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I've certainly taken enough from this board, so here's a very modest
contribution in an attempt to try to get back even.:)
This indicator measures the duration of rallies. (I've been doing a
little research into how long rallies might be expected to last
before a correction of X% amount might occur, and dreamed this up as
an aid.) Although it can be used with any stock (I assume), I
personally use it against the SP500 as a gauge for what might happen
with the overall market.
{Counts the number of trading days since a low was formed during a
reaction of X% from the highest high of the rally.}
hhvperiods:=Input("Time Periods for HHV",5,120,40);
PR:=Input("Percentage of Reaction",5,50,10);
BarsSince(L<HHV(H,hhvperiods)*(1-PR/100)AND L=LLV(L,10))
At its default, it measures how many trading days there have been
since a low was formed during a sell-off of -10% from the highest
highs of the past 40 periods. My observations suggest that any
rallies of longer than 120 periods are vulnerable to a -10%
correction from wherever the high forms. Not a forecasting tool,
simply an objective measure of when a rally might be getting a
little "mature" so that you don't overstay your welcome.:)))
Luck to all,
Sebastian
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