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I am forwarding this message with attachment in hopes that someone in the group is savvy enough to
build an indicator from this information.
The purpose of the indicator is to find the lowest low between two highest highs. Take the number of
days between the two highest high multiply this by 1.28, then add the result to the lowest low.
More information in the attachment.
Any help will be greatly appreciated.
Carlin
Return-Path: troutman@xxxxxxxxxxxx
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From: "Troutman, Defender of Sticks" <troutman@xxxxxxxxxxxx>
To: "Carlin L. Guidry (E-mail)" <carl2b@xxxxxxxxxxx>
Subject: 1.28 indicator
Date: Sun, 19 Oct 1997 07:36:15 -0700
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Carlin,
I can't find a reasonable way in MetaStock's language to build an
indicator for this. Apparently the ZigZag function should be
able to find peaks and troughs, but I didn't find a quick and
obvious way to write a program to do it. Your MetaStock users'
group will likely be more help.
Here's a basic description of the indicator, if it helps. Ignore
that thing you got from Omega; it's useless. This isn't written
in an indicator programming language; it's sort of Troutspeak...
Oh, and this is to calculate based on two highs and a low. Just
switch everything around to do two lows and a high...
! Some initial variable value definitions
nearHigh = most recent high price;
2ndNearHigh = the previous high peak;
nearLow = the most recent market bottom;
2ndNearLow = the 2nd-most-recent market bottom;
! We do the following to figure out whether the most recent
! low price comes AFTER the nearest high. Since we need the
! low to be in between the nearest and 2nd-nearest high peaks,
! we'll go to the second-nearest low if that's the case.
if ( bar number of nearLow is greater than nearHigh bar num ) then
targetLow = bar number of 2ndNearLow;
else
targetLow = bar number of nearLow;
endif;
! Now we get the distance between the two high points and calc
! the bar count. Round up or down to get a whole bar count.
distance = ROUND( ( nearHigh bar num - 2ndNearHigh bar num ) * 1.28);
! Add the distance to the low bar number, and that gives us the
! future target turning point.
futureTurn = bar number of targetLow + distance;
! Finally, plot something to show where everything is.
plot an arrow/dot/line/whatever above 2ndNearHigh bar;
plot something above nearHigh bar;
plot something below targetLow;
plot a vertical line/whatever at futureTurn bar;
That's it! Don't even know if it's possible, but it's a start.
Oh, by the way, the reason I couldn't view those pictures was because
they had an extension of .JPEG, not .JPG. My viewing program wasn't
looking for that type of file extension; stupid thing.
Anyway, hope this is useful to some degree.
Sticks
--
Troutman, Defender of Sticks (aka) Jonathan Matte, President
troutman@xxxxxxxxxxxx Defender Capital Management
Introducing Broker
http://www.teleport.com/~troutman
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