eSignal 7.0 introduced users to Advanced Charting and eSignal Formula Scripts (EFS). This generated a lot of excitement and has blossomed into an unbelievable technical analysis tool. With members going over the 20,000 mark and more than 25,000 files on our eSignal Central File Sharing site, our user community is sharing an almost endless supply of formulas.

As we close out our 7 Series with the 7.9 release of eSignal, we look forward to the next step in the evolution of EFS by introducing EFS2. This article will give you information on this new enhancement to our formula scripting tool and let you know what to expect in the future.

Backwards Compatibility

EFS2 is not a replacement of EFS but should be considered more of an enhancement. The underlying core of our scripting language hasn’t changed and every formula that was written in previous versions of eSignal will continue to perform in the same manner as it always has. The advancement that EFS2 brings is the simplification of the language, the introduction of new functions and the ability to look at multiple symbols and / or intervals in a more efficient manner.

We’ve also introduced the idea of creating built-in and user-defined libraries to allow you to simplify a study’s code by calling on functions within these libraries instead of having to include all the code for each function in every study.

What This Means to You…

While EFS2 has now simplified the coding of a formula study, it still hasn’t made coding easier for the typical trader who doesn’t have a background in programming. This may seem like a negative, but these changes have now made it a lot easier for developers to create simple studies quickly and allows them to create much more complicated studies with less effort.

This means there will be an even greater number of studies becoming available on eSignal Central, as well as a lot more opportunities for 3rd party developers to offer add-on studies through eSignal. This will also attract even more developers to eSignal, which will benefit everyone.

EFS Enhancements (EFS2):

• Multiple Time Frame Support. Built-in and custom studies may now be based on external intervals to easily create multiple-time-frame studies. Prior to 7.9, this type of study required some complex coding on the user's end because there were no automated facilities to synchronize the data between intervals. This synchronization routine is now handled by the new EFS2 engine.

• External Symbol Support. In addition to external intervals, built-in and custom studies can now be based on external symbols. The time stamp synchronization routine between the two symbols is also handled by the new EFS2 engine.

• Built-in Studies Enhancements. The EFS2 Built-In Studies functions have been simplified to require fewer parameters and quicker access to each of their return values.

• Simplified Study-on Study Formulas. The process for creating study-on-study formulas using the built-in studies has also been simplified to require less code. The Built-In Study functions now accept custom studies as the price source as well. The custom studies may be coded internally to the formula or they can be separate, complete formulas.

• Drawing Functions Enhancements. New, simplified drawing functions have been added, which have a new Location parameter that allows the EFS2 engine to automatically position the graphics in the user selected location.

• Function Libraries. This is a new feature introduced with EFS2 that allows developers and users to create libraries of custom functions. These functions can be accessed by any formula with a single line of code. This is similar to how any of the current EFS functions can be used.

• EFS2 ToolBox. This is a new tool in 7.9, accessible from the toolbar in the EFS Editor (see Figure 1). The ToolBox lists all available EFS functions with descriptions for each parameter. This tool assists the user with the proper setup and selections for each of the functions' parameters, which can then be inserted directly into your formula code. Function Libraries may also be set up to appear in the ToolBox as well.

Figure 1: New EFS2 Toolbox Designed to Make it Easier to Create Studies

What’s Coming Next…

EFS2 enhancements are really being introduced in 2 phases. Phase 1 is what you now have available in the 7.9 release, and phase 2 will be released with eSignal 8.0, which is due out later this year. In this second phase, there will be much more for the individual user. Our plan is to include a new user interface, which will be the front end of our formula engine.

This new tool is still in the design phase, but we want to create something that will allow users to build studies without the need to do any actual coding. You’ll be able to use pull-down menus and plain English descriptions to develop your own study.

We’ll also be introducing a newer version of our back testing tool, which will be tied to this study interface and even allow a user to create a full trading strategy. You’ll be able to display the study in a chart, as well as perform detailed back testing analysis to help you fine tune that perfect trading system.

We’ve come a long way since the introduction of Advanced Charting and have only scratched the surface. Our upcoming 8 Series releases will continue to take eSignal’s technical analysis tools to a whole new level and place us well ahead of the competition. Please take the time to upgrade to the 7.9 release and start benefiting from the power of EFS2.