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Did you notice that most of the examples in the WM monographs plot price on
the Y axis and cumulative volume on the X axis using a Lotus spreadsheet?
Only in the attempts to adapt it to existing charting software was time used
on the X axis. In the WM software the option is available to plot vs
cumulative volume or by time. Selecting either mode does not change the
values of the support/resistance lines or their locations in reference to
price and seems to offer no advantage and falls short of Levine's thesis for
visual advantage. At least that is true with symbols that have a rather
steady constant total volume day to day or a gradual increase in volume over
years. The TS and MetaStock equations don't plot as a Lotus sheet would do.
The charting pkgs use a linear division of time and thus don't show the
expansion or contraction of price per cv unit that the Lotus sheet would do.
In the Lotus example, small changes in CV would bunch prices closer
together, large changes in cv would spread them out. You won't see that in
TS or MS.
just guessing about the mystery,
br
----- Original Message -----
From: "Prosper" <brente@xxxxxxxxxxxx>
To: "Real Traders" <realtraders@xxxxxxxxxxxxxxx>
Sent: Sunday, June 24, 2001 10:43 AM
Subject: [RT] Mkt - DJIA WM view
> What I am inclined to think, is that someone found a little mathematical
> gimmick that seemed to show support and resistance areas because it knifes
> through the middle of the usual retracements and sold it.
>
> That doesn't mean that is useless or that no one should use it. It just
> means that the basis of the indicator is a contrivement. I could be all
wet
> but that is what I think.
>
> Prosper
>
>
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