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Advanced Study Concepts

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Contents:

In this module, multiple general examples will be used to demonstrate more advanced concepts. Only proceed to this module after finishing the Studies Guide. This guide is written assuming an intermediate level understanding of Sierra Chart.

To view the mini-guide on individual studies CLICK HERE

Color Bar When Condition is True

Example: Color the bar when the high of a bar goes above the top band of a bollinger deviation band.

  • Open a chart
  • Studies
  • Add Bollinger Bands study
  • Add Color Bar Based on Alert Condition study
    • Alternatively, can use Color Background Based on Alert Condition for coloring the background
  • Open Study Settings for the Color Bar Based on Alert Condition study

The steps to set this up

  1. Settings and Inputs tab:
    • Number of bars to calculate: As needed
    • Change additional settings as needed
  2. Subgraphs tab:
    • Choose the color for coloring
    • Set the Draw style as needed. Default colors the bar but easily change this to a different draw style. Example: Diamond.
  3. Alerts tab
    • Type a formula into the alert condition cell:
=ID0.SG2>=ID2.SG1

//ID0.SG2 IS THE HIGH OF BAR
//ID2.SG1 IS THE TOP BOLLINGER BAND
//LOGIC IS: HIGH OF BAR IS GREATER OR EQUAL TO TOP BOLLINGER BAND TRUE, OTHERWISE 0
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Tip: Click the arrow for how-to identify IDs and subgraph numbers. Or use a spreadsheet study which shows all study IDs and subgraphs
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Spreadsheet Formula Study

The Spreadsheet Formula study is great for writing a formula to calculate and to return a drawing. Example: Condition 1 = True then make draw a star on the chart

  • Open a chart
  • Studies
  • Add the Spreadsheet Formula study
  • Open Study Settings
  • Write out any formula in the Input Value field for Formula
  • Switch to the Subgraphs tab
  • Adjust the Draw Style as desired
  • OK

Create a Custom Oscillator

Example: Instead of drawing cumulative delta as a bar or line it’s drawn an oscillator.

  • Open a chart
  • Studies
  • Add the Cumulative Delta Bars - Volume study
  • Add the Ask/Bid Volume Difference Bars study (or Zig Zag study, both work)
    • Study Settings
    • Change the ‘Based On’ to Cumulative Delta Bars study
    • OK
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Create Market Depth Graphs

Depth Graphs are great for visualizing resting orders. The coloring method can be either based on actual values or percentage based.

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Going over multiple depth design examples.

Classic Map Style Depths with Bid/Ask Lines

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Click Arrow to Expand Study Tutorial
  • Open a new chart
  • Title Bar: Chart > Chart Settings > Bar Period tab
    • Set the Bar Period Type: Desired type
    • Setting: Desired value (Example, 1 minute: 0-1-0)
    • Graph Draw Type: Blank
  • switch to Market Depth tab
    • Maximum Market Depth Levels: 0
  • OK

Next,

  • Title Bar: Analysis > Studies (or Studies button on Control Bar)
  • Market Depth Historical Graph > Add > Settings
  • Match the settings picture below
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Next:

  • Title Bar: Analysis > Studies (or Studies button on Control Bar)
  • add Current Bid Ask Lines study
  • Settings
  • Subgraphs tab
  • Change Draw Style to Stair Stepped
  • OK

Only Show Large Orders

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Click Arrow to Expand Study Settings
  • Ensure Use Range Minimum Colors is set to No
  • Set the Actual Color Thresholds to desired Large lot filters
  • Match the settings pictured below: (Release January 5th, 2023)

Blue Bid Red Ask Vista

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Click Arrow to Expand Study Settings
  • Open a new chart
  • Title Bar: Chart > Chart Settings > Market Depth tab
  • Maximum Market Depth Levels: 0
  • OK

Next,

  • Title Bar: Analysis > Studies (or Studies button on Control Bar)
  • Market Depth Historical Graph > Add > Settings
  • Match the settings picture below:
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Market Depth Graph Settings to be aware of:

  • Use Percent or Actual Values: Choose between percentage based or value based
  • Actual Color Thresholds: Choose 3 numbers separated by comma. Example: 100,200,300
  • Extend Last Known Depth: This uses the last data point available for depths further out
  • Show Quantity Numbers: Able to see actual values of depths at each level
  • Display Market Depth Quantities After Last Bar: Extends depths to right margin area
  • Maximum Levels to Display: 0 for all or set a custom number of levels of depth to display
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Note: The Market Depth Historical Graphs study is known to cause reduced performance for some users, usually due to computer hardware. Some AMD cards and drivers may not handle this study well.

