Type Parameters

Type Param.	Function
INPUT	Creates an overlay formula. Values are rendered in the units of the underlying instrument in all windows.
SERIES	Creates a conventional formula. In chart windows, values are rendered in decimals. In quote windows, values are rendered in the units of the underlying instrument.

These parameters control classify the formula as an overlay or a conventional study. All formula studies must contain a Type parameter. Using a Type parameter creates a formula that is available to you via the Select Formula Study menu. In effect, a Type parameter differentiates a formula (a mathematical expression) from a formula study (a mathematical expression that constitutes a study).

The Type parameter you use in a formula study determines whether the formula study is an overlay or a conventional study and, therefore, under which heading it appears in the Select Formula Study menu. You must use either one (but not both) of the Type parameters in a formula study.

A formula study’s Type parameter does two things: first, it passes the bar data in the active window to the formula study, and second, it determines under which heading the study’s name will appear in the Select Formula Study menu. In a “simple” formula, you identify a data series using an instrument constant or an instrument variable. In a formula study, the Type parameter performs the same task.