of a prevailing trend, and determines whether there is a movement or direction in the market. A strong trend is indicated by a rising ADX, whereas a non-trending market is marked by a falling ADX. Note that the ADX does not suggest whether a trend is up or down. The ADX can be employed to determine sideways (non-trending) markets, which offer less capital than trending markets, to filter out trades during a market’s non-trending period, and to indicate the beginning of an upswing in movement. Investors also employ the ADX to confirm the signals from other indicators or filter out indicators that they might use to analyze either trending or non-trending markets. 41 Printed Documentation The ADX considers every possible configuration that could occur between two days of trading relative to the Directional Movement Index. The largest part of today’s high or low that is outside of yesterday’s high or low range is calculated. If the largest part of today’s range is above yesterday’s, then the value is marked as PDI, while the largest part of today’s range below yesterday’s yields a value denoted as MDI. The range increment is today’s True Range. The Directional Movement is divided by the True Range in order to make directional movement relative to true range. Pane: Bottom Formula Calculating the ADI involves two steps. First of all, the difference of PDI and MDI is divided by the sum of PDI and MDI, and the quotient is multiplied by 100. The term for the result is symbolized as DX. Next, the ADI is calculated by taking the modified Moving Average of DX. DX = 100 * ((PDI - MDI) / (PDI + MDI)) ADI = modified Moving Average of DX PDI = Current Plus Directional Movement DX = Current DX MDI = Current Minus Directional Movement Properties High: The Symbol field on which the study will be calculated. The application uses the Aspect "High". Low: The Symbol field on which the study will be calculated. The application uses the Aspect "Low". Close: The Symbol field on which the study will be calculated. The application uses the Aspect "Close". Period. The number of bars in a chart. If the chart displays daily data, then period denotes days; in weekly charts, the period will stand for weeks, and so on. Workstation uses a default period of 14 for the Average Directional Index. Note that if you are simultaneously using the Directional Movement Index, you may set both period parameters at identical levels. Interpretation An ADX line usually ranges from below 20 to above 40. A line that has fallen below 20 suggests a non-trending market with low volatility, while a line that suddenly breaks out above 20 may suggest the beginning of an important trend. When an ADX line is well above 40 and begins to fall, it usually indicates a trend that is slowing down. Literature Wilder, J. Welles. New Concepts in Technical Trading Systems. Greensboro, NC: Trend Research, 1978. Murphy, John J. The Visual Investor. New York, NY: John Wiley & Sons, Inc. 1996. Bollinger Bands 42 Charts Bollinger Bands consist of a Moving Average and two standard deviations charted as one line above and one line below the Moving Average. The line above is two standard deviations added to the Moving Average. The line below is two standard deviations subtracted from the Moving Average. Developed by John Bollinger, this study represents a variation of the Envelope study. A Simple Moving Average is calculated and displayed, bordered with two envelope lines. In contrast to the envelopes, the distance between the Bollinger Bands and the Moving Average is not concerned with a certain percentage but rather with the Standard Deviation, that is the volatility of the underlying instrument. Pane: Overlay Formula Compute the bands by using the following formulas: Upper Bandt = MOV_St +2t Lower Bandt= MOV_St -2t MOV_S = Simple Moving Average s = Standard deviation of a MOV_S Properties Input Field: The Symbol field on which the study will be calculated. Input Field is set to "Default", which, when viewing a chart for a specific symbol, is the same as "Close". Period: John Bollinger, the creator of this study, states that periods of less than ten days do not seem to work well for Bollinger Bands. He says that the optimal period is 20 or 21 days. The application uses a default of 9. Standard Deviation: The multiple of standard deviations by which to shift the upper and lower bands. John Bollinger suggests, if you reduce the number of days used to calculate the bands, you should also reduce the number of deviations and vise versa. For example, if you use a period of 50, you may want to use 2.5 as the standard deviation. For a period of 10, you may want to use 1.5 or 1.0. The application uses a default of 2.0 Interpretation Traders generally use Bollinger Bands to determine overbought and oversold zones, to confirm divergences between prices and studies, and to project price targets. The wider the bands, the greater the volatility. The narrower the bands, the lesser the volatility. Some authors recommend using Bollinger Bands in conjunction with another study, such as the RSI. If price touches the upper band and the study does not confirm the upward move (i.e. there is divergence), a sell signal is generated. If the study confirms the upward move, no sell signal is generated, and in fact, a buy signal may be indicated. If price touches the lower band and the study does not confirm the downward move, a buy signal is generated. If the study confirms the downward move, no buy signal is generated, and in fact, a sell signal may be indicated. Another strategy uses the Bollinger Bands alone. In this approach, a chart top occurring above the upper band followed by a top below the upper band generates a sell signal. Likewise, a chart bottom occurring below the lower band followed by a bottom above the lower band generates a buy signal. 43 Printed Documentation Bollinger Bands also help determine overbought and oversold markets. When prices move closer to the upper band, the market is becoming overbought, and as the prices move closer to the lower band, the market is becoming oversold. The market’s price momentum should also be taken into account. When a market enters an overbought or oversold area, it may become even more so before it reverses. You should always look for evidence of price weakening or strengthening before anticipating a market reversal. Bollinger Bands can be applied to any type of chart, although this study works best with daily and weekly charts. When applied to a weekly chart, the Bands carry more significance for long-term market changes. Note: The Bollinger Band study was created by John Bollinger, President of Bollinger Capital Management, Inc. For more information about Bollinger Bands or John Bollinger's Capital Growth Letter, You may write: John Bollinger's Capital Growth Letter P.O. Box 3358 Manhattan Beach, CA 90266 (310) 545-0610 Commodity Channel Index The Commodity Channel Index, developed by Donald Lambert, is a complex indicator that follows trends. Commodity Channel Index is designed to detect beginning and ending market trends. This study measures the distance between the share prices and their Moving Average, and thus allows a measurement for the trend strength and/or intensity. The Commodity Channel Index is calculated as the difference between the mean price of a share and the average of the means over a chosen period. This difference is then compared with the average difference over the time period. For better comparison, the result is not to be understood as a barrier, but rather as an orientation point which is often overridden by peaks. Pane: Bottom Formula The formula consists of several steps, listed below. 1. You must first compute a typical price, using the high, low, and close for the interval. It is the simple arithmetic average of the three values. TPt = (Ht + Lt + Ct ) / 3 TPt = Typical price 2. A Simple Moving Average of the typical price for the number of periods specified is calculated. TPAVGt = (TP1 + TP2 +...+TPn) / n TPAVGt = The Moving Average of the typical price TPn = Typical price for the nth interval 44 Charts 3. The mean deviation is computed next. MDt = (|TP1 - TPAVG1|+...+|TPn - TPAVGn|) / n MDt = The mean deviation for a specified interval TPAVGn = the Moving Average of the typical price for the nth interval TPn = The typical price for the nth interval n = the number of intervals for the average The symbol "|" designates an absolute value. In mathematical terms, an absolute value is the value of a number without regard to its sign, i.e., the absolute value of -2 is 2; the absolute value of 2 is 2. 4. The computation for the final CCI is CCIt = (TPt - TPAVGt ) / (0.015 x MDt ) TPt = The typical price for the current period 0.015 = Constant TPAVGt = The Moving Average of the typical price MDt = The mean deviation for the specified period Properties High: The Symbol field on which the study will be calculated. The application uses the Aspect "High". Low: The Symbol field on which the study will be calculated. The application uses the Aspect "Low". Close: The Symbol field on which the study will be calculated. The application uses the Aspect "Close". Period: The number of bars in a chart. If the chart displays daily data, then period denotes days; in weekly charts, the period will stand for weeks, and so on. The application uses a default of 20, with 14 being another common setting. Interpretation This index, as suggested by its name, was designed for the futures market but is today also used for shares. The CCI is designed to detect beginning and ending market trends. This indicator measures the distance between the share prices and their Moving Average and thus allows a measurement for the trend strength and/or intensity. According to the developer, Lambert, values of +100 to –100 point to a market with no trends and thus do not supply any trade indicators. Also, according to Lambert, 70% to 80% or all price fluctuations fall within +100 and –100 as measured by the index. Buying and selling signals only occur when the +100 line (buy) and the – 100 (sell) are crossed. The trading rules for the CCI are as follows: Establish a long position when the CCI exceeds +100. Liquidate when the index drops below +100. For a short position, you use the –100 value as your reference point. Any value less than –100, e.g. 125, suggests a short position, while a rise to –85 tells you to liquidate your short position. 45 Printed Documentation Literature Lambert, Donald R. Commodity Channel Index, Commodities magazine. October, 1980. Colby, Robert F., Myers, Thomas. A. The Encyclopedia of Technical Market Indicators. Dow Jones – Irwin. Homewood, IL. 1988. Lebeau, Charles, and Lucas, David. Technical Trader’s Guide to Computer Analysis of the Futures Market. Homewood, IL: Business One Irwin, 1991. Jobman, Darrel R. The Handbook of Technical Analysis. Irwin Professional Publishing. 1995. Commodity Channel Index: Tool for Trading Cyclic Trends. Commodities. October, 1980, pp.40. (now Futures) Murphy, John J. Technical Analysis of the Futures Markets. Wilder, J. Welles. New Concepts in Technical Trading Systems. Greensboro, NC: Trend Research, 1978. Crack Spread The CRACK spread study is a futures transaction that parallels the process of refining Light Crude Oil (CL or RCL) or Brent Crude Oil (SC, LBC, or RSC) into petroleum products, such as Heating Oil or Gas Oil (HO or LGO) and Unleaded Gas (HU or RHU). Since the refining process involves "cracking" crude oil into its major components, the spread is referred to as a crack. Two of the major oil products produced in refineries are heating oil and unleaded gasoline. Therefore, the CRACK spread only involves crude oil (CL), unleaded gasoline (HU), and heating oil (HO). A CRACK Spread may be added to a chart without plotting a symbol. 1. Click the Chart button on the QuickStart toolbar. OR Press F2. OR From the File menu, select New Window, then select Chart. Result: An empty chart window is displayed. 2. From the Study menu, select one of the CRACK Spreads. Result: The chart is created. The basic calculation is a simple one that is made somewhat more complicated because the quantities are given in different units. These units for crude oil (CL), unleaded gasoline (HU), and heating oil (HO) must be converted to the divisor unit. For example, CL is quoted in dollars per barrel, but HO and HU are both quoted in dollars per gallon - HO and HU must be converted to gallons, this is done by multiplying their prices by 42 (1 barrel = 42 gallons). The price of each leg of the spread is then multiplied by the number of contracts for each leg (the default number of contracts for Crack Spreads is a 1-2-3 ratio). The cost of the crude oil is subtracted from the cost of the products, and the result is divided by the number of contracts of crude oil. This results in the following expression: - %CL * 3 + %HU * 2 * 42 + %HO * 1 * 42 The defaults for the other contracts used in the study are based on the Crack study plotted. The study uses the same month/year for the 2nd and 3rd legs as is used for the charted symbol. If the 46 Charts charted instrument is a continuation symbol, the study uses continuation symbols for the 2nd and 3rd legs, by default. See examples in the table below. Crack Spread CL RCL LBC SC RSC 1st Leg CL1! RCL1! LBC1! SC1! RSC1! 2nd Leg HU1! RHU1! HU1! HU1! RHU1! 3rd Leg HO1! RHO1! LGO1! HO1! RHO1! *Note: "1!" = front month. If the month/year of the 1st leg symbol is not available for the 2nd or 3rd leg, the next available contract is used. For example, if the charted symbol is RCLZ3 and RHUX3 does not exist, RHUZ3 will be used instead. If the charted symbol is a CL, RCL, SC, or RSC symbol, the default numbers of contracts for the Crack study are 3, 2, and 1. If the charted symbol is LBC, the default numbers of contracts for the Crack study are 1, 0, and 1. The number of contracts can be changed via the study Properties dialog box. Multipliers are as follows: Contract HU,RHU HO, RHO LGO Multiplier 42 42 0.134336 Description 42 gallons per barrel 42 gallons per barrel .134336 metric tons per barrel Intraday charts are legal only if the session times of the various legs match. Interpretation The CRACK study is similar to the CRUSH spread used for soybean. The combined value of heating oil and unleaded gasoline must exceed the crude oil price by more than the refining production costs. The most common ratio for the CRACK spread is 1-2-3. Three barrels of crude will produce two barrels of unleaded gasoline, and one barrel of heating oil. However, you are allowed to use other ratios when calculating the spread. The CRACK spread results may be affected by the seasons. For instance, during the summer months, unleaded gasoline (HU) is in greater demand than heating oil (HO). During the winter months, the demand will shift to heating oil. If a spread was too narrow to produce a refining profit, you could assume product prices would have to rise to catch up to crude oil prices. Therefore, you would favor heating oil and gasoline contracts over crude oil. On the other hand, if there is a large spread between product and crude prices, you could assume refiners would push production and selling of unleaded gasoline and heating oil to take advantage of the profit. This increase in selling would tend to push product prices lower. Therefore, you would favor the crude oil over heating oil and gasoline. Crush Spread The CRUSH spread study is a futures transaction that parallels the process of producing bean oil (BO or NBO) and soymeal (SM or NSM) from soybeans (S or NS). 47 Printed Documentation A CRUSH Spread may be added to a chart without plotting a symbol. 1. Click the Chart button on the QuickStart toolbar. OR Press F2. OR From the File menu, select New Window, then select Chart. Result: An empty chart window is displayed. 2. From the Study menu, select one of the CRUSH Spreads. Result: The chart is created. The CRUSH study is similar to the CRACK spread used for crude oil. Soybeans are the raw material used to produce bean oil (BO) and soymeal (SM). However, the ratio for this spread is 1:1:1. One bushel of soybeans produces one unit of soymeal and one unit of bean oil. The products soybeans produce are measured in liquid and dry weights. However, the end result from processing soybeans into its chief products is a 1:1:1 ratio. The basic calculation is a simple one that is made somewhat more complicated because the quantities are given in different units of mass, volume and price. Soybean contracts are quoted in cents per bushel, Bean Oil is quoted in cents per pound and Soybean is quoted in dollars per short ton. Since the crushing process produces 11 pounds of oil per bushel of soybeans, this price is converted to cents per bushel by multiplying by 11. No price conversion is necessary because both trade in cents. Soybean meal is quoted in dollars per short ton, a price conversion must be made (dollars to cents), then a mass conversion must be made (short tons to pounds) finally a conversion from mass to volume. First the price is multiplied 100 (dollars to cents,) next a short ton of Soybean meal is converted to pounds by dividing by 2000 (short tons to pounds,) finally, since the crushing process produces 44 pounds of soybean meal per bushel of soybeans, the price is converted to bushels by multiplying by 44. This is equivalent to multiplying by 2.2 (2.2 = 100/2000*44). This results in the following expression: - %S * 1 + %SM * 2.2 * 1 + %BO * 11 * 1 The defaults for the other contracts used in the study are based on the charted symbol. See examples in the table below. Crush Spread S NS 1st Leg S1! NS1! 2nd Leg BO1! NBO1! 3rd Leg SM1! NSM1! Note: "1!" = front month. If the month/year of the 1st charted symbol is not available for a leg, the next available contract is used. The default numbers of contracts for the Crush study are 1, 1, and 1. The number of contracts can be changed via the study Properties dialog box. Intraday charts are legal only if the session times of the various legs match. Interpretation 48 Charts The soybean crush spread represents the margin soybean processors might capture by using the futures markets to hedge their positions. Analyze this chart much like another spread chart. Do not forget seasonal factors that might influence the price spread. You are looking for overvalued and undervalued market conditions. Find the predominant market trend. Watch for divergence between the products, soybean oil and soybean meal, and the raw material, soybeans. Processors try to maintain their margins in spite of market conditions and trends. The same analysis theory for a CRACK spread applies to the CRUSH spread. If the spread for soybeans and its products (bean oil and soymeal) is narrow, the profit potential leans in the direction of the bean oil and soymeal contracts. This is a sign that the cost to process soybeans is too high to produce any appreciable profit. The opposite is true, however, if a large span appears. The processors push to sell bean oil and soymeal to reap the profits. This aggressive push almost guarantees that the product prices will be forced down to meet the soybean prices. Directional Movement Index The concept of Directional Movement is based on the assumption that in an upward trend today’s highest price is higher than yesterday’s highest price, and in a downward trend today’s lowest price is lower than yesterday’s lowest price. If this is the case, it is a matter of the so-called Outside Days. The difference between today’s high and yesterday’s high corresponds to the Plus Directional Movement (+DI). The difference between today’s low and yesterday’s low is the Minus Directional Movement (-DI). These Outside Days consist of a +DI as well as an -DI. Days in which yesterday’s highest price or yesterday’s lowest price are not exceeded are described as Inside Days and contain a +DI and a -DI, or zero. Do not let the plus or minus sign designation mislead you. They only indicate upward or downward movement, not values. The directional movement value is always a positive number of absolute value, regardless of upward or downward movement. In the Directional Movement calculation, Inside Days are consequently not taken into account. It is possible for the directional movement to be zero. This occurs when the current trading range is inside the previous trading range, or when the trading ranges, current versus previous, are equal. To calculate the Directional Indicators (+DI and -DI), further calculation of the True Range is necessary. The true range is always positive and is defined as the current highest value of the difference among today’s highest price minus today’s lowest price; today’s highest price minus yesterday’s closing price; and today’s lowest price minus yesterday’s closing price. Wilder used a constant value of 14 on daily data. His logic for using this value is that it represented an average half-cycle period. When this task is accomplished for the specified interval, you compute the average value of PDI, MDI, and TRUE_RANGE. The Plus Directional Movement is now calculated. The sum of the +DI over the observation period is divided by the sum of the True Range over the same period. The calculation of the -DI is analogous. The Directional Movement Index (DI) is calculated by dividing the difference between the +DI and -DI by the sum of both figures. The result is a percentage, with which the extent and/or intensity or the trend is quantified. By smoothing this DI, an Average Directional Index (ADX) results. Pane: Bottom Properties 49 Printed Documentation High: The Symbol field on which the study will be calculated. The application uses the Aspect "High". Low: The Symbol field on which the study will be calculated. The application uses the Aspect "Low". Close: The Symbol field on which the study will be calculated. The application uses the Aspect "Close". Period: The number of bars in a chart. If the chart displays daily data, then period denotes days; in weekly charts, the period will stand for weeks, and so on. The application uses a default of 14. Interpretation The DI, Directional Movement Index, is a trend following system. The Average Directional Index, or ADX, determines the market trend. When used with the up and down directional study values, +DI and -DI, the DI is an exact trading system. The rules for using the DI are simple. You establish a long position whenever the +DI crosses above the -DI. You reverse that position, liquidate the long position and establish a short position, when the -DI crosses above the +DI. In addition to the crossover rules, you must also follow the extreme point rule. When a crossover occurs, use the extreme price as the reverse point. For a short position, use the high made during the trading interval of the crossover. Conversely, reverse a long position using the low made during the trading interval of the crossover. You maintain the reverse point, the high or low, as your market entry or exit price, even if the +DI and the -DI remain crossed for several trading intervals. This is supposed to keep you from getting whipsawed in the market. For some traders, the most significant use of the ADX is the turning point concept. First, the ADX must be above both DI lines. When the ADX turns lower, the market often reverses the current trend. The ADX serves as a warning for a market about to change direction. The main exception to this rule is a strong bull market during a blow-off stage. The ADX turns lower only to turn higher a few days later. According to the developer of the DI, you should stop using any trend-following system when the ADX is below both DI lines. The market is in a choppy sidewise range with no discernible trend. Literature Wilder, J. Welles. New Concepts in Technical Trading Systems. Greensboro, NC: Trend Research, 1978. Babcock, Bruce. The Dow Jones – Irwing Guide to Trading Systems. 1989. Colby, Robert F., Myers, Thomas. A. The Encyclopedia of Technical Market Indicators. Dow Jones – Irwin. Homewood, IL. 1988. Le Beau C., Lucas D. W. Computer Analysis of the Futures Market. 1992. Murphy, John J. The Visual Investor. New York, NY: John Wiley & Sons, Inc. 1996. Kaufman, Perry J. The Commodity Trading Systems & Methods. NY: John Wiley & Sons, Inc. 1978. Jobman, Darrel R. The Handbook of Technical Analysis. Irwin Professional Publishing. 1995. 50 Charts Envelope Envelopes represent bands that are plotted in a certain, identical relationship above and below the Moving Average. Envelopes are a very complex theme with many interpretation and trading rules. Basically, envelopes capture a significant part of price movements. Concrete trading signals are released if prices approach or move away form their envelope. Envelopes are plotted around a Moving Average in a constant percentage distance. Hence they are added to or subtracted from this average. Both envelope lines thus define the prevailing trading range. Pane: Overlay Formula ENV1 = MOV_St + MOV_St * Shift1 / 100 ENV2 = MOV_St + MOV_St * Shift2 / 100 ENV1 = Upper band ENV2 = Lower band MOV_S = Moving Average – Simple Properties Input Field: The Symbol field on which the study will be calculated. Input Field is set to "Default", which, when viewing a chart for a specific symbol, is the same as "Close". Period: The number of bars in a chart. If the chart displays daily data, then period denotes days; in weekly charts, the period will stand for weeks, and so on. The application uses a default of 10. Percent: A factor, expressed in percentage points, that is added to and subtracted from the Moving Average. For example, a value of "2.0" represents a 2.0% shift that will be added to the Moving Average, and a -2.0% shift that will be added to the Moving Average. The application uses a default of 1.0. Interpretation The Envelope study is a derivative of the Moving Average study. The price band has two lines that are equal percentage distance from the Simple Moving Average. The Moving Average line is not visible. While several different trading rules are available, the most simple approach uses the price band as an entry and exit point. When price penetrates the upper price band, you initiate a long position or buy. If you have an existing short position, you close out shorts and go long. Conversely, when prices penetrate the lower price band, you close out long positions and go short. In Kaufman’s book, Commodity Trading Systems and Methods, he suggests several other approaches. They are as follows: Buy or sell on the close after a signal is indicated. Buy or sell on the next market open following a signal. Buy or sell with a delay of 1-3 days after the signal. Buy or sell after a price retracement of 50% (or some other value) following a signal. Buy or sell when prices move to within a specified risk relative to a stop-loss point. 51 Printed Documentation In the case of using the Moving Average envelope on intraday prices, Kaufman suggested the following rule: "Only one order can be executed in one day, either the liquidation of a current position or an entry into a new position." Literature Kaufman, Perry J. The Commodity Trading Systems & Methods. NY: John Wiley & Sons, Inc. 1978. Murphy, John J. The Visual Investor. New York, NY: John Wiley & Sons, Inc. 1996. Babcock, Bruce. The Dow Jones – Irwing Guide to Trading Systems. 1989. Le Beau C., Lucas D. W. Computer Analysis of the Futures Market. 1992. Hurst, J.M. The Profit Magic of Stock Transaction Timing. Exponential Moving Average The Exponential Moving Average gives the recent prices an equal weighting to the historic ones. The calculation does not refer to a fixed period, but rather takes all available data series into account. This is achieved by subtracting yesterday’s Exponential Moving Average from today’s price. Adding this result to yesterday’s Exponential Moving Average, results in today’s Moving Average. Note that the initial EMA is based on a Simple Moving Average. Pane: Overlay Formula MovE = MovEt-1 + ((2 / (n+1)) * (Xt - MovEt-1)) n = The length of the Moving Average x = Price of the symbol Properties Input Field: The Symbol field on which the study will be calculated. Input Field is set to "Default", which, when viewing a chart for a specific symbol, is the same as "Close". Period: The number of bars in a chart. If the chart displays daily data, then period denotes days; in weekly charts, the period will stand for weeks, and so on. The application uses a default of 9. Interpretation An Exponential Moving Average is another type of Moving Average. In a Simple Moving Average, the price data have an equal weight in the computation of the average. Also, in a Simple Moving Average, the oldest price data are removed from the Moving Average as a new price is added to the computation. The Exponential Moving Average assigns a weight to the price data as the average is calculated. Thus, the oldest price data in the Exponential Moving Average are never removed, but they have only a minimal impact on the Moving Average. The main use of this study is its smoothing out function. In this way, the Moving Average removes short-term fluctuations and leaves to view the prevailing trend. The Exponential Moving Average can be used as a crossover system. For a crossover system, you may insert three different Exponential Moving Averages. Generally, the lengths for these Moving Averages are short, intermediate, and long term. A commonly used system is 4, 9, and 18 intervals or periods. An interval may be in ticks, minutes, days, weeks, or months; it is a function of the chart type. 52 Charts Moving Averages work best in trending markets. A buy signal occurs when the short and intermediate term averages cross from below to above the longer term average. Conversely, a sell signal is issued when the short and intermediate term averages cross from above to below the longer term average. You can use the same signals with two Moving Averages, but most market technicians suggest using longer term averages when trading only two Exponential Moving Averages in a crossover system. Another trading approach is to use the current price concept. If the current price is above the Exponential Moving Averages, you buy. Liquidate that position when the current price crosses below either Moving Average. For a short position, sell when the current price is below the Exponential Moving Average. Liquidate that position when the current price rises above the Exponential Moving Averages. As you use Exponential Moving Averages, do not confuse them with Simple Moving Averages. An Exponential Moving Average behaves quite differently from a Simple Moving Average. It is a function of the weighting factor or length of the average. Literature Murphy, John J. Technical Analysis of the Futures Markets. New York Institute of Finance. Englewood Cliffs, NJ. 1986. Wilder, J. Welles. New Concepts in Technical Trading Systems. Greensboro, NC: Trend Research, 1978. Kaufman, P. J. Technical Analysis in Commodities. Kaufman, Perry J. The New Commodity Trading System and Methods. 1987. Murphy, John J. The Visual Investor. New York, NY: John Wiley & Sons, Inc. 1996. Maxwell, J. R. Commodity Futures Trading with Moving Averages. 1976. Colby, Robert F., Myers, Thomas. A. The Encyclopedia of Technical Market Indicators. Dow Jones – Irwin. Homewood, IL. 1988. Pring, Martin J. Technical Analysis Explained. Lebeau, Charles, and Lucas, David. Technical Trader’s Guide to Computer Analysis of the Futures Market. Homewood, IL: Business One Irwin. 1991. Exponential Oscillator The Exponential Oscillator is plotted as a histogram, using the difference between two Moving Averages. It can be used to help identify divergences, short-term variations from the long-term trend, and to identify the crossing of two Moving Averages, which occur when the oscillator crosses the zero line. Pane: Bottom Formula To calculate the Exponential Oscillator, you first compute the Exponential Moving Averages. Next, calculate the arithmetic difference: OSCt = MA1 - MA2 OSCt = the value of the oscillator for the current interval. MA1 = the first Exponential Moving Average. Workstation uses a default of 5. MA2 = the second Exponential Moving Average. Workstation uses a default of 10. 53 Printed Documentation If you use the same length for each Moving Average, the difference is zero. You should use Moving Averages of different lengths to achieve a significant difference in the two averages. Secondly, if you make the length of the second Moving Average less than the length of the first Moving Average, you reverse the trading signals. The length of the first Moving Average should always be less than the second Moving Average to follow the above trading rules. Properties Input Field: The Symbol field on which the study will be calculated. Input Field is set to "Default", which, when viewing a chart for a specific symbol, is the same as "Close". Period1: The length of the first Exponential Moving Average. The application uses a default of 5. Period2: The length of the second Exponential Moving Average. The application uses a default of 10. Interpretation Technical analysts use a variety of oscillators. An oscillator is the simple difference between two Moving Averages. Those values oscillate about the zero line and are plotted as a histogram. One trading rule is similar to the crossover system used in Moving Averages. In fact, the oscillator is another method of using two Moving Averages. Sell when the oscillator crosses the zero line from above to below. Buy when the oscillator crosses from below to above. Some traders buy the valleys and sell the peaks of the oscillator. The oscillator has no confined limits. Its value fluctuates widely. It is a function of price volatility and the Moving Averages. Literature Achelis, Steven B. Technical Analysis from A to Z. Colby, Robert F., Myers, Thomas. A. The Encyclopedia of Technical Market Indicators. Dow Jones – Irwin. Homewood, IL. 1988. Murphy, John J. Technical Analysis of the Futures Market. High/Low Moving Average The High Low Moving Average study allows you to quickly and easily compute a simple moving average of the high and low for the interval. The length of the moving average may vary for the high and low. Some traders use this study as a measure of the market's support and resistance areas (at what price level do buyers enter the market and support prices, or at what price level do sellers take profits and pressure the market lower?) The moving average of the high could be the resistance area, while the moving average of the low is the support area. Like any moving average system, you can vary the rules of the trading system. Some traders prefer to buy or sell breakouts above or below the resistance and support areas, respectively. Others, tend to use the resistance and support areas as zones to establish a market position in the direction of the dominant market trend. Generally, the high/low moving average is not a crossover system. Rather, it creates a channel about the bars on the price chart. In a market with a strong trend, prices may trade beyond the channel, either above or below. A trader could use the escape from the channel as a strong reason to establish a complementary market position. 