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william robson <robbossuk@xxxxxxxxx> wrote:
> I have read about an Indicator devised by a Canadian named Ron Miesel.
> It is calculated on the closing price over a ten day period.
> Each day it close higher +1 is registerd, each day it closes lower -1
> is registerd. It it is unchanged 0 is registerd.
> Then over the ten day period the lows are subtracted from the highs and
> this result is plotted.
> His theory is the stock was overbought at +6 and oversold at -6.
That's right. It's a short term timing tool - it's not worth using for long
term investors. Some have also suggested using periods of 25 or 50 days
though I use only 10 days. Others have suggested it's very useful when used
in conjunction with Welles Wilder's RSI.
> I would like to know if anyone knows of this indicator, and suggest a
> formula for it to use in Metastock.
Sum(If(C > Ref(C,-1), +1, If(C < Ref(C,-1), -1, 0)),10) is what I've got. I
hope it's right.
Regards. David
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