Product / Product Information / Special Techniques
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Referencing Price Data of Other Symbols
You can significantly improve your trading strategy, using Improvian's
powerful ability to reference price or technical indicator
information from any security and data feed you use
in Tradecision. For example, in many cases its worth comparing
the price of a stock with the overall exchange index before
making a buy or sell decision. You don't need to add the required
symbols to your chart. If the required symbol data is presented
in the Data
Manager database, you can refer to this data using
Improvian in any technique.
The External Function allows deriving an expression
value (first parameter) based on the price data of another stock
(second parameter).
For example, to obtain Dow Jones Industrial index from Yahoo Finance, you can use the following syntax:
^DJIClose := External("Close", "^DJI");
Additionally, you can calculate any indicator and even any numerical expression using the price data of the specified symbol. For example, to obtain a short SMA for QQQ's Close, you need to use the following syntax:
QQQ_SMA9 := SMA(External("Close", "QQQ"), 9);
The amount of the external price data you can reference in your
technique is unlimited. Using the External function, you can
easily compare one security against another one.
You can also compare market indexes, or look
at the relationship between different groups of issues.
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