Getting Started with TradeStation. SESSION 2 Trading Strategies, Chart Analysis, and Indicators A. TradeStation

Transcription

1 tsbooks_strategy_trading:live on the web 7/21/2011 3:53 PM Page 1 Getting Started with TradeStation SESSION 2 Trading Strategies, Chart Analysis, and Indicators A TradeStation

2 IMPORTANT DISCLOSURES THE FOLLOWING INFORMATION IS IMPORTANT AND SHOULD BE UNDERSTOOD IN THE CONTEXT OF THE FOLLOWING PRESENTATION, AND FOR ANY TRADING IN WHICH YOU MIGHT THEREAFTER ENGAGE. Risk Capital. TradeStation, through its affiliates, TradeStation Securities, Inc. and TradeStation Forex, Inc., seeks to serve institutional and active traders. Please be advised that active trading is generally not appropriate for someone of limited resources, limited investment or trading experience, or low risk tolerance, or who is not willing to risk at least $50,000 of capital. The Presentation. Each speaker, who is not a TradeStation employee, acts independently, and no speaking topic, session, or content (including opinions or comments) is affiliated with, or approved, sponsored or endorsed by any TradeStation affiliate. Topics and sessions are solely for educational purposes. The speaker roster and session content are subject to change without notice. No investment, trading or tax advice regarding any security, group of securities, market segment or market is intended or shall be given. Any examples used in sessions or speaking topics are for illustrative purposes only they should never be construed as recommendations or endorsements of any kind. No particular trading strategy, technique, method or approach discussed will guarantee profits, increased profits or the minimization of losses. Past performance, whether actual or indicated by simulated historical tests, is no guarantee of future performance or success. Supporting documentation for any topic, session or content will be supplied upon request. Educational Content. This presentation is for educational purposes only, it may discuss in detail how TradeStation is designed to help you develop, test and implement trading strategies. However, TradeStation does not provide or suggest trading strategies. We also do not recommend or solicit the purchase or sale of any particular securities or derivative products. Any symbols referenced or trading ideas discussed are used only for the purposes of the demonstration, as an example ---- not a recommendation or endorsement. Automated Order Placement and Execution. This presentation may discuss automated electronic order placement and execution. Even though TradeStation has been designed to automate your trading strategies and deliver timely order placement, routing and execution, these things, as well as access to the system itself, may at times be delayed or even fail due to market volatility, quote delays, system and software errors, Internet traffic, outages and other factors. Asset Classes and Fees. Every investment involves risks depending upon, among other things, the size, nature, leverage, diversification, transaction costs and time horizon for your investment. Risks associated with certain asset classes are generally described below: Options. Options trading carries a high degree of risk and is not suitable for all investors. Purchasers and sellers of options should familiarize themselves with options trading theory and pricing, and all associated risk factors. Please read the Characteristics and Risks or Standardized Options available from the Options Clearing Corporation website: or by writing TradeStation Securities, 8050 SW 10th Street, Suite 2000, Plantation, FL A

3 Forex. Off-Exchange Foreign Currency (forex) transactions involve the leveraged trading of contracts denominated in foreign currency conducted with a futures commission merchant or a retail foreign exchange dealer as your counterparty. Because of the leverage and other risks disclosed on the TradeStation website, you can rapidly lose all of the funds you deposit for such trading and you may lose more than you deposit. Exchange Traded Funds (ETFs). ETFs are subject to risks similar to the underlying securities, including, but not limited to market, sector, or industry risks. Please read the ETF prospectus carefully before investing. Futures and Security Futures. Transactions in futures and security futures carry a high degree of risk. The amount of initial margin is small relative to the value of the futures contract so that transactions are leveraged or geared. A relatively small market movement will have a proportionately larger impact on the funds you have deposited or will have to deposit: this may work against you as well as for you. Futures trading involves other risks that are disclosed on the TradeStation website. Transaction Costs. The trading of any asset class through your TradeStation platform will obligate you to pay transaction costs including but not limited to commissions (fixed or variable per share or contract) and forex percentage-in-points (pips). You also will likely have to subscribe to one or more exchange real-time data feeds and pay other exchange-related fees. Account Protection. Equities and equities options accounts are covered by Securities Investor Protection Corporation (SIPC) insurance. Futures and forex accounts do not afford any such protection. All proprietary technology in TradeStation is owned by TradeStation Technologies, Inc., an affiliate of both TradeStation Securities, Inc., a broker-dealer and futures commission merchant registered with the SEC and the CFTC respectively and a member of various self regulatory organizations including NYSE, FINRA and NFA, and TradeStation Forex, Inc., a retail foreign exchange dealer registered with the CFTC and a member of NFA TradeStation. All rights reserved A