Create Volume Footprint Charts

Tip: To access the template Footprint chart CLICK HERE

Volume footprint charts show volumes and deltas of bid and ask prices. There are many combinations and ways to visualize the data. From simple text, to text with volumes profile, to text volume profile and candlestick.

The following examples all share the same setup:

  • Open a new chart
  • Title Bar: Chart > Chart Settings > Bar Period > set Bar Period and Setting to desired
  • Title Bar: Analysis > Studies (Or click Studies on the control bar)
  • Numbers Bars study add
  • Select by clicking the Numbers Bars study
  • Settings

Next, here are settings for 5 different footprint styles:

Bid Ask Delta Profile with Candlestick Outline

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Click Arrow to Expand Study Settings
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  • Apply a Number Bars study footprint to any chart as outline HERE
  • Under Study Settings change Input values as shown below:
    • Open and Closer Market Style: Candlestick Outline
    • Place Open Market Boxes in: Column 1
    • Place Close Marker in: Column 1
  • Open and Close Marker Style: Candlestick Outline
  • Numbers Separator Character: Space (Or as desired)
  • Spacing Adjustment Value: 2

Bid Ask Volume with Candlestick inside

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Click Arrow to Expand Study Settings
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  • Apply a Number Bars study footprint to any chart as outline HERE
  • Under Study Settings change Input values as shown below:
    • Column 1 Number Bars Text: Bid Vol x Ask Vol
    • Column 1 Background Coloring Method: None - Transparent
    • Numbers Separator Character: Two Spaces (Or Four Spaces)
  • Title Bar: Analysis > Studies (Or click Studies from the Control Bar)
  • add Study/Price Overlay study
  • Select by clicking the Study/Price Overlay study
  • Settings
  • Settings and Inputs tab:
    • Based On: Main Price Graph
    • Chart Region: 1
  • Title Bar: Chart > Graphics Settings - Chart
  • Un-check Use Global Graphics Settings Instead of These Settings
  • Switch to the Other tab
  • Adjust Candlestick Width % as needed
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Only Show Significant Sized Volume or Delta Prices

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Click Arrow to Expand Study Settings
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  • Apply a Number Bars study footprint to any chart as outline HERE
  • Title Bar: Chart > Chart Settings > Data Limiting
  • Volume Filter Settings:
    • Exclude < = : Desired volume filtered size
  • OK

To hide the 0 values from filtered data, and only draw filtered volume:

  • Title Bar: Analysis > Studies (Or click Studies on the Control Bar)
  • Click to highlight the Number Bars study
  • Settings
  • Bid/Ask Volume Text Threshold: 1
  • OK

Note: Filtering may differ depending on Data feed, consider Denali for more accurate results. Some feeds may show no or incorrect values when filtering by volume

Footprint with Text Values in Table Below

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Click Arrow to Expand Study Settings
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  • Apply a Number Bars study footprint to any chart as outline HERE
  • Title Bar: Analysis > Studies (Or click Studies in the Control Bar)
  • add Number Bars Calculated Values study
  • Select by clicking the Number Bars Calculated Vales
  • Settings
  • switch to the Subgraphs tab
  • Select by clicking any subgraph to include in the table
  • Draw Style changed to Visible, and to hide set to Ignore
  • OK

Tip: This study adds many values to any spreadsheet by default, consider unchecking the box for including study in spreadsheet

Footprint Numbers on Left - Profile on Right

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Click Arrow to Expand Study Settings
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  • Apply a Number Bars study footprint to any chart as outline HERE
  • Title Bar: Analysis > Studies (Or click Studies on the Control Bar)
  • Select by click the Number Bars study
  • Settings
  • Adjust Column 1 Inputs:
    • Column 1 Number Bars Text: As desired
    • Column 1 Background Type: As desired
    • Column 1 Background Coloring: None - Transparent
    • Column 1 Text Coloring Method - As desired
  • Adjust Column 3 Inputs:
    • Column 3 Number Bars Text: As desired
    • Column 3 Background Type: Volume Profile
    • Column 3 Background Coloring: As desired
    • Column 3 Text Coloring Method - As desired
  • Open and Close Marker Style: None
  • Numbers Separator Character: Space (Or as desired)
  • Spacing Adjustment Value: 2

Automated Trading

Trading can be fully automated in Sierra Chart. Optional to begin building from scratch or follow along using the provided chartbook and spreadsheet HERE. There are many combinations of trade order management possible. This example creates a BUY and SELL signal and the stop loss and target are pre-configured in the Trade Window.

