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From:
http://realtime.barchart.com/info/studies.asp?study=progo&code=MRI
My feeble attempt to EL code this simple indicator (at
the bottom) is not too successful - - - any
suggestions, guys ?
Williams PRO-GO Indicator
This indicator has two lines. The Public Buying (green
line) at the beginning of the day and the Professional
Buying (red line) at the end of the day.
This technique is to create two Advance/Decline lines.
The Public Advance/Decline line is constructed by
using the change from yesterday's closes to today's
open.
The professional Advance/decline line is constructed
by using the change from today's open to today's
close.
The lines are calculated by taking a moving average,
normally 14-days, of the results.
This study is only for daily charts and can be used to
highlight divergences between the Professional
Advance/Decline (red line) and the price. The common
interpretation of this study is if the Professional
line (red) goes below the Public line (green) it is a
sell signal and if the Professional line (red) goes
above the Public line (green) it is a buy signal.
Inputs: Len1(14)
value1=Close of yesterday
value2=Open of today
value3=Close of Today
plot1 (Avg (value2-value1,14) "Public");
plot2 (value3-value2, Len1, "Pro");
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