Ensign Software training session on Channels:

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Welcome Msg: Receive support and training for Ensign Windows.

Ensign Software: The spread line might also show a cycle in the band expanding or contracting.

Ensign Software: Trend lines can be put on the spread line too.

Ensign Software: To remove the study, you can use the study properties window and click REMOVE button, or use the chart objects list and click Remove button.

MarkCA: Can custom formula quote sheets be created in Ensign?

Ensign Software: The Keltner Channel will be applied to the chart next, by selecting it from the study drop down list.

Ensign Software: The Keltner Channel is similar to Bollinger Bands, but uses the AVERAGE TRUE RANGE to make the channel band instead of the standard deviation.

Ensign Software: ATR is the difference between the High-Low, but also considers where yesterday's close is. If yesterday's close is lower than today's low, then the ATR is High-Yesterday CLose.

Ensign Software: Or, if the close yesterday is higher than today's high, then True Range is Yesterday's CLose - Low

Ensign Software: Keltner measures the True Range for X number of bars and averages them.

Ensign Software: This gives us the Average True Range.

Ensign Software: The center lines is an exponential moving average, and the bands are created by adding or subtracting ATR from the center line.

Ensign Software: Open the properties window by clicking on the center line, or by using the chart objects list.

Ensign Software: The Keltner Properties window is similar the Bollinger Bands window.

Ensign Software: The 1st parameter is a multiplier to amplify the ATR that is added and subtracted from the center line.

Ensign Software: The AVE parameter creates the center line.

Ensign Software: The Data Point for Keltner can be any part of the bar, and often is the (High+Low+Close)/3

Ensign Software: Again, the Spread will show a 4th line for the spread between the study bands.

Ensign Software: The bands are traded the same way as discussed for Bollinger Bands. When the market is volatile, the bands will widen.

Ensign Software: In a choppy market, fade the market by selling the top band and buying the bottom band.

Ensign Software: Band studies can be located in any of the study sub-windows, however the most common location is on the Chart.

Ensign Software: In a study sub-window, grid lines can be selected to be displayed.

Ensign Software: The Average True Range can be plotted by itself by checking the Ave.True Range box.

Ensign Software: This will change the study from being a Keltner Channel to being just a plot of the ATR on the bottom of the chart. For this, you probably want a multiplier of 1.

Ensign Software: Remove Keltner from the chart, and we will now talk about the last two studies of the Uni-Channel and Regression Channel.

Ensign Software: Add a Uni-Channel to the chart from the study drop down list.

Ensign Software: The Uni-Channel is kind of an all purpose channel that is simple in its math.

Ensign Software: The center line can be either a simple or exponential moving average of the data points.

Ensign Software: The Uniform Channel bands can be created as a percentage of the price.

Ensign Software: Enter a percentage value, such as 2 to plot channel bands that are 2 percent away from the center line.

Ensign Software: Typically use smaller percentage values on lower time frame charts.

Ensign Software: On a daily or weekly chart, percentages might be 5 to 10 percent.

Ensign Software: If you do not want to use percent, you can have a channel at a fixed price distance.

Ensign Software: Enter the percent parameter to be 0 (zero), and in the 3rd parameter box enter the channel distance, such as 500 for a fixed 500 point channel.

Ensign Software: The fixed band distance is entered in the Offset U/D parameter box.

Ensign Software: The trading logic would be the same as discussed before. Either a breakout above or below for a trending market, or fading the study bands when the market is in a sideways chop.

Ensign Software: The spread on this study will be boring, almost a flat line because the channel spread is quite constant.

Ensign Software: The last channel is the Regression Channel. Again add it to the chart from the study drop down list.

Ensign Software: The Regression Channel is similar to the Uniform Channel, except the center line is NOT a moving average.

Ensign Software: Instead, the center line is using least squares method to determine a best fit line through X number of bars.

Ensign Software: For example, for the last 20 closes, there is a way to draw a straight line through these 20 prices such that is is the best fit through the data.

Ensign Software: Ensign WIndows does have a linear regression line that will snap to the best fit slope through the data between your two construction points.

Ensign Software: The regression channel determines a best fit data point for each bar location, and connects these as a center line.