54 Charts Pane: Overlay Properties High: The Symbol field on which the study will be calculated. The application uses the Aspect "High". Low: The Symbol field on which the study will be calculated. The application uses the Aspect "Low". HighPeriod: The length of the first Moving Average. The application uses a default of 10. LowPeriod: The length of the second Moving Average. The application uses a default of 8. Highest High/Lowest Low The study plots the highest high and the lowest low for the number of periods you specify. Pane: Overlay Calculation The mathematics define an envelope of values by using the highest high and lowest low over a duration of n periods. Formula HHt = Max(Ht,Ht-1,...,Ht-n+1) LLt = Min(Lt,Lt-1,...,Lt-n+1) HHt = Highest High of period LLt = Lowest Low of period Ht = High for current bar Lt = Low for current bar Properties High: The Symbol field on which the study will be calculated. The application uses the Aspect "High". Low: The Symbol field on which the study will be calculated. The application uses the Aspect "Low". HighPeriod: The number of bars of the first Moving Average. If the chart displays daily data, then period denotes days; in weekly charts, the period will stand for weeks, and so on. If the default length of the indicator is chosen (Workstation uses a period of 10), the study will return the highest of the high price values / lowest of the low price values over the previous 10 bars. LowPeriod: The number of bars of the second Moving Average. If the chart displays daily data, then period denotes days; in weekly charts, the period will stand for weeks, and so on. If the default length of the indicator is chosen (Workstation uses a period of 10), the study will return the highest of the high price values / lowest of the low price values over the previous 10 bars. 55 Printed Documentation Interpretation The rules generally followed for this study are: enter the market when one of the bands is penetrated. This indicates a possible start of a trend. exit and reverse the position when the opposite band is penetrated. Another rule you may want to apply is the Donchion’a rule, which states: cover short positions and go long whenever the price exceeds the high of the previous four weeks. reverse long positions and go short whenever the price exceeds the low of the previous four weeks. You may plot this study as envelopes around the bars in the chart, by first plotting both studies and then dragging and dropping both high/low functions into the chart pane. Historic Volatility Although traders cannot predict the future, they must make intelligent guesses as to what the future holds. A standard approach used in option evaluation is to look at the past. What has historically been the volatility of a certain commodity? If for instance, the volatility of Treasury Bonds has been no higher than 25% over the last ten years, then a guess of 30% is somewhat impractical. Based upon the past ten years, 25% or lower proves to be more realistic value for the volatility. There are a number or ways to calculate the Historic Volatility. The first thing to determine is the time frame. Do you want to study the last ten days, six months, or five years? What length of time is required to obtain an accurate picture? Generally, traders tend to start looking at volatility over a long time, at least ten years. This allows them to identify short-term deviations from normal activity. However, you must not overlook the short-term volatility either. If a commodity has averaged 25% volatility over the last year, but only 15% over the past thirty days, you may want to adjust the volatility estimates to accommodate the most recent data. Rather than using a figure of 25%, adjusting the figure to 20% as the midpoint may prove more accurate. Once you establish a time frame, you need to determine the price intervals. Volatility can vary greatly based on the interval. For example, you may decide to monitor the volatility of the last ten weeks measuring the price changes at the close of each day. This figure can be quite different from that of the price changes at the end of each week. Prices can fluctuate wildly from day to day, but finish the week unchanged. When this happens, volatility for the daily price changes is higher than that of the weekly price changes. You may think that there are an infinite number of ways to calculate the historical volatility. However, as long as price changes are measured at regular intervals, the annualized volatilities resulting from these intervals are usually very similar. The application calculates the historical volatility based on a default value of 20 for the number of periods, and uses the closing price. You may alter this to use any number greater than 1 for the close. The Historic Volatility displays in simple percentage values. Pane: Bottom Properties 56 Charts Number of Bars: The number of bars in a chart. If the chart displays daily data, then period denotes days; in weekly charts, the period will stand for weeks, and so on. The Historic Volatility displays in simple percentage values. The application uses a default of 20. Computing Historic Volatility The calculation for the Historic Volatility is rather involved. The number of periods per year vary depending on the type of price chart used for the study. The following table lists the number of periods for each type of chart: Chart Type Continuation Daily Weekly Monthly Variable Tick Trading Periods per Year 262 262 52 12 Based on Chart Period (see below) Not available for this study When using variable charts, you must first calculate the number of trading periods per year. To do this, you must determine the trading time of the selected commodity. The formula is as follows: TP = (Tt / Pn) * 262 TP is the total number of trading periods per year. Tt is the total trading time in a day. Pn is the length of the period. 262 is the number of weekdays per year. For instance, the S&P 500 trades from 8:30 a.m. to 15:15 or 3:15 p.m. That is a total trading time of 6 hours and 45 minutes. On a variable chart using 5 minute bars, the number of periods for the day is 81 as demonstrated: 6 hours @ 60 minutes = 360 minutes Total minutes of trading = 360 minutes + 45 minutes = 405 minutes 405 / 5 minute bars = 81 trading periods per day Now that you have calculated the trading periods per day, you now must calculate the number of periods for the year. Since historical volatility considers every weekday of the year when calculating total periods for the year, the multiplier is 262: TP = (405)/5) * 262 TP = 81* 262 TP = 21,222 Important Note: This formula applies only to Historic Volatility on a variable chart. It does not apply to other chart types. Now that you have the total number of periods per year, continue with the calculation of the Historic Volatility. Next calculate the logarithm of the price change for each price in the specified time span of n periods. The formula is: LOGSi = LOG(Pi / Pi-1) 57 Printed Documentation LOG is the logarithm function. Pi is the current price Pi-1 is the previous price Now that you have the logarithms of the price changes, calculate the total logarithms for the time span you are reviewing. To calculate the total of the logarithms, use the following formula: Tlogs is the total of the logarithm price ratio for the time span. S indicates to sum all n logarithms. LOGSi is the logarithm of the price change for period i. n is the number of periods for the specified time span. The next step is to calculate the average of the logs by dividing the total logarithm by the number of periods as shown below: ALOGS = Tlogs / n ALOGS is the average of the logarithms. Tlogs is the total of the logarithm for the time span. n is the number of periods for the specified time span. The last calculation is to sum the squares of the difference between the individual logarithms for each period and the average logarithm. This is accomplished in the following formula: SSD is the sum of the squared differences. S indicates to total the squares of all n differences. LOGSi is the logarithm of the price change for period i. ALOGS is the average of the logarithms. Now that the elements of the final formula are complete, the following formula calculates the historical volatility for a given period over a specified time span. SSD is the sum of the squared differences. n is the number of periods for the specified time span. TP is the total number of trading periods for the year. Due to the complexity of the formula, it is preferable to use a scientific calculator when attempting to manually calculate the Historic Volatility of a futures instrument. Keltner Channel This moving average system by Chester W. Keltner consists of an n-day moving average of the "typical price", sometimes referred to as "average price," ((H+L+C)/3), plotted with a channel 58 Charts formed by adding and subtracting an n-bar moving average of the high-low range to or from the moving average of the typical price. Thus, the width of the channel adjusts to market volatility. Pane: Overlay Formula The study has two plots: a KCHigh and a KCLow. The user parameter is the number of periods for the Moving Average of the Typical Price and the Moving Average of the High-Low Range (Period, default: 10) For each bar: 1. Calculate the Absolute High-Low Range: ABS( (H-L) ) 2. Calculate the Typical Price. (High + Low + Close) / 3 3. Beginning with Periodn bar: Calculate a simple moving average of the Typical Price (MATypicalPrice). Calculate a simple moving average of the High-Low Range (MARange). Calculate the KCHigh: MATypicalPrice + MARange. Calculate the KCLow: MATypicalPrice - MARange. Properties High: The Symbol field on which the study will be calculated. The application uses the Aspect "High". Low: The Symbol field on which the study will be calculated. The application uses the Aspect "Low". Close: The Symbol field on which the study will be calculated. The application uses the Aspect "Close". Period: The number of bars in a chart. If the chart displays daily data, then period denotes days; in weekly charts, the period will stand for weeks, and so on. The application uses a default of 10. Multiplier: A number, positive or negative, defining the number of bars (periods) to shift the formula line. The upper and lower channel lines are the centerline plus and minus this multiplier, times the modified moving average of true range. Least Squares Linear Regression The Least Squares Linear Regression line indicates the dominant market trend relative to time. In simple terms, is the market trending lower or higher with respect to time? It can inform you when the market is diverging from an established trend, but only when prices fluctuate uniformly around the trendline and within a narrow range. The better the fit of the equation to the data, the more reliable the linear trend. Once the calculations are completed, the application draws the trendline on the screen. Do not rely on this study when prices deviate widely about the trendline. The fit of the trend to the data is most likely not very reliable. If the price chart flows uniformly about the regression line, the 59 Printed Documentation market should have a tendency to continue in the direction of the statistically fit trendline. Any large deviation from the regression line implies a change in the dominant market trend. The least squares methodology can be found in most books on basic statistics. It is a rather intense calculation process. Pane: Overlay Properties Number of Bars: The number of bars on which to base the regression. If the chart displays daily data, then number of bars denotes days; in weekly charts, the number of bars will stand for weeks, and so on. The application uses a default of 10. Line Oscillator This study is a combination of two different studies. The first set of calculations compute a simple oscillator. The second part computes a simple moving average of the oscillator. You must specify two values for the moving averages to calculate the oscillator. Next, a third value is specified for a moving average of the oscillator. The application computes the values and displays two lines on the chart. Trading signals occur whenever the two lines cross. It is a relatively sensitive indicator and works well for intraday charts and trading, but the study generates valid trading signals for any chart type available within the FutureSource software system. Trading signals for this study use a crossover system. If the oscillator crosses from above the moving average to below the moving average of the oscillator, establish a short position. Conversely, if the oscillator crosses from below to above the moving average of the oscillator, establish a long position. Caution: The order of the first two moving averages is important. The specified length of the first moving average should not exceed the specified length of the second moving average. That inverts the oscillator which inverts the trading signals, i.e., sell signals become buy signals and buy signals become sell signals. To avoid this problem, always specify a smaller value for the first moving average than for the second moving average. For example, the values of 5, 10, and 5 are consistent with the trading rules outlined above. Values of 10, 5, and 5 are not. Pane: Bottom Properties Input Field: The Symbol field on which the study will be calculated. Input Field is set to "Default", which, when viewing a chart for a specific symbol, is the same as "Close". Period1: The number of bars in a chart, used for the first Moving Average. If the chart displays daily data, then period denotes days; in weekly charts, the period will stand for weeks, and so on. The application uses a default of 6. Period2: The number of bars in a chart, used for the second Moving Average. If the chart displays daily data, then period denotes days; in weekly charts, the period will stand for weeks, and so on. The application uses a default of 21. Period3: The period of the outer Moving Average for the Oscillator. The application uses a default of 6. 60 Charts Interpretation The line oscillator study is a very clean and easy-to-use trading tool. The buy/sell signals are easily understood and are quickly spotted on the chart. Once a position is established, the line oscillator rides with the predominant market trend. The tool is not perfect, but it does generate reliable results. It sometimes reverses a position too quickly. Likewise, it has a tendency to whipsaw in sideways markets. Momentum Momentum is currently one of the most used technical studies. It is an oscillator-type study used to interpret overbought/oversold markets. It assists in determining the pace at which price is rising or falling. This indicates whether a current trend is gaining or losing momentum, whether or not it is overbought or oversold, and whether the trend is slowing down. Momentum can be calculated by subtracting today’s price (identified by Input Field) by the closing price 'n' bars ago. Pane: Bottom Formula MOM(t) = C(t) - C(t-n) C(t) = The price of the current bar. C(t-n) = The price 'n' intervals ago. n = The number of intervals or length specified. Properties Input Field: The Symbol field on which the study will be calculated. Input Field is set to "Default", which, when viewing a chart for a specific symbol, is the same as "Close". Interval: The number of bars back on which to base the calculation. If the chart displays daily data, then number of bars denotes days; in weekly charts, the interval will stand for weeks, and so on. The application uses a default of 20. Interpretation Momentum is calculated by computing the continuous difference between prices at fixed intervals. That difference is either a positive or negative value, which is plotted around a zero line. When momentum is above the zero line and rising, prices are increasing at an increasing rate. If momentum is above the zero line but is declining, prices are still increasing but at a decreasing rate. The opposite is true when momentum falls below the zero line. If momentum is falling and is below the zero line, prices are decreasing at an increasing rate. With momentum below the zero line and rising, prices are still declining but at a decreasing rate. The normal trading rule is simple. Buy when the momentum line crosses from below the zero line to above. Sell when the momentum line crosses from above the zero line to below. Another possibility is to establish bands at each extreme of the momentum line. Initiate or change 61 Printed Documentation positions when the study enters either of those zones. You could modify that rule to enter a position only when the study reaches the overbought or oversold zone and then exits that zone. You specify the length of the momentum study. You must determine a value suitable to your trading needs and methods. Some technicians argue the length of the momentum study should equal the normal price cycle. The best method is to experiment with different lengths until you find the length that works best for that particular commodity you are trading. Literature Lebeau, Charles, and Lucas, David. Technical Trader’s Guide to Computer Analysis of the Futures Market. Homewood, IL: Business One Irwin. 1991. Murphy, John J. The Visual Investor. New York, NY: John Wiley & Sons, Inc. 1996. Colby, Robert F., Myers, Thomas. A. The Encyclopedia of Technical Market Indicators. Dow Jones – Irwin. Homewood, IL. 1988. Kaufman, Perry J. The New Commodity Trading System and Methods. 1987. Pring, Martin J. On Market Momentum. 1993. Pring, Martin J. Technical Analysis Explained. Babcock, Bruce. The Dow Jones – Irwing Guide to Trading Systems. 1989. Murphy, John J. Technical Analysis of the Futures Markets. New York Institute of Finance. Englewood Cliffs, NJ. 1986. Wilder, J. Welles. New Concepts in Technical Trading Systems. Greensboro, NC: Trend Research, 1978. Moving Average Moving Average is generally used to identify or confirm a trend, and works best in trending markets. It will not signal you that a trend change is imminent, but it will help you to determine if an existing trend is still in motion and help you to confirm when a trend reversal has taken place. Pane: Overlay Formula MovSt = (Xt + Xt-1 +...+ Xt-n+1) / n n = The number of selected periods Xn = Price paid for the 'n'th interval In a Simple Moving Average, the mathematical median of the underlying instrument is calculated over the observation period. Prices (mainly closing prices) over this period are added and then divided by the total number of time periods. Every day of the observation period is thus given the same weighting. The length of time – the number of bars – calculated in a Moving Average are of significance in using a Moving Average that gives you the trading signals the investor wants. Fast Moving Averages with short time periods normally fluctuate and are liable to give more signals, especially in futures markets. Slower Moving Averages are the ones that use longer time periods, displaying a smoother Moving Average. The slow averages, however, may be too slow to enable you to establish a long or short position with profit. Generally, short time periods are used to analyze trends in the futures markets, although many analysts use a 200 length Moving Average when tracking trends in equities. It is advisable to test different time periods in order to have realistic signals when analyzing a market. Properties 62 Charts Input Field: The Symbol field on which the study will be calculated. Input Field is set to "Default", which, when viewing a chart for a specific symbol, is the same as "Close". Period: The number of bars in a chart. If the chart displays daily data, then period denotes days; in weekly charts, the period will stand for weeks, and so on. The application uses a default of 9. Interpretation Moving Averages are one of the most commonly used technical tools. They follow the trend, smooth the normal fluctuations of the data, and clearly signal long and short positions to the investor. A Moving Average may be displayed as a normal crossover trading system when you select up to three different averages. Most investors and charting services use three moving averages. Their lengths typically consist of short, intermediate, and long-term. A commonly used system is 4, 9, and 18 intervals. An interval may be ticks, minutes, days, weeks, or even months; it depends upon the chart type. The normal moving average crossover buy/sell signals are as follows: A buy signal is flashed when the short and intermediate term averages cross from below to above the longer term average. Conversely, a sell signal is issued when the short and intermediate term averages cross from above to below the longer term average. You can use the crossover approach with only two moving averages, but market technicians suggest longer term averages (a longer interval) when trading only two moving averages in a crossover system. Moving Average Convergence Divergence (MACD) The MACD, developed by Gerald Appel, is both a trend follower and an oscillator. The abbreviation stands for Moving Average Convergence Divergence. MACD.OSC is the difference between a fast Exponential Moving Average (EMA) and a slow Exponential Moving Average. The name “Moving Average Convergence Divergence” originated from the fact that the fast EMA is continually converging towards or diverging away from the slow EMA. A third Exponential Moving Average, MACD.EMAOSC, (the signal line) is then plotted on top of the MACD.OSC. Pane: Bottom Formula MACD.OSC = EMA period1 (C) - EMA period2 (C) MACD.EMAOSC = EMA SmoothingPeriod (MACD.OSC) MACD.DIFF = MACD.OSC – MACD.EMAOSC EMA = Exponential Moving Average C = Closing price Period1 = Usually defined as 12 days MACD.EMAOSC = Moving Average over the MACD.OSC, usually takes the period of 9 days Period2 = Usually defined as 26 days SmoothingPeriod = Usually defined as 9 days 63 Printed Documentation Properties Input Field: The Symbol field on which the study will be calculated. Input Field is set to "Default", which, when viewing a chart for a specific symbol, is the same as "Close". Period1: The time period for the first Exponential Moving Average. The application uses a default value of 12, referring to 12 bars. Period2: The time period for the subtracted Exponential Moving Average. The application uses a default value of 26, referring to 26 bars. Smoothing Period: The period of 9 bars for the signal line representing an additional Exponential Moving Average. Interpretation The MACD study can be interpreted as any other trend-following analysis, i.e. one line crossing another indicates either a buy or sell signal. When the MACD.OSC crosses above the signal line (MACD.EMAOSC), an uptrend may be starting, suggesting a buy. Equally, the crossing below the signal line may indicate a downtrend and a sell signal. The crossover signals are more reliable when applied to weekly charts, though this study may be applied to daily charts for short-term trading. The MACD can signal overbought and oversold trends, if analyzed as an oscillator that fluctuates above and below a zero line. The market is oversold (buy signal) when both lines are below zero, and it is overbought (sell signal) when the two lines are above the zero line. The MACD can also help identify divergences between the study and price activity which may signal trend reversals or trend losing momentum. A bearish divergence occurs when the MACD is making new lows while prices fail to reach new lows. This can be an early signal of an uptrend losing momentum. A bullish divergence occurs when the MACD is making new highs while prices fail to reach new highs. Both of these signals are most serious when they occur at relatively overbought/oversold levels. Weekly charts are more reliable than daily for divergence analysis with the MACD study. Literature Appel, Gerald. The Moving Average Convergence-Divergence Trading Method. Scientific Information Systems. Toronto. 1985. Appel, Gerald. Winning Stock Market Systems. Murphy, John J. The Visual Investor. New York, NY: John Wiley & Sons, Inc. 1996. Babcock, Bruce. The Dow Jones – Irwing Guide to Trading Systems. 1989. Le Beau C., Lucas D. W. Computer Analysis of the Futures Market. 1992. Colby, Robert F., Myers, Thomas. A. The Encyclopedia of Technical Market Indicators. Dow Jones – Irwin. Homewood, IL. 1988. Moving Standard Deviation Moving Standard Deviation is a statistical measurement of market volatility. It makes no predictions of market direction, but it may serve as a confirming indicator. You specify the number of periods to use, and the study computes the standard deviation of prices from the moving average of the prices. 64 Charts It is derived by calculating an 'n' time period Simple Moving Average of the data item. It then sums the squares of the difference between the data item and its Moving Average over each of the preceding 'n' time periods. Finally, it divides this sum by 'n' and calculates the square root of this result. Pane: Bottom Properties Input Field: The Symbol field on which the study will be calculated. Input Field is set to "Default", which, when viewing a chart for a specific symbol, is the same as "Close". Period: The number of bars in a chart. If the chart displays daily data, then period denotes days; in weekly charts, the period will stand for weeks, and so on. The application uses a default of 20. Interpretation Standard Deviation values rise significantly when the analyzed contract or indicator changes in value dramatically. When markets are stable, low Standard Deviation readings are normal. Low Standard Deviation readings typically tend to come before significant upward changes in price. Analysts generally agree that high volatility is part of major tops, while low volatility accompanies major bottoms. Open Interest Open Interest shows the number of open contracts of a given option or futures contract. An open contract can be a long or short contract that has not been exercised, closed out, or allowed to expire. Open Interest is only available if your rate data contains an OI field with current Open Interest values. Pane: Bottom Interpretation It is important to remember that a futures contract always involves a buyer and a seller, who are represented by one unit of open interest. When the buyer initiates the long position and a seller a short one, a new contract is created and open interest increases. When the buyer sells a long position and the seller covers a short position, open interest decreases as existing contracts are liquidated. When used on its own, open interest shows only the liquidity of a contract or market. On the other hand, analysts prefer combining the open interest study with volume in order to obtain more precise clues to the flow of money in and out of the market. When both open interest and volume increase in values, the current trend is verified. Decreasing values of open interest and volume may indicate an end to the current trend. Open Interest is not currently applicable for Intraday charts and will never be applicable for Tick charts, due to the nature of the data. Literature Le Beau C., Lucas D. W. Computer Analysis of the Futures Market. 1992. Murphy, John J. The Visual Investor. New York, NY: John Wiley & Sons, Inc. 1996. 65 Printed Documentation Kaufman, Perry J. The Commodity Trading Systems & Methods. NY: John Wiley & Sons, Inc. 1978. Murphy, John J. Technical Analysis of the Futures Markets. New York Institute of Finance. Englewood Cliffs, NJ. 1986. Oscillator The Oscillator can be used to help identify divergences, short-term variations from the long-term trend, and to identify the crossing of two Moving Averages, which occur when the oscillator crosses the zero line. Pane: Bottom Formula To calculate the Simple Oscillator, you first compute the Simple Moving Averages. Next, calculate the arithmetic difference: OSCt = MA1 - MA2 OSCt = the value of the oscillator for the current interval. MA1 = the first Simple Moving Average. MA2 = the second Simple Moving Average. If you use the same length for each Moving Average, the difference is zero. You should use Moving Averages of different lengths to achieve a significant difference in the two averages. Secondly, if you make the length of the second Moving Average less than the length of the first Moving Average, you reverse the trading signals. The length of the first Moving Average should always be less than the second Moving Average to follow the above trading rules. Properties Input Field: The Symbol field on which the study will be calculated. Input Field is set to "Default", which, when viewing a chart for a specific symbol, is the same as "Close". Period1: The length of the first Simple Moving Average. If the chart displays daily data, then period denotes days; in weekly charts, the period will stand for weeks, and so on. The application uses a default of 5. Period2: The length of the second Simple Moving Average. If the chart displays daily data, then period denotes days; in weekly charts, the period will stand for weeks, and so on. The application uses a default of 10. Interpretation To calculate the Simple Oscillator, you first compute two Simple Moving Averages, then calculate the arithmetic difference. If you use the same length (Period) for each Moving Average, the difference is zero. You should use Moving Averages of different lengths to achieve a significant difference in the two averages. Secondly, if you make the length of the second Moving Average less than the length of the first Moving Average, you reverse the trading signals. The length of the first Moving Average should always be less than the second Moving Average to follow the above trading rules. 66 Charts Technical analysts use a variety of oscillators. An oscillator is the simple difference between two Moving Averages. FutureSource calculates and plots the difference between two Moving Averages. Those values oscillate about the zero line and are plotted as a histogram. One trading rule is similar to the crossover system used in Moving Averages. In fact, the oscillator is another method of using two Moving Averages. Sell when the oscillator crosses the zero line from above to below. Buy when the oscillator crosses from below to above. Some traders buy the valleys and sell the peaks of the oscillator. Literature Achelis, Steven B. Technical Analysis from A to Z. Colby, Robert F., Myers, Thomas. A. The Encyclopedia of Technical Market Indicators. Dow Jones – Irwin. Homewood, IL. 1988. Murphy, John J. Technical Analysis of the Futures Market. Parabolic Stop and Reversal J. Welles Wilder's Parabolic Stop and Reversal is a simple study to use. The study continuously computes "stop and reverse" price points. Whenever the market penetrates this "stop and reverse" point, you liquidate your current position and take the opposite position. If long, you liquidate the long position and establish a short position. If short, you liquidate the short position and establish a long position. The Parabolic Stop and Reversal study always has you in the market. This example displays a daily chart with a plotted parabolic Stop and Reversal (SAR). The points where the indicator intersects a chart bar show the dots plotted on the opposite side of the chart bars. The SAR on top of the prices indicates a short position. When the SAR is below the prices, a long position should be established. (The colors of the short and long positions may be established in the study's properties.) The points where the parabolic SAR intersects a bar are the stop and reverse points or the SAR points. While the calculations to derive the "stop and reverse" price are quite tedious, the concept of the study is a model of simplicity. If the trading adage, "The trend is your friend," has merit, this study 67 Printed Documentation is the mathematical expression of that adage. Once you initiate a position, the Parabolic Stop and Reversal study gives the market time to move in your favor. If the market does not move in your favor, you need to stop and reverse your position. This study always has a market position. Wilder defines the "stop and reverse" price as the SAR. The value of the SAR is a function of both time and price. When you enter a position, either long or short, the SAR value moves slowly during the first few trading intervals. This allows the market to work in your favor. But as time progresses, the SAR is either hit, or it follows the market direction in your favor. Remember, the SAR price never reverses. It moves higher or lower with the market and always in the direction of your market position. It is an automatic trailing stop. When the market trades or touches the SAR value, you stop and reverse your position. This study works best in a trending market. You can imagine the severe whiplash that develops in a choppy, sideways market. In fact, Wilder recommends using this study in conjunction with the Directional Movement Index. The DMI helps you to determine the predominant trend of the market, and it assists you in trading the market from that side only. For a complete discussion, please refer to Wilder's book, "New Concepts in Technical Trading Systems". The Parabolic Stop and Reversal study uses two values in the computations. They are the Acceleration Factor, and the Acceleration Limit. Wilder used the values of .02 and .20, respectively. Properties InitialAccelerationFactor: The acceleration factor in 1/1000, or the SAR step size, which starts at 0.02 and increases by the AccelerationAdditionFactor with each step to a maximum of 0.20. For example, if the trade makes new highs for three consecutive days, then the SAR step increases by 0.02 every day (0.02 to 0.04 to 0.06, etc.) The application uses as default of .02 (2/1000 or .02). AccelerationAdditionFactor: The SAR step size. The application uses as default of .02 (2/1000 or .02). AccelerationFactorLimit: The maximum value the SAR step can reach. Welles Wilder recommends a maximum acceleration limit of 0.20 for most instruments. The application uses as default of .20 (200/1000 or .20). Computing Parabolic Stop and Reversal The computational procedure for the Parabolic Stop and Reversal study is a logic exercise. The actual computations are quite simple. The logic to derive those computations is somewhat more complex. You must first determine the starting point for the calculations. The applet examines the first two trading intervals on the price chart within the active window. If the close for the second trading interval exceeds the close for the first trading interval, assume a long position. Conversely, if the closing price for the second trading interval is less than the close for the first trading interval, assume a short position. This is slightly different from Wilder's discussion, but it is the technique the applet uses to compute the study. Once the market establishes a direction, the initial SAR becomes the extreme price (EP) for the two intervals. The extreme price is either the lowest price or highest price for the two trading intervals. The short position uses the high price, and the long position uses the low price. Formula 68 Charts 1. Determine if initial-position (P) is long or short. FutureSource assumes a short position if the close of the initial-position is less than the prior close. If the inverse is true, FutureSource assumes a Long position. FutureSource's technique in determining the initial position differs slightly from Wilder's discussion. Pi = Short if Ct < Ct-1 Pi = Long if Ct > Ct-1 2. Determine initial Stop and Reversal (SAR) - based on previous Low (L) or previous High (H) depending on current position. If Pi = Short, then SARi = Ht-1 If Pi = Long, then SARi = Lt-1 3. Determine initial Extreme Price (EP) If Pi = Short, then EPi = Min(Lt, Lt-1) If Pi = Long, then EPi = Max(Ht, Ht-1) 4. Determine Acceleration Factor (AF) - Use "Y" for the initial AF, increasing the value by "Y" on each day that a new EP is made until a position ends. Do not increase the AF above "Z" A. When PTt is a new position, AFt = Y (Acceleration Factor is reset to the initial value) B. If EPt = EPt-1, then AFt = AFt-1 (High or Low does not change the EP, therefore AF does not change) 5. Calculate AFD (Acceleration Factor multiplied by the absolute value of the difference between EP and SAR) AFDt = AFt * (ABS(EPt - SARt)) 6. Determine subsequent values of Position, Extreme Price and Stop And Reversal: A. If Pt-1 = Long, and if (SARt-1 + AFDt-1) > Lt then: Pt changes to Short EPt = Lt SARt = EPt-1 B. If Pt-1 = Long, and if (SARt-1 + AFDt-1) < Lt then: Pt remains Long EPt = MAX(Ht, Ht-1 ... Ht-X) SARt = MIN((SARt-1 + AFDt-1), Lt-1, Lt-2) C. If Pt-1 = Short, and if (SARt-1 - AFDt-1) < Ht then: Pt changes to Long EPt = Ht SARt = EPt-1 D. If Pt-1 = Short and If (SARt-1 - AFDt-1) > Ht then: Pt remains Short EPt = MIN(Lt-1, Lt-2, ... Lt-X) SARt = MAX((SARt-1 - AFDt-1), Ht-1, Ht-2) ABS = Absolute Value AF = InitialAccelerationFactor 69 Printed Documentation AFD = InitialAccelerationFactor multiplied by the absolute value of the difference between Extreme Price value and SAR value C = Close Price EP = Extreme Price (Maximum High or Minimum Low over a period, depending on Period type) H = High Price i =initial value (chronologically first calculated) L = Low Price MAX = Maximum MIN = Minimum P = Position SAR = Stop And Reversal t = current interval X = length of current position Y = AccelerationAdditionFactor value (used as initial AF and as the incremental value) Z = AccelerationFactorLimit - the maximum value that the Acceleration Factor can reach Interpretation Before you can understand Wilder's calculations and methodology, some terms need additional explanation. The SAR is always the "stop and reverse" price point. This is the point you liquidate your current position and establish the opposite position. The acceleration factor, a, is a weighting factor. In Wilder's work, the initial value for the acceleration factor is .02. The acceleration factor increases by a value of .02 each time the extreme price changes for the trade. You do not increment the acceleration factor if the extreme price fails to change. The value for a, acceleration factor, never exceeds .20 in Wilder's methodology. The extreme price for the trade, EP, is just that. What was the highest or lowest price achieved during this trade? If you have a long position, use new highs as the extreme price. When you have a short position, use the new lows as the extreme price. The extreme price concept allows for normal market corrections without immediately triggering the SAR price, but it keeps the SAR price moving in the direction of the market. It allows the market to work in your favor for a brief time period, even though the market is correcting and the SAR price continues to converge with the price movement during this correction phase. Thus, the time/price factors are always at work within the parabolic study. Even if prices fail to move in your favor, the time factor continues to move the SAR toward current price levels. Wilder has rules for the parabolic time/price study. They are: First, a position is entered whenever prices penetrate the SAR. When this occurs, the new SAR becomes the extreme price from the previous trade. After the initial entry point, the applet calculates the SAR. For the first day of entry, the SAR is the previous SIP (Significant Point). If long, the SIP is the lowest price reached while in the previous Short trade, If short, the SIP is the highest price reached while in the previous Long trade. Next, the acceleration factor only increases when a new extreme price is set. When long, you only increment the acceleration factor when the market sets a new high, a new extreme price for the trade. Conversely, you increase the acceleration factor when new lows are made in a short position. If the extreme price does not change, you use the previous acceleration factor in the computations. Do not increase the acceleration factor. According to Wilder's rules and methods, the acceleration factor must not exceed .20 during the life of the trade. 