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Hello Randy,
I'm not sure what the problem is, but I suspect it has to do
with the the ZigZag function. The default value is 5%, but
I'm not exactly sure what the "5%" is based on (does some-
one else know?), all I know is that it is based on the price
in some way. Below you will find an updated version that
allows the "%" amount to be chosen. Have you found any
benefit from this indicator? I personally found it to be a
little unreliable, but perhaps someone has found useful.
{ ZB8 }
PPN:=Input("Peak Percent",1,9,5);
IRH:=If((Zig(C,PPN,%)>Ref(Zig(C,PPN,%),-1))AND
(Zig(C,PPN,%)>Ref(Zig(C,PPN,%),1)),
{then}C,{else}0);
IRL:=If((Zig(C,PPN,%)<Ref(Zig(C,PPN,%),-1))AND
(Zig(C,PPN,%)<Ref(Zig(C,PPN,%),1)),
{then}C,{else}0);
ZB8:=If(BarsSince(IRH>0)<BarsSince(IRL>0),
{then}(ValueWhen(1,IRL>0,C)+
ValueWhen(2,IRH>0,C))
-ValueWhen(3,IRH>0,C),
{else}(ValueWhen(1,IRH>0,C)+
ValueWhen(2,IRL>0,C))
-ValueWhen(3,IRL>0,C));
ZB8;
Best wishes,
Adam Hefner.
VonHef@xxxxxxxxxx
-------------------------------------
-----Original Message-----
From: The Lurker <rcbarlow@xxxxxxx>
To: metastock@xxxxxxxxxxxxx <metastock@xxxxxxxxxxxxx>
Date: Saturday, January 09, 1999 3:47 PM
Subject: Re: Zero Balance
>Von Hef wrote:
>>
>> Well,
>> Here is my effort to code Larry Williams "Zero Balance" to MetaStock.
>> There are some differences I should point out:
>>
>> Larry Williams uses High's and Low's in his calculations, and I used
>> closing prices.
>> Instead of plotting actual points, I found (for forecasting future
>> values) that
>> graphing the actual "Zero Balance" in a stairstep fashion works pretty
>> well.
>> I was also unable to calculate the "Important Recorded High's and
>> Low's"
>> in the same fashion as Williams, so I used 5% ZigZag in my
>> calculations,
>> which seems to give similar results.
>>
>> { ZB8 }
>> IRH:=If((Zig(C,5,%)>Ref(Zig(C,5,%),-1))AND
>> (Zig(C,5,%)>Ref(Zig(C,5,%),1)),
>> {then}C,{else}0);
>> IRL:=If((Zig(C,5,%)<Ref(Zig(C,5,%),-1))AND
>> (Zig(C,5,%)<Ref(Zig(C,5,%),1)),
>> {then}C,{else}0);
>> ZB8:=If(BarsSince(IRH>0)<BarsSince(IRL>0),
>> {then}(ValueWhen(1,IRL>0,C)+
>> ValueWhen(2,IRH>0,C))
>> -ValueWhen(3,IRH>0,C),
>> {else}(ValueWhen(1,IRH>0,C)+
>> ValueWhen(2,IRL>0,C))
>> -ValueWhen(3,IRL>0,C));
>> ZB8;
>>
>> One of the ways Williams teaches to use Zero Balance is to look for 3
>> consecutive
>> moves of ZB8 in the same direction (up or down, rather than up and
>> down), he claims
>> that many tops and bottoms can be detected this way. I have attached
>> some graphs
>> showing what he means.
>>
>>
>>
>>
>> Does this work everytime? I dont know, I just developed the code last
>> night,
>> and I will test further. Could this next chart be signaling a market
>> turn? Time
>> will tell.
>>
>>
>>
>>
>> ZB8 calculates the value Zero Balance point 8 should be,
>> In other words the peak or trough of the close shown on the
>> chart is where point 7 is calculated from, and the dashed line
>> of ZB (that starts on the same day as a peak or trough ) is
>> the projected value of the next peak or trough (ZB8). Williams
>> claims that if the price is above ZB then it is "overbought",
>> and if below ZB then "oversold". Williams seems to promote
>> the 3 moves instead of overbought/oversold aspect.
>> Now if you followed all that, this next formula will calculate the
>> value of ZB point 9, keep in mind that this is plotting the ZB value
>> that WILL be, a peak and trough in the future.
>>
>> { ZB9 }
>> IRH:=If((Zig(C,5,%)>Ref(Zig(C,5,%),-1))AND
>> (Zig(C,5,%)>Ref(Zig(C,5,%),1)),
>> {then}C,{else}0);
>> IRL:=If((Zig(C,5,%)<Ref(Zig(C,5,%),-1))AND
>> (Zig(C,5,%)<Ref(Zig(C,5,%),1)),
>> {then}C,{else}0);
>> ZB9:=If(BarsSince(IRH>0)<BarsSince(IRL>0),
>> {then}(ValueWhen(1,IRH>0,C)+
>> ValueWhen(1,IRL>0,C))
>> -ValueWhen(2,IRL>0,C),
>> {else}(ValueWhen(1,IRL>0,C)+
>> ValueWhen(1,IRH>0,C))
>> -ValueWhen(2,IRH>0,C));
>> ZB9;
>>
>> Perhaps there is a better way to do this.......... please feel free
>> to comment,
>> Adam Hefner
>>
>>
>> [Image] [Image]
>
>Adam,
>I am not at all familiar with Metastock programming although I use
>Metastock 6.5(6.52), but my question is: Why does the above code not
>work on Financials such as Jap Yen, Swiss Franc, Br Pound, etc?
>Is there another way to code this to work on Currencies?
> Thanks
> Randy
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