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Your inexperience shows in your post, Hypersteroid.
Anyone that bases a complete trading strategy on any one single basic
indicator based on price alone, deserves to learn a hard lesson and
lose some trading capital in the process.
The main reason in posting the indicator is for members to learn and
experiment with it, not trade its basic signals.
Eyeball a few charts with the oscillator, and you may yet find some
useful patterns in conjunction with some basic market fundamentals.
Experiment with the indicator's code, use some of it as a basis for
other indicators, and learn some non-documented MetaStock programming
techniques in the process.
In other words, the posted indicator is only the start of one of many
learning journeys, and not a Holy Grail destination.
As for the second mouse, only crumbs left for him in this rat race
I'm afraid. ;)
jose '-)
http://www.metastocktools.com
--- In equismetastock@xxxxxxxxxxxxxxx,
"hypersteroid2000" <hypersteroid2000@xxx> wrote:
>
> Geeeezeees. the coding looks fine but for me not more than a holy
> junk bucket.
> nah, to see how this indicator help your trading system just traded
> lively. IMO this indicator looks like any other average indicator.
> Just trade it in CFD market. I guarantee your account must be
> bleeding red.
>
>
> CUT AND PASTE THE FOLLOWING WISE WORDS--------------------> EARLY
> BIRD MIGHT GET THE WORM BUT ALWAYS THE SECOND MOUSE THAT GET THE
> BEST CHEESE
>
> ):
>
>
>
> --- In equismetastock@xxxxxxxxxxxxxxx, "Jose Silva"
> <josesilva22@> wrote:
>
> The countback nature?
> To count events backwards.
>
> What does it do?
> It counts events backwards.
>
> The general theory?
> Count events backwards.
>
> I look forward to the countforward theory.
>
>
> jose '-)
> http://www.metastocktools.com
>
>
>
> --- In equismetastock@xxxxxxxxxxxxxxx,
> "formulaprimer" <formulaprimer@> wrote:
>
> What is the nature of the countback theory. what does it do
> exactly.
> what is the general theory for it?
> thanks.
>
>
>
> --- In equismetastock@xxxxxxxxxxxxxxx, "Jose Silva" <josesilva22@>
> wrote:
>
> I've been playing around with the Countback-type Oscillator below,
> and some signals based on it look promising on some charts.
>
> Indicators/Oscillators of this type don't generally suffer from the
> lagging characteristics of mainstream smoothed indicators (e.g.
> Stoch, MACD, MAs, etc), and they lend themselves to promising
> signals.
>
> Any suggestion for a suitable name for this oscillator is welcome.
>
>
> MetaStock -> Tools -> Indicator Builder -> New
> -> copy & paste complete formula between "---8<---" lines.
>
> =========================
> Countback-type Oscillator
> =========================
> ---8<-------------------------------------
>
> { Countback-type oscillator & signals v2.0
> Incorporating automatic overBought/Sold levels
> Trade at own risk.
>
> ©Copyright 2005~2006 Jose Silva.
> The grant of this license is for personal use
> only - no resale or repackaging allowed.
> http://www.metastocktools.com }
>
> { User inputs }
> pds:=Input("Oscillator countback periods",
> 1,252,21);
> plot:=Input("plot: [1]Oscillator, [2]Signals",
> 1,2,1);
> type:=Input("signals: [1]OBought/Sold, [2]Higher Lo, Lower Hi",
> 1,2,1);
>
> { Countback oscillator }
> C1:=Ref(C,-1);
> x:=Sum((C>C1)*(C-C1),pds)
> /Max(Sum(Abs(C-C1),pds),.000001)*100;
>
> { Automatic overBought/Sold levels }
> avg:=Cum(x)/Cum(IsDefined(x));
> pk:=Ref(x,-1)=HHV(x,3) AND Ref(x,-1)>avg;
> pkVal1:=ValueWhen(1,pk,Ref(x,-1));
> pkVal2:=ValueWhen(2,pk,Ref(x,-1));
> pkValAvg:=Cum(pkVal1)/Cum(IsDefined(pkVal1));
>
> tr:=Ref(x,-1)=LLV(x,3) AND Ref(x,-1)<avg;
> trVal1:=ValueWhen(1,tr,Ref(x,-1));
> trVal2:=ValueWhen(2,tr,Ref(x,-1));
> trValAvg:=Cum(trVal1)/Cum(IsDefined(trVal1));
>
> { OverBought/Sold signals }
> entry:=x<trValAvg;
> exit:=x>pkValAvg;
>
> { Higher troughs / lower peaks signals }
> entry:=If(type=1,entry,
> trVal1>trVal2 AND x>pkVal1);
> exit:=If(type=1,exit,
> pkVal1<pkVal2 AND x<trVal1);
>
> { Clean signals }
> init:=Cum(IsDefined(entry+exit))=1;
> bin:=ValueWhen(1,entry-exit<>0 OR init,entry);
> long:=bin*(Alert(bin=0,2)
> OR entry*Cum(entry)=1);
> short:=(bin=0)*(Alert(bin,2)
> OR exit*Cum(exit)=1);
>
> { Plot in own window }
> If(plot=1,pkValAvg,0); {Grey}
> If(plot=1,avg,0); {Grey}
> If(plot=1,trValAvg,0); {Grey}
> If(plot=1,x,long-short)
>
> ---8<-------------------------------------
>
>
> jose '-)
> http://www.metastocktools.com
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