Product Review: Ensign Software by Dennis D. Peterson
Ensign Software is an application that you can install on either Windows XP or Windows 7. It provides charting software using a variety of datafeeds, including free broker feeds from Interactive Brokers and TransAct Futures. Ensign also works with a free Yahoo! Finance feed and includes a free forex feed from FXCM. It also includes a couple of features that are unique.
Ensign has the usual price bars plus 11 trademarked bars, which are mostly variations of candlesticks. For example, the Ensign rocket is a candlestick-style bar where the wick has been drawn thicker to show direction (Figure 1).
When setting the time scale, you have some options that are rarely seen and some that are unique. One of the options is to designate the number of ticks that will be used in a bar. We have seen this in TradeStation, when we reviewed the Jurik indicators. When you create a bar that is based on the number of ticks, the x-axis is now timeless, since a bar is no longer created based on a fixed time period, but on a fixed number of ticks. Another option is to create a chart based on range change (Figure 2). In other words, only create a new bar if the range exceeds a value — that is, if price trades within the range of the latest bar, then a new bar is not shown.