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very good indicator indeed!
this is very similar to guppy MMA and TSI.
I have tested this indicator and the result was not not bad at all. it prevents down trend picks but there is one short coming i.e. it allows whipsaw trade at the flop market.
--- In equismetastock@xxxxxxxxxxxxxxx, maurizio_innamorati <no_reply@xxx> wrote:
>
> The well known BowTie setup introduces by David Landry in discussed in http://www.tradingmarkets.com/.site/stocks/education/chrtpats/08092000-7762.cfm (TradingMarkets) where the setup is described as follows:
> Using a 10-period simple, 20-period exponential and a 30-period exponential moving average:
> - The moving averages should converge and spread out again giving the appearance of a bow tie. At this juncture, the moving averages should be in proper uptrend order, that is, the 10-SMA > 20-EMA > 30-EMA.
> - The market must make a low less than the prior day's low.
> - Place a buy order above the high of bar described in (2.).
> - If not filled, continue to work a buy order above the prior day's high until either filled or the low trades below the 20-EMA.
> - Once filled, place an initial protective stop below low of (2).
> - Trail your stops until stopped out and/or exit in two to six days.
>
> I have tried to translate the above in Metastock code as follows (the time stop is handled in "System Editor", "Stops", "Inactivity Minimum Change"):
>
> Buy0:=
> Alert(Cross(Mov(C,10,S),Mov(C,20,E)),3) AND Alert(Cross(Mov(C,20,E),Mov(C,30,E)),3) AND Alert(Cross(Mov(C,10,S),Mov(C,30,E)),3);
> Sell0:=
> Alert(Cross(Mov(C,30,E),Mov(C,10,S)),3) AND Alert(Cross(Mov(C,30,E),Mov(C,20,E)),3) AND Alert(Cross(Mov(C,20,E),Mov(C,10,S)),3);
> I0:=Cum(Buy0 + Sell0 > -1) = 1;
> Tr0:=If(BarsSince(Buy0 OR I0) < BarsSince(Sell0 OR I0),1,-1);
> Buy1:= tr0=1 and L<ref(l,-1) and L>mov(c,20,e);
> Sell1:= tr0=-1 and H>ref(h,-1) and L<mov(c,20,e);
> I1:=Cum(Buy1 + Sell1 > -1) = 1;
> Tr1:=If(BarsSince(Buy1 OR I1) < BarsSince(Sell1 OR I1),1,-1);
> LE:= Tr0=1 and Tr1=1 AND
> Mov(C,10,S)>Mov(C,20,E) AND
> Mov(C,20,E)>Mov(C,30,E);
> SE:= Tr0=-1 and Tr1=-1 AND
> Mov(C,10,S)<Mov(C,20,E) AND
> Mov(C,20,E)<Mov(C,30,E);
> LX:= Cross(Ref(LLV(L,2),1),l);
> SX:= Cross(h,Ref(HHV(H,2),-1));
>
> Appropriate stop orders have been entered.
> Any views and comments on the above code would be much appreciated.
> Thanks.
>
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