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HHP replied to my original question:
>A:=Mov(Abs(C-Ref(C,-1)),10,S);
>This is a ten-day SMA of the day-to-day net change in closing prices, so
>I would take TPH1 and TPL1 as indicating the probable range of the next
>day's close; TPH2 and TPL2 might indicate the extreme range and could be
>used as an entry point in the desired direction or a stop in the
>undesired direction.
What bothers me is that the above formula plots to today's bar, not
tomorrows. To make it effective as a forecast, wouldn't you have to
do something like Ref(A, -1) to shift the plot a day ahead? As it
stands, it works remarkably well at hitting today's high and low, but
it looks like it would be way off if moved a day to one side.
The section I looked at in "The New Technical Trader" was earlier
in the book, around page 42, I think. (I could be confusing this with
one of the other books I've looked at in the last day or two.) I'll have
to go and look again.
>Could you give a reference for Chande? The web page is that of the ISP;
>something additional is needed.
Sorry about that. It's at Daryl Guppy's Web site, which is:
www.nt-tech.com.au/guppy/index.html .
He has ten pages of Metastock formulae. Can't remember which one it is,
but there is a formula index.
Many thanks for your comments.
Owen
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