When you create a new custom parameter, the first thing you must decide is which TYPE it will be. Your decision will determine how this parameter will behave for you. There are 5 choices; each is described in depth below.
Remember: for both standard and custom parameters, that to use a parameter after you set it up, you must check it on.
To create a new custom parameter:
- click ADD
- Choose the type the parameter will be
- Write your own descriptive name
- The help text is optional (see below)
- Click Create
- Check the checkbox √ beside the parameter to turn it on, so it shows up on the Trade Input Tab and in other dialogs
Type NUMBER allows you to input any number value into your trade input.
Advantages of using type=Number:
- Automatically added up in reports you create on the Analysis tab;
- Automatically averaged in reports you create on the Analysis tab;
- Automatic detection of highest value and lowest value in reports you create on the Analysis tab;
Disadvantage of using type=Numbers:
- The information for this parameter doesn’t show on the summary tab.
Options can hold text or numbers, but you must select the possible values in advance on the Setup Tab. You don’t create them on the fly in the Trade Input tab.
After you create the new parameter of type option, you then click the word options next to the parameter name. Right-click to add, edit or remove each option. You can come back at any time to modify your options.
When you input a trade on the Trade input tab, the option you create for these parameter types appear as a drop down menu for you to choose from. You can modify the order of these options within the drop down menu. On the setup tab click the word options then drag each one into the order you like.
If there is a particular option you use more often than not, you can set it as the default. That means it will be pre-selected for you when you begin entering a new trade. You can overwrite that selection if you want of course too. If an option is the default, it appears as bold in the list of names and has a dot to the left side. Here is an example of using this:
To turn off the option as a default choice, again right-click on its name and again choose ‘set as default’, to turn this off.
Advantages of using type=Option:
- You can create custom reports on the Analysis tab with all trades of any one option you created, so it’s easy to isolate what’s going on with all those particular trades.
- You can see a table on the Summary tab for this parameter with all its options broken down, showing amount made, amount lost, break even, etc.
Disadvantage of using type=Option:
- You can’t add, average or detect high and lows on the Analysis tab with options.
- You can’t use random values on the Trade Input tab – you have to set your categories up in advance with all your options.
Text parameters are like short notes about a trade. (Remember you have the standard parameters Notes and Lessons Learned you can turn on and use for longer notes too).
Advantages of using type=Text:
- You can enter whatever you like on the Trade Input Tab.
- You can view this parameter in any custom report you create on the Analysis Tab.
Disadvantages of using type=Text:
- You can’t add, average or detect high and lows on the reports you create on the Analysis tab.
- You can’t see these on the Summary tab.
Calculation Parameters are like setting up a mini-spreadsheet for each trade. Please refer to the section about Calculation Parameters in the Knowledge base for complete instruction and examples.
The results of the calculations appear in the analysis reports but not in the summary tables.
The URL type parameter allows you to include movies or additional files other than static screenshots. The URL parameter is essentially a pointer to these external files, or a link to their address.
Files can be stored on your computer or online cloud storage.
In this movie you can see an example of using the URL parameter with a video about a trade:
Help Text To Display
As you create a new parameter you will notice a big blank box called Help text to display with the parameter:
You may create parameters whose meanings will be easy for you to remember and obvious to you later on. But there may be parameters that you create for yourself that are more complex, or that you’ve named in such a way that you don’t quite remember what you set them up for.
The Help Text can serve as your own reminder to yourself about what your intention with each parameter is. Write whatever you like in this box to help keep things clear and describe what your parameter will be used for.
As you then enter your trade in the Trade Input tab you will be able to gently roll your mouse over the parameter name and this help text will pop up.