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Christian,
You can simplify the formula a little. True/False statements
automatically evaluate to 1 or 0, so the following should give the same
result (but test it first - I haven't plotted it).
Sum((C > Ref(C,-1)) - (C < Ref(C,-1)),10)
HHP
==================
Christian Baude wrote:
>
> On Mon, 27 Mar 2000 22:22:00 +0100, you wrote:
>
> >Has anyone heard of the Ron Meisels Indicator? I would like to know
> >the Metastock formula for it.
>
> Hi wallie,
>
> Here goes. From my files. You are on your own, its from your side of
> the pond. System untested.
>
> -= Chris ß =-
> Using FastTrack/FastRUBE/FastTools/Trade/EZPnF/PSM/MetaStock
> FastBreakPro
> =======================================================
> Meisels Indicator - Ron Meisels of Nesbitt Thompson Inc., Montreal.
>
> Count of the number of days for which the share prices, etc has risen
> or fallen over a moving ten day period. Number of falls is subtracted
> from the number of rises and the surplus is plotted as a positive or
> negative number on the chart. (aka: 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).
>
> ie: No Rises(over last 10 days) - No Falls (over last 10 days)
>
> Sum(If(C > Ref(C,-1), +1, If(C < Ref(C,-1), -1, 0)),10)
>
> Max. and min. obviously +/-10, becomes overbought or oversold at +/-
> 6. Note: Can use any period ie: 50 days but 10 days is the default.
>
> You take the last ten trading days' data and see whether the price has
> fallen or risen (from the previous day), as given in the following
> example:
>
> Week 1 Week 2
> =========== ===========
> Mon: Up Mon: Up
> Tue: Down Tue: Up
> Wed: Up Wed: Down
> Thu: Up Thu: Down
> Fri: Down Fri: Down
>
> You then add up all the "Up"s and subtract the total of all the
> "Down"s from it. The result is the Meisels Indicator. In the example
> above, there are 5 ups and 5 downs; so the indicator would be 0.
> Obviously, in a given period, the indicator cannot be more than +10 or
> less than -10. Thus, the overbought/oversold conditions are
> represented by the +6/-6 lines respectively.
>
> In practice and it seems quite crude. However, once its 3 SMA plotted,
> it looks OK. Can be a useful indicator.
>
> 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.
>
> For more details, you can consult: "How Charts Can Make You Money" by
> T. H. Stewart; published by Woodhead-Faulkner (or Nichols Publishing,
> New York). Available from Synergy Software.
>
> Synergy Software, Britannic House, 20 Dunstable Rd., Luton LU1 1ED.
> England. Tel.: (0582) 424282 Fax: (0582) 482741
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