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OLang/QuickI using Standard Error & SEB
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JimDean
Posted 9/13/2017 7:54 AM (#8967)
Subject: OLang/QuickI using Standard Error & SEB



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USA: GA, Lawrenceville		On the OT forum someone requested help with the OT functions SEB_Upper, SEB_Middle, and SEB_Lower. Since these are the "undocumented" variety of OT features, I spent some time illustrating how any user can discover answers about things like this for themselves. Here's the link to the OT forum post ... but please post followup questions on this forum so things can be found in the future: Click here
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JimDean
Posted 9/13/2017 8:01 AM (#8968 - in reply to #8967)
Subject: OLang/QuickI using Standard Error & SEB



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USA: GA, Lawrenceville		First of all:
Standard Error = standard deviation / square-root(number of samples)
... OT does not provide an explicit function call for this but you can easily do it manually:
STD(periods) / SQRT(periods)

OT provides three "SEB" (standard error band) functions: SEB_upper, SEB_middle, and SEB_lower. The math behind these, especially the explicit meaning of the parameters, has no explanation in Help.

However, with a little experimentation (a skill that any serious OT user *must* cultivate!), you can find out what the parameter options are and get a feel for how they work ...

When you access the SEB_XXX function in the function library (either in OLang or in Formula Builder), you simply type "SEB(", then a hover-box appears that tells you you can use one of two sets of parameters ... either
"LRperids, SmoothingPds, Offset"
... or, using the "overloaded" version that most OT function calls offer ...
"Data, LRperiods, SmoothingPds, Offset"

LR Periods are Linear regression periods (Std Error calcs relate to Lin Reg calcs ... google for more info)
Smoothing Periods are presumably EMA periods to take the wigglies out of the result
Offset is an instruction to shift the calc N bars to the left (ie back in time ... see this using demo code)

If you choose to use the second parameter pattern, you can specify any data array as the first parameter before the other three. As I said earlier, Close is the default (as for most other OT functions) ... that is, the calcs are all based on the Closing price.
You could alternatively choose to specify O,H,L,V or a formula such as (H+L)/2 or a separately-dimensioned variable (if you are using OLang).

See next post for detailed example of how anyone can learn this stuff on their own ... using OT is very much a "discovery" process, since it has very limited documentation (for example, no detailed explanation of the SEB functions)
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JimDean
Posted 9/13/2017 8:02 AM (#8969 - in reply to #8968)
Subject: OLang/QuickI using Standard Error & SEB



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USA: GA, Lawrenceville		The two attached snapshots illustrate how you can learn about how OT functions work and thereby come up with reasonable tools to analyze price action ...

The first snapshot shows a price chart with an indicator pane. The indicator's green, blue and red lines are created by a simple OLang routine shown in the second snapshot. The indicator's yellow line is created by a Quick Indicator whose formula is also provided. It's important to keep the set of SEB lines in a separate routine from the StdError line, since their y-axis scales are entirely different ... SEB values are roughly 100x the StdError values (which hints to me that SEB output is in percent). You can see the various values for the bar selected by the crosshairs, in the title line for that indicator pane.

I created the SEB lines using OLang in a single routine, rather than as three separate Quick Indicators, since I wanted them to all plot on the same Y-axis scale. If I'd done it with three QI's, the lines would have virtually overlapped since each would have slightly different OT-optimized scales (try it!)

Also note another advantage of OLang ... you can set up parameters with sliders to control the various relevant factors in your calc's. For a QI, you need to edit the formula itself. Either method, for a simple calc like this, works fine.

I could have used a separate OLang routine for the StdErr yellow line, but I wanted to illustrate how QI's could be used to try things out, even if you don't have OLang (req's OTPro).

I hope this gives you (and others) more than enough info to "learn how to fish" and be able to research things like this on your own.


(Standard Error example Screen.png)



(Standard Error example code.png)



Attachments
Attachments Standard Error example Screen.png (209KB - 2 downloads)
Attachments Standard Error example code.png (125KB - 3 downloads)
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