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RT's,
I recently read that Opens are the most critical part of the trading day. I
set out to see if there was some way to study this. I wrote the attached
.ela file for this. Your thoughts appreciated.
The Four Plots for the Open Analyzer are:
#1 the % of the Open above the MedianPrice times 2
#2 the % of the Open below the MedianPrice times 2
#3 a 10 day average of Plots 1 and 2
#4 zero
If the Open is at the upper end of the bar it will be above zero.
If the Open is at the lower end of the bar it will be below zero.
The MedianPrice {(H-L)/2} is the demarcation point.
How to use? I only wrote this 2 days ago but there are a few things I
quickly picked out. The days trade tends to continue in the same direction
most of the time. The more extreme the percentage the stronger the trend.
Trending often stands out by the large percentages. Flip flops often signal
a change in direction.
Brent
Attachment Converted: "c:\eudora\attach\Open.ela"
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