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Hello All,
Can anyone help me with coding a new indicator. The indicator I want to
add to my charts is the "Three-Line Break" indicator, which is used to
measure trend.
I can now code relatively simple things in Metastock (having a basic
understanding of the language) but I'm lost as to how to code this!!!
:-(
Basically, the Three-Line break indicator displays a series of vertical
boxes (either green or red in colour) that are based on the closing
prices. Every time there is a higher close a new green box is created.
When the price closes below the low of 3 successive green boxes the
trend shifts to down and red boxes are then drawn.
In the case of a new green box being drawn, the lower horizontal side of
the new box corresponds to the upper horizontal side of the previous
box. The upper horizontal side of the new box corresponds to the closing
price of the time period that made the higher high.
If, in the next time period the price does not make a higher high or a
lower low (below the low of 3 successive green boxes), the upper & lower
sides of the box remain at the same level from the previous time period.
These upper and lower levels are then continued (at the same level)
until either a higher high is made (where a new green box is drawn) or a
lower low below the low of 3 successive green boxes (where a new red box
is drawn). Basically, the width of the current box depends on how many
time periods there are until either a higher high or lower low is made.
In the case of a red box being created (when the closing price makes a
lower low which is lower than the low of 3 successive green boxes), the
upper horizontal side of the new box corresponds to the lower horizontal
side of the previous box and the lower horizontal side of the new box
corresponds to the closing price of the time period that made this lower
low.
Hopefully, this makes sense to everyone & any help with this would be
gratefully received, as I am having serious problems in knowing how to
code this.
Many Thanks in advance,
Chorlton
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