This is NOT financial advice. For entertainment only. Just an example. Not a strategy. Creator of this handbook assumes no liability for automated trading results.

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Cheatsheet: - Add studies to generate signals to chart - Add Spreadsheet System for Trading Study - Setup Buy Sell signals in the K3 and M3 cells - Autotrading is enabled Globally or on the chart

Here is an example of setting up automated trading:

  • Open a new chart
  • Title Bar: Trade > Auto Trading Enabled - Global is checked
    • Or, Auto Trading Enabled - Chart is checked
  • Title Bar: Trade > Attach Trade Window to Chart
    • SimpleBracket is selected under the order configuration
    • Setup Targets from the Targets tab:
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      Click Arrow to view image
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  • Title Bar: Analysis > Studies (Or click Studies on Control Bar)
  • add any studies required for the logic of buying and selling
    • In this Example adding two studies:
    • Moving Average - Simple (Set to 5)
    • Moving Average - Simple (Set to 21)
  • add Spreadsheet System for Trading
  • Settings
  • Spreadsheet Name:
  • Type in any name (Example: auto_trade_spreadsheet - included HERE)
  • Changing Input Values of the Input Name options:
    • Number of Formula Columns: Increase if needing many extra columns for logic
    • Signal Only Once Per Bar: Yes
    • Allow Entry With Working Orders: Yes
    • Maximum Position Allowed: 12
    • Send Orders To Trade Service: ONLY WHEN READY TO GO LIVE
    • Allow Opposite Entry with Opposing Position or Orders: No
    • Cancel All Working Orders on Exit: Yes
    • Minimum Chart Bars Required for Entry Excel Cell…….. : 1
  • OK on Study Settings window
  • OK on Chart Studies window
  • A new spreadsheet should pop-up, it may be hidden behind other charts
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ID1.SG1, column AA = Moving Average - Simple. Set to 5 ID2.SG1, column AC = Moving Average - Simple. Set to 21 Replace these studies with other studies if desired

Now, it’s time to create the signal for buy/sell.

  • Always understand the desired signal to trigger a buy or sell. In this case:
    • Buy when 5 moving avg cross from below 21 moving average, expressed in Cell K3 of spreadsheet
    • Sell when 5 moving average cross from above the 21 moving average, expressed in Cell M3 of spreadsheet
  • Open the newly created spreadsheet (Example file is ‘auto_trade_spreadsheet)
  • In cell K3 (Buy Cell) paste the following formula:
    • =CROSSFROMBELOW(AA3:AA5,AC3:AC5)

AA is Simple Moving Average 5
AC is Simple Moving Average 21
The recent bars are including in comparison to 
detect crossover
  • In cell M3 (Sell Cell) paste the following formula:
    • =CROSSFROMABOVE(AA3:AA5,AC3:AC5)

Final Checklist to Ensure Auto Trader takes Trades:

Trading Simulation is enabled
Trading is un-locked
Order window has an OCO with a stop and target
Order window has a quantity selected

Ready to go. With these studies setup as described, trades will be taken when the signal is True. It is possible to back test these signals using the Replay feature.

To switch to live trading:

  • Title Bar: Trade > Trade Simulation is un-checked
  • Trading is un-locked
  • Title Bar: Anaylsis > Studies
  • Click to highlight the Spreadsheet auto trading study
  • Settings
  • Send Orders to Trade Service: Yes
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Description of various cells of a trading spreadsheet: K3 = Buy M3 = Sell Alternatively to the following cells, the Trade Window can be configured to manage stop, target, and quantity. Otherwise, fill in these cells as needed: J22 = Buy Stop Price J24 = Sell Stop Price J27 = Cancel Working Orders J71 = Buy Entry Order Type (M=Market, L = Limit) J73 = Sell Entry Order Type (M=Market, L = Limit)

Official Automated Trading Documentation from Sierra Chart:

TPO Configuration

TPO or Time Price Opportunity is used by market profile traders to analyze price and time of different time frames. There are many technical and visual settings available to highly customize the values.

