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<SPAN
class=046091717-25082003>Dave,
once
the counter move from the recent high or low exceeds the percentage that you
have selected for zig a new leg is drawn. Prior to that thresh hold being met
Zig may still show an upward bias while your stock falls. Once the thresh hold
is met Zig finds the recent high and draws the new leg from that point. From
this point the previous leg is locked. Any new counter move will result in a NEW
leg. So lets say you have set zig to 5%. Price has been rising but is now
weakening. As the stock falls zig follows it while still showing an upward
bias. As your stock penetrates the the 5% threshold (from the most recent
high) Your upward bias magically becomes a downward bias drawn from the most
recent high.
<SPAN
class=046091717-25082003>
<SPAN
class=046091717-25082003>Previous legs are never changed, only the current leg.
Zig can tell you the bias of the current leg but , just as in real life, that
bias can change once a counter move from the recent high or low is exceeded by
the percentage you set as a thresh hold. This is easy to follow in a short term
RT chart. Try plotting 1 minute data and setting zig to .10% (1/10). Watch it a
few minutes and you will get the idea.
Regards,
Jayson
<FONT face=Tahoma
size=2>-----Original Message-----From: Dave Merrill
[mailto:dmerrill@xxxxxxx]Sent: Monday, August 25, 2003 11:09
AMTo: amibroker@xxxxxxxxxxxxxxxSubject: RE: [amibroker]
simplest way to detect a reversal of direction in an
indicatorhmmm. I guess I'm not sure how to know when
zig-related functions are ok touse and when they're not. I do understand how
AFL code can look into thefuture; even something as simple as Ref(C, 15)
gets you closing price from afuture date.I know there's lots of talk
in the list archive about this, but I neverfound a conclusive statement
about when zig was legitimate for currenttrading and when it wasn't. TJ, or
someone, could we have a genuinestatement on how to tell?I still
think there must be a non-zig answer to my original quesiton aboutdetecting
simple reversals of direction. any
takers?thanks,dave> I realsie that there are
limitations on the use of zig, but if you are> looking for a change of
direction, it can be used successfully. I actually> do not understand how
something can look into the future, and my use of> peaks/troughs has
shown me that it sets the last change in> direction at that> time
and this does not move. Only the last, most recent leg> remains
flexible> as it follows the current price, until that preset change
is> made. This then> sets the highest/lowest when this occurred,
and continues with a new leg.> I have used it successfully in my
support/resistance levels using> peaks/troughs of the RSI
indicator.Send
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