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Hi,
I posted this a couple of weeks ago but unfortunately I did not get a
reply. Can anyone out there help with Countback Lines?
Some charting programs now do this automatically (Ezy Charts) and I wonder
whether this can be done efficiently and fairly automatically in Metastock.
Essentially the principle behind countback lines is that they provide a
short term resistance or support line. They are constructed as follows
(From Daryl Guppy's Tutorials in Applied Technical Analysis
www.ozemail.com.au/~guppy/). (I recommend this site to everyone)
"In a falling trend, one counts back two higher highs and then projecting a
horizontal line to the right. A close above this resistance suggests that
the trend has changed. In a rising trend, it is calculated by counting
back two lower lows. A close below this support line suggests that the
trend has changed. The countback line can be used to fine tune entry and
exit points."
Obviously, this can be done by hand but they may need to be recalculated
and redrawn daily. Is there a way for Metastock to do this automatically
or semiautomatically? Any help would be greatly appreciated.
Another question where the answer has so far escaped me. If one was to
pick an exploration and get a report with say a list of 100 stocks. Can
one then run another exploration on those stocks only?
Thanks,
Andrew
________________________________________________________________________
Andrew J. Kornberg
Department of Neurology
Royal Children's Hospital
Melbourne, Australia 3052
email: kornberg@xxxxxxxxxxxxxxxxxxxxxxxxxx
Phone: + 61 3-9345 5661
Fax: + 61 3-9345 5977
________________________________________________________________________
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