70 Charts Lastly, the new SAR price must not enter the trading range for the current or previous interval. In a long position, the new SAR must not exceed the low for current trading interval nor may it exceed the low for the previous trading interval. When short, the new SAR never falls below the high of the current or previous trading interval. If this condition occurs, you use either the lowest value of the two lows for a long position or the highest value of the two highs for a short position for the new SAR price. Literature Wilder, J. Welles. New Concepts in Technical Trading Systems. Greensboro, NC: Trend Research, 1978. Le Beau C., Lucas D. W. Computer Analysis of the Futures Market. 1992. Kaufman, Perry J. The New Commodity Trading System and Methods. 1987. Rate of Change The Rate of Change study is first calculated by dividing the price change over the last 'n' periods by the closing price of the instrument 'n' periods ago. The result is the percentage by which the price has changed over the last 'n' periods. If the share prices increase in this period, the ROC will be a positive number; and a negative number with decreased share prices. Pane: Bottom Formula ROCt = ((Ct - Ct-n+1) / Ct-n+1 ) * 100 C = Closing price t = Current interval n = Period length Properties Input Field: The Symbol field on which the study will be calculated. Input Field is set to "Default", which, when viewing a chart for a specific symbol, is the same as "Close". Period: The number of bars in a chart. If the chart displays daily data, then period denotes days; in weekly charts, the period will stand for weeks, and so on. The application uses a default of 10. Calculation The Rate of Change indicator is first calculated by dividing the price change over the last xperiods by the closing price of the instrument x-periods ago. The result is the percentage by which the price has changed over the last x-periods. If the share prices increase in this period, the ROC will be a positive number; and a negative number with decreased share prices. Interpretation This study monitors market momentum. It calculates the market’s rate of change relative to previous trading intervals. At the peaks, the study suggests a market that is overbought. Valleys or troughs indicate an oversold market condition. When the study begins to move back toward the zero line, this may indicate that the current trend is losing momentum. Some market technicians use a very simplified approach for the rate of change study. It issues buy and sell signals based upon the midpoint or zero line. You sell when the rate of change line 71 Printed Documentation crosses from above to below. You buy when the study crosses from below to above. This assumes that an oversold or overbought market condition precedes the crossover. In most instances, it is best to use this study as a precursor to change in market direction. One approach is to establish extreme zones for the study, much like the RSI or Stochastic. Also, the study is similar to an oscillator with regard to the market accelerating or decelerating. However, a good technical analyst must learn to tolerate the study in extreme bull and bear markets. It can generate many false signals under those market conditions. The ROC can be used as an excellent short-term to intermediate-term overbought/oversold study. Higher ROC values indicate an overbought contract. Lower ROC values indicate a possible rally. A word of caution must be issued when using overbought/oversold srudies: it is wise to wait for the market to correct before placing a trade. In spite of all expectations, markets that appear overbought may remain overbought for some time, and extreme overbought/oversold situations often suggest a continuation of the current trend. Literature Kaufman, Perry J. The New Commodity Trading System and Methods. 1987. Murphy, John J. The Visual Investor. New York, NY: John Wiley & Sons, Inc. 1996. Murphy, John J. Technical Analysis of the Futures Markets. New York Institute of Finance. Englewood Cliffs, NJ. 1986. Le Beau C., Lucas D. W. Computer Analysis of the Futures Market. 1992. Colby, Robert F., Myers, Thomas. A. The Encyclopedia of Technical Market Indicators. Dow Jones – Irwin. Homewood, IL. 1988. Pring, Martin J. On Market Momentum. 1993. Babcock, Bruce. The Dow Jones – Irwing Guide to Trading Systems. 1989. Relative Strength Index The Relative Strength Index, developed by Welles Wilder is a special form of the Momentum and probably the most widely used contra-trend-oscillator. Contrary to the implications of its name, the study does not show the instrument’s strength in comparison to other instruments, but rather the instrument’s internal strength compared to its former prices. The RSI is calculated in several steps: within a given period, the individual differences between the upward closing prices (Close today > Close yesterday) and downward closing prices (Close today < Close yesterday) are added up and afterwards divided by the number of observations minus one. The result is the day’s mean value of the upward and downward strength of the underlying instrument. Thereafter, the relative strength is calculated by dividing the average upward strength by the average downward strength. Finally, you arrive at the RSI by subtracting from 100 the quotient of 100 divided by 1 plus relative strength. Pane: Bottom Formula 1. Upward Component If Ct > Ct-1, then Ut = Ct - Ct-1, otherwise Ut = 0 Initial Average Up AUt = (Ut + Ut-1 + ... + Ut-n+1) / n Accumulative (Subsequent) Average Up 72 Charts AUt = ((AUt-1 * (n-1)) + Ut ) / n 2. Downward Component If Ct < Ct-1, then Dt = Ct-1 - Ct, otherwise Dt = 0 Initial Average Down ADt = (Dt + Dt-1 + ... + Dt-n+1) / n Accumulative (Subsequent) Average Down ADt = ((ADt-1 * (n-1)) + Dt ) / n 3. Relative Strength Index RSIt= 100 - [ 100 / (1 + ( AUt / ADt)) ] AD = Average of Downward Component AU = Average of Upward Component C = Close D = Downward Component - Reflecting Downward Price Change n = period RSI = Wilder's Relative Strength Index U = Upward Component - Reflecting Upward Price Change Properties Input Field: The Symbol field on which the study will be calculated. Input Field is set to "Default", which, when viewing a chart for a specific symbol, is the same as "Close". Period: The number of bars in a chart. If the chart displays daily data, then period denotes days; in weekly charts, the period will stand for weeks, and so on. The application uses a default of 14, which is a value used by Wilder in calculating the RSI. Meanwhile, other values, in particular 9, 11, and 25 days have become common. The shorter the Period, the calculation, the more volatile the study. Overbought Level: The application uses a default of 70. Oversold Level: The application uses a default of 30. Interpretation The main purpose of the RSI is to measure the market’s strength and weakness. A high RSI, above 70, suggests an overbought or weakening bull market. Conversely, a low RSI, below 30, implies an oversold market or dying bear market. Additionally, the value of 50, can serve the same purpose as the zero line in other oscillators. The slowing down of a current trend or a trend reversal may be signaled by crossing above or below 50. Selling when the RSI is above 70 or buying when the RSI is below 30 can be an expensive trading system. A move to those levels is a signal that market conditions are ripe for a market top or bottom. It does not indicate a top or a bottom. A failure swing or divergence accompanies your best trading signals. 73 Printed Documentation While the RSI can be used as an overbought and oversold study, it works best when a failure swing occurs between the RSI and market prices. For example, the market makes new highs after a bull market setback, but he RSI fails to exceed its previous highs. Another use of the RSI is divergence. Market prices continue to move higher/lower while the RSI fails to move higher/lower during the same time period. Divergences may occur in a few trading intervals, but true range divergence usually requires a lengthy time frame, perhaps as much as 20 to 60 trading intervals. When the RSI begins to fall below the trough formed by a double-top, this may indicate a trend reversal and a buy signal. A double-bottom in the RSI with penetration upward may signal an opposite trend reversal and a sell signal. The RSI exhibits chart formations as well. Common bar chart formations readily appear on the RSI study. They are trendlines, pennants, flags, head and shoulders, double tops and bottoms, and triangles. Plus, the study can highlight support and resistance zones. Support and resistance zones often show up clearly on the RSI before becoming clear on the bar chart. Many analysts draw support and resistance lines based on the RSI in the same manner as they would draw trendlines on a chart. The daily bar chart is the most common chart expression for the RSI. In addition, you may plot a weekly chart to confirm the RSI indications on a daily chart; weekly charts offer more significance when tracking trending activity. Literature Wilder, J. Welles. New Concepts in Technical Trading Systems. Greensboro, NC: Trend Research, 1978. Murphy, John J. Technical Analysis of the Futures Markets. New York Institute of Finance. Englewood Cliffs, NJ. 1986. Murphy, John J. The Visual Investor. New York, NY: John Wiley & Sons, Inc. 1996. Spot Relative Strength Index Faster. Futures, January, 1982, p. 76. Pring, Martin J. Technical Analysis Explained. Pring, Martin J. On Market Momentum. 1993. Le Beau C., Lucas D. W. Computer Analysis of the Futures Market. 1992. Colby, Robert F., Myers, Thomas. A. The Encyclopedia of Technical Market Indicators. Dow Jones – Irwin. Homewood, IL. 1988. Kaufman, Perry J. The New Commodity Trading System and Methods. 1987. Babcock, Bruce. The Dow Jones – Irwing Guide to Trading Systems. 1989. Rolling Moving Average The Rolling Moving Average, sometimes referred to as "Smoothed Moving Average", gives the recent prices most weighting, though the historic prices are also weighted, each given less weighting further back in time. The latest Rolling Average is obtained by multiplying the previous Rolling Average by n-1 periods, adding today’s symbol price, and then dividing the total by n periods. Note that the initial RMA is based on a Simple Moving Average. Pane: Overlay Formula RMA = ((RMA(t-1) * (n-1)) + Xt) / n n = The length of the Moving Average X = Price 74 Charts Properties Input Field: The Symbol field on which the study will be calculated. Input Field is set to "Default", which, when viewing a chart for a specific symbol, is the same as "Close". Period. The number of bars in a chart. If the chart displays daily data, then period denotes days; in weekly charts, the period will stand for weeks, and so on. The application uses a default of 9. Interpretation A Rolling Moving Average is an additional type of Moving Average. In a Simple Moving Average, the price data have an equal weight in the computation of the average. Also, the oldest price data are removed from the Moving Average when a new price is added to the computation. The Rolling Moving Average assigns a weight to the price data as the average is calculated, though less weight is assigned to each later price in the series. The main use of this indicator is its smoothing out function. In this way, the Moving Average removes short-term fluctuations and follows the prevailing trend. In comparison to the Exponential Moving Average, which the Rolling Moving Average resembles closely, and the Simple Moving Average, the Rolling Average appears to be the smoothest when plotted in the chart. The Rolling Moving Average may be used as part of a crossover system. You may select up to three different averages. Generally, the lengths are short, intermediate, and long term. A commonly used system is 4, 9, and 18 intervals. An interval may be in ticks, minutes, days, weeks, or months; it is a function of the chart type. It is a matter of personal preference of specifying which periods to use with Moving Average, though it is generally true that longer periods display a more smoothed Moving Average. You may additionally specify open, high, low, close, midpoint, or average price to be used in the computation of the Rolling Moving Average in the Input Field. A buy signal occurs when the short and intermediate term averages cross from below to above the longer term average. Conversely, a sell signal is issued when the short and intermediate term averages cross from above to below the longer term average. You can use the same signals with two Moving Averages, but most market technicians suggest using longer term averages when trading only two Rolling Moving Averages in a crossover system. Another trading approach is to use the current price concept. If the current price is above the Rolling Moving Averages, you buy. Liquidate that position when the current price crosses below either Moving Average. For a short position, sell when the current price is below the Rolling Moving Average. Liquidate that position when the current price rises above the Rolling Moving Averages. As you use Rolling Moving Averages, do not confuse them with Simple Moving Averages. A Rolling Moving Average behaves quite differently from a Simple Moving Average. It is a function of the weighting factor or length of the average. Slow Stochastic Dr. George C. Lane is the author of the stochastic indicator. His basic premise is as follows:During periods of price decreases, daily closes tend to accumulate near the extreme lows of the day. Periods of price increases tend to show closes accumulating near the extreme highs of the day. The stochastic study is an oscillator designed to indicate oversold and overbought market conditions. 75 Printed Documentation Some technical analysts prefer the slow stochastic rather than the normal stochastic. The slow stochastic is simply the normal stochastic smoothed via a moving average technique. The slow stochastic, like the normal stochastic study, generates two lines. They are %K and %D. The stochastic has overbought and oversold zones. Dr. Lane suggests using 80 as the overbought zone and 20 as the oversold zone. Other technicians prefer 75 and 25. Dr. Lane also contends the most important signal is divergence between %D and the commodity. He explains divergence as the process where the stochastic %D line makes a series of lower highs while the commodity makes a series of higher highs. This signals an overbought market. An oversold market exhibits a series of lower lows while the %D makes a series of higher lows. When one of the above patterns appear, you should anticipate a market signal. You initiate a market position when the %K crosses the %D from the right-hand side. A right-hand crossover is when the %D has bottomed or topped and is moving higher or lower and the %K crosses the %D line. According to Dr. Lane, your most reliable trades occur with divergence and when the %D is between 10 and 15 for a buy signal and between 85 and 90 for a sell signal. Pane: Bottom Properties High: The Symbol field on which the study will be calculated. The application uses the Aspect "High". Low: The Symbol field on which the study will be calculated. The application uses the Aspect "Low". Close: The Symbol field on which the study will be calculated. The application uses the Aspect "Close". Period: The number of periods in the chart. If the chart displays daily data, then Period denotes days; in weekly charts, the period will stand for weeks, and so on. The application uses a default value of 14. KPeriod: The number of periods in the chart. If the chart displays daily data, then %K Period denotes days; in weekly charts, the period will stand for weeks, and so on. The application uses a default value of 3. DPeriod: The number of periods used in the Moving Average calculation. The application uses a default of 3. DType: The type of Moving Average used in the calculation. The application uses a default of "Simple Moving Average". Interpretation Dr. George C. Lane is the author of the Stochastic study. His basic premise is as follows: during periods of price decreases, daily closes tend to accumulate near the extreme lows of the day. Periods of price increases tend to show closes accumulating near the extreme highs of the day. The Stochastic study is an oscillator designed to indicate oversold and overbought market conditions. 76 Charts The Stochastic study works similarly to the Relative Strength Index, although the Stochastic ranges between the values of 0% and 100%, and its overbought/oversold boundaries are wider, making this oscillator more volatile. The Stochastic also generates two lines instead of one. The Stochastic study has overbought and oversold zones. Dr. Lane suggests using 80 as the overbought and oversold zones. Some traders, however, prefer 75 and 25. Dr. Lane also contends the most important signal is the divergence between %D and the contract. He explains divergence as the process where the Stochastic %D line makes a series of lower highs while the commodity makes a series of higher highs. This signals an overbought market. An oversold market exhibits a series of lower lows while the %D makes a series of higher lows. When one of these patterns appear, you should anticipate a market signal. Initiate a market position when the %K crosses the %D from the right-hand side. A right-hand crossover is when the %D bottoms or tops and moves higher or lower and the %K crosses the %D line. According to Dr. Lane, your most reliable trades occur with divergence and when the %D is between 10 and 15 for a buy signal and between 85 and 90 for a sell signal. Literature Lane, Dr. George C. Stochastics. Trading Strategies Futures Symposium International. 1984. Lane, Dr. George C. Lane’s Stochastics. Technical Analysis of Stocks and Commodities magazine. pp 87-90. May/June, 1984. Murphy, John J. Technical Analysis of the Futures Markets. New York Institute of Finance. Englewood Cliffs, NJ. 1986. Murphy, John J. The Visual Investor. New York, NY: John Wiley & Sons, Inc. 1996. Le Beau C., Lucas D. W. Computer Analysis of the Futures Market. 1992. Kaufman, Perry J. The New Commodity Trading System and Methods. 1987. Smoothed Oscillator A Smoothed Oscillator is an Exponential Oscillator, only with a longer period applied. The Smoothed Oscillator is plotted as a histogram, using the difference between two Moving Averages. It can be used to help identify divergences, short-term variations from the long-term trend, and to identify the crossing of two Moving Averages, which occur when the oscillator crosses the zero line. Pane: Bottom Properties Input Field: The Symbol field on which the study will be calculated. Input Field is set to "Default", which, when viewing a chart for a specific symbol, is the same as "Close". Period1: The length of the first Exponential Moving Average. The application uses a default of 5. However, to smooth the Oscillator, the period specified is lengthened: Period=2*n-1. Period2: The length of the second Exponential Moving Average. The application uses a default of 10. However, to smooth the Oscillator, the period specified is lengthened: Period=2*n-1. Interpretation Technical analysts use a variety of oscillators. An oscillator is the simple difference between two Moving Averages. Those values oscillate about the zero line and are plotted as a histogram. 77 Printed Documentation One trading rule is similar to the crossover system used in Moving Averages. In fact, the oscillator is another method of using two Moving Averages. Sell when the oscillator crosses the zero line from above to below. Buy when the oscillator crosses from below to above. Some traders buy the valleys and sell the peaks of the oscillator. The oscillator has no confined limits. Its value fluctuates widely. It is a function of price volatility and the Moving Averages. Literature Achelis, Steven B. Technical Analysis from A to Z. Colby, Robert F., Myers, Thomas. A. The Encyclopedia of Technical Market Indicators. Dow Jones – Irwin. Homewood, IL. 1988. Murphy, John J. Technical Analysis of the Futures Market. Stochastic The Stochastic Study, developed by George Lane, is an oscillator that compares the difference between the closing trade price of an instrument and the period low, relative to the trading range over an observation time period. With the help of this study, the position of the price quotation within the prevailing fluctuation margins is quantified. The Stochastic is comprised of two lines, known as the %K line and the %D line. These oscillate between 0% and 100%. The %K line is calculated from the difference between today's closing price and the period low, divided by the difference between the period high (Highest High) and the period low (Lowest Low). The %D line represent a Simple Moving Average of the %K line, and thus reacts less sensitively than the %K line. Pane: Bottom Properties High: The Symbol field on which the study will be calculated. The application uses the Aspect "High". Low: The Symbol field on which the study will be calculated. The application uses the Aspect "Low". Close: The Symbol field on which the study will be calculated. The application uses the Aspect "Close". Period: The number of periods in the chart. If the chart displays daily data, then Period denotes days; in weekly charts, the period will stand for weeks, and so on. The application uses a default value of 14. DPeriod: The number of periods used in the Moving Average calculation. The application uses a default of 3. DType: The type of Moving Average used in the calculation. The application uses a default of "Simple Moving Average". Interpretation Dr. George C. Lane is the author of the Stochastic study. His basic premise is as follows: during periods of price decreases, daily closes tend to accumulate near the extreme lows of the day. Periods of price increases tend to show closes accumulating near the extreme highs of the day. 78 Charts The Stochastic study is an oscillator designed to indicate oversold and overbought market conditions. The Stochastic study works similarly to the Relative Strength Index, although the Stochastic ranges between the values of 0% and 100%, and its overbought/oversold boundaries are wider, making this oscillator more volatile. The Stochastic also generates two lines instead of one. The Stochastic study appears with irregular highs and lows in the chart; the most common period used is 14 bars. In its calculation, two faster lines are used in comparison to the Slow Stochastic. Many investors prefer the Slow Stochastic, since it is smoothed by an additional Moving Average. The Stochastic study has overbought and oversold zones. Dr. Lane suggests using 80 as the overbought and oversold zones. Some traders, however, prefer 75 and 25. Dr. Lane also contends the most important signal is the divergence between %D and the contract. He explains divergence as the process where the Stochastic %D line makes a series of lower highs while the commodity makes a series of higher highs. This signals an overbought market. An oversold market exhibits a series of lower lows while the %D makes a series of higher lows. When one of these patterns appear, you should anticipate a market signal. Initiate a market position when the %K crosses the %D from the right-hand side. A right-hand crossover is when the %D bottoms or tops and moves higher or lower and the %K crosses the %D line. According to Dr. Lane, your most reliable trades occur with divergence and when the %D is between 10 and 15 for a buy signal and between 85 and 90 for a sell signal. Literature Lane, Dr. George C. Stochastics. Trading Strategies Futures Symposium International. 1984. Lane, Dr. George C. Lane’s Stochastics. Technical Analysis of Stocks and Commodities magazine. pp 87-90. May/June, 1984. Murphy, John J. Technical Analysis of the Futures Markets. New York Institute of Finance. Englewood Cliffs, NJ. 1986. Murphy, John J. The Visual Investor. New York, NY: John Wiley & Sons, Inc. 1996. Le Beau C., Lucas D. W. Computer Analysis of the Futures Market. 1992. Kaufman, Perry J. The New Commodity Trading System and Methods. 1987. Tick Volume Tick Volume is not an exact indicator. If you are familiar with the traditional uses of volume, you should quickly understand the significance of tick volume. Traders generally use the following rules for volume analysis: If prices are up and volume is rising, the market is strong. If prices are up and volume is declining, the market is very weak. If prices are down and volume is rising, the market is weak. If prices are down and volume is declining, the market is strong. Other rules you might find worthwhile are: In a bull market, volume has a tendency to increase on rallies and to decrease on reactions. In a bear market, volume has a tendency to increase on declines and decrease on rallies. Trading volume usually increases dramatically at tops and bottoms in the price chart. 79 Printed Documentation Computing Tick Volume The tick volume study requires an Intraday chart. The computation for the tick volume study simply counts the number of ticks during the interval specified on the Intraday chart. For example, if you are monitoring a 5-minute Intraday chart, the tick volume study counts the number of ticks that occurred during that 5 minute trading interval. The activity in the futures instrument has a direct effect on the tick volume study. In slow moving markets, this study is almost useless. Pane: Bottom Variable Moving Average The Variable Moving Average study allows you to get very creative with the moving averages. Three moving averages are applied (normal, exponential, and smoothed). Properties Period1: For the normal Moving Average, the number of bars in a chart. If the chart displays daily data, then period denotes days; in weekly charts, the period will stand for weeks, and so on. The application uses a default of 9. Period2: For the Exponential Moving Average, the number of bars in a chart. If the chart displays daily data, then period denotes days; in weekly charts, the period will stand for weeks, and so on. The application uses a default of 9. Period3: For the Smoothed Moving Average, the number of bars in a chart. If the chart displays daily data, then period denotes days; in weekly charts, the period will stand for weeks, and so on. The application uses a default of 9. Aspect: The Symbol field on which the study will be calculated. Aspect is set to "Default", which, when viewing a chart for a specific symbol, is the same as "Close". Interpretation Moving Averages are one of the most commonly used technical tools. They follow the trend, smooth the normal fluctuations of the data, and clearly signal long and short positions to the investor. A Moving Average may be displayed as a normal crossover trading system when you select up to three different averages. Most investors and charting services use three moving averages. Their lengths typically consist of short, intermediate, and long-term. A commonly used system is 4, 9, and 18 intervals. An interval may be ticks, minutes, days, weeks, or even months; it depends upon the chart type. The normal moving average crossover buy/sell signals are as follows: A buy signal is flashed when the short and intermediate term averages cross from below to above the longer term average. Conversely, a sell signal is issued when the short and intermediate term averages cross from above to below the longer term average. 