Who doesn’t love indicators for trading? TradeStation indicators can be great tools for trading. Many traders I speak with ask me what platform I use for trading. Naturally, I use several, but I am always trying and testing new platforms.
There is one, however that stands at the top of my list, and that’s TradeStation. With the sheer amount of TradeStation indicators and customization available, this platform is a must for newbies and pros alike.
Tradestation Indicators List
- Here’s a list of Tradestation indicators.
- HeatMap Indicator allows you to find what’s relevant.
- Moving Average Indicator adds EMAs and SMAs to your chart.
- Linear Regression Channel Indicator outlines high, middle and low prices.
- Squeeze Indicator measures volatility using Bollinger and Keltner bands.
- Trend Indicator measure, you guessed it, trends moving up and down.
- Wave Indicator measures price swing on a stock.
- Trailing Stop Indicator so you know when to sell a stock.
- Value Chart Indicator finds overbought and oversold territory.
- MACD Indicator follows trends using moving averages.
TradeStation indicators can do a lot to help you as you begin stock trading. After all, who doesn’t like to have a little direction when direction is so important?
There are different schools of thought on indicators, however. Some traders are all for it. And others are against it. It all comes down to your trading style.
What Technical Traders Do
Technical traders focus on charts and graphs in an “attempt” to determine the direction of a stock or the beginning, continuation or end of a trend. Notice how I emphasize attempt. And to nail down a bit deeper, momentum day traders look for stocks that are moving significantly in one direction on high volume.
Ultimately their goal is to ride the momentum train until they hit their profit level. If you don’t know how to find the trend, check our our free online trading courses.
As a result, you can use TradeStation indicators for directional and trend trading.
Why Should I Use Technical Indicators?
First things first, you’re probably wondering why you should be using indicators in the first place. Well, indicators are signs that something’s up.
Think of the check engine light that comes on in your car; it’s trying to tell you something. Perhaps your oil is getting low, or there’s a faulty gas cap or malfunctioning engine; let’s hope not.
Put simply, indicators are a clue that you need to take action, and it’s no different in the world of trading. Hence why TradeStation indicators exist. If they weren’t important, we wouldn’t need them.
The Lifeblood of Technical Analysis
Trading indicators are the lifeblood of technical analysis, and their outputs are invaluable. Like I mentioned above, every indicator tells you something different.
They’re all coded in such a way that the signals they generate are clear and precise. Moreover, indicators assist in forecasting a market’s direction. As well as help traders to decide if they want to enter, exit, and/or stay in the market.
Armed with this information, you can make wise trading decisions; which will significantly improve your trading success.
Is Tradestation a Good Broker With Indicators?
- Around since 1982, the award-winning TradeStation is both a brokerage and trading software platform rolled into one. In fact, TradeStation topped all other brokers in winning the award for the “Best for Active Trading” platform. Also, for the eighth year in a row, they won in the category for “#1 Platform Technology” in the 2020 Online Broker Review conducted by StockBrokers.com.
What TradeStation Indicators to I Get With a Subscription?
A lot. TradeStation contains over 120 technical indicators that include technical data (price data, volume, momentum, and so on) in their analysis. It’s up to you how you apply these indicators to your charts, or you can modify them to suit your trading preferences.
A favorite approach of mine is to include an indicator within another analysis technique like a strategy. You can even set audible and/or visual alerts for indicators to notify you when the market meets the conditions you specified in your indicator. How great is that?
How to Create Your Own TradeStation Indicators
Do you have ideas for strategies? Do you have a knack for logic? EasyLanguage may be the way to go!
Not unlike other trading platforms, TradeStation offers offer tools to accommodate traders of all skill levels. But what sets Tradestation apart is its proprietary coding language called EasyLanguage.
Despite the 120 indicators available, some traders want to steer their ship. And for traders who wish to create their own TradeStation indicators, EasyLanguage® is where they turn.
EasyLanguage® Is TradeStation’s Shining Star
TradeStations EasyLanguage® programming’s designed for traders captaining their own ship. We use it to create powerful trading indicators, strategies and custom trading applications.
What’s more, EasyLanguage® harnesses the power of the TradeStation platform. With extending the ways you can view the extensive real-time and historical market data, as well as account, position, and trade manager information, the power is truly in your hands.
With thousands of built-in keywords, functions, and properties, developers can design and create virtually any market analysis, scanning, or order management tool.
I’d be remiss not to mention the fact that with EasyLanguage®, you can write your very own program to back-test and automate your boldest trading ideas.
Final Thoughts on Tradestation Indicators
Trading indicators are crucial tools for traders if you know how to use them. So if you want to steer your own ship and learn how to spot trends using technical indicators, head on over to our website.
Here you’ll find a plethora of free courses and information available to you. How about a coffee chat or consult with our pros? Yes, they’re free as well. Click here now to learn more.