[EquisMetaStock Group] 3-line breakpoints; new pdf file uploaded

["John Doe" <ms001122@xxxxxxxxxxx>]

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 relevant 
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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