4 Table of Contents Charting... 1 Chart Analysis Windows... 1 Format Symbol... 2 Time-based Intervals... 3 Activity-based Intervals... 4 Price-based Intervals... 4 Chart Styles... 8 Background Dragging Analysis Techniques Indicators ShowMe Studies PaintBar Studies Inputs Multi-Data Analysis Percent Change Charts Drawing Objects Strategy Testing and Optimization Using Strategies Formatting Strategies Strategy Properties Strategy Optimization TradeStation Support Resources The TradeStation Platform Help Using the TradeStation Support Center Tutorials, Seminars and Books A

5 Charting Chart Analysis Windows Chart Analysis windows, or charts, are used to display price data, for historical and real-time technical analysis and also for strategy back-testing and automation. You can create as many Chart Analysis windows as you like, on the same or different workspaces. To create a Chart Analysis window, click on the Chart Analysis icon from the Tools section of the Shortcut Bar or click on File New Window menu sequence, click on Chart Analysis from the New dialog and click OK. 1

6 Format Symbol You can change the settings and appearance of a Chart Analysis window by formatting the symbol. To access the Format Symbol dialog, click on Format Symbol menu sequence or right-click on the background of a Chart Analysis window and click on Format Symbol. The Format Symbol dialog has four tabs with all the settings to customize the data and appearance in a Chart Analysis window. Settings tab In the Select Interval box, you can choose the method used to build bars. Interval refers to the rule that will be used to determine when a bar (or column, etc.) closes and the next begins. TradeStation offers intervals that are time-based, activity-based, and price-based. Under the section labeled Range, you can specify the amount of historical data to load. Historical data can be a specific number of days, weeks, months, or years back. It can also be a specific number of Bars Back, or it can be a range between a First Date and a Last Date. Note: In order for a Chart Analysis window to update real-time, Last Date under Range must be the current date. You must also subscribe to the exchange s real-time data service. 2

7 Time-based Intervals Intraday bars: each bar represents the trading activity within a user-defined number of minutes. Daily bars: each bar represents the trading activity from the beginning to the end of the symbol s trading session (1 day). Weekly bars: each bar represents the trading activity from the beginning of the week to the end. Monthly bars: each bar represents the trading activity from the beginning of the calendar month to the end. 3

8 Activity-based Intervals Tick bars: each bar represents the trading activity within a user-defined number of trades. Volume (Share) bars: each bar represents the trading activity within a user-defined number of shares traded. Price-based Intervals Kagi Chart Kagi charts display a series of connecting vertical lines whose thickness and direction are dependent on price direction. When the market moves in the same direction as a prior Kagi line, the line will be extended. When the market moves in the opposite direction by at least the reversal amount, a new Kagi line in the opposite direction will be displayed. The color and width of the Kagi line changes when the Kagi line breaks a prior high or low. Kase Chart Kase charts create bars with a true range based on a user's specified Target Range value by using only real price data. Kase Bar charts look like a traditional bar (or candlestick) chart with the exception that the size of each bar is dictated by a Target Range value; all the bars are approximately the same size (range). 4

