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Walt - Thanks for the posting of your interesting indicator. I
experimented with the FEARnv lines today with the bonds in real time,
and noticed that the channel lines would move away and readjust
themselves as the price bars approached the line. This was especially
apparent in the bonds today as they climbed steadily higher through the
day.
It looked more like the FEARnv line was afraid of the price bars than
the other way around! The lines also move around and readjust as one
scrolls through the bar chart at the end of the day - the lines will
adjust to the major highs and lows of whatever is showing within the
window of the screen at the time. I set up the indicator on TS as you
had suggested, with scale set to SCREEN. From experience, I know that
other indicators will also move around and adjust themselves, even
moving averages, if you use SCREEN for scaling instead of "same scale as
price data".
Because of what I saw today, I am not sure how one would use the FEARnv
line as an indicator for market exhaustion level or reversal point - if
the lines keep moving away with the price or adjusting themselves
depending on the range on the screen at the moment?
Any comments on the above, if it is understandable?
Thanks, Daniel, Seattle
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