Automated strategies can readily make calculations based on different time frames. So calculating a moving average, RSI, or Stochastic on each different time frame shown on the chart is straight forward. Automated strategies can also access time frames and symbols not shown on the chart using advanced EasyLanguage Objects.
One key TradeStation limitation is that you cannot mix on the same chart time-based bars, such as 5-minute bars or Daily bars, with non-time based bars, like Renko, Range, Momentum, Kase, Kagi, 3-Line Break, Point and Figure, and Tick bars. And you cannot display more than one non-time based bar type and interval on a chart. This is because the non-time based bars do not begin or end at any regular time interval, so there is no way to align them in time with time-based bars which fall at regular time intervals. Non-time based bars are often called price or volume bars, as they are based on price changes or volume changes which do not happen in any prescribed time. Non-time based bars are often used when trading Futures or Forex symbols, or for any symbol to filter out time-based noise or price / volume fluctuations. Non-time based bars, like multiple time frames, provide additional perspectives when trading.
While price and volume bars can be very powerful, they also have some very significant limitations. These limitation often trip up traders who use them in back-testing a trading strategy on historical data and automated trading strategies. Emerald Trading Technologies, Inc. can help with this. We also offer very advanced techniques to mix time-based and non-time based bars within an automated strategy.