Charting and Studies User Guide - CQG.com

HVOL Steps (HvlStep)
Philosophy
This study records the closing value of a bar when the moving average of the Historical
Volatility crosses up or down.
Page 517
Each momentum indicator has different characteristics and therefore different trading
opportunities. Historical volatility is not an absolute track of momentum in itself and therefore
signals should not be interpreted as defining beginnings or ends of trends, but rather changes
in the underlying characteristics of the market itself.
Interpretation
In contrast to most of the other Step Studies the default does not record the bar value, but the
study value. This is because we are not tracking momentum but shifts in Volatility. If either
study Steps up Volatility is rising and vice versa.
For a more detailed description of these studies, go to the CQG Web site at
http://www.cqg.com/Docs/Trading_Time.pdf.
HVlStep Parameters
Name Default Definition
Display Both Dictates whether both Steps or just individual ones are shown.
Value to Record bars Either to record base study output or price value.
Price Close Disabled if Base study is selected as Value to Record.
HVol Type Percent What calculation is to be used.
HVol Period 21 Period of HVOL.
HVol Ann.Factor 250.0 This reflects how many trading years there are in a year.
MA Period 13 Period of Moving Average above HVOL.
Charting and Studies User Guide