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OmniTrader Professional Forum
Feature Requests
OmniScripts in Focus List
Last Activity 12/18/2017 4:46 AM
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John J

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Subject : OmniScripts in Focus List
Posted : 11/10/2015 9:12 AM
Post #24734

Would it be possible to enable OmniScript in one or more Focus list columns?

Here is an example; Let's say I wanted to display the Daily ATR(5) next to each symbol while running OT on a shorter real time frame like the 5 minute periodicity for instance?

I can think of a few other examples where a feature like this would really come in handy!
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Jim Dean

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Subject : RE: OmniScripts in Focus List
Posted : 11/10/2015 9:20 AM
Post #24735 - In reply to #24734

A focus-list equivalent of the "Quick Indicators" for plotting (or just access to Quick Indicators for custom FL's) has previously been requested.

For now, since you have OT Pro, all you need to do is create an OLang indicator "shell" for your OmniScript, compile it, and Add it as a Custom FL Column.

#indicator
dim RtnVal as single
RtnVal = ... your OmniScript formula here ...
return RtnVal

Note that FL columns can show actual values in addition to true/false, so you have a lot more flexibility with your script if you want it. If you want to maintain the "true/false" flavor of your Script, then be sure to wrap the script in paren's, as below ... and if you want "true" to be +1 instead of the standard -1 value, then include a minus sign, as below:

RtnVal = -( ... your OmniScript formula here ... )

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John J

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Subject : RE: OmniScripts in Focus List
Posted : 11/10/2015 11:51 AM
Post #24741 - In reply to #24734

Hi Jim,

I'm embarrassed to admit it, but I was totally unaware of it until now that custom indicators could be added to the FL. Thanks for enlightening me..!

Now, how do I get the indy to display the DAILY ATR(5) values in a RT profile? In other words, if I'm trading on 5 or 15 minute bars, I'm not interested in the ATR(5) values on those periodicities.

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Jim Dean

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Subject : RE: OmniScripts in Focus List
Posted : 11/10/2015 2:09 PM
Post #24744 - In reply to #24741

That's trickier since you can't cross timeframes in OLang.

It can be done with some "fancy" OL coding. Contact me by email if you need help with it.
Hvacsage at yahoo dot com
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John J

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Subject : RE: OmniScripts in Focus List
Posted : 11/10/2015 4:04 PM
Post #24746 - In reply to #24734

Hi Jim,

I think I may have found an approximation that I can live with.

For the 15 min periodicity there are 26 bars in a day. Hence, for a 5 day lookback period;

----------------------
#Indicator

Dim RtnVal as single

RtnVal = ATR(HHV(H,26), LLV(L,26), C, 5*26)

Return RtnVal

----------------------

Suggestion for improvement?

[Edited by John J on 11/10/2015 4:07 PM]

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Jim Dean

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Subject : RE: OmniScripts in Focus List
Posted : 11/10/2015 4:13 PM
Post #24747 - In reply to #24746

That's about the best that you can do, using standard OL functions.

The key problem with it is that the Wilders Smoothing (a slow EMA) that ATR uses will be inordinately biased forward.

But, it's certainly a decent thing to try.

I suggest that you create a custom column using that indic on a list of the SP100 and snapshot the answers it shows, for 15 min bars.

Then, create another custom FL column using ATR(5), change to daily bars, and snapshot that.

Compare the snapshots to see if the results are close enough to satisfy your needs.

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John J

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Subject : RE: OmniScripts in Focus List
Posted : 11/10/2015 4:51 PM
Post #24748 - In reply to #24734

Hi Jim,

Yeah, it's definitely close enough for my needs.

For those who wonder what I need this for, the key words are Weekly Options. Some weekly's have a much tighter strike price range than others. When the OTM options on these weeklies get close to expiration, they usually only have a very small amount of time value left. If these OTM options should go ITM close to expiration = huge change in Gamma (it will all of a sudden have intrinsic value, which means it may increase in value by hundreds or even several thousand percent). Whether these options are likely to cross a strike price within one or two trading sessions, one need to know the average trading range (ATR). For more info, search for Chris Verhaegh on YouTube...

[Edited by John J on 11/10/2015 5:11 PM]

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