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See attached.
The bottom indicator is something that I'm calling the "follow through
index" -
this indicator shows the percent gain over the past 10 trading days for
buying/selling the open in the same direction as the opening gap between the
previous day's close. For example, if the QQQ opens at 34 and it closed at
33.75 the previous day, we'd buy the open and sell at the close, otherwise
the open would be sold. The percentage gains/losses are summed up over the
past
10 bars.
Although this indicator doesn't give very clear signals, it does tend to
peak/trough at turning points, and can give an idea of the day-trading bias,
or
trend strength in the market.
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Attachment:
Description: "qqq_follow_thru.gif"
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