80 Charts Another approach is to use closing prices with the moving average(s). When the closing price is above the moving average(s), you maintain a long position. If the closing price falls below the moving average, you liquidate any long position and establish a short position. Remember, any moving average system works best in trending markets. Volume Volume can provide insight into the strength or weakness of a price trend. This study has no calculations. The values for volume are transmitted from the exchanges. However, the actual volume figures are always one day behind price information. You will not know Monday’s volume until Tuesday at approximately noon (for U.S. markets – central time). That is due to the exchanges and their reporting requirements. Volume displays the volume of an instrument. It can be plotted as a line-chart or a histogram. It is not currently applicable for Intraday charts and will never be applicable for Tick charts, due to the nature of the data. Pane: Bottom Interpretation Volume is usually displayed as a histogram where each bar corresponds to a specified time frame, day, week, month, etc. Volume can suggest the strength or weakness of a price trend. When a market is trending upward, the general expectation is that investors will want to buy. If Volume bars reach high values during a market uptrend, this uptrend is considered solid, whereas if the uptrend begins to fall while volume values are still high, the uptrend is considered to be losing momentum. Low volume levels typically occur during the indecisive period in market bottoms and during indecisive expectations in consolidation periods – for example, periods of choppy, sideways market movement. High volume levels occur during market tops, when the expectations that prices will rise, are strong. High volume levels also occur at the beginning of new trends, when prices break out. Volume may also increase just before market bottoms. Volume and Open Interest Volume and Open Interest can be a barometer of future activity and direction. Volume measures the number of contracts that exchanged hands during the trading session. It measures market activity. Open Interest is the total number of outstanding contracts. It gauges market participation. FutureSource tracks volume and open interest on an individual delivery month and total symbol basis. For example, the study on a daily November Soybean chart only displays the volume and open interest figures for the November contract. VOI does not have straight and simple trading rules. VOI is a measurement of the ebb and flow of the underlying market. Are new buyers/sellers entering the market? Are traders liquidating their positions? Does VOI confirm the trend or suggest a change in trend? The VOI data creates a lot of questions but not many simple answers to those questions. The histogram (vertical lines) represent the volume on a daily basis, and the line which spans the chart represents the open interest. The price values for Volume appear at the far left margin of 81 Printed Documentation the study pane, while the price values for Open Interest appear in the chart's price axis at the right. Traditionally, traders have used these rules for volume analysis: If prices are up and volume and open interest are rising, the market is strong. If prices are up and volume and open interest are declining, the market is weak. If prices are down and volume and open interest are rising, the market is weak. If prices are down and volume and open interest are declining, the market is strong. Other rules you might find worthwhile: In a bull market, volume has a tendency to increase on rallies and to decrease on reactions. In a bear market, volume has a tendency to increase on declines and decrease on rallies. Trading volume usually increases dramatically at tops and bottoms in the price chart. At first, it appears these trading rules are in conflict. Actually, they imply very similar market conditions. Volume and open interest information is often a quite useful indicator, especially when the trading volume and open interest deviate from expected patterns. This includes contraseasonal moves, volume patterns versus chart patterns, and divergence. You can use volume and open interest to determine market action. You must watch for divergence between price direction and volume. For instance, if the market makes new highs while volume falls short of the previous high, it implies the market is getting weaker. In short, fewer buyers are willing to enter the market at current price levels. Pane: Bottom Computing Volume and Open Interest This study has no computations. The values for the volume and open interest are transmitted from the exchanges. However, the actual volume and open interest figures are always one day behind price information. You will not know Monday's volume and open interest until Tuesday at approximately noon (for U.S. markets - central time). That is due to the exchanges and their reporting requirements. Weighted Close The Weighted Close study is another way of viewing the price data. It is an average of each day's price, placing a greater emphasis on the closing price rather than the high or low. This process creates a single line chart. Unfortunately, the study does not have clear cut trading signals. You must use traditional chart techniques, such as trendlines, support and resistance, chart formations, and related technical analysis procedures. If you want a clear and concise picture of the market, this study produces such a picture. Pane: Overlay Interpretation The Weighted Close does not offer any specific buy/sell signals. It places a greater emphasis on the closing price and highlights chart patterns that are not always obvious on a normal bar chart. If you are a trader for whom the close is always the most important price, this study will supply a different view of the market that conforms to the way you trade. 82 Charts Williams' %R The Williams' %R, developed by Larry Williams, is very similar to the Stochastic Study, except that the Stochastic has internal smoothing whereas the %R is plotted on an upside-down scale, with 0 at the top and -100 at the bottom. (To show that the %R is plotted in this fashion, the software places a negative sign before the %R values. For the purposes of this discussion, ignore the negative sign.) The %R oscillates between 0 and 100%; a value of 0% shows that the closing price is the same as the period high. Conversely, a value of 100% shows that the closing price is identical to the period low. The Williams' %R is designed to show the difference between the period high and today's closing price with the trading range of the specified period. The study, therefore, shows the relative situation of the closing price within the observation period. Pane: Bottom Formula %Rt = (MAX(Ht,...Ht-n+1) - Ct) / (MAX(Ht,...Ht-n+1) - MIN(Lt,...Lt-n+1)) * (-100) Properties High: The Symbol field on which the study will be calculated. The application uses the Aspect "High". Low: The Symbol field on which the study will be calculated. The application uses the Aspect "Low". Close: The Symbol field on which the study will be calculated. The application uses the Aspect "Close". Period: The number of bars in a chart. If the chart displays daily data, then period denotes days; in weekly charts, the period will stand for weeks, and so on. If you specify a small value for the length of the trading range, the study may become volatile. Conversely, a large value smoothes the %R, and it generates fewer trading signals. The application uses a default of 10. Interpretation Noted author and commodity trader, Larry Williams, developed a trading formula called the %R. In his original work, the method examined ten trading days to determine the trading range. Once the ten day trading range was determined, he calculated where today’s closing price fell within that range. The system attempts to measure overbought and oversold market conditions. The %R always falls between a value of 100 and 0. The trading rules are simple. You sell when %R reaches 20% or lower and buy when it reaches 80% or higher. However, as with all overbought/oversold studies, it is wise to wait for the instrument’s price to change direction before placing a trade. If an overbought/oversold study, such as the Stochastic or Williams’ %R, shows an overbought level, the best action is to wait for the contract’s price to turn down before selling. For examining the contract’s price, the MACD study is a good technical study. Selling simply because the contract seems to be overbought may take a trader out of the instrument long before the price falls, because overbought/oversold studies can remain in an overbought/oversold condition for a long time even though the contract’s prices continue to rise or fall. 83 Printed Documentation Please note that these values are reversed from normal thinking, especially if you use the RSI as a trading tool. The %R works best in trending markets, either bull or bear trends. Likewise, it is not uncommon for divergence to occur between the %R and the market. It is just another hint of the market’s condition. Williams defines the following trading rules for his %R: Buy when Williams’ %R reaches 100%, and five trading days have past since 100% was last reaches, and after which the Williams’ %R again falls below 85/95%. Sell when Williams’ %R reaches 0%, and five trading days have past since 0% was last reached, and after which the Williams’ %R again rises about 15/5%. Literature Williams, Larry. How I Made $1,000,000 Last Year by Trading Commodities. Windsor Books. NY. 1979. Colby, Robert F., Myers, Thomas. A. The Encyclopedia of Technical Market Indicators. Dow Jones – Irwin. Homewood, IL. 1988. Murphy, John J. The Visual Investor. New York, NY: John Wiley & Sons, Inc. 1996. Tools Tools List Below is a list of Selection Tools which can be added to a chart. Click on a tool for instructions on how to add it to a chart. Tool values may or may not display on the Data View window, depending on the settings found in the Data Info tab of the Chart Display Properties: 84 Andrews Pitchfork Down Arrow Callout Ellipse Fibonacci Arc Fibonacci Fan Fibonacci Retracement Charts Gann Fan Level Line Line Ray Rectangle Speed Resistance Arc Speed Resistance Fan Text Up Arrow Callout Drawing Toolbar The Drawing toolbar gives you access to common features and tasks using a click of the mouse. Tools are graphical representations of the most frequently used commands and features in Workstation. By default, the Drawing toolbar is docked at the left side of the application when it is displayed. You may drag and drop the toolbar to any location on your desktop by holding the left mouse button down and clicking on the grab bar. Working with Tools Snap to Chart Values By default, trendlines and other drawing tools will not snap to bar highs and lows when they are added to a chart. You must first select the Snap tool, then add the trendline or drawing tool, for this to occur. To toggle the Snap function On/Off From the Chart Tools toolbar, click on the Snap tool. Change Tool Color 1. Click on the tool to select it. If the tool has more than one line (such as a Fibonacci Retracement), click on the specific line whose color you wish to change. 2. From the Chart Tools toolbar, select a color from the color menu. To view additional colors, you may click the More Colors. 85 Printed Documentation Modify Tool Properties Some tools contain properties, or parameters, used to calculate and display the tool. These properties can be modified by accessing the Tool Properties dialog box. 1. Double-click on the tool to display its properties. (See each tool for its specific properties and descriptions). 2. Make the desired changes in the Tool Properties dialog box. 3. Click Apply if you wish to see the changes without closing the properties dialog box, or click OK when done. Move the Tool on the Chart 1. Click on the object to select it. 2. Holding the left-mouse button, drag the tool to a new position on the chart. 3. Once done, de-select the tool by clicking anywhere on the chart, or hit the ESC key. Draw Parallel Trendlines 1. Draw your trendline on the chart. 2. De-select the tool by clicking on the Selection arrow from the Chart Tools toolbar or hit the ESC key. , 3. While holding the CTRL key, click on the trendline you wish to duplicate and drag it to a new position on the chart. Result: The trendline is duplicated and placed exactly parallel from the original drawing. Delete a Drawing Tool 1. Click on the tool to select the object. 2. Press the Delete key. Bring to Front 86 Charts When two objects are overlaid on a chart (such as a study and a drawing tool), this option moves the selected object to the front. 1. With the Active Plug-in toolbar displayed, click on the object you wish to bring to the front. 2. Click the Bring to Front tool. OR 1. Right-click on the object you wish to bring to the front to display the context menu. 2. Select Bring to Front. Available Tools Andrew's Pitchfork Andrew's Pitchfork lines build a channel that looks like a pitchfork, using three reference points. A pitchfork image arises because each line is extending to the right from its reference point. The first reference point belongs to the "median line" of the channel. The other two points define the outer limits of the channel. The slope of the channel/pitchfork is defined as the slope of the line through the first reference point that divides in two the imaginary line between the second and third reference points. The interpretation of the pitchfork is based on support and resistance level principles. Properties: None Add Andrews Pitchfork to a chart 1. From the Chart Tools toolbar, click on the Andrews Pitchfork tool. 2. Click on the chart three times to define the tool's reference points. Result: After clicking the third time, the tool is drawn. 3. You may continue to add this tool to the chart by repeating Steps 1-2. To de-select the tool, click on the Selection arrow from the Chart Tools toolbar , or hit the ESC key. Change the position of a control line 1. When the pitchfork is drawn, a "grab bar" is placed where each control line starts. To change the position of a control line, click on the object to select it. 87 Printed Documentation 2. Position the cursor on the grab bar, and drag it to the desired location by holding down your left-mouse button. 3. Once done, de-select the tool by clicking anywhere on the chart. Down Arrow Callout The Down Arrow Callout is a non-analytical drawing object used to highlight or bring attention to a group of bars or a particular section in a chart. Properties: None Add a Down Arrow Callout to a chart 1. From the Chart Tools toolbar, click on the Down Arrow Callout tool. 2. Click on the chart where you wish to place the arrow. Result: The arrow is drawn. 3. You may continue to add this tool to the chart by repeating Steps 1-2. To de-select the tool, click on the Selection arrow from the Chart Tools toolbar , or hit the ESC key. Change the position of the arrow 1. Click on the arrow to select it. 2. Drag it to the desired location by holding down your left-mouse button. 3. Once done, de-select the tool by clicking anywhere on the chart. Ellipse The ellipse is a non-analytical drawing object used to highlight or bring attention to a group of bars or a particular section in a chart. Properties: None Add an Ellipse to a chart 1. From the Chart Tools toolbar, click on the Ellipse tool. 2. Holding the left-mouse button, click on the chart where you want to start drawing the ellipse, then drag the cursor to draw the tool. Release the mouse when done. Result: The ellipse is drawn. 88 Charts 3. You may continue to add this tool to the chart by repeating Steps 1-2. To de-select the tool, click on the Selection arrow from the Chart Tools toolbar , or hit the ESC key. Resize the ellipse 1. When an ellipse is drawn, "grab bars" are placed around the object. To resize the ellipse, click on the object to select it. 2. Position the cursor on any of the grab bars, and drag it to the desired size by holding down the left-mouse button. 3. Once done, de-select the tool by clicking anywhere on the chart. Fibonacci Arc The Fibonacci Arc is drawn by placing a trendline between two extreme points (usually a trough and opposing peak). Centered on the second extreme point, three arcs are displayed. The arcs intersect the trendline at 38.2%, 50.0%, and 61.8% - at the Fibonacci levels. As prices approach the arcs, the analyst anticipates support and resistance to interpret Fibonacci Arcs. Investors usually draw both Fibonacci Arcs and Fibonacci Fans to predict support and resistance points where the Fibonacci studies cross. Note that at the points where the arcs cross, the price data will vary depending on the scaling of the chart, because the Arcs are drawn so they are circular relative to the computer screen. Properties: Double-click on the tool to display its properties. Add Fibonacci Arc to a chart 1. From the Chart Tools toolbar, click on the Fibonacci Arc tool. 2. Holding the left-mouse button, click on the chart where you want to start the control line, then drag the mouse to where you want to end the control line and release the mouse button. Result: The tool is drawn. 3. You may continue to add this tool to the chart by repeating Steps 1-2. To de-select the tool, click on the Selection arrow from the Chart Tools toolbar , or hit the ESC key. 89 Printed Documentation Change the position of the control line 1. When the arc is drawn, a "grab bar" is placed where the control line starts and ends. To change the position of the control line, click on the object to select it. 2. Position the cursor on either of the grab bars, and drag it to the desired location by holding down your left-mouse button. 3. Once done, de-select the tool by clicking anywhere on the chart. Fibonacci Fan Fibonacci Fan is displayed by drawing a trendline between two reference or extreme points on the chart (usually a trough and opposing peak). Next, an invisible vertical line is drawn through the second reference point. Three trendlines are then drawn from the first extreme point so they pass through the invisible vertical line at the Fibonacci levels of 38.2%, 50.0%, and 61.8%. Fibonacci Fan lines use Fibonacci percentages to divide a time-price range defined by two reference points. The first reference point defines the starting-limit-price-andtime and is the point from which the fan extends. The timeprice range is determined relative to a second point that defines the ending-limit-price-and-time. The intermediate angles of the fan conform to the Fibonacci percentages. Properties: Double-click on the tool to display its properties. Add Fibonacci Fan to a chart 1. From the Chart Tools toolbar, click on the Fibonacci Fan tool. 2. Holding the left-mouse button, click on the chart where you want to start the control line, then drag the mouse to where you want to end the control line and release the mouse button. Result: The tool is drawn. 3. You may continue to add this tool to the chart by repeating Steps 1-2. To de-select the tool, click on the Selection arrow from the Chart Tools toolbar Change the position of the control line 90 , or hit the ESC key. Charts 1. When the fan is drawn, a "grab bar" is placed where the control line starts. To change the position of the control line, click on the object to select it. 2. Position the cursor on the grab bar, and drag it to the desired location by holding down your left-mouse button. 3. Once done, de-select the tool by clicking anywhere on the chart. Fibonacci Retracement Fibonacci Retracements are displayed by drawing a trendline between two reference or extreme points on the chart (usually a trough and opposing peak). Next, a series of nine horizontal lines are drawn. The lines intersect the trendline between the two reference points at the Fibonacci levels of 0.0%, 23.6%, 38.2%, 50.0%, 61.8%, 100.0%, 161.8%, 261.8%, and 4236%. Some of the lines might not be visible, because of the scale limitations in the chart window. When a price increases or decreases significantly, it will often retrace a significant portion. During retracements, support and resistance levels can be defined at or near the Fibonacci Retracement levels. After a significant price move (either up or down), prices will often retrace a significant portion - if not all - of the original move. As prices retrace, support and resistance levels often occur at or near the Fibonacci Retracement levels. Properties: Double-click on the tool to display its properties. Add Fibonacci Retracements to a chart 1. From the Chart Tools toolbar, click on the Fibonacci Retracements tool. 2. Holding the left-mouse button, click on the chart where you want to start the control line, then drag the mouse to where you want to end the control line and release the mouse button. Result: The tool is drawn. 3. You may continue to add this tool to the chart by repeating Steps 1-2. To de-select the tool, click on the Selection arrow from the Chart Tools toolbar , or hit the ESC key. Change the position of the control line 91 Printed Documentation 1. When the tool is drawn, a "grab bar" is placed where the control line starts and ends. To change the position of the control line, click on the object to select it. 2. Position the cursor on the grab bar, and drag it to the desired location by holding down your left-mouse button. 3. Once done, de-select the tool by clicking anywhere on the chart. Gann Fan A Gann Fan is drawn between a significant bottom and top (or vice versa) at various angles. For a Gann fan, two reference points define the middle line of a nine-line "fan" of time relative to price. The first reference point is the one from which the fan extends. The second reference point, drawn to the right of the first, determines the rate of equivalence between time and price. The angles of the fan, relative to an assumed horizontal line and middle line's angle, are shown in the table value. In Gann's original formulation, the rate of equivalence between time and price was 1/1 (one unit of time equals one unit of price), so that the middle line of the fan defines a 45º angle. Since the rate can be m/n (m units of time equals n units of price), angles relative to the middle line's angle are adjusted accordingly. For example, the actual ratio of the 1-to-8 line is 1-to-(8*n/m). Properties: Double-click on the tool to display its properties. The table below displays the calculations involved in the Gann Fan. Time x Price 1x8 1x4 1x3 1x2 1x1 2x1 3x1 4x1 8x1 Fan angle (degrees) via 45º middle line 82.5 75.00 71.25 63.75 45.00 26.25 18.75 15.00 7.5 Add Gann Fan to a chart 1. From the Chart Tools toolbar, click on the Gann Fan tool. 92 Charts 2. Holding the left-mouse button, click on the chart where you want to start the control line, then drag the mouse to where you want to end the control line and release the mouse button. Result: The tool is drawn. 3. You may continue to add this tool to the chart by repeating Steps 1-2. To de-select the tool, click on the Selection arrow from the Chart Tools toolbar , or hit the ESC key. Change the position of the control line 1. When the tool is drawn, a "grab bar" is placed where the control line starts. To change the position of the control line, click on the object to select it. 2. Position the cursor on the grab bar, and drag it to the desired location by holding down your left-mouse button. 3. Once done, de-select the tool by clicking anywhere on the chart. Level Line A Level Line is used to mark a price point on the chart. The level line will extend the entire horizontal distance on the chart. Properties: None Add a level line to a chart 1. From the Chart Tools toolbar, click on the Level Line tool. 2. Click ONCE on the chart where you want to place the line. Result: The tool is drawn. 3. You may continue to add this tool to the chart by repeating Step 2. To de-select the tool, click on the Selection arrow from the Chart Tools toolbar , or hit the ESC key. Change the position of the line 1. To change the position of the level line, click on the object to select it. 2. Drag it to the desired location by holding down your left-mouse button. Release the mouse button to drop the line into its new position. 3. Once done, de-select the tool by clicking anywhere on the chart. 93 Printed Documentation Line Lines are used to mark the trends in which markets are moving. Properties: Double-click on the tool to display its properties. Add a Line to a chart 1. From the Chart Tools toolbar, click on the Line tool. 2. Holding the left-mouse button, click on the chart where you want to start the line, then drag the mouse to where you want to end the line and release the mouse button. Result: The tool is drawn. 3. You may continue to add this tool to the chart by repeating Steps 1-2. To de-select the tool, click on the Selection arrow from the Chart Tools toolbar , or hit the ESC key. Change the position of the line 1. When the line is drawn, a "grab bar" is placed where the line starts and ends. To change the position of the line, click on the object to select it. 2. Position the cursor on the grab bar, and drag it to the desired location by holding down your left-mouse button. 3. Once done, de-select the tool by clicking anywhere on the chart. Ray A ray is used to mark the trends in which markets are moving. The difference between a line and a ray is that a ray has two pivot points, and will automatically extend indefinitely to the right. Properties: Double-click on the tool to display its properties. Add a Ray to a chart 1. From the Chart Tools toolbar, click on the Ray tool. 94 Charts 2. Holding the left-mouse button, click on the chart where you want to start the line, then drag the mouse to where you want to end the line and release the mouse button. Result: The tool is drawn. 3. You may continue to add this tool to the chart by repeating Steps 1-2. To de-select the tool, click on the Selection arrow from the Chart Tools toolbar , or hit the ESC key. Change the position of the ray 1. When the ray is drawn, a "grab bar" is placed where the line starts and ends. To change the position of the ray, click on the object to select it. 2. Position the cursor on the grab bar, and drag it to the desired location by holding down your left-mouse button. 3. Once done, de-select the tool by clicking anywhere on the chart. Rectangle The rectangle is a non-analytical drawing object used to highlight or bring attention to a group of bars or a particular section in a chart. Properties: None Add a Rectangle to a chart 1. From the Chart Tools toolbar, click on the Rectangle tool. 2. Holding the left-mouse button, click on the chart where you want to start drawing the rectangle, then drag the cursor to draw the tool. Release the mouse when done. Result: The rectangle is drawn. 3. You may continue to add this tool to the chart by repeating Steps 1-2. To de-select the tool, click on the Selection arrow from the Chart Tools toolbar , or hit the ESC key. Resize the ellipse 1. When a rectangle is drawn, "grab bars" are placed around the object. To resize the rectangle, click on the object to select it. 2. Position the cursor on any of the grab bars, and drag it to the desired size by holding down the left-mouse button. 3. Once done, de-select the tool by clicking anywhere on the chart. 95 Printed Documentation Speed Resistance Arc The Speed Resistance Arc display three arcs, sometimes referred to as 1/3-2/3 arcs. These arcs divide a price move into three equal sections. Similar to a Fibonacci Arc, the curve of each arc is used to measure trend corrections and the rate at which a trend is ascending or descending. A Speed Resistance Arc is created by drawing a line from a major low to a major high. These reference points divide a time-price range into thirds. The first reference point defines the starting-limit-price-and-time and is the point from which the arc extends. The time-price range is determined relative to a second point that defines the ending-limit-price-and-time. The angles of the arc show 33.33% and 66.66% of the time-price range, respectively. Prices should find support above the 2/3 line. When prices fall below the 2/3 line, they are expected to drop quickly to the 1/3 line where they normally find support again. Speed Resistance Lines may also be drawn as a fan. Properties: Double-click on the tool to display its properties. Add Speed Resistance Arc to a chart 1. From the Chart Tools toolbar, click on the Speed Resistance Arc tool. 2. Holding the left-mouse button, click on the chart where you want to start the control line, then drag the mouse to where you want to end the control line and release the mouse button. Result: The tool is drawn. 3. You may continue to add this tool to the chart by repeating Steps 1-2. To de-select the tool, click on the Selection arrow from the Chart Tools toolbar , or hit the ESC key. Change the position of the control line 1. When the tool is drawn, a "grab bar" is placed where the control line starts. To change the position of the control line, click on the object to select it. 2. Position the cursor on the grab bar, and drag it to the desired location by holding down your left-mouse button. 3. Once done, de-select the tool by clicking anywhere on the chart. Speed Resistance Fan 96 Charts The Speed Resistance Fan display three trendlines, sometimes referred to as 1/3-2/3 lines. These trendlines divide a price move into three equal sections. Similar to a Fibonacci Fan, the slope of each line is used to measure trend corrections and the rate at which a trendline is ascending or descending. A Speed Resistance Fan is created by drawing a line from a major low to a major high. These reference points divide a time-price range into thirds. The first reference point defines the starting-limitprice-and-time and is the point from which the fan extends. The time-price range is determined relative to a second point that defines the ending-limit-price-and-time. The angles of the fan show 33.33% and 66.66% of the time-price range, respectively. Prices should find support above the 2/3 line. When prices fall below the 2/3 line, they are expected to drop quickly to the 1/3 line where they normally find support again. Speed Resistance Lines may also be drawn as an arc. Properties: Double-click on the tool to display its properties. Add Speed Resistance Fan to a chart 1. From the Chart Tools toolbar, click on the Speed Resistance Fan tool. 2. Holding the left-mouse button, click on the chart where you want to start the control line, then drag the mouse to where you want to end the control line and release the mouse button. Result: The tool is drawn. 3. You may continue to add this tool to the chart by repeating Steps 1-2. To de-select the tool, click on the Selection arrow from the Chart Tools toolbar , or hit the ESC key. Change the position of the control line 1. When the tool is drawn, a "grab bar" is placed where the control line starts. To change the position of the control line, click on the object to select it. 2. Position the cursor on the grab bar, and drag it to the desired location by holding down your left-mouse button. 3. Once done, de-select the tool by clicking anywhere on the chart. Text Use text to highlight or draw attention to a specific section of the chart. Properties: None 97 Printed Documentation Add Text to a chart 1. From the Chart Tools toolbar, click on the Text tool. 2. Click on the chart where you want to insert the text. Result: A text box is opened. 3. Type the text you want, then click on the Selection arrow from the Chart Tools toolbar , or hit the ESC key to de-select the tool. Change the position of text 1. When text is added, it is placed in a "text box". To change the position of the text on the chart, click on the text to select it. 2. While holding the left-mouse button, drag the text box to the desired location on the chart. 3. Once done, de-select the text box by clicking anywhere on the chart. Up Arrow Callout The Up Arrow Callout is a non-analytical drawing object used to highlight or bring attention to a group of bars or a particular section in a chart. Properties: None Add an Up Arrow Callout to a chart 1. From the Chart Tools toolbar, click on the Up Arrow Callout tool. 2. Click on the chart where you wish to place the arrow. Result: The arrow is drawn. 3. You may continue to add this tool to the chart by repeating Steps 1-2. To de-select the tool, click on the Selection arrow from the Chart Tools toolbar , or hit the ESC key. Change the position of the arrow 1. Click on the arrow to select it. 2. Drag it to the desired location by holding down your left-mouse button. 3. Once done, de-select the tool by clicking anywhere on the chart. Tool Properties 98 Charts Fibonacci Arc Properties Property Description Beginning price The Beginning Price on which the arc is currently positioned. Beginning time The Beginning Time on which the arc is currently positioned. Ending price The Ending Price on which the arc is currently positioned. Ending time The Ending Time on which the arc is currently positioned. Arc 1 The first arc's intersection point with the control line (default is 38.2%). The second arc's intersection point with the control line (default is 50.0%). The third arc's intersection point with the control line (default is 61.8%) Check to display the control line on the chart. Note: By default, the control line is NOT displayed when the arc is added to the chart. The color of the control line. Click the Color Box to choose a color from the drop-down list. When checked, the properties displayed will be used every time a Fibonacci Arc is added to a chart. Arc 2 Arc 3 Display control line Color Set as default Fibonacci Fan Properties 99 Printed Documentation Property Description Beginning price The Beginning Price on which the fan is currently positioned. Beginning time The Beginning Time on which the fan is currently positioned. Ending price The Ending Price on which the fan is currently positioned. Ending time The Ending Time on which the fan is currently positioned. Line 1 The first line's intersection point with the control line (default is 38.2%). The second line's intersection point with the control line (default is 50.0%). The third line's intersection point with the control line (default is 61.8%) The width of the lines, in pixels. Line 2 Line 3 Width Display control line Color Set as default Check to display the control line on the chart. Note: By default, the control line is NOT displayed when the fan is added to the chart. The color of the control line. Click the Color Box to choose a color from the drop-down list. When checked, the properties displayed will be used every time a Fibonacci Fan is added to a chart. Fibonacci Retracement Properties 100 Charts Property Description Up to eight lines may be displayed for Fibonacci Retracements. For each line, you may set these properties: Display Check this box to display this line. Percent The intersection point with the control line. Color The color of the line. Click the Color Box to choose a color from the drop-down list. The width of the line, in pixels. Width Control line properties: Display Control Line Control line color Width Check this box to display the control line. The color of the control line. Click the Color Box to choose a color from the drop-down list. The width of the control line, in pixels. Vertical line properties: Display vertical line Color Width Check this box to display this line. The color of the vertical line. Click the Color Box to choose a color from the drop-down list. The width of the control line, in pixels. Display properties: Display percents Check this box to display the percent at which this line intersects the control line. 101 Printed Documentation Display prices Check this box to display the price at which this line intersects the control line. Set as default When checked, the properties displayed will be used every time a Fibonacci Retracement is added to a chart. Extend retracements properties (check ONE): Forever Choose this option to extend the retracement lines forever. 'n' times the control line length Choose this option, and enter a number. The retracements will be extended 'n' times the length of the control line. Gann Fan Properties Property Description Up to nine lines may be displayed for a Gann Fan. For each line, you may set these properties: Angle The Fan angle (degrees) via a 45º middle line control line. Color Width The color of the line. Click the Color Box to choose a color from the drop-down list. The width of the line, in pixels. Display properties: Beginning price 102 The price value on which the fan is currently positioned. Charts Beginning time The time value on which the fan is currently positioned. Set as default When checked, the properties displayed will be used every time a Gann Fan is added to a chart. Line Properties Property Description Color Width The color of the line. Click the Color Box to choose a color from the drop-down list. The width of the line, in pixels. Extend Left When checked, the line extends indefinitely to the left. Extend Right When checked, the line extends indefinitely to the right. Display prices Check this box to display the price at which this line intersects the control line. When checked, the properties displayed will be used every time a line is added to a chart. Set as default Ray Properties 103 Printed Documentation Property Description Color Width The color of the ray. Click the Color Box to choose a color from the drop-down list. The width of the ray, in pixels. Extend Left When checked, the ray extends indefinitely to the left. Extend Right When checked, the ray extends indefinitely to the right. Display prices Check this box to display the price at which this ray intersects the control line. When checked, the properties displayed will be used every time a ray is added to a chart. Set as default Speed Resistance Arc Properties Property Description Beginning price The Beginning Price on which the arc is currently positioned. 