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The following two indicators are written in EasyLanguage and can be used in TradeStation and most likely, Multicharts. Presented here are two simple indicators to help you visualize your trading system open equity and daily equity. More importantly, the Open Equity Indicator has the ability to send you email notifications when a new position is opened, a current position is closed and upon the close of each bar. Email messages are designed to be sent for intra-day trading systems for those rare occasions when you must be away from your computer for short periods of time.
This indicator displays the “Daily” equity of any trade. Unlike the Open Equity Curve Indicator (see below) this indicator will keep a daily running total of your P&L. By default a green plot indicates a positive P&L and a red plot a negative P&L. This indicator does not take into account slippage or commissions. Furthermore, this indicator does not access your real trading account. It’s simply the theoretical equity curve of your system. The colors of the plot can be changed to your liking.
This indicator displays the “open” equity of any trade. By default a green plot indicates a positive P&L and a red plot a negative P&L. This indicator does not take into account slippage or commissions. Just as the other indicator (see above) it does not access your trading account to get this information. It’s simply the theoretical equity curve of the trading system. The colors of the plot can be changed to your liking. This indicator also has the ability to send you email notifications. This feature is described below.
The Open Equity Curve Indicator also has the ability to send an email message when any of these events takes place:
Below is an example of the type of email message which will be generated and sent by the Open Equity Curve Indicator. In this example a new position has been opened. You can see on the Info: line it states a new position has been opened with one contract.
TradeStation : Chart Analysis Alert for @ECM12 by Intraday Open Equity(Green,Red,White,true,Yellow,Black,745,1105,”Contracts”,”Closed Equity:”)
Info: — OPEN TRADE — 05/29/2012 08:40 Contracts1 Closed Equity:262.50 Open Equity:0.00
Source: Intraday Open Equity(Green,Red,White,true,Yellow,Black,745,1105,”Contracts”,”Closed Equity:”)
Occurred: 5/29/2012 8:35:00 AM
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