[RT] paintbar indicator

[Wong <whs@xxxxxxxxxxxx>]

Hi All:

Here's a paintbar indicator based on the article "The Lazy Man's Guide to
Long-Term Investing" by Dr. R. M. Sidewitz.  The article appeared on TASC -
Nov 2001 - pp 84-85.

In his article, he said: "Are you a buy-and-hold believer?  Enhance your
returns by using this simple technnique ...  This simple method has
captured above 90% of the entire gain of the Dow Jones Idnustrial Average
since 1920."

In his article, he mentioned 4 scenarios.  The last one is:

"If the high for the year is ABOVE the high of the preceding year, the low
for the year is BELOW the low for the previous year, and the lower low
PRECEDED the higher high, this suggests that the market has completed a
correction and is poised to move higher.  As such, conditions are favorable
for committing funds."


The code I come up with (possibly not exactly adhered to what he mentioned)
is:


Input: period(12);
IF highest(h,period)>highest(h,period)[period] and
lowest(l,period)<lowest(l,period)[period] and
close>=(highest(h,period)[1]+lowest(l,period)[1])/2 and
close>=highest(h,period)[1]*0.95 Then Begin
  Plot1(High,"PBHigh");
  Plot2(Low,"PBLow");
  IF CheckAlert Then Alert = TRUE;
End;


I'm attaching the ela and accompanying Nasdaq daily, weekly and daily
charts with the paintbar indicator, which I name as "market4".


Do whatever you want to do.  If you have a modified/improved version,
please let us know.



Regards,

Wong







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Market4.ela
sample.gif

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