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>Can someone please convert this Metastock indicator to
>Easy Language? Thank you in advance.
>
>
>TTT-TREND TRAILING Ind - Andrew Abraham
>{from TASC article SEP98 - TRADING THE TRENDS}
>
>fml("VOLAInd"): Mov(ATR(21,1,W)*3);
>
>If(C>Ref(C,-21) AND C>fml("VOLAInd"),
>HHV(H,21)-Ref(fml("VOLAInd"),-1),
>Ref(fml("VOLAInd"),-1)+LLV(L,21))
>
I'm not an expert on EL (those guys apparently all left this list en
masse)and I know even less about Metastock, but I found the article slightly
difficult to interpret and deceptively simple. The Metastock formula looks
suspect, wherever you got it. Anyway, I would guess the EL equivalent would be:
IFF(C>C[21] and C>3*WAverage(TrueRange,21),Highest(High,21) -
3*Waverage(TrueRange,21)[1], 3*WAverage(TrueRange,21)[1] + Lowest(Low,21))
The only thing I wouldn't be sure of is the meaning of the 1 in the formula
Mov(ATR(21,1,W)*3)
However I don't think that's exactly what the article meant. In particular,
the statement C>3*WAverage(TrueRange,21) makes no sense to me regardless of
what the 1 means. If you read the article a couple of times closely and
think about it, my interpretation of the article would produce code somewhat
more complicated than what you show.
To me, the aricle is saying that 3*WAverage(TrueRange,21) is sort of an EL
function, call it VOLAFunc. Then the VOLAInd would be highesthigh for the
trend minus the VOLAFunc, or the lowestlow for the trend + the VOLAFunc,
depending on whether the close is above or below the VOLAInd one day ago. So
you might set up a loop for the length of the trend which obviously doesn't
have to be 21 days as the Metestock formula seems to assume. And since the
VOLAInd sort of seems to need its own value one day ago to be calculated,
you might need to initialize it somehow, sort of like you do for an
exponential Average.
Sorry I don't have your complete answer at this time. Like I said, I'm not
an EL expert and it probably would take me a while to do this. Hope this
makes a little sense.
David
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