Direction Indicator

[clydelee]

This really was set for codelist but I know many of this list look at 
various length "trends" when entering and exiting trades.  I think this
simple indicator may be of serious help.

Some time ago I published a couple of applications which used the SwingLee
function (which I wrote for determining trend changes and the bars on which
such occurred).

The following code (and the attached .ela) file are of indicators which
plot a +1/-1 depending on detected direction of trend beginning with the
ACTUAL date on which the detection occurred.  It also plots the point
at which the TurningPoint (Pivot) for the swing occurred.

The attached  .gif  shows the use of this as a possible way of insuring
you really were in a strong trend and possibly take a position on a
pullback of a shorter trend.


Clyde Lee


{
**************************************************************************
 Written by:    Clyde Lee
 Copyrighted:   Clyde Lee/FuturesMagic 1999

 Description:   Uses SwingLee to determine direction of swing
                and plots a histogram showing direction.  Also can show
                the exact turning points where swing change occurred
                although detection did not occur until histogram showed
                change in direction.

                Very IMPORTANT -- be sure to set type of plot to either
                for T+ and T- to be HISTOGRAM or LINE and set type of
                plot for TDir to be POINT (very large).

**************************************************************************
}

Inputs:   BarsRever(34),  {Number of bars to pass to SwingLee to be used in }
                          {HighestHigh and LowestLow functions to establish }
                          {TurningPoints for trend                          }
          PlotTPs(true),  {Set to false for only PlotTru type display       } 
          PlotTru(true);  {Set to false for only PlotTPs type display       } 


Value1 = Swing_Lee(BarsRever);

If PlotTPs and Value1Value1[1] then
  Plot3[AbsValue(Value1)] (Sign(Value1),"TDir");

If PlotTru then begin
  If Value1>0 then
    Plot1[0](Sign(Value1),"T+")
  Else
    Plot2[0](Sign(Value1),"T-");
End;


Condition1 = Value1Value1[1];
If Condition1 then begin
  If Value1>0 then
    Alert("Trend is UP")
  Else
    Alert("Trend is Down");
End;



Clyde Lee


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Attachment Converted: "c:\eudora\attach\Trenswng.ela"

Attachment Converted: "c:\eudora\attach\OEX05_TrendD_05-01-99.gif"