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 Home > Training > EzyChart Tutorials > Daryl Guppy indicators
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Daryl Guppy indicators & drawing tools - Tutorial

EzyChart v6 includes specialised indicators and drawing tools by Daryl Guppy. These include:

Indicators | ^TOP

The Daryl Guppy indicators can be applied to your chart by clicking on the Indicators tab in the Ribbon menu and then selecting an indicator from the Daryl Guppy drop-down menu.

Darvas Box (Modern) Indicator
The Modern Darvas Box is based on Nicolas Darvas' "Darvas Box Theory". In this modern version, the Darvas box is only closed when the close price is above or below the box.

By default the Darvas Boxes will be overlayed on your current chart and trading arrows will be turned on. You can change these settings using the Properties screen.

Guppy Multiple Moving Average (GMMA) Indicator
The GMMA consists of two groups of fast and slow moving averages. The relationship within each of these groups tells us when there is agreement on value - when they are close together and when there is disagreement on value - when they are well spaced apart.

By default the GMMA will be overlayed on your current chart. The chart will be made invisible so the GMMA is easier to view. You can toggle the chart on/off using the Properties screen.

For simplicity, the Guppy indicators are pre-configured for the most common parameters and logical placement. However, they are all fully-configurable through the Properties screen.

Drawing Tools | ^TOP

The Daryl Guppy drawing tools can be applied to your chart by clicking on the Drawing Tools tab in the Ribbon menu and then selecting a tool from the Stop Loss drop-down menu.

Count Back Lines (CBL)
The Count Back Line is a short term resistance or support line calculated, in a falling trend, by counting back two higher highs, and then projecting a horizontal line to the right. A close above this resistance line suggests the intermediate down trend has changed. Closes above or below the line are used to fine tune entry and exit points.

Count Back Lines Entry Short

Count Back Line Entry Long

The count back line can be used to set a trailing stop loss and trigger an exit when a trend starts to decline. This stop loss rule uses the range activity of the stock to set a stop loss point. The range is the distance between the high and the low for the day. It is calculated using the Count back Line approach. Taking the most recent highest high in the current trend, the stop loss point is calculated by counting back three lower bars. The horizontal line drawn at the bottom of the third bar is the trailing stop loss point. This stop loss is not related to the 2% rule. The line suggests the conditions where the trend may be weakening. When used with open profits, it provides an exit signal to protect those profits. The CBL signal should always be verified with other trend indicators.

Count Back Line Short - Stop

Count Back Line Long - Stop

The CBL is applied to your chart from the bar (date) you click on. An arrow marks this bar. You can change this position by clicking on the arrow and moving it with the mouse.
For more information on this tool, view Daryl Guppy's article - Placing the CBL Stop.

Average True Range (ATR)
The Average True Range tool in EzyChart sets the calculation point using the low, or the high price of the interval (day, week, month). It can be applied to both long side and short side trading. The default setting is a 2 x ATR range calculated on a 14-bar average but these are configurable. This tool does not show lower values. The line only advances where a new and higher ATR value is calculated in a rising trend. The reverse applies in a falling trend.

Average True Range - Short

Average True Range - Long

The ATR is applied to your chart from the bar you click on. You can change the ATR multiple (2) and range count (14) using the Properties screen.
For more information on this tool, view Daryl Guppy's article - Using effective ATR stops.

Daryl Guppy also uses parabolic trends; saucer patterns and trend volume tools. These can also be found in the Drawing Tools tab in EzyChart.

For simplicity, drawing tools selected from these menus have been visually pre-configured. However, they are all fully-configurable through the Properties screen.

Add a Daryl Guppy indicator to your chart | ^TOP

An indicator will remain on your chart until you either delete it or the chart from your workspace. The indicator will continue to update as you catchup your data. To add the Guppy Multiple Moving Average (GMMA) indicator to your chart, do the following:

  1. Open a chart.
  2. Select the Indicators tab from the Ribbon menu.
  3. Click on the Daryl Guppy drop-down icon to display the list of indicators.

  4. Select the GMMA indicator.

The GMMA indicator will be overlayed on top of your chart and the chart will be made invisible for easy viewing. If you would like to display the chart or wish to change the colours or other properties of this indicator, go to Change an indicators properties.

Add a Daryl Guppy drawing tool to your chart | ^TOP

A drawing tool will remain on your chart, in the position you placed it, until you either delete the tool or the chart from your workspace. If you leave it on your chart and continue to update your data the drawing tool may continue to project out from where you placed it.

The following instructions will show you how to add a ATR Long tool to your price chart.

  1. Open a chart.
  2. Select the Drawing Tools tab from the Ribbon menu.
  3. Click on the Daryl Guppy drop-down icon to display the list of drawing tools.

  4. Click on the ATR - Long tool to activate it. When you put the mouse on your chart you will notice that the icon changes to a pen and cross-hairs appear.

  5. Click the point on the chart where you want the ATR tool to appear.

The ATR Stop Loss (Long) drawing tool will be applied to your chart. If you want to change the properties of this drawing tool, refer to Change a drawing tools properties.

Change an indicators properties | ^TOP

The following instructions will show you how to change the properties for the Daryl Guppy GMMA indicator.
  1. Follow the instructions in add a Daryl Guppy indicator to your chart.
  2. Click on the Properties button in the top-left of the GMMA indicators panel.

  3. The Properties window is now displayed. This window has two sections. The tree-menu on the left-side is the hierarchy of items in the panel. The right-side of the screen updates dynamically with the configurable properties available for whatever is selected in the tree-menu.
  4. Select the GMMA indicator from the tree-menu to display its properties.

