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Could anybody help me with a Gann 3 day swing chart indicator for
Metastock 6.5? , I am reading on Gann these days and would like to
have a formula for creating Gann charts in Metastock. I have tried to
look into the formula language, with the purpose of making one myself,
but as I am not very good with these things, I gave it up.
This indicator is very useful when it comes to trend following, to
smooth out the price swings and make the trend more easy to follow.
Gann say this about Time and trend "When a Time period on a decline
exeeds the Time period of a previous decline it indicates a change in
trend" and also " .. the first time a rally exeeds the Time period of
a previous rally it is an indication that the trend is changing, at
least temporarily."
The formula is a bit like the zig-zag formula, but where zig-zag
turns at say every 3 POINTS up or down, the gann 3 day swing indicator
turns at every 3 BARS up or down, also where a zig-zag puts more
emphasis on Price, the gann swing chart puts more emphasis on Time.
The formula would then be the following:
1. The swing is up and there are 3 consecutives lower lows with the
close of the last bar lower than the close of the previous bar and the
close of the last bar lower than the medium (HI+Low)/2 of the same
bar.
2. The swing is down and there are 3 consecutives higher highs with
the close of the last bar higher than the close of the previous bar
and the close of the last bar higher than the medium (HI+Low)/2 of the
same bar.
If anybody have this formula, or maybe could help me in creating one,
this would be very helpful
Thanks,
Hans Tore Liland
htlx@xxxxxxxxxxxxxxxxx
Bergen - Norway
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