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OmniScripts
OmniScript for SOE needed
Last Activity 10/14/2018 9:04 PM
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ap·pren·ticeGuru

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Subject : OmniScript for SOE needed
Posted : 9/12/2017 6:47 PM
Post #29630

Hello,

Please help in writing omniscript for Standard of Error indicator < or > 0.

I have attached pics for it. Thank You.





[Edited by ap·pren·ticeGuru on 9/12/2017 8:07 PM]

Attached file : SOEsample2.PNG (16KB - 212 downloads)
Attached file : SOEsample.PNG (28KB - 244 downloads)

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Jim Dean

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Subject : RE: OmniScript for SOE needed
Posted : 9/12/2017 7:05 PM
Post #29631 - In reply to #29630

Standard Error = standard deviation / sqrt(number of samples)

I don't have OV handy now but there is a std dev function in OT, syntax likely is Std_Dev(n) or something similar (look it up in OLang or Formula Buildrr list of functions) where n is the number of bars, which is the number of samples.

So, std error of 100 bars = std_dev(100) / sqrt(100)

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ap·pren·ticeGuru

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Subject : RE: OmniScript for SOE needed
Posted : 9/12/2017 8:18 PM
Post #29632 - In reply to #29630


Thanks Jim, but looking for a simple Omniscript written as SEB(Close,14,14,0 > 0 usually shown above in OT template and used as a boolean in Chart Options. But that don't work.

Than, in library, it shows SEB_Lower, SEB_Middle, and SEB_Upper.

What's throwing me off is the Price Field (Close) parameter shown in parenthesis as pic shows.
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Jim Dean

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Subject : RE: OmniScript for SOE needed
Posted : 9/12/2017 8:22 PM
Post #29633 - In reply to #29632

The price field is the point on the bar that is used for the std error calculation.
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ap·pren·ticeGuru

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Subject : RE: OmniScript for SOE needed
Posted : 9/13/2017 4:51 AM
Post #29634 - In reply to #29630


Ummmm, would this be a valid omniscript SEB_Middle(14,14,0) > 0 ?
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Jim Dean

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Subject : RE: OmniScript for SOE needed
Posted : 9/13/2017 6:13 AM
Post #29635 - In reply to #29634

When you access it in the function library (as I posted about earlier), you simply type "SEB(" then will see a hover-box help that tells you that you can use one of two sets of parameters ... either
"LRperids, SmoothingPds, Offset"
... or, using the "overloaded" version that most OT function calls offer ...
"Data, LRperiods, SmoothingPds, Offset"

LR Periods are Linear regression periods (Standard Error calcs are related to Lin Reg calcs ... google for more info)
Smoothing Periods are presumably EMA periods to take the wigglies out of the result
Offset is likely an instruction to shift the calc N bars to the left (ie back in time)

If you choose to use the second parameter pattern, you can specify any data array as the first parameter before the other three. As I said earlier, Close is the default (as for most other OT functions) ... that is, the calcs are all based on the Closing price.
You could alternatively choose to specify O,H,L,V or a formula such as (H+L)/2 or a separately-dimensioned variable (if you are using OLang).

All of this is pretty basic OT functionality, so hopefully this explanation will not only answer your questions but also help you and others find answers to hundreds of other similar ones.

And btw ... yes that formula is syntactically valid. I don't know what you want to do with it, but it won't err-out when you compile it. However, it will always return a value of True, since SEB (afaik) is always a positive number.

See next post for detailed example of how anyone can learn this stuff on their own ... using OT is very much a "discovery" process, since it has very limited documentation (for example, no detailed explanation of the SEB functions)

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Jim Dean

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Subject : RE: OmniScript for SOE needed
Posted : 9/13/2017 6:22 AM
Post #29636 - In reply to #29635

The two attached snapshots illustrate how you can learn about how OT functions work and thereby come up with reasonable tools to analyze price action ...

The first snapshot shows a price chart with an indicator pane. The indicator's green, blue and red lines are created by a simple OLang routine shown in the second snapshot. The indicator's yellow line is created by a Quick Indicator whose formula is also provided. It's important to keep the set of SEB lines in a separate routine from the StdError line, since their y-axis scales are entirely different ... SEB values are roughly 100x the StdError values (which hints to me that SEB output is in percent). You can see the various values for the bar selected by the crosshairs, in the title line for that indicator pane.

I created the SEB lines using OLang in a single routine, rather than as three separate Quick Indicators, since I wanted them to all plot on the same Y-axis scale. If I'd done it with three QI's, the lines would have virtually overlapped since each would have slightly different OT-optimized scales (try it!)

I could have used a separate OLang routine for the StdErr yellow line, but I wanted to illustrate how QI's could be used to try things out, even if you don't have OLang (req's OTPro).

I hope this gives you (and others) more than enough info to "learn how to fish" and be able to research things like this on your own.





[Edited by Jim Dean on 9/13/2017 6:27 AM]

Attached file : Standard Error example Screen.jpg (159KB - 197 downloads)
Attached file : Standard Error example code.jpg (92KB - 206 downloads)

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Jim Dean

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Subject : RE: OmniScript for SOE needed
Posted : 9/13/2017 6:28 AM
Post #29638 - In reply to #29636

oops ... I accidentally posted a non-smoothed snapshot of the QI code ... I've replaced it with a snap of the QI formula that matches the yellow line.

Also note another advantage of OLang ... you can set up parameters with sliders to control the various relevant factors in your calc's. For a QI, you need to edit the formula itself. Either method, for a simple calc like this, works fine.

I've created a thread in the TradeTight.org forum for this ... if anyone has further questions, please post them there so that the information does not get lost (TT forum is very organized ;~). Click here

[Edited by Jim Dean on 9/13/2017 7:06 AM]

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mholstius

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Subject : RE: OmniScript for SOE needed
Posted : 9/13/2017 7:24 AM
Post #29642 - In reply to #29638

Another outstanding set of posts Jim...

Thanks,
Mark
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Jim Dean

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Subject : RE: OmniScript for SOE needed
Posted : 9/13/2017 7:26 AM
Post #29643 - In reply to #29642

Thanks Mark

I've been largely absent from this forum for a while- I plan to resume active posting for questions like this, as they arise.
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