9 Line Break Chart The Line Break is made up of a series of vertical blocks called lines. Line Break charts are most commonly set to three, and are known as "three-line break" charts. A break of the lowest low of the last three up lines will generate a down line. A break of the highest high of the last three down lines will generate an up line. Momentum Bar Chart The size of Momentum bars will always be the range size set by the user and will never be anything smaller or larger unless it is the current bar that is building. Since a new bar cannot be started until the specified Range is exceeded, the open of each Momentum bar is always one price tick above or below the close of the previous Momentum bar. There are no gaps displayed on Momentum bar charts so, when there is a price gap in the underlying data, "virtual bars" will be inserted to fill in the gap. Range Bar Chart The size of Range bars will always be the range size set by the user and will never be anything smaller or larger unless it is the current bar that is building. The open of each Range bar is always equal to the close of the previous Range bar. There are no gaps displayed on Range bar charts, therefore, when there is a price gap in the underlying data, "virtual bars" will be inserted as necessary to fill in the gap. 5

10 Renko Bar Chart When the market moves in the same direction of the prior Renko brick by the specified Brick Size, a new brick will be added in the same direction as the prior brick. When the market moves in the opposite direction of the prior brick by twice the specified Brick Size, a new Renko brick will be added in the opposite direction of the prior brick. If there is no significant change in price, i.e. the price oscillates within the range of the last brick, no new brick will be added. Point & Figure Chart Point & Figure charts filter out time and insignificant price changes, leaving a chart that contains only relevant price movements. Rising prices are displayed as columns of Xs and falling prices are displayed as columns of Os. The Box Size refers to the minimum increase or decrease in price needed to add an X or an O to a column of Xs or Os, respectively. The Reversal Amount refers to the change in price, either up or down, needed to create a new column and reverse from a column of Os to a column of Xs, and vice versa. 6

11 Style tab This tab lets you select the display style for the chart, including colors and weights. In the Bar type box, the available styles are: OHLC (open, high, low, close) Bar HLC (high, low, close) Bar Candlestick Candlestick with Trend Dot on close Line on close Note: Available styles depend on the interval settings selected on the Settings tab. 7

12 Chart Styles On the Style tab, Bar Type refers to the display style for the bars in the chart. It is independent of data interval, although some price-based intervals are restricted to only their traditional Bar Type setting. OHLC Displays the open, high, low, and close for each bar HLC Displays the high, low, and close of each bar Candlestick Chart The candlestick chart uses the same price data as a bar chart. The "thick" part of the candlestick is known as the "real body" and represents the range between the open and closing prices. A green real body represents a bullish candle - the close price was higher than the open price. A red real body represents a bearish candle - the close was lower than the opening price. The thin line above the body extends to the high, and the thin line below the body extends to the low. Candlestick with Trend Displays candlestick bars with hollow and filled bodies. A hollow body represents a bullish candle - the close price was higher than the open price. A filled body represents a bearish candle - the close was lower than the opening price. The bar color is used to indicate the trend direction. By default, green indicates the current bar close is greater than the previous close, red indicates the current bar close is less than the previous close, and gray indicates no change in close from the previous to current bar. Dot on close Paints a single dot at the close of each bar. Line on close A line chart displays a line that connects the closing price of each bar. 8

13 Scaling tab This tab has selections for setting the style and range of the chart scaling. Under Type, selecting Linear, which is the default, produces a scale on which the height of each price increment is equal regardless of the price of the symbol; Semi-Log produces a scale on which the height of each price increment is weighted towards percent of price. A Chart Analysis window containing text annotations, drawing objects or Trendlines may need additional space above and below the bars. You can select Sub-graph Margins under the Range section to add space above and below sub-graphs based on a percentage of the chart scale. Custom Axis Increment, under the Display section, allows you to add more price detail to the price scale or adjust the price increments. 9

14 Properties tab The Properties tab provides access to settings for sessions in an intraday chart. These include Pre and Post market sessions for stocks as well as Custom Sessions. Click the View/Customize button to see session selections and details. Sessions provided are: Regular market session 24 Hour session US Stock with Post-market session (stocks) US Stock with Pre & Post Market session (stocks) US Stock with Pre-market (stocks) TradeStation also allows you to create custom sessions. By creating a custom session and applying it to a Chart Analysis window, price bars will only be displayed within the times specified. 10

