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Hi Everybody,
This is Dan and I am looking for an exploration formula for ELDER TRIPLE SCREEN SCAN. I have an Exploration formula for Amibroker and I would be really grateful if somebody can convert it to Metastock language. The formula is given below.
Thanks in advance.
// Elder Triple Screen Trading System.
// Coded by Dennis Skoblar 7/05/2005.
// Derrived from "Trading For A Living" and "Come Into My Trading Room" by Alexander Elder.
// This scan finds candidates by the Weekly MACD Historgam slope, and the Daily 2 Period Force Index dipping above or below it's Zero Line. Plot a Weekly 26 Period EMA to
// help confirm the weekly direction. It should be rising along with an uptick on the Weekly MACD Histogram to go long. However, Elder writes that divergences in the MACD
// Histogram override the EMA. The Daily 2 Period Force Index will be below it's Zero Line. Look for the stock to pullback to around it's Daily 13 Period EMA. Also use the
// Daily 22 Period EMA to confirm the direction of the daily trend. Do the opposite for shorts. Use the Long/Short EMA Weekly Direction Tabs as filters to cull through the
// scan to only display the Weekly EMA going in the intended trading direction. Use the Long/Short Elder Ray Tabs (BullPower AND BearPower) to fine tune the entry signals.
// This tab is best used when in agreement with the Long/Short EMA Weekly Direction Tabs. A 50 Period EMA > 100000 is used to Filter Volume. A minimum of a 5 point run in
// one Month is used as a Filter for a stock's range. This scan is best used as an Exploration.
TimeFrameSet( inWeekly );
WeeklyMACD = MACD(12,26) - Signal(12,26,9);
WeekHistRising = Ref(WeeklyMACD, -1) < Ref(WeeklyMACD, 0);
WeekHistFalling = Ref(WeeklyMACD, -1) > Ref(WeeklyMACD, 0);
FIWeekly = EMA(V*(C-Ref(C,-1)),13);
WeeklyForceIndexLong = FIWeekly > 0;
WeeklyForceIndexShort = FIWeekly < 0;
TimeFrameRestore();
// Weekly criteria
MACDLongW = WeekHistRising;
MACDShortW= WeekHistFalling;
FILongW = WeeklyForceIndexLong;
FIShortW = WeeklyForceIndexShort;
// Daily criteria
FIDaily = EMA(V*(C-Ref(C,-1)),2);
FILongD = FIDaily < 0;
FIShortD = FIDaily > 0;
VFilter = EMA(V,50) > 100000;
TenTwentyFilter = HHV(H,20)-LLV(L,20); // How much price has gone in one month (>=10 points preferable)
FiftyDayHVFilter = round(StDev(log(C/Ref(C,-1)),50)*100*sqrt(256)); // One year volotility (>=40 preferable)
Bullpower= High - EMA(Close,13);
Bearpower= Low - EMA(Close,13);
// Scan criteria
ElderLong = MACDLongW AND FILongD AND FILongW;
ElderShort = MACDShortW AND FIShortD AND FIShortW;
// Columns for exploration
NumColumns = 12;
Column0 = FullName();
Column0Name = "Ticker name";
Column1 = " ";
Column1Name =" ";
Column2 = ElderLong;
Column2Name = "Long";
Column3 = ElderLong AND EMA(C,130) > Ref(EMA(C,130),-5);
Column3Name = "Long EMA Weekly Direction";
Column4 = Column3 AND (bearpower < 0 AND bullpower > 0);
Column4Name = "Long Elder Ray Filter";
Column5 = " ";
Column5Name =" ";
Column6 = ElderShort;
Column6Name = "Short";
Column7 = ElderShort AND EMA(C,130) < Ref(EMA(C,130),-5);
Column7Name = "Short EMA Weekly Direction";
Column8 = Column7 AND (bearpower < 0 AND bullpower > 0);
Column8Name = "Short Elder Ray Filter";
Column9 = " ";
Column9Name =" ";
Column10 = TenTwentyFilter;
Column10Name = "One Month Point Range";
Column11 = FiftyDayHVFilter;
Column11Name = "Historical Volotility 50 Day";
AddTextColumn( IndustryID(1), "Industry" );
AddTextColumn( MarketID(1), "Market" );
// Filters
Filter = VFilter AND (ElderLong OR ElderShort);
Buy = ElderLong;
Sell = 0;
Short = ElderShort;
Cover = 0;
---------------------------------
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