Creating a MetaStock Custom Indicator Using the "md.ByFile" Plug-in Formula

Creating a Custom Indicator Using the "md.ByFile" Plug-in Formula - 4

Using the "md.ByFile" (3 parameters) formula builder, this section takes you full circle, for illustrative purposes, creating a 3 parameter formula that functions exactly as our 1 parameter formula. This indicator will retrieve one statistical data series from the MasterDATA composite breadth datafiles, for the MetaStock function base symbol and the MetaStock function base symbol's data period. In practice, you will probably never use a formula like this one, but the exercise will add to your overall understanding of how the plug-in formulas work.

	Click on ,MetaStock's Indicator Builder. The "Indicator Builder" dialog window opens.

	Click on the "New" button. The "Indicator Editor" dialog window opens. Leave this dialog window open.

	Below is a working copy of the MasterDATA Composite Plug-in "md.ByFile Formula Builder" discussed previously. Using this formula builder, make a new formula that retrieves the composite statistic, "Total components advancing" for the base symbol for the base symbol's data period.

	In the section, "Select an Item in each category:", click on the drop down box "Select Index or ETF" and click on "Use the base security of the current MetaStock function".

	Again, in the same section, "Select an Item in each category:", click on the drop down box "Select Composite Statistic" and click on the desired statistic, in this case "Total components advancing".

	Finally, in the same section, "Select an Item in each category:", click on the drop down box "Select Data Period" and click on "Use the base data period of the current Metastock function".

	Then click on the button "Click Here To Make the Formula". Your new formula will appear in the subsequent "MasterDATA Composite Plug-in Formula" section.

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		Click on the button "Click To Copy the Formula To Your Clipboard".

		Click in "Formula" field of the MetaStock "Indicator Editor" dialog window you previously opened in step two above. Paste your new formula in this "Formula" field by holding down the "CTRL" key and pressing the "v" key.

		Type a "name" for your new indicator, such as "Advances".

		Your finished custom indicator should appear as follows:



		This custom indicator will retrieve the "Total Advancing Issues" statistic for the base symbol for the MetaStock function's base data period. This custom indicator retrieves exactly the same data as the md.BySym formula "ExtFml( "md.BySym", advances)". The reason is that, like most MetaStock Custom Indicators, our md.BySym formula hard codes (assumes) that the function will be using the base symbol and base symbol data period. As you can see from our md.ByFile formula, it doesn't have to be that way. It does, however, eliminate a lot of email to MetaStock's support department.

		In the interest of keeping yourself organized, you might consider placing an identifying punctuation mark or letter at the beginning of your own custom indicators. This simple addition will keep all of you custom indicators grouped together.

		For many, our formula builders will become a normal part of their process in creating new indicators. For others, it will be something used until they become familiar with how the formulas work and statistic names. If you find you no longer need the formula builders, use our "Composite Data" page for a complete listing of all available statistics in our composite breadth datafiles as well as the proper names to use in the MasterDATA Composite Plug-in formulas. Current MasterDATA Compilation list symbols my be found in the "Masterfile2.csv" file located in the "C:\MasterDATA" directory (if you installed to the default paths) or the MasterDATA main web site.
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