15 Background Dragging Enabling Background Dragging on a chart allows you to change the scaling of a sub-graph by dragging the sub-graph background or any selected object using the mouse. To enable Background Dragging, right-click on the background of a chart, select Background Dragging from the menu and click on Enable. You may also click on the Background Dragging button on the toolbar. With Background Dragging enabled, the mouse pointer changes to a hand which lets you click and drag to move the background horizontally or vertically to display different sections of the chart window; all indicators and other chart features in a sub-graph will move together. You may also adjust the price scale manually by clicking directly on the price axis area and dragging the mouse pointer up to expand the scale or down to contract the scale. To disable Background dragging, right-click on the background of the chart, select Background Dragging from the menu and you have two options: restoring the original scale range or maintaining the new scale and range. Maintaining the new scale range means that the price scale is fixed and any price fluctuations outside this new range will not be displayed in your Chart Analysis window. Clicking the Background Dragging button toolbar will restore the original scale range in the Chart Analysis window. from the 11

16 Analysis Techniques Analysis Techniques is the name used to refer to a variety of market analysis tools in TradeStation. To access the TradeStation supplied analysis techniques, click on Insert Indicator menu sequence. This will display the Insert Analysis Techniques dialog which contains market analysis tools listed in five different tabs. You may also right-click on the background of a Chart Analysis window and click on Insert Analysis Techniques to access the same dialog. All supplied Analysis Techniques for charting are written in EasyLanguage and the formulas may be viewed, copied or modified. From the Insert Analysis Techniques dialog, select the analysis technique and click the Edit EasyLanguage button. This will open the EasyLanguage document for that specific analysis technique. To view a synopsis of the technique, click the Definition button to open the TradeStation Help on that specific topic; this will provide additional information on how to format and interpret the analysis technique. There are five different types of analysis techniques supplied in TradeStation: Indicators, ShowMe studies, PaintBar studies, ActivityBar studies, and ProbabilityMap studies. Indicators Generally, Indicators are Analysis Techniques that graphically represent mathematical formulas. In a Chart Analysis window, an Indicator is usually displayed using lines or histograms. TradeStation comes with a very large selection of Indicators ready for you to use. These include moving averages, stochastic and ADX, just to name a few. ShowMe Studies A ShowMe study is an Analysis Technique that places a marker on each bar that meets a specified condition. The condition might be notably high volume or an unusually large range. TradeStation s selection of Analysis Techniques includes many ShowMe studies for your convenience. PaintBar Studies Like a ShowMe study, a PaintBar study marks each bar that meets a specified condition. However, a PaintBar changes the color of the bar whereas a ShowMe places a marker on the bar. 12

17 Inputs Inputs are user-editable values (parameters) used by TradeStation to perform the calculations in its set of instructions or rules. For example, inputs could be the PRICE, FASTLENGTH, and SLOWLENGTH values used to calculate two moving averages (see picture below). Inputs are designed to be edited by the user while working in the Chart Analysis window and without knowing or editing the underlying EasyLanguage. To access the Inputs of any analysis technique, click on Format Analysis Techniques menu sequence, select the analysis technique to format, and click the Format button on the dialog. This will display the Format dialog for that specific analysis technique. Click on the Inputs tab to view all editable inputs. Depending on the analysis technique and the inputs you are editing, you can also use formulas, numeric expressions, true/false expressions, or functions as the input value. For example, in the Format Indicator: Mov Avg 2 Line dialog shown in the picture above, instead of just using Close for the Price input, you could enter a formula such as (High + Low + Close)/3. This formula is the average of the high, low, and close prices of each bar and the indicator will plot the averages of this value over the period of bars specified in the two Length inputs. 13

