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I received this. I'm not quite sure how many people wrote this.
I can't comment on the Metastock code ... I use the Excel version.
Please refer to Chapter 4+ in "Street Smarts" for the set-up patterns why
they used the Turtle Soup and the Turtle Soup plus One.
The 20 day breakout was made popular by Donchian and has been a widely
followed "turtle trader" pattern. Always best to watch out for this pattern
so that you don't get run over by the "turtles" <G>
Best regards
Walter
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I received your E-mail from Walter, who monitors the Equis-Mailinglist.
Maybe I can help you:
H>Ref(HHV(H,20)-1)
That means: are we making a new high today, which is a new 20 bar high.
Ref(HHV(H,20),-1) means: the last 20-bar high. -1 in Ref(..) refers to
yesterdays value of the refered function. So ref(C,-1) means yesterdays
close.
Because of the definition of HHV(H,20), we refer to the last value of
HHV(H,20), which can be constant for up to 19 bars.
> Ref(BarsSince(H>ref(HHV(H,2),-1)),-1).=2
Hmm, that "2" in ref(HHV(h,2)) certainly is a 20.
BarsSince(H>Ref(HHV(H,20),-1)) gives the number of bars since we made a new
20-bar high. Ref(Barssince......,-1) gives yesterdays number of bars that
elapsed since a new 20-bar high was made. I suggest changing that equal sign
("=") to a greater-equal sign (">="). If yesterdays number of bars is
greater
than 2, and we have a new 20-bar high today, then this new 20-bar high is
seperated by 3 bars from the last 20-bar high.
Using the equal sign limits your choice to the stocks where the last 20-bar
high happened exactly 3 days ago: that is not what LBR wrote.
Here is the code I'm using (the condition on the close is also required by
LBR):
20bHigh := HHV(H,20);
3bHigh := HHV(H,3);
(H = 20bHigh) AND (Ref(20bHigh,-1) > Ref(3bHigh,-1)) AND (CLOSE >=
Ref(20bHigh,-1))
There is some confusion about the condition "3 days ago" because Larry
Conners
in an interview said that these condition should include today.
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