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<< It is the difference in the (roughly) 6 month low and 3 month low.
>
> (C/LLV(L,130)) - (C/LLV(L,65)) >>
Sorry, should have said it is the difference in the ratios of how far
extended the Close is to a 3 month and 6 month Low.
One measure of how far extended the market is, is an indicator some one
else wrote called the High Jump. Measure the High percent of 200, 50, and 17
day moving averages, and add them up:
((H-Mov(C,200,S))/Mov(C,200,S))*100+
((H-Mov(C,50,S))/Mov(C,50,S))*100+
((H-Mov(C,17,S))/Mov(C,17,S))*100
It has recently been in nose bleed territory, but the cycle line has just
started moving up.
RayF
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