18 Multi-Data Analysis TradeStation allows you to plot more than one data set or symbol in a single Chart Analysis window. In fact, for detailed comparative analysis, you may include as many as 50 different data sets or symbols in a single Chart Analysis window. By default, each additional symbol is plotted beneath the other in a separate sub-graph and is assigned its own data-stream number. For example, you might combine a futures symbol with a cash market symbol to view their relationship, or an option symbol with the underlying asset s symbol to view correlation. To insert a second symbol or data stream into a Chart Analysis window, click on Insert Symbol menu sequence, type the symbol in the Symbol box, and click on Plot. You may also access the Insert Symbol dialog by right-clicking on the Chart Analysis window and clicking Insert Symbol from the menu. There are several analysis techniques in TradeStation that utilize multiple symbols. For example the Spread Diff indicator calculates the difference between the first and the second symbols in a Chart Analysis window. Using the Chart Analysis window in the picture above the Spread Diff indicator would plot as follows: Notice that the Inputs for the Spread Diff indicator are Close of data1 and Close of data2, using two data streams for the calculation; these Inputs can also be modified. 14

19 Percent Change Charts A Percent Change Chart provides a convenient way of comparing market performance. These charts may display a single data set or be created from multi-data charts. In this example, the percent changes of three symbols are compared from the end of the prior calendar year. To create a Percent Change Chart, right click on the background of a chart and from the right-click menu select Percent Change Chart Enable. For multi-data analysis, insert additional symbols by using the Insert Symbol menu sequence from the menu bar. By default, the Percent Change Chart starts calculating percent change from the first bar on the chart. To begin the calculation from a different starting point, right click anywhere on the Chart Analysis window, select Percent Change Chart from the right-click menu, and you can choose from three different options: Calculate from first bar, Calculate from last bar, or Calculate from this bar. To disable Percent Change Chart, right click on the Chart Analysis window, select Percent Change Chart from the right-click menu, and click Enable. 15

20 Drawing Objects The Drawing menu provides access to graphic tools that you may draw onto a chart. These include analytical tools such as Regression Channels, Fibonacci Tools or Andrew s Pitchfork. Other Drawing tools are available for making notes and adding markers to a chart: Ellipse, Text, etc. Some of the drawing objects will require you to click once, twice, or even three times on the Chart Analysis window in order to draw. For example, a Horizontal Line will require just one click; a Trendline requires two clicks (a starting point and an ending point), Andrew s Pitchfork requires three clicks, etc. All drawing objects can be formatted for color, style, and display. The only ways to access the Format dialog for a drawing object are by right-clicking or double-clicking on it. For example, to change the color and width of a Trendline, right click on the Trendline and from the right-click menu click on Format Trendline, click on the Style tab to change the color and width. You may also turn on Alerts for most analytical drawing tools. From the Format dialog, click the Alerts tab and put a check in the Enable Alert checkbox. Note: If you use Drawing tools frequently, you may find it convenient to add the Drawing toolbar to your desktop. Use the View Toolbars Drawing menu sequence to do this. 16

21 Strategy Testing and Optimization Strategy trading is using a set of trading rules to systematically enter and exit the market, typically based on technical indicators. TradeStation can also employ strategies based on fundamental data for stocks. Strategy testing in TradeStation is done in Chart Analysis windows. Strategies or groups of strategies may be inserted into charts for the purpose of testing historical performance, monitoring current activity and, eventually, automating real-time order entry and execution. When a Strategy or group of Strategies is inserted into a Chart Analysis window, the entries and exits are shown as Up/Down arrows on the chart. The chart also identifies the names of the entries and exits and the net open position at the close of any bar on which there would have been a trade. 17

