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One regularly hears variations
of the following.
“If the Close is near to the day’s High
it indicates that the Bulls rule on this day”.
And presumably vice versa.
Indications eh?
Shouldn't be too dificult to find something to plot.
Here are three simple Indicators, G1, G2 & G3, based around the above
theory.
Check the attachment.
Position all three below your selected chart and observe the subtle
differences.
(A medium and a longer term indicator based on percentages will come in
a separate post.)
Kind regards
Gerard
// G1 plots Close minus High
GraphXSpace=6;
Plot(A=WMA(WMA(C-H,25),10)," G1 C-H ",27,4) ;
Plot(AA=WMA(A,7),"",4,4) ;
Plot(A-AA,"",19,2+65536) ;
Buy=A>AA ;
Sell=A<AA ;
Color=IIf(Buy,27, IIf(Sell,4,
IIf(BarsSince(Buy)>BarsSince(Sell),7,6)));
Plot(5,"ribbon",Color, styleOwnScale|styleArea|styleNoLabel, -0.5,100 );
// G2 plots Close minus Open
GraphXSpace=6 ;
Plot(A=WMA(WMA(C-O,25),10)," G2 C-O",27,4) ;
Plot(AA=WMA(A,7),"",4,4) ;
Plot(A-AA,"",19,2+65536) ;
Buy=A>AA ;
Sell=A<AA ;
Color=IIf(Buy,27, IIf(Sell,4,
IIf(BarsSince(Buy)>BarsSince(Sell),7,6)));
Plot(5,"ribbon",Color, styleOwnScale|styleArea|styleNoLabel, -0.5,100 );
// G3 plots Close minus Low
GraphXSpace=6;
Plot(A=WMA(WMA(C-L,25),10)," G3 C-L",27,4) ;
Plot(AA=WMA(A,7),"",4,4) ;
Plot(A-AA,"",19,2+65536) ;
Buy=A>AA ;
Sell=A<AA ;
Color=IIf(Buy,27, IIf(Sell,4,
IIf(BarsSince(Buy)>BarsSince(Sell),7,6)));
Plot(5,"ribbon",Color, styleOwnScale|styleArea|styleNoLabel, -0.5,100 );
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Attachment:
G1, G2 & G3 Market Indicators.doc
Attachment:
Description: "Description: MS-Word document"
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