Add TPO to a chart

  • Open a chart
  • Title Bar: Analysis > Studies (Or Studies on the task bar)
  • Add>> the TPO Profile Chart study and press OK

Tip: Ensure enough days are loaded, and the rollover settings support a longer term chart

Basic TPO Customizations

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Click Arrow to Expand Study Settings

Common 1 day Configuration

  • Letter/Block Price Increment: 1-10
  • Profile Time Period Length: 1
  • Profile Time Length Unit: Days
  • Highlight TPO Value Area: Yes
  • TPO Letter/Block Colors: Single Solid Color
  • Sub Period Price Display Style: Blocks or Letters
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Click to expand example settings, or check the 📊Chart Templates
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Adjust Block Size

Users may want to increase the increment of each block for certain symbols.

  • Open the TPO Settings and Inputs window
  • Letter/Block Price Increment in Ticks set to desired. (Example ES_F = 1, NQ_F = 4)

Extend Value Area, POC, Single, or Poor High/Low

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TPO + Volume Profile

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Click Arrow to Expand Study Settings
  • Add the TPO study to a chart as described above
  • Add the Volume By Price study

To customize the newly added Volume Profile:

  • Click to select the Volume by Price Study
  • Settings
    • Ensure that: Volume Graph Period Type = Based on TPO Chart
    • To align VP to right side: Right Alight Volume Bars = Yes
    • To show Delta VP (Bid-Ask Volume): Volume Bar Calculation Method = Ask Volume - Bid Volume
    • For transparency:
      • Use Transparency Draw Style = Yes
      • Transparency Level = 1 - 100

Custom TPO Session Times

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Click Arrow to Expand Study Settings

Note: custom sessions cannot currently overlap.

  • Open a chart
  • Set the session times to include the desired hours. Example:
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  • Add the TPO study to a chart as described above
  • In Studies Window click to select TPO and hit Settings
  • Number of Custom Intraday Sessions = Desired value, example: 2
  • Set the times for the custom sessions. Example:
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Official Sierra Chart TPO Documentation:

◀️Previous Module: 📓Studies Guide

▶️Next Module: 📓ACSIL

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📊Sierra Chart Master Handbook - Unofficial

Please be aware that the information contained in this handbook is not intended to be and should not be taken as financial advice. The creator is not a financial advisor and the materials provided should not be relied upon in making any financial decisions. Any actions taken based on the information contained in this handbook are taken at the reader's own risk and the creator will not be held liable for any losses or damages resulting from such actions.

In addition, the creator is not a registered broker or financial advisor in the United States and the materials contained in this handbook do not constitute financial advice or a recommendation to buy or sell any financial instrument. The creator does not endorse or recommend any particular investment strategy and the reader should not rely on any information contained in this handbook as the basis for making any investment decisions.

Furthermore, past performance is not indicative of future results and the reader should be aware that trading futures, crypto, stocks, and NFTs carries a high degree of risk and the possibility of significant losses. The reader should carefully consider their financial situation and seek independent financial advice before making any investment decisions.

The creator of this handbook is not an expert and the materials contained within are provided for educational and entertainment purposes only. No material contained in this handbook suggests a specific method or strategy for investing or trading, and under no circumstances should anything contained in this handbook or any related materials be considered as financial advice.

Please also be aware that some pages within this handbook may contain affiliate links that pay the creator a small commission at no additional cost to the reader. The inclusion of these links does not constitute a recommendation or endorsement of the products or services being advertised and the reader should carefully evaluate the suitability of any product or service before making a purchase.

By accessing and using the materials contained in this handbook, the reader acknowledges and agrees to the terms of this disclaimer and releases the creator from any liability for financial losses or damages resulting from the reader's use of the materials contained within. It is possible to lose more than the value of a trading account. Nothing within this handbook is advice or a recommendation to the reader. Any damages or losses following changes the reader makes to Sierra Chart after reading material within this handbook the creator should not be held liable. This handbook is NOT created by Sierra Chart and is not an official handbook to Sierra Chart. Each purchase only grants the user associated with the email provided on checkout for lifetime access. Trading is risky.