EFS
for Trading Success
eSignal’s Best-Kept Secret for Trading at Your Best Is a Secret No Longer -- Meet EFS
What if you had a tool that would allow you to get the most out of eSignal’s advanced charting -- that would let you access the chart data, develop custom indicators and back test strategies that suit your unique trading style?
What if we told you that you already have that tool at your disposal and that it’s included in your eSignal application at no extra charge?
Guess what? You do!
eSignal Formula Script (EFS) has been a part of eSignal’s advanced charting since its introduction in the eSignal 7 series. It has recently received some enhancements, so we thought this a good time to update you on what it can do for your trading.
First, Some BackgroundEFS, eSignal’s formula scripting language, is an extended version of JavaScript to which we added custom extensions, or functions, that give you specific control over eSignal’s Advanced Charts. And, recent enhancements to EFS make formula writing more macro-like and easier to code.
In addition to providing the best trading tools available, we strongly believe in providing you with the information you need to use them properly. So, here are some of the resources available to you to find out more about this great tool.
For beginners, our KnowledgeBase (KB) has a whole section devoted to EFS tutorials that will help you get started. The left side of the screen on the page will show links that you can click on to find out what you need to know.
And, for all EFS users, the KB also has a library of hundreds of formulas (wait a few seconds for the "Most Popular Articles" category to appear), with new ones added all the time and also grouped by category (such as “Back Testing” and “Oscillators”) for easy reference. More about the library later.
The EFS forums on eSignalCentral.com provide a place for you to share with your fellow eSignal subscribers -- your formula studies, questions about EFS and trading strategy ideas.
EFS, Back Testing and the Strategy AnalyzerEFS is especially useful for back testing, and that’s where eSignal’s Strategy Analyzer comes in. As you know, a systematic approach to trading is an inseparable part of trading as a profession. Every professional trader has a personal trading approach, as well as a personal view of risk and profit. That is just as true for the individual trader for whom trading is the way he or she makes money.
A person’s trading strategy translates to a series of entries and exits for short and long positions that the formula study code defines with conditions. Every entry and exit takes place whenever a set condition is fulfilled, a condition that is called a trading signal.
With the eSignal Strategy Analyzer, you have the unique possibility of seeing the advantages and disadvantages of your strategy, changing the way you buy and sell, improving trading robustness and gaining faith in your trading performance.
Once again, the eSignal KB can provide more information on back testing and the Strategy Analyzer.
As mentioned earlier, there are additions to that library of hundreds of formulas all the time. We encourage you to bookmark the library and visit it to see what’s new in the “Popular Articles” featured at the top of the page.
In addition, we will highlight popular EFS studies in this new column, focusing on one or two of the latest and greatest from the library each month.
We hope you’ll discover for yourself how this handy tool can help you strategize your best trades.