22 Using Strategies Dozens of Strategy components, based on most of the standard technical indicators and many fundamental data fields, are supplied with TradeStation. This gives you the ability to test many of the indicators you already use every day. In addition, there are exit strategies for Stop Loss, Profit Targets, Trailing Stops, and many others. Together, these allow you to build and test complex strategies by combining different strategy components. To access the TradeStation built-in Strategies, click on Insert Strategy menu sequence. This will display the Insert Strategies dialog. You may also right-click on the background of a Chart Analysis window and click on Insert Strategy to access the same dialog. All supplied Strategies are written in EasyLanguage and the formulas may be viewed, copied or modified. From the Insert Strategies dialog, select the Strategy and click the Edit EasyLanguage button. This will open the EasyLanguage document for that specific Strategy. Note: When you are working in a Chart Analysis window containing multiple symbols, Strategies are always applied to the first symbol that was plotted in the Chart Analysis window, known as Data1. The Strategy can reference other symbols on the chart, but orders will be generated only for Data1. 18

23 Formatting Strategies To format Strategies, click on Format Strategies menu sequence and the Format Analysis Techniques & Strategies dialog will appear displaying all Strategies. The Status button on this dialog allows you to turn off any Strategy component that you wish to disable without removing it from the Chart Analysis window; clicking Status a second time will enable it. The Remove button will remove the highlighted Strategy from the list. Each Strategy applied to a Chart Analysis window has its own Format Strategy dialog, containing an Inputs tab. This allows you to test each Strategy with different Input values. On the Format Analysis Techniques & Strategies dialog, select the Strategy you wish to format and click the Format button. In the Format Strategy dialog, click the Inputs tab to make changes to the Inputs of that specific Strategy. Click OK, and then repeat the steps for any other Strategy you wish to format. 19

24 Strategy Properties From the Format Analysis Techniques & Strategies dialog, click the Properties for All button to set such Properties as commission and slippage amounts to be used in your back-testing. Commission and Slippage amounts can be entered per Trade or per Share/Contract. You may also adjust the strategy trade size by entering the quantity in the box next to Fixed Shares/Contracts or a dollar amount if using the Dollar(s) per trade option. Other Properties for Backtesting and Automation may be set here as well. 20

25 Strategy Performance Report The Strategy Performance Report provides a detailed view of how well a strategy might have performed for the period and on the data being tested. It contains a series of tabbed pages that allow you to view detailed and summarized reports, graphs, and analysis of all the trades that would have been generated by the Strategy's criteria. The Strategy Performance Report can be accessed by clicking View Strategy Performance Report menu sequence. It can also be accessed by clicking the Strategy Performance Report button from the toolbar. The Strategy Performance Report is only available when a Strategy has been applied to a Chart Analysis window. 21

26 Strategy Optimization Optimization is the process of testing a range of input values for the purpose of fine-tuning a trading strategy. TradeStation s optimization feature allows you to test a range of values for any number of numeric inputs simultaneously. TradeStation will then generate a Strategy Optimization Report displaying results from these tests. To optimize Inputs in a Strategy, go to the Format Strategy dialog for the specific Strategy you wish to optimize, click on one of the numeric Inputs, and then click on the Optimize button. In the Optimize dialog select the range of Inputs to test and the Increment to be used in stepping through the range of Input values. Once the optimization is complete, you may view an Optimization Report by clicking on View Strategy Optimization Report menu sequence. This option is only available after running an optimization. 22

27 Strategy Automation A Strategy is considered automated when you apply the Strategy, or group of Strategies, to a live Chart Analysis window and enable at least the first automation checkbox. As new data is collected, the corresponding Strategy orders are automatically generated. To automate the execution of your Strategy orders, click on Format Strategies menu sequence and, towards the bottom of the Format Analysis Techniques & Strategies dialog, you will find the Automation checkboxes. TradeStation has two levels of Strategy Automation: Generate strategy orders for display in TradeManager s Strategy Orders tab This checkbox, used alone, will track hypothetical positions and create a real-time log of orders in the TradeManager window but will NOT send orders to the market for execution. Automate execution using account with confirmation On/Off This checkbox authorizes orders to be sent to the market for execution in the account you designate. Confirmation On requires that you authorize each order before it is placed. 23