    There are four (4) main groups of properties for the GMMA indicator:

    Group Description
    Parameters Change the underlying stock this indicator is based on; make the indicator invisible; unhide the price display (chart) and change the linked axis.
    To show the chart under the GMMA indicator, do the following:
    1. Take the tick out of the Hide Price Display box.
    2. Click the Select button.
    3. You will now see the chart as well as the GMMA indicator.

    Fast Bands & Slow Bands - Line 1 to Line 6 The GMMA indicator is made up of six fast lines and six slow lines. These groups let you change the appearance of the fast lines. You can make them invisible; change their colour; make them thicker or thinner and change them from a solid to a dotted line.
    Lines This group allows the user to add horizontal lines to the indicator. By default this indicator doesn't have or need any lines.
    Shading This group allows the user to add shading to the indicator. You can shade between the indicator; lines and/or the top/bottom of the panel. By default this indicator has no shading. To add shading between the Slowest Fast Band and the Fastest Slow Band, do the following:
    1. Open the Shading group by clicking on the arrow.
    2. Click on the Add button.
    3. Select Series: Fast Band - Line 6 (Slowest) in the From cell.
    4. Select Series: Slow Band - Line 1 (Fastest) in the To cell.
    5. Choose a colour from the Colour cell.
    6. Choose a transparency for the colour from the Fill cell.
    7. Click the Select button.
    8. You will now see shading between these two lines on your chart.

  5. Make any changes you require to these properties.
  6. If these changes are just for this session then click the Select button to close the Properties window and view your changes.
    If you want to save these changes so they are always applied when you select this indicator from the Indicator tab on the menu, click the Save as Default button.
    If you want to delete this indicator, click the Delete button.
For more information on this indicator and its properties, click the help icon on this screen from within EzyChart.

Change a drawing tools properties | ^TOP

EzyChart v6 gives the user the ability to change drawing tools properties and visual appearance. In this example we are using the ATR Stop Loss (Long) but similar configuration is available for all drawing tools.
To change the properties for this drawing tool, do the following:

  1. Click the Panel properties button in the top-left corner of the chart panel.

  2. This will display the Properties window. This window has two sections. The tree-menu on the left-side is the hierarchy of items in the panel. The right-side of the screen updates dynamically with the configurable properties available for whatever is selected in the tree-menu.
  3. Select the ATR drawing tool from the tree-menu to display its properties.

    You will notice that in the image (above) the stock code AAC is displayed. This is because EzyChart can have individual charts or groups of charts. When you apply a drawing tool to a chart in a 'group of charts' you can choose to add it to the current chart or to add it to all the charts in that group. Obviously, certain drawing tools (like the ATR) are individual to the chart and it is unlikely that you would place an ATR at the same start point on different charts. Due to this, we have configured these drawing tools by deselecting the Apply to All Stocks in Group box in the Parameter group on the Properties screen.

    There are four (4) main groups of properties for the GMMA indicator:

    Group Description
    Parameters Make the tool invisible; apply this tool to all the stocks in this group; add text to this tool; hide the caption and end value; change the ATR count and the multiple values.
    Start Point This displays the x axis value and y axis value where the drawing tool is positioned (where you clicked the mouse.)
    Line This group lets you change the appearance of the ATR line. You can make it invisible; change the colour; make it thicker or thinner and change it from a solid line to a dotted one.
    Pivot Point Change the colour of the ATR pivot point (arrow).

  4. Make any changes you require to these properties.
  5. If these changes are just for this session then click the Select button to close the Properties window and view your changes.
    If you want to save these changes so they are always applied when you select this drawing tool from the Drawing Tool tab on the menu, click the Save as Default button.
    If you want to delete this drawing tool, click the Delete button.

Glossary of terms used in this tutorial | ^TOP

Chart Type
is a general term given to a type of chart, for example: Line Chart; Bar Chart; Candlestick Chart; Gann Swing; Kagi; Renko etc.
Drawing Tools
are found on the Drawing Tools tab on the ribbon menu. They are applied to your chart and/or indicators by selecting one from the ribbon and then drawing it on your chart. Some of these tools only require the user to click on the chart (i.e. ATR) whilst others need to be clicked and dragged (i.e. Parabolic Curve) to the required end position.
Indicators
and oscillators are found in the Indicators tab on the ribbon menu. They are applied to your chart by selecting one from the appropriate ribbon drop-down buttons. Indicators like the MACD will be added to a new panel on your chart tab whilst GMMA's will be overlayed on the chart itself.
Live Charts
are basically charts with some applied technical analysis. This could include indicators; trend lines; symbols; text and drawing tools. As Live charts update with new data the technical analysis you've applied will remain on the chart anchored to the place you added it.
Overlay
this term is used when you add an indicator or chart over the top of another indicator or chart instead of putting it into a panel.
Panel
the chart on the workspace consists of panels of data. Each panel is boxed and has a set of buttons which minimise, maximise, delete and show properties for the panel. A panel could contain a chart with security prices or an indicator.
Parameters
are properties in an indicator that are used in the calculation of that indicator. Some indicators have parameters that can be configured by the user.
Placement
refers to where an indicator is placed on your workspace. An indicator can be overlayed on a chart or another indicator or it can be put into its own panel.
The Workspace
contains charts for any stocks or groups of stocks you have opened from the Stock Selection Docker. This is the area of the program where you add indicators and drawing tools to the charts you've opened. You can save workspaces or create a new one each session. Workspaces will automatically update with new data each time you do a Catchup in BodhiGold.