104 Charts Beginning time The Beginning Time on which the arc is currently positioned. Ending price The Ending Price on which the arc is currently positioned. Ending time The Ending Time on which the arc is currently positioned. Display control line Check this box to display the control line on the chart. Note: By default, the control line is NOT displayed when the arc is added to the chart. The color of the control line. Click the Color Box to choose a color from the drop-down list. When checked, the properties displayed will be used every time a Speed Resistance Arc is added to a chart. Color Set as default Speed Resistance Fan Properties Property Description Beginning price The Beginning Price on which the arc is currently positioned. Beginning time The Beginning Time on which the arc is currently positioned. Ending price The Ending Price on which the arc is currently positioned. Ending time The Ending Time on which the arc is currently positioned. Display control line Check this box to display the control line on the chart. Note: By default, the control line is NOT displayed when the arc is added to the chart. The color of the control line. Click the Color Box to choose a color from the drop-down list. When checked, the properties displayed will be used every time a Speed Resistance Fan is added to a chart. Color Set as default 105 Printed Documentation Working with Panes Chart Panes A chart can have multiple panes, each showing one or more symbols, studies, or drawing tool objects. Panes may easily be copied, pasted, resized, or closed. The object displayed in a pane may also be overlaid onto an object in another pane. (A chart with three panes) When more than one object resides in a pane, the entire layer (all objects) may be copied and pasted into another pane. What would you like to do? Add a symbol to a new pane Add a symbol to an existing pane as an overlay Resize a pane Delete a pane Add a Symbol to a New Pane 1. Click on the chart to make it the active window. 2. From the Active Plug-In toolbar, position your cursor in the Symbol field, and type the desired symbol. You may also use Symbol Search to find the symbol you wish to chart. You may enter: the commodity symbol, month, and year (such as WZ03 or SPH4) 106 the nearby contract (the futures delivery month with the soonest delivery date, or the option delivery month with the soonest expiration date). For Charts the nearby contract, enter the commodity code and the string "1!" (W1!, SP1!). Likewise, forward contracts may be selected using "2!" (2 months forward), "3!" (3 months forward), etc. (W2! or SP3!) the symbol root (W, SP, etc.), or the symbol root prefaced with a percent sign (%W, %SP, etc.) to display a simple continuation chart the symbol root prefaced with a percent sign (%W, %SP, etc.) plus additional parameters, to display a continuation chart: (%SP3!;2M;B) an expression, using one or more contracts, numerical constants, and simple mathematical operators: DJY - SPY C1! - W1! SPY - %SP1!;4EH (NG1! + NG2! + NG3!) / 3 3. Click the Add button in the toolbar to add the symbol in a new pane (default setting). Note: You may also use the drop-down list on the Add button and select Add to New Pane. Resize Pane 1. Position the mouse pointer over the pane separator. 2. Using your mouse, drag the separator and drop it to the desired position. Delete Pane 1. Click on the pane you wish to delete. Note: The selected pane is highlighted with a light blue border. 107 Printed Documentation (Top pane is highlighted) 2. Press the Delete key. OR 1. Right-click on the pane you wish to delete to display the context menu. 2. Select Delete Pane. OR 1. Right-click on the pane you wish to delete to display the context menu. 2. Select Cut, then select Pane. Scales Auto-Scale The Auto-Scale feature controls the price scale on the chart. When ON, the charting application automatically changes the price scale to match the high and low prices currently in view on the chart window. As you scroll the horizontal time scale, the price scale is automatically adjusted. You can tell that Auto-Scale is ON when you right-click in the price scale - the Auto-Scale option is grayed out. Auto-Scale OFF When Auto-Scale is OFF, the charting application does not change the price scale to match the data in view on the chart window. You are able to scroll the chart image vertically by dragging the body of the chart up and down. 108 Charts To turn Auto-Scale on 1. If you have compressed or expanded the price scale and wish to turn Auto-Scale on, right-click on the price scale to display the context menu. 2. Select Auto-Scale Y-Axis. Note: Auto-Scale, by default, is turned ON when the charting application is opened. Compress or Expand the Price Scale You may compress or expand the price scale using either your mouse or the arrows on your keyboard. To compress or expand the price scale using the mouse 1. Position the cursor in the price scale at the side of the chart. Note: The price scale is highlighted, and the cursor changes to a double arrow. 2. To expand the price scale, hold the left mouse button and drag the cursor to the BOTTOM of the chart. 3. To compress the price scale, hold the left mouse button and drag the cursor to the TOP of the chart. 4. Release the left mouse button to position the data at the new price scale. To compress or expand the price scale using the keyboard 1. Position the cursor in the price scale at the side of the chart. Note: The price scale is highlighted, and the cursor changes to a double arrow. 2. Holding the CTRL key, use the up and down arrows to compress and expand the price scale. Compress or Expand the Time Scale You may compress/expand the time scale using either your mouse, the arrows on your keyboard, or the Compress/Expand icons in the Chart Active Plug-in Toolbar. To compress or expand the time scale using the mouse 1. Click on the time scale at the bottom of the chart. Note: The time scale is highlighted, and the cursor changes to a double arrow. 109 Printed Documentation 2. To expand the time series, hold the left mouse button and drag the cursor to the LEFT. 3. To compress the time series, hold the left mouse button and drag the cursor to the RIGHT. 4. Release the left mouse button to position the data at the new time series. To compress or expand the time scale using the keyboard 1. Click on the time scale at the bottom of the chart. Note: The time scale is highlighted, and the cursor changes to a double arrow. 2. Holding the CTRL key, use the left and right arrows to compress and expand the price scale. Scroll Chart Horizontally You may scroll the chart horizontally to see dates that are out of viewing range using either your mouse or the keyboard. To scroll the chart horizontally using the mouse 1. Position the cursor anywhere in the body of the chart. 2. Holding the left mouse button, move the chart data to the left or the right. 3. Release the left mouse button when finished. To scroll the chart horizontally using the keyboard 1. Position the cursor anywhere in the body of the chart. 2. Use the left and right arrow keys to move the chart data to the left or the right, one bar at a time. Note: Holding the SHIFT key, then using the left and right arrows to compress and expand the price scale, will move the chart ten bars at a time. To reset the chart to view the latest data Position your mouse in the time scale and double-click. Properties Plot Styles 110 Charts The Chart toolbar contains a button that controls the way the symbol's plot is displayed. The button name is always set to the type of plot currently displayed on the chart. For example, when the symbol is displayed as a Bar, the Button will be named Bar Plot: Six different types of plots are available: Bar Candlestick Line Area Dot Level To Change the Plot Style 1. Click on the symbol, or click on the symbol header to select it. 2. Use the drop-down list in the Chart toolbar to select the desired plot style. OR 1. Right-click on the symbol to display the context menu. 2. Select Change Plot Style, then select the desired plot type from the list. Note: Bar and Candle plots allow you to set different colors to identify up and down activity. Change Chart Symbol Color You may change the chart symbol color using the Color tool in the Chart toolbar. When using a Bar or Candlestick plot, you may also identify up and down colors by displaying the Plot Properties. To change the color using the toolbar 1. Click once on the symbol, or click once on the symbol header to select it. 111 Printed Documentation 2. Use the Color tool in the Chart toolbar to change the color. OR 1. Right-click on the symbol to display the context menu. 2. Select Change Color, then choose a color from the menu displayed. To change the color using the Plot Properties Dialog Box (Bar and Candlestick Plots only) 1. Double-click on the symbol, or double-click on the symbol header. Result: The Plot Properties dialog box displays. 112 Charts 2. Make the following decision: To ... use one color, or a pair of alternating colors to identify session times Then ... click the field called Use colors to represent session times, then select the appropriate Color and Alternate Color at the top of the dialog box. Note: By choosing the same color in the Color and Alternate Color fields, the chart symbol will display using one color. Use of an alternate color will differentiate different things, based on the chart aggregation: Tick - not applicable Intraday - identifies when trading sessions change Daily - identifies months Weekly - identifies years Monthly - identifies years use one color, or a pair of alternating colors to identify a number of bars click the field called Use colors to represent number of bars, select the number of bars, then select the appropriate Color and Alternate Color at the top of the dialog box. show up and down movement using different colors click the field called Use colors to represent market conditions, then select colors for the Last > Open and Last < Open fields. Note: By choosing the same color in the Color and Alternate Color fields, the chart symbol will display using one color. This option is not applicable on a Tick chart. Using different colors to identify up and down movement can help you quickly identify market movement, as shown below: 113 Printed Documentation 3. To use these settings for all future charts you will create, check the field called Use these settings as defaults. 4. Click OK to save your changes. Customize Chart Display Settings Each chart can contain its own properties, such as the font size and type, and foreground and background color. When changing chart properties, you may apply the settings to the current window, all windows on the page, or all windows. To change chart display settings 1. From the View menu, select Display Settings. OR Right-click on the chart to display the context menu, and select Display Settings. 2. Change the desired options. Chart properties are found in three tabs of the Display Settings dialog box: Chart Colors, Plot Colors, and Data Info (properties for the Data Info Window). 3. After all changes are made on three tabs, make the following decision: IF these settings should apply to ... just the current 114 THEN ... click OK. Charts chart window all windows on this page click the arrow next to the Apply button, and choose Apply Settings to All Windows on this Page. all windows in your workspace Option Chart Colors Click OK to close the properties dialog box. click the arrow next to the Apply button, and choose Apply Settings to All Windows. Click OK to close the properties dialog box. Description 115 Printed Documentation Foreground Background Alternate Background The color of the font displayed in the time and price scales. The underlying color of the chart. You may choose a second background color to help distinguish trading sessions on an intraday chart, months on a daily chart, and years on weekly and monthly charts. For example, the dialog box above indicates the chart will use black as the Background, and navy as the Alternate Background. When looking at a 60-minute intraday chart for the CME E Mini S&P, each trading session (8:30 - 15:30) is displayed using these two background colors as shown here: Selected Panel Component Divider Selected Object Draw Selection Rectangles 116 The color used to highlight a selected pane on the chart. The color of the pin-lines used to divide the chart image and the price and time scales. The color used to highlight a selected object. When checked, the color identified in the Selected Panel field will show you which pane you are working in. For example, the TOP pane (symbol DJIAY) is the active pane, identified with the Red Selection Rectangle: Charts Grid Color Style Lines Default Use these settings for new windows The color applied to the horizontal and vertical grid on the chart. The line style applied to the horizontal and vertical grid on the chart. Defines whether horizontal, vertical, or both types of lines will appear on the grid. When checked, these settings will be applied to any new chart window created. 117 Printed Documentation Option Plot Colors Plot 1 - 6 Description Defines the default colors that will be used for the first six symbols added to the chart. Use different colors to identify each contract. The left-most column indicates an alternate color. Use of an alternate color will differentiate different things, based on the chart aggregation: Tick - not applicable Intraday - identifies when trading sessions change Daily - identifies months Weekly - identifies years Monthly - identifies years Default Use these settings for new windows 118 When checked, these settings will be applied to any new chart window created. Charts Option Scales and Headers Font Display Headers Data View Window Font Crosshairs Color Annotations supporting tracking Default Use these settings for new windows Description Specify the font type and size which will be applied to the headers, price and time axis. When checked, the chart header will appear. The chart header displays the Open, High, and Low for the symbol. Specify the font type and size which will be applied to the Data View window. The color applied to the crosshair on the chart. The crosshair is turned on and off using the Data View tool in the Chart's toolbar. When checked, the value of a tool (when present on the chart) will display in the Data View Window. When checked, these settings will be applied to any new chart window created. 119 Quotes About Quotes The Quote Window Workstation offers three types of quote windows to display price information: 1. Quotes Board (default quote layout) 2. Quotes Grid 3. Flash Quotes Quotes Board When you create a new quotes board, prices are arranged on a "tab" within the window. A window can have an unlimited number of tabs. By default, a quote is created with three tabs, called "Sheet-1", "Sheet-2", and "Sheet-3". Each tab can contain unique symbols and columns to display. In addition, each quote window holds its own unique properties, including color and font settings. The tabs can be given unique names, and the price table displayed in each tab may include title rows and blank rows. Quotes Grid The Quotes Grid format for displaying prices allows you to organize contracts in a customizable grid. The contract is displayed at the top of the grid, with the Open, High, Low, Last and Net Change fields displayed below. You may modify the properties of the Quotes Grid to show Candlesticks, or color change to indicate up/down movement whenever new ticks are received. 121 Printed Documentation Flash Quotes Flash Quotes allows you to quickly retrieve price information on all active contracts for a particular root symbol. It can be used to display data for futures or options, then easily closed, allowing you to return to analyze other windows. Quote Active Plug-in Toolbar The Active Plug-in toolbar for a Quotes Board window contains the following commands: Command 122 Description Quotes Insert Symbol Click this tool to insert symbol(s) on the quote. Insert Title Click this tool to add a title on the quote. Best Fit Automatically resizes the columns to "best fit" the opened window size. Dynamically fits the quote columns to the window's size. Fit Columns Resize Font Column Sets Dynamically resizes the font used in the quote window when you resize the window Displays a drop-down list of the column sets available to apply to the Quotes window. Note: A Quotes Grid window will only have an Insert Symbol and Delete Symbol command. Creating Quotes Create a Quote There are three types of Quote board formats available in Workstation, each with different layouts. Which type of quote do you wish to create? 1. Quotes Board (default quote format) 2. Quotes Grid 3. Flash Quotes Insert Symbols on Quotes Workstation allows you to insert symbols anywhere on the quote, even between rows that already exist. To insert symbols 1. Click on the row directly below where you want to insert a new symbol. For example, you want to insert a symbol below the row containing CZ3. Click on the row containing CH4. 2. From the Active Plug-in toolbar, click the Insert Symbol button. OR 123 Printed Documentation Right-click on the quote to display the context menu. Select Insert, then select Symbol(s). Result: The Symbol Finder dialog box is displayed. 3. Use Symbol Search to select the symbol(s) you wish to insert, then click OK. View Previous Prices You may view up to three previous prices for any contract on a quote. When adding a contract, type "&" and the number of previous prices to show after the contract: SP1!&3 (shows three previous prices) CZ03&2 (shows two previous prices) DJH4&1 (shows one previous price) You may also select previous prices from the Symbol Search dialog box. Symbol Search The Symbol Search allows you to search for and select one or multiple symbols for entry into a chart or quote. Contracts are displayed for symbols that match your search criteria. You may search for symbols using either the symbol ID (root), a part of the symbol's description, or by exchange. Symbol Search also allows you to enter specifications for a futures continuation contract when creating a chart. To Use the Symbol Search 1. Click the Symbol Search button from the Active Plug-in toolbar. Result: The Symbol Search dialog box displays. 2. On the Search tab, position your cursor in the Search field. TO search by ... the symbol root THEN ... enter the root (C, W, SP, NG, etc) in the Search field. If your Symbol Search Preferences use the default setting, "Choose search type from search dialog", then click the By ID radio button, then click Go. description Result: Root symbol(s) matching your search criteria are displayed in the upper window of the dialog box, and all active contracts for the highlighted root are displayed in the lower window of the dialog box. enter a keyword (at least 2 characters in length) in the Search field. If your Symbol Search Preferences use the default setting, "Choose search type from search dialog", then click the By Description radio button, then click Go. 124 Quotes exchange Result: Root symbol(s) matching your search criteria are displayed in the upper window of the dialog box, and all active contracts for the highlighted root are displayed in the lower window of the dialog box. leave the Search field blank. Choose an exchange from the Exchange drop-down list. Result: All root symbols carried by the exchange are displayed in the upper window of the dialog box, and all active contracts for the highlighted root are displayed in the lower window of the dialog box. 3. When multiple root symbols were found by the search, select the desired root symbol from the upper window. 4. Choose the desired contracts from the lower window: WHEN inserting to a ... chart THEN you may ... quote select one or more contracts from the lower window: only select one contract from the lower window. Use the Select All button to choose all active contracts shown. Use the Unselect All button to clear all selected contracts. To select multiple contracts, hold the Ctrl key and click each desired contract. To select sequential contracts, hold the Shift key, click the first desired contract, then scroll down to the end of the series and click the last desired contract. All contracts displayed between the two selected contracts are highlighted. Note: For a quote, you may also view the last 1-3 previous price ticks for the contract, using the drop-down list in the Previous Prices to Display field. 5. 6. By default, the Return as Forwards checkbox is checked. You may uncheck this field, if desired. (About Forward contracts) A forward contract is identified in Workstation as the root symbol, plus the number of months forward, followed by an exclamation point. For example: SP1! (the front month for the S&P 500) C2! (2 months forward for CBOT Corn) 125 Printed Documentation NG3! (3 months forward for Natural Gas) When specifying a symbol on a chart or quote, you can enter either the exact contract (SPZ03) ortheforward contract (SP1!). The advantage to entering forward contracts is that Workstation will automatically roll these contracts when they expire on your quote or chart. SP1! will translate to SPZ03 until it expires on 12/18/03, and will automatically translate to SPH04 from 12/19/03 until 3/18/04. When contracts are selected using a month/year-specific designation in a price or chart window, they will not be replaced when they expire. When you uncheck the Return as Forwards field, contracts are entered with the month and year, and these will expire on their expiration dates. 7. Click OK to return the selected contracts to your quote or chart. Change Quote Symbol 1. Double-click on the symbol you wish to change. 2. Type the desired symbol, and press Enter. You may also use Symbol Search to find the symbol you wish. You may enter: the commodity symbol, month, and year (such as WZ03 or SPH4) the front month (the futures delivery month with the soonest delivery date, or the option delivery month with the soonest expiration date). For the front month, enter the commodity code and the string "1!" (W1!, SP1!). Likewise, forward contracts may be selected using "2!" (2 months forward), "3!" (3 months forward), etc. (W2! or SP3!) for previous prices (up to three), add "&" and the number of previous prices to show after the contract: SP1!&3 (shows three previous prices) CZ03&2 (shows two previous prices) DJH4&1 (shows one previous price) the symbol root (W, SP, etc.), to display the front month an expression, using one or more contracts, numerical constants, and simple mathematical operators: DJY - SPY C1! - W1! (NG1! + NG2! + NG3!) / 3 Delete a Symbol from a Quote 1. Click on the symbol you wish to delete. Result: The symbol cell is highlighted. 126 Quotes 2. Press the Delete key. OR 1. Click on the symbol you wish to delete. Result: The symbol cell is highlighted. 2. Right-click to display the context menu. 3. To delete only the contents of the row (leaving an empty row on the quote) select Delete, then Row Content. To delete the entire row, select Delete, then select Row. Expressions on Quotes A Quote window can display mathematical expressions in the Symbol field. An expression uses one or more contracts, numerical constants, and simple mathematical operators (+ - * /). You may also use an expression shortcut on the quote. Examples (ng1! + ng2! + ng3!) / 3 w1! - c1! ES / SPY * 100 Exchange Traded Spreads Certain exchanges, such as the CBOT, carry instruments used to trade spreads. Exchange Traded Spreads are instruments and are treated as such. They are not expressions. The exchange sends out trades and updates for these instruments, and they do expire. Exchange-traded spreads are entered in the symbol field using their fully designated name. They have no forward contracts (!1, !2, !3, etc.). Open a Chart from a Quotes Board Workstation allows you to open a contract's chart directly from the quote, including charts for expressions entered onto the quote. To open a Chart 1. Drag the Symbol onto the workspace. (The cursor changes as shown below): 2. Drop the symbol onto the workspace, and the chart is opened. OR 127 Printed Documentation 1. Right-click on a symbol to display the context menu. 2. Select Show Chart for (symbol), then select from one of the time series shown: Tick, Intraday, Daily, Weekly or Monthly. Open a Data Table from a Quote Workstation allows you to open a contract's Data Table directly from the quote. To open a Data Table 1. Drag the Symbol from the quote onto the Data Table. (In the example below, the symbol for Oats is being dragged from the Quote to the Data Table.) 2. Drop the symbol into the Data Table. OR 1. Right-click on a symbol to display the context menu. 2. Select Show Data Table for (symbol), then select from one of the time series shown: Tick, Intraday, Daily, Weekly or Monthly. Open Time & Sales from a Quote Workstation allows you to open a Time and Sales window for a contract directly from the quote. To open Time and Sales 1. Right-click on a symbol to display the context menu. 2. Select Show Time and Sales for (symbol). Columns Quote Columns 128 Quotes Quotes can display a variety of columns. The table below contains the column title and a description of the data available for a column. Column Title %Change <empty> Ask AskSize Bid Bid-Ask Description The percentage change between the Last price and the Old Settlement price (previous session's Close). Inserts an empty column in the chart. The latest (newest) ask price from the exchange floor - an indication or willingness to sell at a given price. The number of shares that are being offered for sale at the ask price. Bid price from the exchange floor - a proposal to buy at this price. This column is designed for use with Forex only. Displays both the Bid/Ask prices (with no decimal), with "Ask" being a 2 digit representation. When one of the prices is unavailable, ** displays in its place. Also, if the difference between Bid and Ask is greater than 2 digits, ** will display in the Ask column. BidSize Change Close Close2 Contributor Date Delay Delivery Delta Description DTE DTE TD Exchange Exp The purpose of this column is to display Forex Bids and Asks in the same way as traders quote prices to each other. The number of shares that are being offered for purchase at the bid price. The amount of increase or decrease from the previous trading period's closing price. The first closing price in the closing price range, or in most cases, the period at the end of the trading session officially designated by the exchange, during which all transactions are considered made "at the close". Second closing price in the closing price range for those markets that have a closing range. The bank supplier name for FOREX quotes and for Termed Supplier (LME) instruments. The date of the last transaction. The number of minutes in which a symbol's data is delayed from the exchange. Note: The delay also appears in the Symbol column in brackets. For example, SPY[10] means the symbol is delayed 10 minutes. Contract's month/year delivery date. The neutral hedge ratio, or the expected change in the option premium given a small change in the price of the underlying instrument; i.e., measure of the option's sensitivity to changes in the underlying (option instruments only). Extended contract name: the long display name of the contract. Days till Expiration: The total number of calendar days remaining in the life of a contract. Days till Expiration - Trading Days Only: The total number of trading days remaining in the life of a contract. Weekends and holidays are not included in this field. Exchange this contract is listed on and traded at. Date this contract is due to expire for these Symbol Types: Option on an index, Future, and Option on a future). 129 Printed Documentation Gamma High ImpVol Last Low Midpoint MidpointChg Model NewSettle OldSet Open Open2 OpenInt PlCategory PlCurrency PlFreq PlIndex PlIndexChg PlUnits PlYIndex PrCntrb1 PrCntrb2 PrCntrb3 Prev1, Prev2, Prev3 PrevHigh PrevLow PrevOpen PrMidpoint PrvAsk1, 130 Options on futures generally expire on a specific date during the month preceding the futures contract delivery month. For example, an option on a June futures contract expires in May but is referred to as a June option because its exercise would result in a June futures contract position. Measures the expected change in delta, given a small change in the value of the underlying; measures the stability of the option's delta (option instruments only). Highest price this contract traded at during the current trading session. Implied Volatility: the volatility of a market as implied by a given option price and a given underlying price. Last price at which this contract traded. Lowest price at which this contract traded during the current trading session. The average of high and low for a Platts contract. Platts - The change from midpoint to previous midpoint for a Platts contract. The model used to calculate option and dividend interest rate, and implied volatility price. The last price paid, or the value of today’s settlement, available at the end of the trading day and posted until all prices are cleared for the next day’s trading. Settlement prices are used to determine both margin calls and invoice prices for deliveries. Old Settlement price: the previous session's Close price. First opening price in the range of prices for trades in the opening "time frame" of the first session. Second opening price in the range of prices for trades in the opening "time frame" of the first session. The sum of all long or short futures contracts in one delivery month or one market that have been entered into and not yet liquidated by an offsetting transaction or fulfilled by delivery. Also called open contracts or open commitments. Platts - The category for a Platts contract. Platts - The currency used for a Platts contract. Platts - The frequency of a Platts contract. Platts - A value calculated by Platts based on assessments over a period of time for a Platts contract. Platts - The change from index to oldindex for a Platts contract. Platts - The unit for a Platts contract. Platts - Previous index for a Platts contract. Previous Contributor 1 Previous Contributor 2 Previous Contributor 3 Last three previous ticks. Previous trading day's high price. Previous trading day's low price. Previous trading day's open price. Previous trading day's midpoint. Last three previous ask prices Quotes PrvAsk2, PrvAsk3 PrvBid1, PrvBid2, PrvBid3 PrvTm1, PrvTm2, PrvTm3 Range Recent Resm1 Resm2 Rho Spec Strike Susp1 Susp2 Symbol Theta Time Type Underlying Vega Volume Last three previous bid prices Last three previous trade times. The time will either be Exchange time or local time, depending on the setup. The difference between the High and the Low prices. The last price if available, unless it has not been traded today. In this case, it is the previous trading day's settlement price. For contracts with a split trading day, one end of the range of prices for trades in the opening "time frame" when trading resumed. For contracts with a split trading day, the other end of the range of prices for trades in the opening "time frame" when trading resumed. Implied sensitivity of option price to domestic interest rate. Special: Displays the Strike price (if an option), or the Contributor (for Forex or LME). Strike price: the price at which the owner of an option can buy (for call options) or sell (for put options) the underlying market. For contracts with a split trading day, one end of the range of prices for trades in the closing "time frame" of a session not the final session, before trading suspended. For contracts with a split trading day, the other end of the range of prices for trades in the closing "time frame" of a session not the final session, before trading suspended. The symbol ID. Reflects the expected change in the option premium, given a small change in the option's term to expiration; i.e., measure of time value decay (option instruments only). Theta format is dependent on the Theta/Vega Display Format setting. Exchange time of the last trade, bid, or ask. A description of the contract type. Contract types are cashbond, cashprice, forex, future, index, optequity, optequitycalls, optequityputs, optindex, optindexcalls, optindexputs, optfut, optfutcalls, optfutputs, platts, termsupl, equity The underlying month for options contracts. Measures the expected change in the option premium, given a 1% change in the implied volatility of an option; i.e., measures sensitivity to shifting volatility levels (option instruments only). Vega format is dependent on the Theta/Vega Display Format setting. The total number of contracts traded during a specific period of time. Special Price Characters Options and Quotes use special characters for the "Last", "Volume", and "Open Interest" fields to indicate unusual conditions sent out by the exchanges. Special characters include: S - used to indicate a real-time Settlement in the "Last" field 131 Printed Documentation F - used to indicate a Fast Market in the "Last" field. "Fast Market" refers to a financial market that has a combination of high volatility and heavy trading, i.e., the market is moving so fast that your orders may not get filled immediately. Y - used to indicate this is yesterday's Settlement E - used to indicate an estimate (vs. actual) in the "Volume" and "Open Interest" fields Drag and Drop Quote Columns You can easily change the order in which columns are displayed on a quote by dragging and dropping them with your mouse. To drag/drop Quote columns 1. Position your cursor on the column header you wish to move. 2. Click and hold the left-mouse button, then drag the column to the new position. 3. Release your mouse button to drop the column in its new position. Increase/Decrease Quote Column Width You can drag and drop the column borders to increase or decrease their size. 1. Position your cursor over the edge of the column you wish to resize. 2. Holding the left-mouse button, drag the column to the desired size, then drop it. Sort Data in a Quote Column You may sort the data displayed in a quote using any column that is currently displayed. Data can be sorted in ascending or descending sequence. Furthermore, when blank rows or title rows appears in the quote, the data in each section will be sorted separately. To sort data 1. Double-click on the header of the quote column you wish to sort. Result: The quote rows are sorted in ascending sequence based on the data in that column. 2. Double-click on the header again to sort based on descending sequence. OR 132 Quotes 1. Click once anywhere in the column which you want to sort. 2. From the View menu, select Sort by (column name), then choose Ascending or Descending. View Contract Name on a Quotes Board You may view symbols on a Quotes Board in one of two ways: showing the symbol with its month and year designation: SPZ3 DJH4 showing the contract name S&P 500, Dec2003 DowJonesIndus.