Beginner's Guide To MultiCharts Trading Platform: Charts And Settings
MultiCharts supports many different data providers, and more are added with each new release of the platform. Traders can use one, two or several data sources at the same time. Each data vendor provides different historical data, so a trader should choose the one that best suits his or her needs. A list of current data sources can be found on the MultiCharts website under the "Features" tab.
Data sources are added automatically to MultiCharts. Traders, however, need to activate the desired data source(s). To activate a data source:
- Open a QuoteManager Window by clicking the New QuoteManager Window icon on the Main Toolbar, or by selecting File in the main menu > New > New QuoteManager Window.
- Click Tools menu > Data Sources, or click the Data Sources icon on the toolbar.
|Figure 15: Data sources through MultiCharts QuoteManager Window|
- Select the data source using the keyboard or mouse and click "Activate."
- The data source is now marked in green and the Settings, Name and Abbreviation parameters can be edited. Highlight the desired data source, and click on "Edit" and "Settings."
A Chart (or Window) is created for a financial instrument, designated by each instrument's unique symbol. To create a new chart:
- Enter the symbol parameters into the Command Line Toolbar,
- Click on the New Chart Window icon in the Main Toolbar or
- Click on File in the main menu > New > New Chart Window.
- Select the Instrument tab,
- Select a data feed from the Data Source drop-down list box,
- Select a symbol from the list of available symbols in the All Symbols tab, or click "Add" to add an instrument,
- Double-click the symbol, or click "OK" to create a chart with the default settings or
- Depending on the data source, the trader may be prompted to enter a password to grant access to the particular data source.
Traders can customize the background, appearance, Y-Price Scale, X-Time Scale, Status Line and Volume Profile of any Window. To format a Window:
- Left-click on the chart to make it active,
- Right-click and select "Format Window" or
- Select Format in the main menu > Window.
|Figure 16: Customize properties by opening Format Window.|
- Select the desired settings
- To use these settings on future charts, check the "Use as Default" box at the bottom of the "Format Window" window
- Click "OK" to close the window
- The price chart will now reflect the changes
Traders can add indicators, signals and add-ons to any price chart by selecting Insert from the main menu > Study.
|Figure 17: Adding Studies from main menu.|
The Insert Study window appears. Select the appropriate tab (Indicator, Signals or Add-Ons) and highlight the desired study. To choose more than one study, hold the Ctrl button on the keyboard while highlighting each desired study. Click "OK" to close the window. The studies will now appear on the active price chart.
Traders can make a template of studies to be applied to other charts. Once the price chart is set up, right-click on the chart and select "Format Study Templates," or select Format in the main menu > Study Templates.
|Figure 18: Format MultiCharts Study Templates|
Click "Save" and enter a Name in the "Save Template" box. Click "OK" and then "Apply." The template is now saved and can be applied to other charts by right-clicking and selecting "Format Study Templates" and checking the box next to the appropriate template.
Instruments, Studies, Drawings and Signals can be formatted by right-clicking > Format Indicators, or by selecting Format in the main menu > Study. Select the appropriate tab, highlight the object and click "Format." Make any desired changes and click "OK" to close the window.
|Figure 19: MultiCharts Format Objects|
SEE: Using Technical Indicators To Develop Trading Strategies
The Drawing Toolbar provides traders with a wide variety of tools for placing objects such as trendlines, channels and fans on price charts. To use any of the drawing tools, click the desired tool icon then either click and release, or click, drag and release to place the object in the desired location.
|Figure 20: Drawing Tools toolbar for placing various objects.|
To remove an object, place the cursor over the object and right-click > Remove Drawing. To remove all objects, right-click on the chart > Remove All Drawings.
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