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----- Original Message -----
From: "Daryl Roberts" <darylroberts@xxxxxxxxxxxxx>
To: <metastock@xxxxxxxxxxxxx>
Sent: Thursday, August 10, 2000 7:36 PM
Subject: RE: Psychological Index
> When I tried to put this into the System tester, 1st I get this error
> message: "This is not a recognized name, constant or operator." - and the
> cursor is at "PsychIndex <= |Lthreshold"
>
> So I pasted in the 1st section of conditions that I presumed was supposed to
> go into the formula builder, and put them into the Enter Long window; but
> then I get another error message: "This function is not allowed in this
> type of formula." - and the cursor goes to: "theLookBack:= |Input("Number
> of lookback periods", 2, 100, 12);
>
> I'm a long ways from actually understanding what I'm doing here, but perhaps
> Glen will recognize my errant ways & means.
> Thanks
>
> Daryl Roberts
> (626) 836-0581
>
> -----Original Message-----
> From: owner-metastock@xxxxxxxxxxxxx [mailto:owner-metastock@xxxxxxxxxxxxx]On
> Behalf Of Glen Wallace
> Sent: Sunday, August 06, 2000 7:31 PM
> To: MetaStock listserver
> Subject: Re: Psychological Index
>
> > > There was an overbought/oversold indicator described in the June
> > > 2000 Futures Magazine called the Psychological Index. It looked
> > > sort of interesting, so I wrote the MetaStock code for it:
> > >
> > > {Futures Magazine, Vol.29 No.6, June 2000, P.48}
> > > LookBack:= Input("Number of lookback periods", 2, 100, 12);
> > > UThreshold:= Input("Upper threshold (%)", 0, 100, 75);
> > > LThreshold:= Input("Lower threshold (%)", 0, 100, 25);
> > > UpDay:= If(CLOSE > Ref(CLOSE,-1), 1, 0);
> > > PsychIndex:= Sum(UpDay,LookBack) / LookBack * 100;
> > > PsychIndex; UThreshold; LThreshold
> >
> > Am I reading this right? This looks like no more than the % of days
> > in the past "N" periods that have closed up.
>
>
> Yup. Rocket science it ain't, but it does tend to highlight overbought
> and oversold conditions. And like most overbought/oversold indicators,
> they're unreliable as stand-alone systems.
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