!QCL.MyIndex and the MyIndex products were originally the same. We were deciding what name to use and kept both.

Now there is a difference. We have released an extended version of the MyIndex product under the !QCL.MyIndex listing on the TradeStation Strategy Network.

In addition to being able to form custom indices like the Dow Jones Industrial Average, more involved calculations are possible based on the following formula:

Component = ((Symbol Close) ^ Power) * Multiplier + BaseValue

Components Combined = Component1 {operator1: +,-,*,/} Component2 {operator2} Component3 …

Composite = ((Components Combined) ^ CompositePower)) * CompositeMultiplier + CompositeBaseValue

You can still have custom indices like before, as seen in the left chart below. You can now also do more.

An interesting and simple use of the system is to put together custom currency pairs. In the demonstration workspace provided with version 4, the second of two charts (on the right) shows the EURAUD as created by a custom index based on EURUSD and AUDUSD. The values are compared and differences calculated by subtracting EURAUD prices. The slight differences are due to currency pair spreads. This information could be useful, as could be numerous other application of the new !QCL.MyIndex indicator.

If you are subscribed to the !QCL.MyIndex Strategy Network product, then you can download and run the demonstration workspace by clicking on the image below:

Let us know if you have any questions.