28 Before automating execution, you will be asked to read the Enable Order Generation disclaimer and confirm your intention to turn on automated order generation. If you agree, it will apply only to the Strategy, or Strategies, running in this Chart Analysis window. To disable Strategy automation you may click on Format Strategies menu sequence and uncheck the Automation checkboxes. A shortcut to disable automation is to right click on the Strategy Automation indicator SA located at the top left corner of the Chart Analysis window and click on Disable Strategy Automation. To disable Strategy Automation on all Chart Analysis windows at once, click on the Lock/Unlock Order Placement button on the Toolbar and, in the drop-down menu, click on Disable All Strategy Automation & Order Entry Macros. 24

29 TradeStation Support Resources The TradeStation Platform Help The TradeStation Platform Help is accessible from the Help menu, and from the Help section of the Shortcut Bar. The TradeStation Help is your ready reference to descriptions of product features and detailed procedural instructions on their use. TradeStation Help provides you with multiple ways to locate TradeStation information. Contents: This tab groups help topics by category. Click the + to the left of the purple books to expand a category. Click the to collapse a category. Click on a topic name to view the related topic. Index: The Index tab lists keywords and phrases to help guide you to related topics within the Help. Type a keyword or select it from the list, then click Display to view the related topic. Search: Use this tab to find occurrences of word(s) within help topics. Once a list of topics is displayed, you may click on any of the column headers to sort the list. 25

30 Using the TradeStation Support Center The TradeStation Support Center offers a variety of account and platform support resources. The navigation bar on the left has the following sections: Account Services: Provides you the ability to open and manage accounts, including access to balances, positions, activity, and other account services. TradeStation Platform: Download a new version or reinstall TradeStation, change features and services in your account, and find out what is new in TradeStation as new versions are released. Tutorials, Seminars and Books: See next page. Trading Strategy Resources: The EasyLanguage Library and other analysis resources. Support: Discussion forums, FAQs, and more. The Help section of the Shortcut bar (shown on the right), and the Help menu, contain links to sections of the Support Center, such as TradeStation Training, Support Forums, and Account Services. These links will take you directly to those pages, bypassing the main Support Center page. 26

31 Tutorials, Seminars and Books This section of the Support Center provides access to a range of TradeStation training resources for everyone from the new user to the experienced trader. Tutorials are short audio-visual presentations designed to familiarize you with TradeStation's features: order entry, market analysis, and the TradeStation environment. To start a tutorial, click the Tutorials header on the left navigation page in the Support Center and click the Play button to the right of any tutorial title. To enhance your learning experience, we encourage you to listen to the audio narration along with the video. Note: Tutorials use a Flash plug-in and require that a properly configured version be installed on your system. 27

32 TradeStation QuickTips offer an easy way to learn about the many advanced features of TradeStation. Each QuickTip is a short, narrated video demonstration of a spotlighted feature. To view a QuickTip, click on the Play button to the right of its description. The LiveOnTheWeb header provides access to web-based classes on a variety of topics. Other presentations cover a range of topics from basic uses of TradeStation to more advanced concepts and EasyLanguage. Some include conversations with noted guests: traders, authors, analysts, etc. Click Schedule to see the list of upcoming presentations and register to attend. In the On-Demand Catalog you will find archived LiveOnTheWeb classes. They are organized onto tabs labeled: Essential Tools, Market Analysis, Strategy Trading, EasyLanguage, and Spotlight On. Note: Seminars require that a properly configured version of the Microsoft Media Player be installed on your system. 28

33 Live Classes and Events are held in our own offices and in major cities across the country. The purpose of these classes and special events is to help you take full advantage of TradeStation features including advanced analysis and order execution capabilities, as well as strategy backtesting and automation. Here you will find descriptions of the classes, class calendar, and registration information. TradeStation Books displays a variety of books, in hard copy and digital formats, on using TradeStation, EasyLanguage, and on market topics. All support, education and training services and materials on the TradeStation Securities Web site are for informational purposes and to help customers learn more about how to use the power of TradeStation software and services and to help provide other customer support. No type of trading or investment recommendation, advice or strategy is being made, given or in any manner provided by TradeStation Securities or its affiliates. 29