(Day)-$10,Mar2004) To view the contract name From the View menu, select Contract Name (when checked, the full name is visible). OR Right-click on the quote to display the context menu. Select View, then select Contract Name. Note: The contract name is different from the Description column, available for selection when you customize the columns. The Description will not show the month and year designation along with the contract name. Customize Quote Columns You may add, reorder, or remove columns from a quote. In addition, you can create your own custom column set, save it, and apply it to other quotes in the future. To customize column settings 1. From the Columns menu, select Customize. OR Right-click on the quote to display the context menu, then select Columns, then Customize. Result: The Quotes Column Selection dialog box displays. 133 Printed Documentation 2. From the Available items list, select the field you wish to insert, then click Add. To select multiple fields, hold the Ctrl key as you click on each field you wish to add. When done, click Add. To select a range of fields, hold the Shift key. Click on the first field, then click on the last field in the range. When done, click Add. To add all the fields to the quote, simply click Add All. 3. To reorder the way in which the columns will appear: From the Selected items list, click on the field you wish to reposition. Click the Move Up or Move Down buttons to position the field where you want it to display. 4. IF you want to ... save this layout for use at a later time (create a custom column set) THEN ... click the Save As button at the top of the dialog box. Type in a new column set name in the field provided, or use the drop-down list to select an existing column set you wish to overwrite. Click OK. apply this column set only to the open quote 134 If you wish this column set to be used as the default column set (all new quotes will be created using these columns), then click the Set as Default button. click OK. Quotes 5. Best Column Fit The Best Fit button, found in the Active Plug-in toolbar, is used to dynamically resize each quote column so that the data displayed in each column is visible. Unlike "Fit Columns", "Best Fit" disregards the size of the quote window. It is a valuable tool to use when you have added or removed columns from the quote, and wish to optimize the way in which the data is displayed. Prior to clicking Best Fit, data in the quote columns is hidden from view: After clicking Best Fit, each quote column is resized to display the data without wasted space. Notice that the columns DO NOT fill the entire width of the quote window: To dynamically resize Columns based on the data they contain From the Active Plug-in Toolbar, click the Best Fit button. Fit Quote Columns to Window The Fit Columns button, found in the Active Plug-in toolbar, is used to dynamically fit quote columns to the window's size. When ON, the columns will automatically fill 100% of the window's width whenever the quote window is resized: 135 Printed Documentation To toggle "Fit Columns" On and Off From the Active Plug-in Toolbar, click the Fit Columns button. Note: When ON, the button is highlighted. Change Quote Column Set Workstation comes with five standard column sets for quotes: Forex Instrument Futures Instrument Index Instrument Options Instrument Platts Instrument In addition, you may create your own custom column set, save it, and apply it to other quotes in the future. To change the column set From the Active Plug-in toolbar, select a column set from the drop-down list. OR Right-click on the quote to display the context menu. Select Columns, then select a column set from the list displayed. Delete a Quote Column To delete a column from a quote 1. Click once on the column heading you wish to delete. For example, if you wish to delete the "Bid" column, position your cursor as shown below: 136 Quotes 2. Press the Delete key. OR Right-click to display the context menu, select Delete, then select Column (column name). You may also delete fields by customizing the column settings 1. From the Columns menu, select Customize. OR Right-click on the quote to display the context menu, then select Columns, then Customize. Result: The Quotes Column Selection dialog box displays. 2. Select the field you wish to remove from the Selected Items list, then click Remove. 3. Click OK to save your changes. Rows Add a Blank Row to a Quotes Board You may insert empty rows anywhere in the quotes board. A symbol may then be added to the row, or you may leave the row empty to act as a divider in the quote. To add a blank row 1. Click on the quote where you wish to add a new row. 2. From the Insert menu, select Empty Row Below or Empty Row Above. OR 1. Right-click on the row to display the context menu, select Insert, then select Empty Row Below or Empty Row Above. Delete a Quote Row 137 Printed Documentation 1. When Row Headers are on, click on the row you wish to delete. Result: The entire row's contents are selected. 2. Press the Delete key. OR 1. Click on the row you wish to delete. Result: The symbol cell is highlighted. 2. From the Edit menu, select Delete, then select Row. OR Right-click to display the context menu. To delete the entire row, select Delete, then select Row. To delete only the contents of the row (leaving an empty row on the quote) select Delete, then Row Content. Cut Row from Quote Cutting a row performs the same function as deleting a row. However, you can then paste the row onto another quote, tab, or row. 1. When Row Headers are on, click on the row you wish to delete. Result: The entire row's contents are selected. 2. From the Edit menu, select Cut Row. OR Right-click to display the context menu, select Edit, then select Cut or Cut Row. 3. To paste the row into another quote or quote tab, or position your cursor in the row where you wish to copy the data. 4. From the Edit menu, select Paste. OR Right-click on the quote to display the context menu, then select Edit, then Paste. Quotes Board Row Headers Quotes Boards have a feature called "Row Headers" which make it easier for you to drag and drop quote data. By simply clicking on the row header, you will select all the cells in that row. When row headers are activated, they appear as grey boxes at the far left of the quote: 138 Quotes To show/hide row headers From the View menu, select Row Headers. OR Right-click on the quote to display the context menu, select View, then select Row Headers. Insert Title on a Quotes Board You may insert a title anywhere on a Quotes Board, which can be used to identify the types on symbols found on the price display. Inserting a title will insert a blank row directly above where your cursor is placed. To insert a title 1. Click on the row where you wish to insert a title immediately above it. 2. Right-click to display the context menu. Select Insert, then select Title. OR From the Insert menu, select Title. 2. Type the title in the blank row that is inserted on the quote, and press Enter when done. You may also add a title to any row already on the quote. To add a title to an existing row 1. Click on the row where you want to add a title. 2. Type a space and then the title, and press Enter when done. Note: The space character indicates that you are adding a title and not a symbol to the quote. Change Quotes Board Title 139 Printed Documentation 1. Double-click on the row containing the title you wish to change, and type the new title. OR 1. Click on the row containing the title you wish to change. 2. From the Edit menu, select Title, then type the new title and press Enter. Remove Quotes Board Title 1. Right-click on the row containing the title you wish to remove, to display the context menu. 2. Select Delete, then select Row. OR 1. Click on the row containing the title you wish to remove. 2. From the Edit menu, select Delete, then select Row. Tabs Add a Tab to a Quotes Board From the Tab menu, select Add New Tab. OR 1. Right-click in the tab area of the quote to display the context menu. 2. Select Add new tab. Rename Tab 1. Open the tab you wish to rename on a Quotes Board. 2. From the Tab menu, select Rename tab. 3. Type the name for the new tab and press Enter. OR 1. Open the tab you wish to rename. 2. Right-click on the tab to display the context menu, and select Rename tab. 3. Type the name for the new tab and press Enter. 140 Quotes Clear Quotes Tab Contents You can clear the contents of a Quotes Board tab out completely, leaving the tab in place for new contracts to be added. To clear a tab 1. Open the tab you wish to clear. 2. From the Tab menu, select Clear tab. OR 1. Open the tab you wish to clear. 2. Right-click on the tab to display the context menu, and select Clear tab. Delete Tab 1. Open the tab you wish to delete on a Quotes Board. 2. From the Tab menu, select Delete tab. A warning appears, stating the entire tab and its contents will be removed. 3. Click Yes to delete the tab and its contents. OR 1. Open the tab you wish to delete. 2. Right-click on the tab to display the context menu, and select Delete tab. A warning appears, stating the entire tab and its contents will be removed. 3. Click Yes to delete the tab and its contents. View Quote Tabs You have the option to display tabs on a Quotes Board. To show/hide scroll bars on a quote 141 Printed Documentation From the View menu, select Tabs (when checked, they are visible). OR Right-click on the quote to display the context menu. Select View, then select Tabs. Properties Customize Quotes Board Display Settings You may change the way your quotes window looks by changing the display settings. Custom display settings can be saved as a "Theme" and applied to new quotes windows when they are opened. You may also select how your changes will affect other tabs, pages, and quote windows in your workspace. To change the display settings 1. Right-click on the Quote to display the context menu, and select Display Settings, then select Customize. Result: The Quotes Display Settings dialog box appears: 142 Quotes 2. Change the desired options. 3. Decide how these changes should be applied by clicking the arrow to the right of the Apply button: Note: Clicking OK will apply your changes only to the tab in which you are currently working. 143 Printed Documentation Option Description Theme - A theme defines the appearance of your Quotes window. Use this section to retrieve a theme for modification, save properties as a new theme, delete a theme, or set a theme as the default for new Quotes windows. Background - Defines the colors used for odd, even, and blank rows. Color #1 Defines the color of odd numbered rows. Color #2 Defines the color of even numbered rows. Alternate every 'n' When activated, indicates that you wish to alternate row colors. row(s) By default, the two colors will be used on every other row (every 1 row) in the display. You may change this setting to display Color #1 'n' times, then Color #2 'n' times. Use Color #2 for When activated, indicates that you wish to use Color #2 only on empty rows empty (blank) rows. Default Cell - Defines the font and color used in all data cells in the window. Font Use the drop-down lists and buttons to define the font type, size, and style. Color Use the color selection box to define the font color. Title Row - Defines the font and color used in the title row in the window. Font Use the drop-down lists and buttons to define the font type, size, and style. Color Use the color selection box to define the font color. Direction - Defines how color alerts are used to indicate changes in market conditions. Color (field) based on Using the colors defined in "Zero", "Up", and "Down", change the Net Change font color for the selected cells depending on the last tick received from the exchange. Valid options include: none - do not change the color of any cells all cells - change the color of the entire row Symbol - change the color only of the "symbol" cell Last - change the color only of the "Last" price cell Change - change the color only of the "Change" cell Flash (field) based on Using the colors defined in "Zero", "Up", and "Down", flash a last change change of font color for the selected cells depending on the last tick received from the exchange. Valid options include: none - do not change the color of any cells all cells - change the color of the entire row Symbol - change the color only of the "symbol" cell Last - change the color only of the "Last" price cell Change - change the color only of the "Change" cell Zero Use the color selection box to define the color used to indicate "no change". Up Use the color selection box to define the color used to indicate a "positive" change. Down Use the color selection box to define the color used to indicate a "negative" change. Gridlines - Defines what type of gridlines to display in the window. Show horizontal When checked, each row will be separated by a horizontal gridlines gridline. Show vertical When checked, each column will be separated by a vertical gridlines gridline. Color Use the color selection box to define the gridline color. 144 Quotes Save a New Quotes Board Theme A Quotes Board allows you to change the display properties, then save your changes as a "theme" which can be applied to other Quotes Board windows you create. 1. Right-click on the quote board to display the context menu, and select Display Settings, then select Customize. 2. Make the desired changes in the Quotes Display Settings dialog box. 3. Do you want to save the changes so you can retrieve this theme at a later time? IF ... no THEN ... decide how these changes should be applied by clicking the arrow to the right of the Apply button: Note: Clicking OK will apply your changes only to the tab in which you are currently working. yes Result: The display settings are changed, but were not saved for retrieval at a later time. select a theme from the Theme drop-down list and click Save. (Note: You may save changes directly to the Default theme.) OR If you wish to create a new theme, click Save As, enter a theme name, and click OK. If you would like this display setting to be used as the Default setting anytime a new Flash Quote is opened, click Set As Default, then click OK. Result: A new theme is saved. This theme may be applied to other Quote windows that are subsequently opened. Apply a Theme to a Quotes Board Window 145 Printed Documentation A theme controls the fonts, colors, gridlines and visual color alerts in a Quotes Board window, with one theme being designated as the "Default" theme. Note: A Quotes Grid does not allow you to save or apply themes. However, you may change the look of a Quotes Grid, then use that setting for all subsequent Quotes Grid windows you create. To apply a theme 1. From a Quotes window, right-click to display the context menu. 2. Select Display Settings, then choose a theme from the list. Quote Color Alerts Quotes Boards and Quotes Grids can be configured to alert you to up and down movements of the market using color. Tick changes may be identified with color in individual price cells, or can be configured to give you a sense of the market as a whole by coloring the whole row of price data to show an up or down market. The Direction area of the Quote Display Settings allows you to define the way color alerts work. Alerts are configured based on Net Change (giving you a general sense of the market by just visually looking at the quote), or by Last Change (the last tick received). For example, this quote has been configured to color All Cells based on the direction (up/down/no change) of the Net Change column. You will notice that the second contract is in a "down" market (alert using red), while all others are in an "up" market (alert using green). Likewise, the same quote can be configured to alert you of the change registered by the Last Tick. These changes can be set to "flash" the alert using colors identifying up/down/even markets: 146 Quotes Resize Quote Font on a Quotes Board The Resize Font tool allows you to dynamically resize the font used in the Quotes Board window when you resize the window. To toggle the Resize Font option on and off, click the Resize Font tool, found in the quote's Active Plug-in toolbar. Resize ON: (tool is highlighted) Resize OFF: View Quote Scroll Bars 147 Printed Documentation You have the option to display vertical scroll bars on a Quotes Board or Quotes Grid. When scroll bars are not visible, you may still use the Page Up, Page Down, arrow keys and mouse scroll wheel to move the quote vertically. To show/hide scroll bars on a quote From the View menu, select Scroll Bars (when checked, they are visible). OR Right-click on the quote to display the context menu. Select View, then select Scroll Bars. Flash Quotes About Flash Quotes Flash Quotes allows you to quickly retrieve price information on all active contracts for a particular root symbol. It can be used to display data for futures or options, then easily closed, allowing you to return to analyze other windows. Column Heading Styles Futures - Flash Quotes come with three different column heading styles for futures. You can easily toggle the column layout using the arrow keys on your keyboard. Column sets include: Futures Instrument A Symbol Bid Ask High Low Last Change Time 148 Futures Instrument B Symbol Last Change Time Prev1 Prev2 Prev3 High Futures Instrument C Symbol Last Change Time OldSet Open Open2 Close Quotes Volume OpenInt Low Close2 Options - Flash Quotes come with five different column heading styles for options. You can easily toggle the column layout using the arrow keys on your keyboard. Column sets include: Options Instrument A Symbol Month/Year Strike Calls: Bid Calls: Ask Calls: Last Calls: Time Puts: Bid Puts: Ask Puts: Last Puts: Time Options Instrument B Symbol Month/Year Strike Calls: Bid Calls: Ask Calls: High Calls: Low Calls: Last Puts: Bid Puts: Ask Puts: High Puts: Low Puts: Last Options Instrument C Symbol Month/Year Strike Calls: Open Calls: Open2 Calls: Close Calls: Close2 Calls: OldSettle Puts: Open Puts: Open2 Puts: Close Puts: Close2 Puts: OldSettle Options Instrument D Symbol Month/Year Strike Calls: Last Calls: Change Calls: Volume Calls: OpenInt Puts: Last Puts: Change Puts: Volume Puts: OpenInt Forex and LME Instruments - Flash Quotes come with one column heading styles for Forex and LME instruments. You can easily toggle the column layout using the arrow keys on your keyboard. Column sets include: Forex and LME Instruments Symbol Contributor Bid Ask High Low Last Change Time Delivery Platts Instruments - Flash Quotes come with one column heading styles for Platts instruments. You can easily toggle the column layout using the arrow keys on your keyboard. Column sets include: Platts Instruments Symbol Symbol Name High Low Midpoint PlIndex Time Date PrevHigh PrevLow 149 Option Printed Documentation PrevMidpoint PrevIndex You can also customize the visual display to alert you to changing market conditions using colors of your choosing. These settings can be saves as a "Theme" and applied to new Flash Quotes when they are opened. Flash Quotes Active Plug-in Toolbar The Active Plug-in toolbar for a Flash Quotes window contains the following commands: Command Description Insert Symbol Allows you to select a new symbol or root to display. Best Fit Automatically resizes the columns to "best fit" the opened window size. Displays a drop-down list of the column heading styles that can be applied to the Flash Quotes window. Column Headings Open Flash Quotes 1. From the View menu, select Flash Quotes. OR Press F8. OR Hold the Shift key and press the ~ key. OR Click on the arrow immediately to the right of the Quote button on the QuickStart toolbar and select Flash Quotes. Result: The following dialog box appears: 150 Quotes 2. Enter the contract or root symbol and click OK. Entry of a root symbol will retrieve all active contracts for that symbol. If you don't know the contract, click the ... button to access Symbol Search. To close Flash Quotes Press the ESC key. Flash Quotes Column Width While you cannot add or remove columns that are used in Flash Quotes, you can drag and drop the column borders to increase or decrease their size. Increase/Decrease Flash Quotes Column Width 1. Position your cursor over the edge of the column you wish to resize. 2. Holding the left-mouse button, drag the column to the desired size, then drop it. Customize Flash Quotes Display Settings You may change the way the Flash Quotes look by changing the display settings. Custom display settings can then be saved as a "Theme" and applied to new Flash Quote windows when they are opened. To change the display settings 1. Right-click on the Flash Quote to display the context menu, and select Display Settings, then select Customize. 2. Change the desired options. 3. Decide how these changes should be applied by clicking the arrow to the right of the Apply button: Note: Simply clicking OK will apply your changes only to the Flash Quotes window in which you are currently working. 151 Printed Documentation Option Description Theme - A theme defines the appearance of your Flash Quotes window. Use this section to retrieve a theme for modification, save properties as a new theme, delete a theme, or set a theme as the default for new Flash Quotes windows. Background - Defines the colors used for odd, even, and blank rows. Color #1 Defines the color of odd numbered rows. Color #2 Defines the color of even numbered rows. Alternate every 'n' When activated, indicates that you wish to alternate row colors. row(s) By default, the two colors will be used on every other row (every 1 row) in the display. You may change this setting to display Color #1 'n' times, then Color #2 'n' times. Use Color #2 for When activated, indicates that you wish to use Color #2 only on empty rows empty (blank) rows. Default Cell - Defines the font and color used in all data cells in the window. 152 Quotes Font Use the drop-down lists and buttons to define the font type, size, and style. Color Use the color selection box to define the font color. Total Row - Defines the font and color used in the total row in the window. Font Use the drop-down lists and buttons to define the font type, size, and style. Color Use the color selection box to define the font color. Direction - Defines how color alerts are used to indicate changes in market conditions. Color (field) based on Using the colors defined in "Zero", "Up", and "Down", change the Net Change font color for the selected cells depending on the last tick received from the exchange. Valid options include: none - do not change the color of any cells all cells - change the color of the entire row Symbol - change the color only of the "symbol" cell Last - change the color only of the "Last" price cell Change - change the color only of the "Change" cell Flash (field) based on Using the colors defined in "Zero", "Up", and "Down", flash a last change change of font color for the selected cells depending on the last tick received from the exchange. Valid options include: none - do not change the color of any cells all cells - change the color of the entire row Symbol - change the color only of the "symbol" cell Last - change the color only of the "Last" price cell Change - change the color only of the "Change" cell Zero Use the color selection box to define the color used to indicate "no change". Up Use the color selection box to define the color used to indicate a "positive" change. Down Use the color selection box to define the color used to indicate a "negative" change. Gridlines - Defines what type of gridlines to display in the window. Show horizontal When checked, each row will be separated by a horizontal gridlines gridline. Show vertical When checked, each column will be separated by a vertical gridlines gridline. Color Use the color selection box to define the gridline color. Save Flash Quotes Theme 1. Right-click on the Flash Quotes window to display the context menu, and select Display Settings, then select Customize. 2. Make the desired changes in the Flash Quotes Display Settings dialog box. 3. Do you want to save the changes so you can retrieve this theme at a later time? IF ... no THEN ... click Apply to change the current window, then click OK to exit the dialog box. 153 Printed Documentation yes Result: The display settings are changed on the current window, but were not saved for retrieval at a later time. select a theme from the Theme drop-down list and click Save. (Note: You may save changes directly to the Default theme.) OR If you wish to create a new theme, click Save As, enter a theme name, and click OK. If you would like this display setting to be used as the Default setting anytime a new Flash Quote is opened, click Set As Default, then click OK. Result: A new theme is saved. This theme may be applied to other Flash Quote windows that are subsequently opened. 4. Apply a Theme to Flash Quotes A theme controls the fonts, colors, grid lines and visual color alerts in a Flash Quotes window, with one theme being designated as the "Default" theme. To apply a theme 1. From a Flash Quotes window, right-click to display the context menu. 2. Select Display Settings, then choose a theme from the list. Delete Flash Quotes Theme 1. From a Flash Quotes window, right-click to display the context menu. 2. Select Display Settings, then select Customize. 3. Select the theme you wish to delete from the Theme drop-down list. 4. Click Delete, then confirm that you wish to delete the theme by clicking Yes. 5. Click OK to exit the dialog box. 154 Quotes Copy/Paste - DDE Links Copy and Paste Quote Rows Data from a Quotes Board or Quotes Grid can be copied to the clipboard where it can then be pasted into another quote, tab, or row. To copy/paste rows 1. Select the data in the quote that you wish to copy. For Quotes Boards when Row Headers are visible, selecting an entire row is as easy as clicking on the header. 2. From the Edit menu, select Copy Row(s). OR Right-click on the quote to display the context menu, then select Edit, then Copy or Copy Row(s). 3. Open a new quote or quote tab, or position your cursor in the row where you wish to copy the data. 4. From the Edit menu, select Paste. OR Right-click on the quote to display the context menu, then select Edit, then Paste. Copy Text from Quote Data from a Quote can be copied to the clipboard where it can then be pasted into another program such as Word or Notepad as text. To copy/paste text 1. Select the data in the quote that you wish to copy. When Row Headers are visible, selecting an entire row is as easy as clicking on the header. 2. From the Edit menu, select Copy as Text. OR Right-click on the quote to display the context menu, then select Edit, then Copy as Text. 3. Open the target application, such as Word or Notepad. 4. Use the application's Paste command, or type (Ctrl+V). About DDE 155 Printed Documentation DDE is an acronym for Dynamic Data Exchange, which is a communication process built into operating systems. DDE allows two applications to share the same data. All data that displays on Workstation is continuously updated using real-time or delayed data from the exchanges through the FutureSource data stream. DDE connects the source of the data, the FutureSource data stream, to Excel. FutureSource provides you with DDE links to Microsoft Excel spreadsheet software. This gives you the capability to copy and paste quote data from Workstation into Excel, and continue to feed new prices into the spreadsheet. The source of the data in the spreadsheet is determined by the data displayed in the quote. Once the DDE link has been established, you can then perform calculations on the data in Excel, modify column headings, and customize the spreadsheet in any way you desire. Copy / Paste DDE Link When you copy quote data to Excel, a DDE link is created. The columns in Excel will automatically update as new data flows into the FutureSource data stream. To copy quote data to Excel 1. With the Quotes Board or Quotes Grid as the active window, select the rows or cells to copy on the price page: To select the entire quote, from the Edit menu, select Select All. To select a section of the price page, click on the top-left cell in the area to copy, then hold the Shift key and click on the bottom-right cell in the area you wish. 2. From the Edit menu, select Copy Link. OR Right-click on the price page to display the context menu, select Edit, then Copy Link. 3. Launch Excel, and open a blank spreadsheet. 4. Click in the Excel spreadsheet where the price data should be inserted. 5. From the Excel Edit menu, select Paste. OR Press (Ctrl+V). Result: The data will be copied, and the datastream is established. New price information will continue to be fed into the Excel spreadsheet. If the Workstation application is subsequently closed with the Excel spreadsheet still open, the FutureSource DDE link will appear in the system tray to remind you that the data link is still established: To disconnect the DDE link 156 Quotes Right-click on the DDE link icon in the system tray, and select Exit. OR Exit the Microsoft Excel application. 157 Options Viewing Options Workstation offers three ways to view options: 1. Creating an Options Board 2. Using a Quotes window 3. Using Flash Quotes An Options Board will give you the most flexibility in changing the display. When using a Quotes window, you may add, delete, or reorder the columns that appear on the quote. When using Flash Quotes, you may choose from five different side-by-side options formats: 159 Printed Documentation View Options using Flash Quotes 1. From the View menu, select Flash Quotes. OR Press F8. OR Hold the Shift key and press the ~ key. Result: The following dialog box appears: 2. Click the ... button to access Symbol Search. Note: The easiest way to retrieve options is to search by the symbol's Description or ID, then select the Options symbol. In the example below, the ID "SI" was entered to search for Silver, then the symbol with the type "Future Option" was selected to display all options at the bottom of the screen. 160 Options 3. Search for the options you wish to display using either the symbol Description or ID, select the options contracts at the bottom of the screen, then click OK. Result: A flash quote with the selected options contracts is displayed. 4. From the flash quote's Active Plug-in Toolbar, select one of the Options Instrument settings from the Column Set. This formats the flash quote with columns that include the Greeks. View Options using a Quote Window 161 Printed Documentation 1. Click the Quote button on the QuickStart toolbar. OR Press F3. OR From the File menu, select New Window, then select Quotes. Result: An empty quote window is displayed. 2. Double-click in the Symbol field on the quote, then click the ... button to open Symbol Search. Note: The easiest way to retrieve options is to search by the symbol's Description or ID, then select the Options symbol. In the example below, the ID "SI" was entered to search for Silver, then the symbol with the type "Future Option" was selected to display all options at the bottom of the screen. 3. Search for the options you wish to display using either the symbol Description or ID, select the options contracts at the bottom of the screen, then click OK. Result: A quote board with the selected options contracts is displayed. 4. From the quote's Active Plug-in Toolbar, select Options Instrument from the Column Set. This formats the quote with columns that include the Greeks. Note: You may customize the quote columns, if desired. 162 Options Default Model You may identify a default model for displaying options. The default used by the application is the Black Scholes model. The Black Scholes model includes the Greeks. To set the default model From the Preferences menu, select Default Model, then choose from None or Black Scholes. Edit Default Model Parameters When using Black Scholes as your default model for displaying options, you may change the way in which the Option Interest Rate and Dividend Interest Rate is calculated. To change the Analytic Parameters 1. From the Preferences menu, select Edit Default Analytic Parameters, then choose Black Scholes. Result: The Default Model Parameters dialog box displays. 163 Printed Documentation 2. Enter new parameters in the fields provided, then click OK. Theta/Vega Display Format You may choose how to display Theta and Vega prices by changing your global setting. 1. From the Preferences menu, select Theta/Vega Display Format. 2. Select from one of these options: Raw Ticks Rounded Ticks 164 Data Table About Data Table A Data Table is designed to display the underlying data for one contract. It usually is displayed in connection with a chart, and updates in real-time. You may also export data from a Data Table for use in another application. Data Tables can be viewed using Tick, Intraday, Daily, Weekly, or Monthly data and display the following columns: Tick Data Table: Date Time Value Size Intraday Data Table: Date Time Open High Low Close Tick Count Daily, Weekly, Monthly Data Table: Date Open 165 Printed Documentation High Low Close Volume Open Interest Data Table Active Plug-in Toolbar The Active Plug-in toolbar for the Data Table contains the following tools: Command Description Symbol Field Use this field to enter the symbol you wish to display. ... Clicking this button actives the Symbol Search dialog box. Aggregation Clicking the arrow on this tool allows you to choose the time series (aggregation) from the list. Clicking this tool will reset the window to display the last time/tick found on the Data Table. Go to Last Time Open Data Table 1. Click the Data Table button on the QuickStart toolbar. OR Press F6. OR From the File menu, select New Window, then select Data Table. Result: An empty Data Table window is displayed. 2. Using the Active Plug-in toolbar, position your cursor in the Symbol field, type the desired symbol, and press Enter. You may also use Symbol Search to find the symbol you wish to view. You may enter: the commodity symbol, month, and year (such as WZ03 or SPH4) 166 the nearby contract (the futures delivery month with the soonest delivery date, or the option delivery month with the soonest expiration date). For the nearby contract, enter the commodity code and the string "1!" (W1!, SP1!). Likewise, forward contracts may be selected using "2!" (2 months forward), "3!" (3 months forward), etc. (W2! or SP3!) Data Table the symbol root (W, SP, etc.), or the symbol root prefaced with a percent sign (%W, %SP, etc.) to display a simple continuation chart the symbol root prefaced with a percent sign (%W, %SP, etc.) plus additional parameters, to display a continuation chart: (%SP3!;2M;B) an expression, using one or more contracts, numerical constants, and simple mathematical operators: DJY - SPY C1! - W1! SPY - %SP1!;4EH (NG1! + NG2! + NG3!) / 3 3. Using the Active Plug-in toolbar, you may change the aggregation using the drop-down list provided. Note: You may also drag and drop symbols from a chart or quote board/quote grid directly into an open Data Table. This replaces the symbol currently shown in the Data Table with the one you drop in. (The example below shows the symbol for Soybeans being dragged from a Quote into the Data Table). Sort Data Table From the View menu, select Sort, then choose Ascending by time or Descending by time. OR Right-click on the Data Table to view the context menu, select Sort, then choose Ascending by time or Descending by time. Drag/Drop Data Table Columns While you cannot add or remove column headers from a Data Table, you can change the order in which they are displayed by dragging and dropping them with your mouse. To drag/drop Data Table columns 1. Position your cursor on the column header you wish to move. 167 Printed Documentation 2. Click and hold the left-mouse button, then drag the column to the new position. 