Ensign Software: The Bars parameter is the number of data points for the regression calculation.

Ensign Software: The end of the trend line at the last bar in the period gives us the data point for the center line.

Ensign Software: We connect these calculation points to make a center line.

Ensign Software: The channel bands are then either a percent of the price or a constant offset, similar to the discussion just had for the Uniform Channel study.

Ensign Software: This channel is traded in the same manner as discussed for the other channel studies.

elly_34: will this be posted somewhere?

Ensign Software: yes, a transcipt will be posted to the FAQ page of the Ensign web site.

elly_34: ty

GGriz: what is default data point for regression chan

Ensign Software: Some of the discussion in chat rooms has been about how to trade through the chop.

Ensign Software: You might consider using channel studies to trade in choppy markets.

Ensign Software: The data point for all of these channel studies is typically Close, but can be any part of the bar's data.

Ensign Software: The Bars parameter is the number of data points to be considered in making the study center line, either through averaging or in the regression calculation.

GGriz: ty

Ensign Software: The Data Point can increase the smoothing if (H+L)/2 is selected.

Ensign Software: These studies can operate on the output of OTHER studies by selecting Study as the data point.

Ensign Software: When Study is selected, there will appear a drop down box showing other studies presently on the chart.

Ensign Software: For example, if RSI is already on the chart, then the channel can operate on RSI data points and you can have a channel on the RSI study.

Ensign Software: Thus, you can do Bollinger Bands on Stochastic, or any other study, or even of the Volume.

Ensign Software: That pretty well covers the subject of channel studies that are available in Ensign Windows.

Orprepus: thanks Kimabll

serjac: Where do I find the linear reg. lines in draw

ensign_kimball: The Linear Regression Draw Tool is applied to a chart by clicking on the 'Linear Regression Tool'. Select a Start and End point.

ensign_kimball: The Best Fit Line will snap to the screen when you complete the tool.

serjac: Thanks!

elly_34: lol

Buffy_04364: LOL

serjac: good one

GGriz: or Jerry Lee Louis, but he was b4 ur time

STUPIDO: thank you

GGriz: I have been trying to use linear regr channels

Buffy_04364: yes

Buffy_04364: great

Buffy_04364: thanks

serjac: Can you add calender days to Fib and Gann cycles?

Buffy_04364: yahoo different layouts for different studies

Buffy_04364: thank you

Buffy_04364: well worth waiting for

Orprepus: ditto yahoo

Buffy_04364: great won't have to go way over to the left monitor

Buffy_04364: and chart properties colors?

Buffy_04364: ]lost sound

Buffy_04364: anyone else or me again

drh_4: no sound

Buffy_04364: tks

Buffy_04364: hear you fine

Ensign Software: sound now?

Buffy_04364: howard disappeard

drh_4: yes

drh_4: no howard

Buffy_04364: is the room in focus

drh_4: i heard orp

Orprepus: howard mic gone?

Buffy_04364: this room has to be in focus also or will cut out

Ensign Software: are you hearing now?

drh_4: no

Buffy_04364: no I take it the room is in focus

Ensign Software: yes / no????

Buffy_04364: no

Orprepus: no

Ensign Software: room has focus, let me exit and reenter.

serjac: no

Buffy_04364: k

Ensign Software: hear now?

drh_4: yes

Buffy_04364: yes

bobh_1: yes

serjac: yes

SkipH: yes

Buffy_04364: I forget to save many times too when doing that Howard. Very easy to do

Orprepus: buffy - you got it?

Buffy_04364: sorry haven't been here whole time

Buffy_04364: I was late :-(

Orprepus: howard I have it

Buffy_04364: no that is where we lost you

Buffy_04364: just saying they had been auto learning

Buffy_04364: YAHOO

GGriz: YAHOOOO

Orprepus: yahoo too

drh_4: thanks howard

Buffy_04364: we appreciate it Howard

serjac: Thank you

Buffy_04364: those are some great changes howard

Buffy_04364: please test thoroughly :-)

Orprepus: Thanks you Howard & Kimball - looking forward to new features

Buffy_04364: ditto

Buffy_04364: you too Howard

elly_34: thanks howard

Buffy_04364: tk u 2 Kimball

serjac: Thank you BOTH