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Jose,
Thanks for taking the time. Unfortunately, its hard to interpret as it
generates -1, 0 and +1 values. Besides, its important to understand that
when Nison refers to "high", it means the close of the higher white bar.
Opposite for "low". Thus, a small correction would be:
NuHi:= C>Ref(C,-1);
NuWhite:=NuHi AND C>ValueWhen(2,NuHi,C);
NuLo:= C<Ref(C,-1);
NuBlack:= NuLo AND C<ValueWhen(2,NuLo,C);
But that's not all, as NuWhite can also be a Close higher than the highest
Close of the 3 black bars (indicating a trend reversal). It gets
complicated...
Realizing that the info given in MS program help is grossly inadequate, I
have uploaded a pdf file (3-line break info) I created from the relavant
pages from Nison's book (after I xeroxed them) to the forum's files; its 2.4
MB so is difficult to send via email. I apologize for the quality, but I
think you will find reading them very useful. Hopefully, you can find some
time to modify the code.
JD
===========================
From: "Jose Silva" <josesilva22@xxxxxxxxx>
Reply-To: equismetastock@xxxxxxxxxxxxxxx
To: equismetastock@xxxxxxxxxxxxxxx
Subject: [EquisMetaStock Group] Re: 3-line break code
Date: Sat, 03 Sep 2005 17:19:17 -0000
JD, this indicator below is about all I can help with:
================
Three line break
================
---8<-----------------------
{ ©Copyright 2001-2005 Jose Silva
For personal use only.
http://www.metastocktools.com }
{ User input }
lines:=Input("Lines:",1,21,3);
{ "... a new white block is added if the Close
exceeds the previous High" }
NuWhite:=C>Ref(H,-1);
{ "... a new black block is added if the Close
makes a new Low" }
NuBlack:=C<Ref(L,-1);
{ Consecutive White/Black blocks }
up:=Sum(NuWhite,lines)=lines;
dw:=Sum(NuBlack,lines)=lines;
{ High/Lows of consecutive White/Black blocks }
upLow:=ValueWhen(1,up,L);
dwHi:=ValueWhen(1,dw,H);
{ White/Black block signals }
finalWhite:=C<dwHi AND NuWhite;
finalBlack:=C>upLow AND NuBlack;
{ Plot in own window below OHLC chart }
finalWhite-finalBlack
---8<-----------------------
jose '-)
http://www.metastocktools.com
--- In equismetastock@xxxxxxxxxxxxxxx, "John Doe" <ms001122@xxxx>
wrote:
> Jose/Roy/anyone,
>
> When you have the time, could you please try to code the 3-line
> break so that the break points can be plotted as indicators on a bar
> chart? While the premise of the 3-line break chart is to identify a
> *change* in trend, personally I have found it to be more useful for
> *exiting* trades. Note that an exit (or entry) strategy is not
> synonymous with a change in trend!
>
> If you find the description of 3-line break in Metastock program
> help less than adequate, I may be able to scan the relevant pages
> (there's only a few of them) from the book Beyond Candlesticks by
> Steve Nison and post them as an attachment. As far as I know, this
> book is the best resource for this topic in the English speaking
> world.
>
> JD
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