3. Release your mouse button to drop the column in its new position. Go to Most Recent Data Entry When a Data Table contains a considerable amount of data, you can quickly go to the most recent data entry instead of scrolling to that area of the window. To view the most recent data Click the Go to Last Time button, found on the Active Plug-in toolbar. Change Data Table Aggregation 1. Make sure the Data Table is the active window. 2. From the Active Plug-in toolbar, select a new aggregation from the drop-down list. OR 1. Enter the new aggregation directly: Tick - Type /T and press Enter. Intraday - Type /n (where n = the number of minutes) and press Enter. For example, /45 will return a 45 minute intraday chart. Daily - Type /D and press Enter. Weekly - Type /W and press Enter. Monthly - Type /M and press Enter. Customize Data Table Display Settings You may change the way the Data Table looks by changing the display settings. To change the display settings 1. From the View menu, select Display settings. OR Right-click on the Data Table to display the context menu, and select Display Settings. 2. Make the desired changes in the Text properties, Cell Colors, and Gridlines fields, then click OK when done. 168 Time & Sales About Time & Sales Time & Sales is used to verify quotes. It allows you view all tick-by-tick information for a particular symbol, as traded during a particular time period. Time & Sales is available as an add-on enhancement to your Workstation account. For more information, please speak with your sales representative, or e-mail FutureSource. Time & Sales features include: accurate display of all trades as they happen from the exchange. accurate placement of insertions and deletions. user-adjustable display settings for significant bids/asks, date/time format, price format and exchange time. display of data that falls within specific search criteria using a filter. Time & Sales may be opened directly from a symbol on a quote. Open Time & Sales 1. Click the Time & Sales button on the QuickStart toolbar. OR Press F7. OR From the File menu, select New Window, then select Time & Sales. Result: An empty Time & Sales window is displayed. 169 Printed Documentation 2. Using the Active Plug-in toolbar, position your cursor in the Symbol field, type the desired symbol, and press Enter. You may also use Symbol Search to find the symbol. You may enter: the commodity symbol, month, and year (such as WZ03 or SPH4) the nearby contract (the futures delivery month with the soonest delivery date, or the option delivery month with the soonest expiration date). For the nearby contract, enter the commodity code and the string "1!" (W1!, SP1!). Likewise, forward contracts may be selected using "2!" (2 months forward), "3!" (3 months forward), etc. (W2! or SP3!) the symbol root (W, SP, etc.) to display a simple continuation chart Time & Sales Active Plug-in Toolbar The Time & Sales Active Plug-in toolbar gives you access to common features and tasks using a click of the mouse. Tools are graphical representations of the most frequently used commands and features in Workstation. Command Description Symbol Field Use this field to enter the symbol you wish to display. ... Clicking this button actives the Symbol Search dialog box. Go To Last Time Clicking this tool will reset the window to display the last time/tick found on in the window. Time & Sales Navigation You may display the data in a Time & Sales window by scrolling or dragging the data with your mouse, or by using keyboard keys. The table below describes the keyboard keys used to navigate within the Time & Sales window: Keyboard Key Up and Down Arrows Page up Page down HOME 170 Result Moves one line up or down. Scrolls one page length up. Scrolls one page length down. Brings you to the last (most recent) time. Time & Sales Change Time & Sales Symbol 1. Click on the Time & Sales window to make it the active window. 2. From the Active Plug-in toolbar, position your cursor in the Symbol field, type the desired symbol, and press Enter. You may also use Symbol Search to find the symbol you wish to chart. You may enter: the commodity symbol, month, and year (such as WZ03 or SPH4) the nearby contract (the futures delivery month with the soonest delivery date, or the option delivery month with the soonest expiration date). For the nearby contract, enter the commodity code and the string "1!" (W1!, SP1!). Likewise, forward contracts may be selected using "2!" (2 months forward), "3!" (3 months forward), etc. (W2! or SP3!) the symbol root (W, SP, etc.) to display a simple continuation chart Change Time & Sales Columns Time & Sales uses only five columns, which you can show or hide: Date Time Type - Bid, Ask, Trade, Settle Value Identifier - Insert, Filtered, Cancelled To change Time & Sales columns From the View menu, select Columns, then check or uncheck the columns to display. OR Right-click on the Time & Sales window to display the context menu. Select Columns, then check or uncheck the columns to display. Drag/Drop Time & Sales Columns You can easily change the order in which columns are displayed in Time & Sales by dragging and dropping them with your mouse. To drag/drop Time & Sales columns 1. Position your cursor on the column header you wish to move. 2. Click and hold the left-mouse button, then drag the column to the new position. 171 Printed Documentation 3. Release your mouse button to drop the column in its new position. Customize Time & Sales Display Settings You may change the way your Time & Sales window looks by changing the display settings. Custom display settings can then be saved as a "Theme" and applied to new Time & Sales windows when they are opened. To change the display settings 1. Right-click on the Time & Sales window to display the context menu, and select Display Settings. Result: The Time & Sales Display Settings dialog box appears: 2. Change the desired options, then click OK. Option Description Text Properties Use the drop-down lists and buttons to define the font type, size, and style of the text used in this window. Use the color selection box to define the colors for the text and Cell Colors 172 Time & Sales background. Highlight Colors - Use this section to define how you want each transaction type to be highlighted in the window. Bid Select the color used to identify Bids. Trade at or below Bid Ask Trade at or above Ask Inserted Select the color used to identify a Trade that comes in equal to or below the last Bid price. Select the color used to identify Asks. Select the color used to identify a Trade that comes in equal to or above the last Ask price. Select the color used to identify an Inserted Price. Cancelled Select the color used to identify a Cancellation from the exchange. Filtered Select the color used to identify a tick that is flagged due to a filter you have set on the Time & Sales window. Gridlines - Defines what type of gridlines to display in the window. Show horizontal gridlines Show vertical gridlines Color When checked, each row will be separated by a horizontal gridline. When checked, each row will be separated by a vertical gridline. Use the color selection box to define the gridline color. Sort Time & Sales You may sort the data displayed in a Time & Sales by ascending or descending Time sequence. To sort data 1. Click on the header of the Time column. Note: A small arrow appears in the column header to indicate whether the data is sorted in ascending or descending sequence. 2. Click on the header again to toggle the sort sequence. OR 1. Right-click anywhere in the Time & Sales window to display the context menu. 2. Select Sort, then choose Ascending by Time or Descending by Time. Filters Set Time & Sales Filter 173 Printed Documentation A filter allows you to view only the type of data you desire in the Time & Sales window. For example, you may only wish to see Bids and Asks that fell between a specific price range. To set a Time & Sales filter 1. Open a Time & Sales window, and enter the symbol you wish to display. 2. From the Filter menu, select Set Filter. OR Right-click on the window to display the context menu, select Filter, then select Set Filter. 3. If you wish to view only certain types of data, check the box labeled Filter by type, then check the type of data you wish (trades, bids, asks, inserts, and/or cancels). 4. If you wish to view data that falls between a given price range, check the box labeled Filter by price, then enter a minimum and/or maximum price. 5. Choose how you wish to view filtered data: IF you want to see ... only the data selected in your filter filtered data highlighted in the Time & Sales window, along with all other data THEN ... click the Show filtered data only field and click OK. click the Highlight filtered data field and click OK. Note: You may set a specific color to highlight filtered data by changing the Display Settings and modifying the Filtered color field. 6. Highlight Filtered Time & Sales Data 174 Time & Sales If you have a filter applied to your Time & Sales window, you can toggle the filter to show or highlight the filtered data. From the Filter menu, select Show filtered data only or Highlight filtered data. OR Right-click to display the context menu, select Filter, then select Show filtered data only or Highlight filtered data. Clear Time & Sales Filter You may remove a filter applied to the Time & Sales window without deleting the filter for future use. To clear the filter from the Time & Sales window From the Filter menu, select Clear filter. OR Right-click to display the context menu, select Filter, then Clear filter. 175 News About News About News News windows display the latest news from various sources. Workstation allows you to monitor headlines and details of news stories, search for text within the news, or trigger an alert when specific text appears in a breaking story. It also allows you to view Fixed Page news stories, if the News Service you have subscribed to supports these type of stories. A news window contains the following parts: Column Headings Flash News Story Preview Story Window News Active Plug-in Toolbar The Active Plug-in toolbar for a News window contains the following commands: Command Description 177 Printed Documentation Keyword Allows you to enter a keyword for searching. Service Custom Search Click the arrow to select from the list of news services you wish to search for in conjunction with a Fixed Story Number. Enter the Fixed Story Number you wish to find in the selected news service. Click this tool to perform a custom search. Clear Search Removes the current search parameters from the News window. Story ID About Fixed Story Numbers Some news stories have Fixed Story Numbers (FSN's). Viewing a FSN will direct you to the newest story available for that type of story. To find a story's FSN, click on the headline to open the story, and scroll to the bottom of the story page. The news story will show the FSN at the bottom of the page, similar to this: This example shows a story containing the Platts World News Snapshot from PGA News Service. Whenever you want to see the this summary report (released multiple times a day), you would search for FSN 107 in the PGA News Service. Note: You may also view the Story ID column in the News window by changing the Display Settings. 178 News Viewing News Open News Window 1. Click the News button on the QuickStart toolbar. OR Press F4. OR From the File menu, select New Window, then select News. Result: A default news window is displayed, showing all services with no search filters. 2. Customize your news window: perform a simple keyword search search for a fixed story number (FSN) perform a custom search search using a predefined filter Preview News Story You may preview the news story directly from the headlines window without opening the story. 179 Printed Documentation To preview the story 1. From the news headline window, click once on the Story Preview Icon. Result: Six lines of the story appear directly underneath the headline. 2. To close the preview, click once on the Story Preview Icon again. Open News Story The News window displays headlines, which are links to their stories. To open a story 1. Click on the headline. The story opens in a new pop-up window. Note: News story windows can each open in their own window, or may reuse the same window, depending on the Display Settings. To close the story 1. Press the ESC key, or click the X in the upper right corner of the Story window. View News Using a Search Filter If you have saved a custom search filter, you may retrieve the search settings and apply that filter to the News window currently opened. To view news using a saved search filter 1. Right-click on the News window to display the context menu. 2. Select Search, then select By Using Filter, then select the filter from the list. Flash News 180 News News headlines that contain an asterisk (*) are called "Flash News" headlines. Flash News headlines are used to show breaking news. They do not contain story-level detail. For example: DJ * US Stocks Open Higher; DJIA Up 35 Pts, Nasdaq Gains 16 Flash Headlines may be highlighted with a different color to make them stand out from the rest of the headlines. This is a special property of the News window, and can be modified by accessing the Display Settings of the News window. Sort Headlines Headlines may be sorted by either Ascending or Descending Date/Time. To sort headlines 1. Right-click on the News window to display the context menu. 2. Select Sort, then select Ascending by Time or Descending by Time. Print News Story To print the story 1. Right-click on the story to display the context menu. 2. Select Print. OR 1. From the File menu, select Print. Save News Story as Text You may save an entire news story as a .txt file onto your PC. To save a news story 1. Click on the headline to open the news story. 2. Right-click on the news story to display the context menu. 3. Select Save. 4. Choose a location on your PC where you want the file saved. 5. By default, the file name is the News Service_Story ID. You may change the file name, if desired. 6. Click Save. Copy, Paste News Story Text 181 Printed Documentation You may copy and paste the text of an individual news story to other applications, such as Microsoft Word or Notepad. 1. Double-click on the headline to open the story. 2. Right-click on the story to display the context menu. 3. Select either Copy Entire Story, or select the text you wish to copy, then select Copy Selected Text. 4. Open the application where you want to copy the text, and use the Paste command (or use the keyboard command CTRL + V to paste the text). Minimize, Maximize, and Close News Window When you have chosen to hide the Window Title Bar on a news window, the normal convention of double-clicking on the title bar to maximize the window is not available. Likewise, the normal convention of clicking the X in the upper right corner of the window to close it is also not available. To minimize/maximize/close the news window when "Title Bars" are hidden 1. Right-click on the news window to display the context menu. 2. Select Window, then select Minimize, Maximize, or Close. Search Keyword Search You may display headlines which contain specific words by performing a keyword search. Entry of one or more words or phrases, separated by a connector word, will select headlines which contain the keyword(s). For example, a search for the word "dow" will select headlines containing "DOW JONES". "downward trend", "Down 50 points", "breakdown", etc. A keyword phrase contains multiple words that must match exactly in order for the search to retrieve the headline. Use a space between words when identifying a phrase in the search. For example, the phrase "Dow Jones" would retrieve only headlines that contain both words "Dow Jones". Multiple keywords may be entered, separated by a connector word (AND, OR, NOT). For example, the keywords "NASDAQ AND Dow" would retrieve only headlines that contain the words "NASDAQ" and "Dow". Connector Words AND requires that both connecting words or phrases be present in the headline OR requires that either of the connecting words or phrases be present in the headline NOT requires the keyword not be present in the headline Examples silver AND gold cotton NOT statistics 182 News (stock AND global) NOT indexes (brent AND opec) OR weather NOT gas To perform a simple keyword search 1. With the News window as the active window, type the keyword, keyword phrase, or multiple keywords (separated by a connector word) and press Enter. OR 1. From the Active Plug-in menu, enter the keyword, keyword phrase, or multiple keywords (separated by a connector word) in the <KEYWORD> field. Note: Invalid search characters include: | ; [ / % @ * ( ) 2. Click GO or press Enter. Fixed Story Number Search You may immediately retrieve and display a news story by entering the News Service and specific Fixed Story Number (FSN). You may also search for multiple FSNs, found in multiple News Services. 1. From the Active Plug-in toolbar, select the News Service from the <SERVICE> dropdown list. 2. Enter the Fixed Story Number in the <STORY ID> field. Note: You may not search for multiple FSNs using this method. 3. Click GO or press Enter. OR 1. Right-click on the News window to display the context menu. 2. Select Search, then select by Fixed Story Number. 3. IF you want to search for ... a single FSN multiple FSNs THEN ... select the News Service from the Service drop-down list. enter the FSN in the Story Number field check the Search by Multiple Service / Story Number field. in the Search field, type a list of the Services and FSNs you wish to view. Separate each service with a comma. When listing multiple FSNs for one service, include a SPACE between each FSN. 183 Printed Documentation Examples ODJ 2363 4329 ODJ 2363,HITO 532 ODJ 2363 4329,HITO 532 533 535 4. Click Search. Custom News Search The Custom Search feature allows you to perform searches for headlines which include filtering for keywords, News Categories, and News Services. To perform a Custom Search 1. Click the Custom Search button found on the Active Plug-in toolbar. OR Right-click on the News window to display the context menu, then select Search, then Custom Search. Result: The Search Options dialog box displays. 2. In the Services and Categories section, select the News Service(s) you wish to search. To select one service, click on it to highlight it. To select multiple services, click on the first service you want, then hold your CTRL key while selecting additional services. To select all services, click the Select All Services button. 3. Next, select the Categories you wish to search. To select one category, click on it to highlight it. To select multiple categories, click on the first category you want, then hold your CTRL key while selecting additional categories. To select all categories, click the Select All Categories button. 4. In the Keywords section, enter the keyword, keyword phrase, or multiple keywords (separated by a connector word). A keyword phrase contains multiple words that must match exactly in order for the search to retrieve the headline. Use a space between words when identifying a phrase in the search. For example, the phrase "Dow Jones" would retrieve only headlines that contain both words "Dow Jones". Multiple keywords may be entered, separated by a connector word (AND, OR, NOT). For example, the keywords "NASDAQ AND Dow" would retrieve only headlines that contain the words "NASDAQ" and "Dow". Connector Words 184 AND requires that both connecting words or phrases be present in the headline News OR requires that either of the connecting words or phrases be present in the headline NOT requires the keyword not be present in the headline Examples silver AND gold cotton NOT statistics (stock AND global) NOT indexes (brent AND opec) OR weather NOT gas 5. In the Search Options section, you may optionally search for headlines that fall within a date range. To do this, check the field Only Search Stories Between, then enter the starting and ending dates in the fields provided. 6. If desired, change the Number of Headlines field to the number of headlines you wish to see in the search results. The maximum number of headlines you can select is 9999. Note: The search will retrieve the most recent headlines first. Search Filters 7. You may save this custom search for retrieval at a later time by saving it as a filter. To save a new filter, click Save, enter a name for the filter, then click OK. To overwrite the settings of an existing filter, select the filter from the Filters drop-down list, then click Save. Click OK to verify the changes to the filter. 8. Click Search to perform the search and return to the News window. News Search Filters Workstation provides a time-saving feature that allows you to create custom searches and save them as Search Filters for retrieval at a later time. A filter can be applied to any news window, automatically searching for the news you wish to see. What would you like to do? Create a new filter Apply a filter to an existing News window Clear the search filter and display the default setting for headlines Delete a filter Clear News Search Filter The default News window will display all news services and categories, with no keyword or fixed story number search applied. If you have utilized a custom search or have retrieved headlines using the FSN search, you can easily revert the News window back to its original state by clearing the search filter. To clear the search filter 1. Click the Clear Search button in the News Active Plug-in Toolbar. OR 185 Printed Documentation Right-click on the News window to display the context menu. 2. Select Search, then select Clear Filter. Delete News Search Filter Deleting a search filter will completely remove the saved search criteria from Workstation. (To revert your News window back to its default state, use the Clear Search Filter option instead). To delete a search filter 1. Right-click on the News window to display the context menu. 2. Select Search, then select Custom Search. 3. In the Filters section, use the drop-down list to find the filter you wish to delete. 4. Click Delete. 5. Click Yes to delete the filter. 6. Click Cancel to exit the dialog box. Properties Customize News Column Headings While the columns that display in the News window are controlled by the Display Settings, you can change the order in which they are displayed by dragging and dropping them with your mouse. To drag/drop News columns 1. Position your cursor on the column header you wish to move. 2. Click and hold the left-mouse button, then drag the column to the new position. 3. Release your mouse button to drop the column in its new position. Show/Hide News Scroll Bar The News window is designed to provide a continuous stream of real-time news. As news stories break across the wire, they are added to the top of the window. Older stories are pushed towards the bottom, eventually dropping off as the window reaches the maximum number of stories specified in the Custom Search settings. The News window can contain a scroll bar on the right, to facilitate viewing older stories that have been pushed towards the bottom of the window. By default, the scroll bars will appear. When the scroll bar is hidden, the PAGE UP and PAGE DOWN keys, or the Up Arrow/Down Arrow keys can be used to scroll the headlines. To show or hide the scroll bar 186 News 1. Right-click on the News window to display the context menu. 2. Check or uncheck the Scroll Bar field. Customize News Display Settings Each News window can contain its own properties, such as the font size and type, foreground and background color, and columns to display. When changing news properties, you may apply the settings to the current window, all windows on the page, or all windows. To change News display settings 1. From the View menu, select Display Settings. OR Right-click on the news window to display the context menu, and select Display Settings. 2. Change the desired options, then click OK. Option Date / Time Format News Headlines Description The fields in this section determine how dates and times appear in the News window, when those columns are selected for viewing. Use the drop-down lists to select from multiple formats for the date and time. Also choose between Local Time or GMT (Greenwich Mean Time). The fields in this section determine how the headlines appear in the News window. Use the drop-down list to select from fonts available on your PC. Also choose the font size and bold and italics options. Use the color menus to select the foreground (font color) and 187 Printed Documentation background for news headlines. When the Highlight Flash News field is checked, Flash News can be easily identified by using a different foreground and background color from other headlines. News headlines that contain an asterisk (*) are called "Flash News" headlines. Flash News headlines are used to show breaking news. They do not contain story-level detail. News Story Window The fields in this section determine how stories appear in the Story window. Note: You may also change the properties of the Story window by using the story context menu. Use the drop-down list to select from fonts available on your PC. Also choose the font size and bold and italics options. The Headline Font applies to the story title that will appear at the top of the story page, and the Story Font applies to the story itself. Check the Reuse Story Window field to use only one window for viewing stories. News List Columns Use the color menus to select the foreground (font color) and background for the story title (Headline) and news story. The fields in this section determine which columns display in the News window. A checkmark next to the column indicates it will be displayed. News Story Display Settings The Story window contain its own properties, such as the font size and type of the title and story, foreground and background color. Story window properties can be modified with all other News properties by accessing the Display Settings, or by using this alternative method. 1. Click on a headline to open the News Story window. 2. IF you want to change ... the title the story THEN ... right-click in the title area to display the context menu. right-click in the story area to display the context menu. 3. To change the background of the selected area, click Background, then choose a color from the menu. 4. To change the font color of the selected area, click Foreground, then choose a color from the menu. 5. To change the font of the selected area, click Font, then choose the desired options from the dialog box. 188 News Reuse Story Window When you click on a headline to open a news story, you can set Workstation to reuse the same window, or open a new window for each story. Reusing the same window means you will not be able to view multiple stories simultaneously. However, the advantage of reusing the story window is to preview the stories while using your up/down arrows to browse the headlines. By default, each story will open in its own window. To reuse the story window 1. Right-click on the News window to display the context menu, and select Display Settings. 2. Check the Reuse News Story Window field. 3. Click OK. 189 Alerts About Alerts About Alerts Imagine always having your finger on the pulse of the market, with immediate information about moves, trades, and trends. That is the purpose of Workstation's Alerts feature. Alerts are user-defined criteria that will trigger immediate audio, visual, e-mail or printed notification when market activity meets the defined criteria. A triggered alert gives you a detailed explanation of the exact conditions which led to the alert. Trade alerts cannot be ignored. They must be acknowledged, and can be enabled again after they are triggered. Workstation allows you to set the following types of alerts: Price alerts (triggered when the Last, Bid, or Ask price reaches a certain value) Time alerts (triggered at a pre-defined time) News alerts (triggered when a Fixed Story Number or specified keyword in an incoming news story is found) Condition alerts (triggered when the answer to an expression string is true) Alerts are specific to each workspace. If you have six different workspaces, you will have six different alert settings. Example You set a price alert for a specific symbol, specifying the "lowest price" for the commodity that you would like to see. If the last traded price falls below the price for which the alert is set, you will receive immediate notification via an Alerts Notification Window, an audible sound, or an e-mailed notification. Having this information may allow you to initiate a trade at your desired price. You should experiment with alerts during trading hours to appreciate how they work, and to anticipate how you can use them in your trading strategies. Getting Started Prior to setting alerts, you should review the Alert Options dialog box to define how you wish to receive alerts. About Price Alerts The Price tab in the Alerts dialog box is used to add, modify, or delete price alerts. You may also add a price alert directly from a quoteboard, a chart, or an options board. The purpose of a Price alert is to notify you when a symbol's price falls above or below a limit you specify. Alerts may be set on any of these price fields: Open High Low 191 Printed Documentation Last Change %Change Volume OpenInterest TradeSize BidSize AskSize Bid Ask Depending on your Alerts Global Setting, a price alert may trigger an audible alarm, display a visual warning, or send an e-mail describing the alert condition. Once a price alert is triggered, it must be enabled again, or deleted. About News Alerts The News tab in the Alerts dialog box is used to add, modify, or delete news alerts. The purpose of a News alert is to notify you when a news story is received containing a keyword or phrase that you specify, or to notify you when a specific Fixed Story Number is released. Depending on your Alerts Global Setting, a news alert may trigger an audible alarm, display a visual warning, send an e-mail describing the alert condition, or send the news story to your printer. News alerts are continuous alerts - Workstation will continue to check incoming stories for the keyword until the alert is disabled or deleted. About Time Alerts The Time tab in the Alerts dialog box is used to add, modify, or delete time alerts. A Time alert is much like an alarm clock. It can be used to remind you when to perform a task, or when to check certain market conditions. Depending on your Alerts Global Setting, a time alert may trigger an audible alarm, display a visual warning, or send an e-mail describing the alert condition. There are two types of time alerts: recurring and one-time alerts. Recurring alerts (Weekdays) will stay enabled until they are disabled or deleted. One-time alerts (Today, Tomorrow, and specific date alerts) are disabled once triggered. Alerts may be set, deleted, or modified by accessing the Alerts dialog box. Alerts Window The Alerts Window organizes all price, news, and time alerts that have been created, showing whether or not they are currently enabled. Use the Alerts Window to add, change, delete, enable and disable alerts. It also contains a historical log of alerts that have already been triggered. 192 Alerts To open the Alerts Window Click the Alerts Icon on the QuickStart toolbar. OR From the View menu, select Alerts. Alerts Notification Window When your Alerts Options are set to display a Window Notification, the Alerts Notification window will appear whenever an alert is triggered. When using audio alerts, and when the sound is set to fire continuously (the Sound Once field in the Alerts Options is left unchecked), the Alerts Notification Window will display a "Recognize" button, as shown below. The sound will continue until you click Recognize. (This does NOT disable the alert. It simply disables the audio alert). 193 Printed Documentation A newly triggered alert displays at the top of the list. You may close the Alerts Notification window to acknowledge that you have seen the alert, or leave it open to display additional alerts that may trigger. If the window is left open, additional alerts that are triggered will add to the top of the list, pushing the older ones down. The window contains a description of the alert with any user-defined notes in red. You may choose to enable or disable any triggered alert by clicking on the [Enable] or [Disable] links. Once the Alerts Notification window is closed, old triggered alerts may be viewed on the Log tab of the Alerts window. To view details of a triggered alert 1. Right-click on the alert when it displays in the Alerts Notification window to display the context menu. WHEN the alert is ... a Price alert a News alert THEN the context menu will read ... Show Chart for (symbol) Show Data Table for (symbol) Show Time & Sales for (symbol) Show Story (headline) 2. Choose the desired option from the context menu. Alerts History Log The Log tab in the Alerts window stores a history of triggered alerts, whereas the Alerts Notification window only displays newly triggered alerts. The newest alert always appears at the top of the list. In addition, the Alerts Log contains rightmouse click options that allow you clear the Alerts Log, open the news story that triggered an alert, or open a Chart, Data Table, or Time & Sales for a triggered price alert. To open the Alerts History Log 1. Click the Alerts Icon on the QuickStart toolbar. OR From the View menu, select Alerts. 194 Alerts 2. Open the Log tab. To view details of a triggered alert 1. With the Log tab opened, right-click on the alert that you want more information about. WHEN the alert is ... a Price alert THEN the context menu will read ... Show Chart for (symbol) Show Data Table for (symbol) Show Time & Sales for (symbol) Clear Alerts Log a News alert Show Story (headline) Clear Alerts Log 2. Choose the desired option from the context menu. To clear the Alerts Log 1. With the Log tab opened, right-click to display the context menu. 2. Select Clear Alerts Log. Setting Alerts Setting Global Alerts Options Prior to setting price, news, or time alerts, you need to set your software options for how you wish to receive alerts. 195 Printed Documentation To set Alerts Options 1. From the Preferences menu, select Alerts Options. 