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The OBTR as charted by Livewire using 10-10-10 settings
visually looks like a slow reacting MACD chart with two
oscillating lines. It no more correlates to the price than
MACD does.
Someone here wrote a formula for MS that was supposed to
produce the same chart. Haven't seen the results of the
formula since I'm not versed enough in MS to use it and
don't have the time now to learn. If you are using that
formula and it looks like the price chart the formula
doesn't produce the results Livewire's does.
BTW, the NASD Composite still doesn't have a Sell signal
from OBTR. The main reason is the strength in Computers and
related issues. Also DJTA & DJUA both have Buy signals from
the OBTR. DJIA, SP500 and Pharmaceuticals and many others
are signaling Sell. Very confusing. This shows that we
have a very mixed market.
My gut says we might have a rally right after labor day to
again test 8200. I have done no selling even though the
DJIA & SP500 issued a Sell signal.
Bob Doeden
Chicago
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Cab Vinton wrote:
> Hi, All:
>
> I might be missing something, but just on a visual
> inspection, the On Balance True Range indicator
> seems to have an extremely high correlation with
> price ...
>
> ... in which case, where's the added value?
>
> (I should probably run a few correlation studies
> to verify this.)
>
> Cheers,
>
> CAB VINTON
> cvinton@xxxxxxxxxxxxxx
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