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Hello!
I have found a nice indicator called "Moving Average Channel"
(MAC) while working through Schwager's "Technical Analysis"-
Book.
How it works:
Two EMAs are embedded in the chart:
one n-day EMA of highs & one n-day EMA of lows (n may be 28 or
what You like...)
If a divergence of an oscillator (DMA, MACD, ...) occures, a signal
is generated when the close price leaves the range between both
EMAs.
p.e.: A bullish divergence occures: the chart goes down and the
oscillator gives an uprising tendency. So a change of the trend may
happen in the near future. When the close price penetrates the
EMA of highs a buy signal is set.
Unfortunately this indicator can not be used in AmiBroker:
These EMAs have to be enbedded both in the chart.
But additional lines cannot be shown in the mainchart and the
custom charts only allow three charts, of which the third is plotted
as a bar chart.
It would be nice, if the custom indicators would be able to plot min.
three line charts (+ a bar chart). Envelopes would so be useable...
Here is the book (I think most of You know this, because it may
called a "standard"):
Schwager, J.D.: Schwager on Futures - Technical Analysis, John
Wile & Sons Inc., NewYork (1996) (ISBN- 0-471-02051-6)
Greetings!
Michael Wilde
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