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At 9:58 PM -0400 6/4/99, Phil wrote:
>I have noticed in a lot of markets that when the high and open are very
>close together on daily bars that the market, a high percentage of the
>time reverses at least in the short term? I would like to know if anyone
>has any el code that will show when the open and close are with in a close
>range of each other? Does anyone use this in their trading?
>Any ideas would be helpful!
The code below is for a ShowMe that will mark any bar where the Open is
within "TopPct" of the top of the bar, where "TopPct" is an input.
Your observation is reasonable since if the open is near the high, then the
trend must have been down during the day, closing nearer the low.
Unfortunately, it doesn't do you much good for trading that bar since you
do not know that it occurred until near the close, too late trade that bar.
Whether or not it is the beginning of a down trend is something you can
check. I would be skeptical.
Bob Fulks
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Input: TopPct(10);
if High - Open <= 0.01 * TopPct * Range then
Plot1(High, "Plot1");
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