2. Select the desired options, then click OK. Option Window Notification Sound Description When checked, the Alerts Notification Window will appear on-screen whenever a new alert is triggered. When checked, the selected sound (.wav) file will be heard whenever a new alert is triggered. Note: A special Alerts sound directory is installed to your PC, with special sound files that may be used to alert you to market conditions. The sound directory is located in My Documents/My FutureSource Workspaces/Sounds. These .wav files include a voice that speaks: "Your alert target has been hit." "Breakout" "New High" "Your profit target has been reached." "Your stop has been hit." 196 Alerts Sound Once Once you have selected a sound file, use the Test button to verify the sound clip is working. When checked, the audio alert will only sound once. When unchecked, the audio alert will continuously sound until you click the "Recognize" button in the Alerts Notification Window. E-Mail When checked, an e-mail notification will be sent whenever an alert is triggered. You can get the settings for Mail Server Address (SMTP) and Port from your Internet Service Provider (ISP) or local area network (LAN) administrator. E-Mail Address of Sender is your e-mail address, while E-Mail Address of Recipient is where the e-mail alert will be sent. News AutoPrint Once you have identified the settings, use the Send Test E-Mail button to verify that e-mail delivery is functional. When setting a News alert, you may choose to automatically send the news story to your printer. In order for this option to work, you must identify which printer to use (printers are defined in your Control Panel), along with the font style and size. Set Price Alert 1. Open the Alerts window, and select the Price tab. 2. Click on a new row. Note: New alerts automatically check the Enabled field. If you do not wish to enable this alert immediately, uncheck this field. 3. In the Symbol or Expression cell, then enter the symbol or expression on which to set the alert. If you don't know the symbol, click the "..." button to perform a Symbol Search. 197 Printed Documentation 4. In the Field cell, select the type of price on which to set the alert, using the drop-down list. Result: The Current Value cell shows you the actual value of the price selected. You may not modify the data in this field. 5. If you wish to be alerted when the price is greater than or equal to a specific value, enter the value in the Above cell. 6. If you wish to be alerted when the price is less than or equal to a specific value, enter the value in the Below cell. (View tips for entering prices) Decimal positions Depending on the symbol, the price values entered for a price alert may require two to four decimal places. You must type a "." to indicate the decimal position. If not, Workstation will automatically format the price entered with the number of decimal positions used by the symbol. For example, a symbol that requires four decimal pricing will convert user-entered data as follows: ENTER 1050 105000 10580000 Converted to .1050 10.5000 1058.0000 Fractional prices Other symbol prices, including those for government bonds and grains, are expressed as fractions. A fractional or secondary fractional price uses an apostrophe to indicate the fraction. When entering a fractional price, type the apostrophe to indicate a fraction will follow. If not, Workstation will automatically format the price entered using the fractional price used by the symbol. For example, a symbol that uses a fraction of 32 parts will convert user-entered data as follows: ENTER 108 10801 10831 198 Converted to 1' 08 108' 01 108' 31 Alerts Workstation will not allow you to enter a fraction greater than the number of parts in the fraction. For example, a symbol's price can be expressed with a fraction of 32 parts. A price entry of 127’15 means that there are 15/32 included in the price. Workstation will disallow a price entry of 127'35 (since the fraction 35/32 is greater than "1".) 7. In the Notes field, you may optionally enter notes about why you are setting this alert. Any notes entered will display in the Alert Notification window. 8. In the E-mail Subject field, you may optionally add text to use as a subject line of the email sent when the alert is triggered. Add Price Alert from a Quote You may set a price alert for any symbol displayed on a quote without leaving the quote. To set a price alert from a quote 1. Create a quote showing the symbol for which you want to add an alert. 2. Right-click on the symbol and select Add price alert for (symbol). Result: The Add Alert dialog box is displayed, showing the symbol you selected. 3. Using the Field drop-down list, select the field that you wish to monitor. Result: The Current Value cell shows you the actual value of the price selected. You may not modify the data in this field. 4. Using the Movement drop-down list, select the operational value you wish to apply to the alert: At or Above (>=) or At or Below (<=). 5. Using the Value field, enter the value at which the alert should be triggered. (The Value you enter is compared against the Field Value you selected using the Direction. When the condition is met, the alert is triggered.) 6. In the Notes field, you may optionally enter notes about why you are setting this alert. Any notes entered with display in the Alert Notification window, or as the subject line of the e-mail sent when the alert is triggered. Set News Alert 1. Open the Alerts window, and select the News tab. 2. Click on a new row. Note: New alerts automatically check the Enabled field. If you do not wish to enable this alert immediately, uncheck this field. IF you want to search ... by keyword THEN... click in the Keywords cell and enter the text on which to search. 199 Printed Documentation Text may include one or more words or phrases, separated by the "&" or ";" characters. An alert is triggered only when the news story contains all of the specified keywords. To search for a phrase already containing the "&" or ";" characters, enclose the phrase in quotes. For example, "S & P 500". by Fixed Story Number click the StoryID cell and enter the story number. 3. In the Service cell, select the news service to search. 4. If you wish to automatically send the news story to your printer when the alert is triggered, click in the AutoPrint cell. 5. In the Notes field, you may optionally enter notes about why you are setting this alert. Any notes entered will display in the Alert Notification window. 6. In the E-mail Subject field, you may optionally add text to use as a subject line of the email sent when the alert is triggered. Note: When a news alert is e-mailed, the full story is sent in the body of the email. Set Time Alert 1. Open the Alerts window, and select the Time tab. 2. Click on a new row. Note: New alerts automatically check the Enabled field. If you do not wish to enable this alert immediately, uncheck this field. 3. The Time cell is formatted with three entries: hour, minute, AM/PM. Select the individual fields in the Time cell and either use the up/down arrows to set the time, or type the data in directly. 4. Using the drop-down list, specify the day or date on which the alert should be triggered. Note: "Today", "Tomorrow", and "Specific Date" alerts are considered one-time alerts, and will be disabled once they are triggered. A "Weekdays" alert is considered a recurring alert and will stay enabled unless they are disabled or deleted. 5. In the Notes field, you may optionally enter notes about why you are setting this alert. Any notes entered will display in the Alert Notification window. 6. In the E-mail Subject field, you may optionally add text to use as a subject line of the email sent when the alert is triggered. Enabling/Disabling/Deleting Alerts 200 Alerts Enable an Alert 1. Click the Alerts Icon on the QuickStart toolbar. OR From the View menu, select Alerts Window. 2. Open the tab in which the alert was set. 3. Locate the alert you wish to enable, and check the Enabled cell. You may also enable ALL alerts on this tab by checking the Enable All field. Note: Alerts may also be Enabled/Disabled from the Alerts Notification Window when they are triggered. Disable an Alert Disabling an alert does not remove it. It simply turns the alert off until you choose to enable it at a later time. To disable an alert 1. Click the Alerts Icon on the QuickStart toolbar. OR From the View menu, select Alerts Window. 2. Open the tab in which the alert was set. 3. Locate the alert you wish to disable, and un-check the Enabled cell. Note: Alerts may also be Disabled/Enabled from the Alerts Notification Window when they are triggered. Delete an Alert All alerts (price, news, and time) are entered into a row on the appropriate tab in the Alerts window. To delete the alert, you must delete the row in which it was entered. To delete an alert 201 Printed Documentation 1. Click the Alerts Icon on the QuickStart toolbar. OR From the View menu, select Alerts Window. 2. Open the tab in which the alert was set. 3. Right-click on the row you wish to delete. 4. Select Delete Row. 202 Browser About The Browser Need to access another site? You can open a browser window directly from Workstation without having to exit the application. Use the browser to monitor cash prices, search the web for additional information to help in your trading decisions, etc., without having to close or minimize Workstation. Once the browser is opened, it will read your Favorites folder, allowing you to navigate to sites you have previously bookmarked, or add new sites to your Favorites list. You can even navigate to the URL you've specified as your "home page". Browser Active Plug-in Toolbar The Browser's Active Plug-in toolbar gives you access to common features and tasks using a click of the mouse. Tools are graphical representations of the most frequently used commands and features in Workstation. Command Description Back Returns to the last page you viewed. Forward Returns to the previous page you viewed. Stop Search If a page you are trying to view is taking too long to open, click the Stop button. If you get a message that a Web page cannot be displayed, or you want to make sure you have the latest version of the page, click the Refresh button. Searches the current web page for text that you enter. URL Displays the URL currently loaded into the browser. Refresh Home Page To access your Home Page 1. Open a Browser window. 2. From the Favorites menu, select Home Page. Set Default Home Page 203 Printed Documentation 1. Open a Browser window. 2. Navigate to the web page that you want to set as your Home Page. 3. From the Favorites menu, select Set Home Page. Open a Browser Window Click the Browser button on the QuickStart toolbar. OR Press F5. OR From the File menu, select New Window, then select Browser. Result: The page designated as your Home Page is displayed. Search in Browser Window The Search button in the Active Plug-in toolbar for the Browser allows you to search the opened web page for a string of text. To search a web page 1. With the browser window open, click the Search button in the Active Plug-in toolbar. 2. Type the text string you wish to search for and click Find Next. Result: If the entered text is found on the web page, it is highlighted. 204 Import/Export About Importing and Exporting Workstation contains numerous import and export commands which can be beneficial in sharing data between multiple users, merging Workstation data into external programs (such as Microsoft Excel), or when diagnosing issues with FutureSource Customer Service. Importing Workstation can only import data in specific file formats: Page - .page file extension Window - .window file extension Exporting Workstation exports data in specific file formats: Page - .page file extension Window - .window file extension Image - .bmp (bitmap), .png (portable network graphic), .gif (graphics interchange format), .jpg (joint photographic experts group), or .tif (tag image file format) file extensions Data - .txt (tab delimited), .csv (comma delimited), or .prn (space delimited) file extensions Import Page The Import Page command is used to merge an external page and all its windows and data to a new page in the open workspace. Once imported, a page can be manipulated any way you desire. To Import a Page 1. Open the workspace where the page will be inserted. 2. From the File menu, select Import, then select Page. Result: The Open dialog box displays. 3. Select the .page file from your PC and click Open. Import Window The Import Window command is used to merge an external window and its data to the active page. Once imported, a window can then be manipulated any way you desire. To Import a Window 1. Open the page where the window will be inserted. 205 Printed Documentation 2. From the File menu, select Import, then select Window. Result: The Open dialog box displays. 3. Select the .window file from your PC and click Open. Export Page The Export Page command is used to copy all windows and data from the active page. A page can then be imported by another Workstation user. Exported pages are not compatible with software other than Workstation. To Export a Page 1. Open the page you wish to export. 2. From the File menu, select Export, then select Page. Result: The Save Page As dialog box displays. 3. Modify the file name, if desired. 4. Select the location on your PC where you want the file to be saved and click Save. Export Window The Export Window command is used to copy a window and its data from the active window. A window can then be imported by another Workstation user. Exported windows are not compatible with software other than Workstation. The Export Window command is available for ALL window types. To Export a Window 1. Open the window you wish to export. 2. From the File menu, select Export, then select Window. Result: The Save Window As dialog box displays. 3. Modify the file name, if desired. 4. Select the location on your PC where you want the file to be saved and click Save. Export Data The Export Data command can be used to take price information and export it for use in another program, such as Microsoft Excel. Export Data is only available from the following window types: Data Table Time and Sales To Export Data 1. Open a Data Table or a Time and Sales window. 206 Import/Export 2. From the File menu, select Export, then select Data. Result: The Export Data As dialog box displays. 3. Choose the file format type from the Save as type drop-down list, and modify the file name, if desired. 4. Select the location on your PC where you want the file to be saved and click Save. Export Image The Export Image command is used to take a "snapshot" of a window's contents and save it to your PC. The image can be manipulated in another program, such as Microsoft Paint, or imported as an image in other programs, such as Microsoft Word. Export Image is only available from the following window types: Quote Chart Data Table Time and Sales Flash Quotes To Export an Image 1. Open the window you wish to export as an image. 2. From the File menu, select Export, then select Image. Result: The Save Bitmap As dialog box displays. 3. Choose the file format type from the Save as type drop-down list, and modify the file name, if desired. 4. Select the location on your PC where you want the file to be saved and click Save. 207 Printing Print Contents of Window To print a window 1. Click anywhere in the window that you want to print, to make it the active window. For news, you must double-click on a specific headline to open and print the story text. 2. Make the following decision: TO... print the window using default settings access the Print dialog box, where default settings may be modified THEN... press the Ctrl+P keys. from the File menu, select Print. If desired, modify any of the settings, then click OK to print. Print Preview When you want to see how a window will appear on a printed page, use the Print Preview command. The document will be shown in a preview window, allowing you to examine its format. Print Preview can be especially helpful in finding a specific page number to print in a multiplepaged document. To preview a window 1. Click anywhere in the window that you want to preview, to make it the active window. For news, you must double-click on a specific headline to open and print the story text. 2. From the File menu, select Print Preview. 3. When previewing a Data Table or Time & Sales, you are asked to select the number of bars, with 100 being the default. To preview all windows on a page 1. From the File menu, select Print Preview All Windows in Page. The command buttons in the Print Preview window allow you to zoom in or out, view multiple pages at once, scroll to preview a different page, or send selected pages to the printer. 209 Printed Documentation Page Setup The Page Setup command allows you to set the margins, paper size, orientation, and printer used by the Print function. Page Setup settings are retained until they are accessed and modified again. To change the page setup 1. From the File menu, select Page Setup. Result: The Page Setup dialog box displays: 2. Change the desired settings. Note: Margins are entered in inches, using up to three decimal places. 3. Click OK when done. 210 Your Account My Account Your Workstation account is enabled for specific real-time exchanges, enhancements, and news services. You may view your account enablements from within your Workstation account. From the Help menu, select My Account. Note: You may not change your account settings or enablements from this screen. For information on how to add or remove exchanges and enablements, update your credit card information, or cancel your subscription, click here. Your E-mail Address When you register for Workstation, you are required to provide a valid e-mail address to FutureSource. Changes to your password will be forwarded to this e-mail address, as well as other confirmation notices from FutureSource. If the e-mail address you used during registration is no longer valid, please update your Contact Information. Change Your Subscription Package, News Services or Exchanges 211 Printed Documentation You may change the subscription package to which you are subscribed at any time. You may also add or delete exchanges from which you receive real-time or delayed data, and add or delete news services, by modifying your subscription. Please note our Billing Policy regarding additions, upgrades and downgrades to your subscription. Depending on how you are billed, you may either change your subscription on-line, or you must call your FutureSource sales representative. To change your subscription If billed via credit card, you may use the "My Account" link on the Workstation web site to modify your subscription: 1. Go to the FutureSource Workstation web site at http://workstation.futuresource.com. 2. Click on the My Account link found in the left margin of the web site: 3. Enter your Username and Password in the login box: 4. Once logged in, you are presented with Account Management and Product Subscription links, as shown here: 5. Click View / Update Subscription. 6. You are presented with a screen showing your current account subscription. You may modify the package you are subscribed to, your real-time exchanges, news services, or 212 Your Account add-on enhancements by clicking the appropriate modify link, as shown below: If billed via a traditional billing method (a monthly invoice is mailed), please contact your local sales representative. You may contact your nearest regional office, or call us at 1-(800) 621-2628 (U.S. and Canada). Chicago, IL Telephone: 312) 977-9067 New York, NY Telephone: (212) 668-0071 Ft. Lauderdale, FL Telephone: (954) 537-2030 Houston, TX Telephone: (713) 951-0011 Los Angeles, CA Telephone: (661) 702-9642 United Kingdom Telephone: +44 (0) 20 7979 1000 [email protected] Switzerland Telephone: 41 (22) 788 1919 Australia Telephone: +61 (2) 9261 1513 [email protected] Mexico Telephone: +52 (55) 9171-2025 [email protected] Brazil Telephone: +55 (11) 3078-5786 [email protected] Canada Telephone: (800) 283-0153 [email protected] Japan - QUICK Moneyline Telerate Inc. Telephone: 81 (3) 5288 9562 [email protected] Singapore Telephone: 65 6222-8115, and 65 6222-1411 [email protected] Korea - Cheil Futures Co., Ltd Telephone: 82 (2) 3771 8962 (Korean), 82 (2) 3771 8744 (English) Taiwan - Western Pacific Co. Telephone: 886-2-2773-0088 ext 350 [email protected] 213 Printed Documentation [email protected] Update Billing Information Your billing information contains the credit card which is charged for your Workstation subscription, along with the associated billing address. If this information changes, you must notify FutureSource with new billing information. If billed via a traditional billing method (a monthly invoice is mailed), please contact your local sales representative for changes to your billing information. You may contact your nearest regional office, or call us at 1-(800) 621-2628 (U.S. and Canada). Click here to see a list of regional and international offices. If billed via credit card, you may use the "My Account" link on the Workstation web site to update your billing information: 1. Go to the FutureSource Workstation web site at http://www.futuresource.com/products/workstation. 2. Click on the My Account link found in the left margin of the web site. 3. Enter your Username and Password in the login box. 4. Once logged in, choose the Update Billing Information link. 5. Make the necessary changes, then click Update Information. Update Contact Information During registration, you were asked to provide basic contact information about yourself. You may update this contact information at any time. 214 Your Account If billed via a traditional billing method (a monthly invoice is mailed), please contact your local sales representative to update your contact information. You may call your nearest regional office, or call us at 1-(800) 621-2628 (U.S. and Canada). Click here to see a list of regional and international offices. If billed via credit card, you may use the "My Account" link on the Workstation web site to modify your account information: 1. Go to the FutureSource Workstation web site at http://workstation.futuresource.com. 2. Click on the My Account link found in the left margin of the web site. 3. Enter your Username and Password in the login box. 4. Once logged in, choose the Update Contact Information link. 5. Make the necessary changes, then click Update Information. View Invoices If billed via a traditional billing method (a monthly invoice is mailed), please contact your local sales representative for information about current, future, or past invoices. You may contact your nearest regional office, or call us at 1-(800) 621-2628 (U.S. and Canada). Click here to see a list of regional and international offices. If billed via credit card, you may use the "My Account" link on the Workstation web site to view your past, current, and next month's invoice: 1. Go to the FutureSource Workstation web site at http://workstation.futuresource.com. 2. Click on the My Account link found in the left margin of the web site. 3. Enter your Username and Password in the login box. 4. Once logged in, choose the View Invoices link. 215 Printed Documentation 5. Use the drop-down box at the top to select the billing period you wish to view. 6. Click Return to My Account when done. Forgot Your Password? If billed via a traditional billing method (a monthly invoice is mailed), please contact your local sales representative to receive your password. You may contact your nearest regional office, or call us at 1-(800) 621-2628 (U.S. and Canada). Click here to see a list of regional and international offices. If billed via credit card, you may use the "My Account" link on the Workstation web site to be emailed a new password: 1. Go to the FutureSource Workstation web site at http://workstation.futuresource.com. 2. Click on the My Account link found in the left margin of the web site. You will see a link under the Account Management Login box that reads: "Forgot your password? Click here to get a new one." 3. Click the link, then enter your e-mail address. A new password will be sent to you via email. Change Your Password 216 Your Account When you registered for Workstation, you were assigned a password to gain access to your account. You may change this password, if desired. If billed via a traditional billing method (a monthly invoice is mailed), please contact your local sales representative to request a change in password. You may contact your nearest regional office, or call us at 1-(800) 621-2628 (U.S. and Canada). Click here to see a list of regional and international offices. If billed via credit card, you may use the "My Account" link on the Workstation web site to modify your subscription: 1. Go to the FutureSource Workstation web site at http://www.futuresource.com/products/workstation. 2. Click on the My Account link found in the left margin of the web site. 3. Enter your Username and Password in the login box. 4. Once logged in, choose the Change Password link. 5. Enter your current and new password. (You are asked to confirm your new password by entering it twice). 6. Click Change Password. Billing Policy The Billing Cycle - Paying for Your Subscription 217 Printed Documentation Your subscription and all associated charges are effective immediately on the day you register. The credit card you provide will be charged immediately for the package you select. Any new and/or upgraded product will be prorated for the first month of service only, and will be charged to your credit card instantly. For example, if you register for a billable product on August 13, your credit card will be immediately charged for the service from August 13 - August 31. Upgrades to your subscription product will also be prorated for the first month of upgraded service. For example, if you upgrade to a higher priced product on September 20, you will be billed a prorated amount for the difference in packages from September 20 - September 30. All recurring monthly charges will take place on the first day of each month. Unless service is canceled, charges will continue, taking place on the first day of each subsequent month. Yearly subscription fees are billed once a year on your subscription anniversary date, and will continue, taking place on the first day of each subsequent year. You may cancel or change your subscription at any time. Any cancellation or downgrade of products will take effect at the end of the billing cycle following the request for cancel/downgrade. However, cancellation of product subscriptions must be made no later than 24 hours prior to the end of the billing cycle to be effective for the next billing cycle. Termination will take place at the end of the current billing cycle if the request is received previous to 24 hours before the end of the current billing cycle. Cancellation requests received within 24 hours of the end of the billing cycle will be effective at the end of the following billing cycle. For example, if you wish to cancel your subscription starting August 1, your cancellation must be made no later than 11:59 P.M. on July 30. For example, cancellation or downgrade of a month-to-month subscription takes place at the end of the month in which you cancel. Cancellation or downgrade of a yearly subscription takes place at the end of the year in which you cancel. You will continue to receive service for the remainder of your billing cycle (month or year). No credits will be issued for any cancellations or downgrades within the current billing cycle (month or year). Cancelling Your Subscription You may cancel your subscription at any time. Any cancellation of products will take effect at the end of the billing cycle following the request for cancel. However, cancellation of product subscriptions must be made no later than 24 hours prior to the end of the billing cycle to be effective for the next billing cycle. Termination will take place at the end of the current billing cycle if the request is received previous to 24 hours before the end of the current billing cycle. Cancellation requests received within 24 hours of the end of the billing cycle will be effective at the end of the following billing cycle. For example, if you wish to cancel your subscription starting August 1, your cancellation must be made no later than 11:59 P.M. on July 30. Cancellation of a month-to-month subscription takes place at the end of the month in which you cancel. Cancellation of a yearly subscription takes place at the end of the year in which you cancel. You will continue to receive service for the remainder of your billing cycle (month or year). No credits will be issued for any cancellations made within the current billing cycle (month or year). If billed via a traditional billing method (a monthly invoice is mailed), please contact your local sales representative to cancel your account. You may contact your nearest regional office, or call us at 1-(800) 621-2628 (U.S. and Canada). Click here to see a list of regional and international offices. 218 Your Account If billed via credit card, you may use the "My Account" link on the Workstation web site to cancel your subscription: 1. Go to the FutureSource Workstation web site at http://workstation.futuresource.com. 2. Click on the My Account link found in the left margin of the web site. 3. Enter your Username and Password in the login box. 4. Once logged in, choose the Cancel Subscription link. 5. You will be asked to confirm that you wish to cancel your subscription. Click the appropriate button. Check for Software Updates Workstation contains an automatic Internet update service that will check for new versions of Workstation software and allow you to install these from your PC. When launching Workstation, the update service will automatically detect new versions. If a newer version of software exists, a window will appear showing the update(s) and allowing you to download and install the new software. You may, however, check for new software updates from the Workstation application. To check for software updates 1. From the Help menu, select Check for Updates. 2. If updates are found, select the desired update from the list and proceed with the installation. Note: If you wish to install a new software update after downloading it, please exit any active session of Workstation that is running on your PC prior to starting the install. To exit Workstation, from the File menu, select Exit. 219 Index A Active Plug-in Toolbar 24, 122, 150, 166, 170, 177, 203 Active Window 11 Aggregation 36, 168 Alerts 16, 146, 191, 192, 193, 194, 195, 197, 199, 200, 201 Alerts History Log 194 Alerts Notification Window 193 Alerts Window 192 Andrew's Pitchfork 87 Area Plot 110 Auto Recovery 6 Auto-Scale 108 Average Directional Index 41 B Back Adjust 26, 27 Bar Plot 110 Best Column Fit 135 Billing Information 214 Billing Policy 217 Black Scholes 21, 163 Blank Row 137 Bollinger Bands 42 Bring to Front 86 Browser 203, 204 C Cancel 218 Candlestick Plot 110 Chart 23, 24, 25, 28, 37, 106, 114, 127 Chart Display Settings 114 Chart Header 34 Chart Objects 36, 86 Chart Studies 37, 40, 41 Chart Symbol 30, 32, 35, 36, 106, 111, 124 Chart Types 36 Clear Page 10 Color 36, 41, 85, 111 Columns 128, 132, 133, 135, 136, 151, 171, 186 Commodity Channel Index 44 Compress Scale 24, 109 Contact Information 214 Continuation Chart 26, 27, 29, 33, 34 Contract Name 133 Copy 9, 36, 156, 181 Crack Spread 46 Cross Tracking 25 Crosshair 25 Crush Spread 47 Cursor Tracking 25 Cut 13, 36, 138 D Data Source 20 Data Table 128, 165, 166, 167, 168 Data View Window 25 DDE Link 156, 157 Default Analytics Model 21, 163, 164 Delete Alert 201 Delete Chart Pane 107 Delete Drawing Tool 86 Delete Page 10 Delete Study From a Chart 41 Delete Symbol From a Quote 126 Directional Movement Index 49 Disable Alert 201 Display Settings 114, 142, 151, 168, 172, 187, 188 Dividend Interest Rate 21, 163 Dock Toolbar 16 Dot Plot 110 Down Arrow Callout 88 Drag and Drop 132, 167, 171, 186 Drawing Toolbar 85 DrawingTools 84, 85, 86 Duplicate Window 13 E Ellipse 88 Email 211 Enable Alert 201 Enhancements 211 Envelope 51 Estimated VOI 131 Excel 156, 157 Exchange Traded Spreads 127 Exit Application 6 Expand 109 Expiration 26, 27 Exponential Moving Average 52 Exponential Oscillator 53 Export 205, 206, 207 Expression 127 F Fast Market 131 Favorites 203 Fibonacci Arc 89, 99 Fibonacci Fan 90, 99 Fibonacci Retracements 91, 100 Filters 173, 174, 175, 185, 186 Fit Columns 135 Fixed Story Number 178, 183 Flash News 180 Flash Quotes 148, 150, 151, 154, 155, 160 Forward Contracts 30, 124 221 Printed Documentation Function Keys 14 G Gann Fan 92, 102 Global Cross Tracking 25 Global Options 16, 195 Greeks 21, 163, 164 H Hardware Requirements 4 Headlines 181 Hibernation 8 High/Low Moving Average 54 Highest High/Lowest Low 55 Historic Volatility 56 Holidays 26, 27 Home Page 203 I Image 207 Implied Volatility 21, 163 Import 205 Insert Symbol 123 Internet Connection 4 Invoices 215 K Keltner Channel 58 Keyword Search 182 L Layer 36 Least Squares Linear Regression 59 Level Line 93 Level Plot 110 License Agreement 5 Line 86, 94, 103 Line Oscillator 60 Line Plot 110 Log In to Workstation 5 M Maximize 182 Menu Bar 3 Minimize 182 Momentum 61 Move Drawing Tool 86 Moving Average 62 Moving Average Convergence Divergence 63 Moving Standard Deviation 64 N News 177, 179, 180, 182, 186, 187 News Alert 192, 199 News Filters 180, 185, 186 News Search 182, 183, 184 News Services 211 News Story 179, 180, 181, 188, 189 O Open Interest 65 Operating System 4 Option Interest Rate 21, 163 222 Options 21, 159, 160, 161, 163 Oscillator 66 Overlay 40 Overlay Symbol 35 P Page Setup 210 Pages 7, 8, 9, 10, 205, 206 Panes 106, 107 Parabolic Stop and Reversal 67 Parallel Trendlines 86 Password 216 Paste 9, 36 Plot Styles 110 Preview 179 Previous Prices 30, 124 Price Alert 191, 197, 199 Price Format 19 Price Scale 108, 109 Printing 181, 209, 210 Q Quick Start Toolbar 15 Quotes 121, 122, 123, 127 Quotes Board 123, 126, 127, 128 Quotes Board Columns 128, 132, 133, 135, 136 Quotes Board Display Settings 142, 146, 147 R Rate of Change 71 Ray 94, 103 Real-Time Exchanges 211 Recovery 6 Rectangle 95 Relative Strength Index 72 Rename 9, 13, 140 Requirements 4 Resize 107 Resize Font 147 Roll Date 26, 27 Rolling Moving Average 74 Row 137, 138, 156 Row Headers 138 S Scroll Bars 147, 186 Scroll Chart 110 Search in Browser 204 Search News 182, 183, 184 Settlement 131 Shortcut Keys 14 Slow Stochastic 75 Smoothed Moving Average 74 Smoothed Oscillator 77 Snap Tool 85 Software Updates 219 Sort Data Table 167 Sort News 181 Index Sort Quote 132 Sort Time & Sales 173 Special Price Characters 131 Speed Resistance Arc 96, 104 Speed Resistance Fan 96, 105 Status Bar 20 Stochastic 78 Story Window 188, 189 Subscription 211 Symbol Search 30, 124 Symbol Search Preferences 18 T Tabs on Quotes 140, 141 Text 97, 156, 181 Themes 145, 154, 155 Tick Volume 79 Time & Sales 128, 169, 170, 171, 173 Time & Sales Display Settings 172 Time & Sales Filters 172, 173, 174, 175 Time Alert 192, 200 Time Display Format 19 Time Scale 109, 110 Title Bar 12 Titles on Quotes 139, 140 Toolbar 14, 15, 16, 23, 24, 85, 122, 150, 166, 170, 177, 203 Tools 84, 85, 86 Tracking 25 U Undo Changes 15 Undock 16 Up and Down Movement 111 Up Arrow Callout 98 V Variable Moving Average 80 Volume 81 Volume and Open Interest 81 W Weighted Close 82 Williams %R 83 Windows 11, 12, 13, 205, 206 Workspace 5, 6 Workstation 1, 3, 4, 5, 6, 14 Y Y-Axis 108 Yesterdays Settle 131 Your Account 211, 214, 217, 218 223
