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Nice code.
You ask although
x0=LastValue(ValueWhen(pivotlow AND L<y1,Cum(1)-1,1));
and, respectively
x2=LastValue(ValueWhen(pivothigh AND H>y3,Cum(1)-1,1));
In this way, some first points may go back more than 2 years.
In the specific case when the recent pivothigh is the highest in the
available stock history the trendline will not be defined. The same
when the recent pivotlow is the lowest [many N100 stocks would be
without support line back in Oct2002...].
Besides that, if the recent pivothigh is the highest, the resistance
line has a strange beginning.Try for example to import is some
database APOL from Feb2001 till now to see what I mean.
Dimitris Tsokakis
--- In amibroker@xxxxxxxxxxxxxxx, "marmal417" <marmal@xxxx> wrote:
> Yes, that's it! Now it automatically draws the most recent demand
> line. I took the liberty to add a supply line by mirroring your
code
> and making the small changes necessary, but I never understood what
I
> was doing :-) I noticed a weird thing when this indicator is
applied
> to a stock making a new all time high. If the most recent pivothigh
> is higher than any other pivothigh in the database then a line is
> drawn from the bottom in the middle of the chart through the most
> recent pivot high. It looks really strange. Can the code be
modified
> to draw no supplyline when there are no higher pivots to draw the
> line from and draw no demand line when there are no lower pivots to
> draw the line from?
>
> The basis for the systems I have seen based on TD Lines is that you
> buy/cover when the supplyline is exceeded and sell/short when the
> demand line is broken. Trendlines let you know in advance the day
> before, the value of the trendline for the next trading day by
> calculating the slope of the line and adding it to today's value of
> the line. Therefore, one can place the orders in the evening as
stop
> orders so if a line is broken during the day a position is taken.
> Anyway, I wrote the values of the lines for the next day in the
> title. I realise it's not perfect, because some lines are no longer
> valid lines (for example a supply line that has been exceeded
etc.).
> But more on that later.
>
> There are more improvements to be made, but I think it's getting
> there :-)
> //Martin
>
> Here is the modified code with both a supply and demand line:
>
> Plot(C,"",colorBlack,styleBar);
> pivothigh = Ref(H,-1)<H AND H>Ref(H,1);
> pivotlow = Ref(L,-1)>L AND L<Ref(L,1);
>
> x1=LastValue(ValueWhen(pivotlow,Cum(1)-1,1));
> y1=LastValue(ValueWhen(pivotlow,L,1));
> x0=LastValue(ValueWhen(pivotlow AND L<y1,Cum(1)-1,1));
> y0=LastValue(ValueWhen(pivotlow AND L<y1,L,1));
> x3=LastValue(ValueWhen(pivothigh,Cum(1)-1,1));
> y3=LastValue(ValueWhen(pivothigh,H,1));
> x2=LastValue(ValueWhen(pivothigh AND H>y3,Cum(1)-1,1));
> y2=LastValue(ValueWhen(pivothigh AND H>y3,H,1));
>
> supplyline=LineArray(x2,y2,x3,y3,1);
> Plot(supplyline,"",colorRed,styleLine|styleThick|
> styleNoRescale|styleNoLabel);
> demandLine=LineArray(x0,y0,x1,y1,1);
> Plot(demandLine,"",colorBlue,styleLine|
> styleThick|styleNoRescale|styleNoLabel);
>
> PlotShapes((Cum(1)-1==x0 OR Cum(1)-1==x1)
> *shapeSmallCircle,colorBlue,0,L);
> PlotShapes((Cross(Cum(C<demandLine AND Cum(1)-1>x1),0))
> *shapeDownArrow,colorRed,0,H);
> PlotShapes((Cum(1)-1==x2 OR Cum(1)-1==x3)
> *shapeSmallCircle,colorRed,0,H,12);
> PlotShapes((Cross(Cum(C>supplyline AND Cum(1)-1>x3),0))
> *shapeUpArrow,colorGreen,0,L);
>
> Title= Name()+" "+Date()+EncodeColor(colorBlack) +" Open-"+WriteVal
> (Open)+" Hi-"+WriteVal(High)+" Lo-"+WriteVal(Low)+" Close-"+WriteVal
> (Close) +EncodeColor(colorBlue)+WriteVal((y1-y0)/(x1-x0)+LastValue
> (DEMAndline))+EncodeColor(colorRed)+WriteVal((y3-y2)/(x3-x2)
+LastValue
> (supplyline));
> GraphXSpace=4;
> --- In amibroker@xxxxxxxxxxxxxxx, "johsun" <johanskatt@xxxx> wrote:
> > OK, I think I get it. Is this what you're looking for?
> >
> > Johan
> >
> >
> > Plot(C,"",colorGreen,styleBar);
> > pivotlow = Ref(L,-1)>L AND L<Ref(L,1);
> >
> > x1=LastValue(ValueWhen(pivotlow,Cum(1)-1,1));
> > y1=LastValue(ValueWhen(pivotlow,L,1));
> > x0=LastValue(ValueWhen(pivotlow AND L<y1,Cum(1)-1,1));
> > y0=LastValue(ValueWhen(pivotlow AND L<y1,L,1));
> >
> > Line=LineArray(x0,y0,x1,y1,1);
> > Plot(Line,"",colorBlue,styleLine|
> > styleThick|styleNoRescale|styleNoLabel);
> > PlotShapes((Cum(1)-1==x0 OR Cum(1)-1==x1)
> > *shapeSmallCircle,colorBlue,0,L);
> > PlotShapes((Cross(Cum(C<Line AND Cum(1)-1>x1),0))
> > *shapeDownArrow,colorRed,0,H);
> >
> >
> > Title="TD Demand Line";
> > GraphXSpace=4;
> >
> >
> >
> >
> > --- In amibroker@xxxxxxxxxxxxxxx, "marmal417" <marmal@xxxx> wrote:
> > > Thank you very much, Johan. I replaced all the SelectedValue
with
> > > Lastvalue to only get the most recent trendline. I think your
> > formula
> > > does exactly what I described. However, after looking at some
> > charts
> > > I realised my description was a bit wrong. You see, there
should
> > > always be a demand line (upward sloping line) connecting the
most
> > > recent pivot with the second most recent pivot that is also
lower
> > > than the most recent. This code compares the two most recent
> > > pivotpoints and if the second most recent is greater than the
> most
> > > recent, then no line is drawn. What it really should do is
first
> > > identify the most recent pivot, and then go back and look for
the
> > > next pivot that is lower and connect those two with a line,
> > wherever
> > > that next pivot is. The exception is when a stock makes a new
all
> > > time low, because then no lower pivot point can exist to draw a
> > line
> > > from.
> > >
> > > Maybe this requires a lot more programming, but can it be done?
> > >
> > > So far I think it's a great start!
> > > //Martin
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