[RT] Re: [ActionReactionLab] Traders Dream:

["Clyde Lee\(clc\)" <clydelee@xxxxxxxxxxxx>]

There are some pictures and an  .ela  (yes you ts4 folks can use it)
and a text file of the source.

I hope some of you will post some useful -- or KILL IT posts
using this concept.

Clyde

- - - - - - - - - - - - - - - - - - - - -  - - - - - - -
Clyde Lee   Chairman/CEO          (Home of SwingMachine)
SYTECH Corporation          email: clydelee@xxxxxxxxxxxx  
7910 Westglen, Suite 105       Office:    (713) 783-9540
Houston,  TX  77063               Fax:    (713) 783-1092
Details at:                      www.theswingmachine.com
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{
Indicator:  Trade_For_A_Living

Author:     Clyde Lee, SYTECH Corporation, Copyright 2004

Source:     Book:  Never on Thursday
           Author:  Duane Davis
           Publisher: WinBooks

Bought this book and found this interesting indicator and thought
many of you might want to experiment.

This is quite an extension of the original work.

You may find this an excellent substitute for any overbought/oversold
indicator that you are currently using.

For daily data a stepback of 5 seems to work.  For 5 minute data a
stepback of 34/55 seems a good choice.

Show us some work in this area please.

Clyde

}



Input:  StepBack (5), {Number of Bars back for differences for Oscillator}
       Smooth(0),    {Number of bars smoothing of oscillator            }
       OBought(80),  {Overbought level 50-100 OR if negative the length }
                     {for an exponential smoothing of the oscillator to }
                     {use as overbought and oversold.                   }
       OSold(20);    {Oversold level for the oscillator.                }

Vars:  X(0), Y(0), Z(0), Osc(0);

X=Highest(High,StepBack)-Open[StepBack];
Y=Close-Lowest(Low,StepBack);
Z=(Highest(High,StepBack)-Lowest(Low,StepBack))*2;

Osc=(X+Y)/Z * 100;

If Smooth>0 then Value1=XAverage2(Osc,Smooth)
           else Value1=Osc;
Plot1(Value1,"tfal");

If OBought<0 then Value2=XAverage2(Value1,-OBought)
            else Value2=OBought;
Plot2(Value2,"OB");

Plot3(OSold,"OS");
If OBought<0 then Plot4(100-OSold,"OB1");

If Plot1>=Value2  and Plot1[1]> Value2 then SetPlotColor(1,Red)
                 else SetPlotColor(1,GetPlotColor(1));

If (Plot1<=Value2 and Plot1[1]<Value2 and OBought<0) or (Plot1<Plot3 and Plot1[1]<Plot3 and OBought>0)
                 then SetPlotColor(1,Green)
                 else SetPlotColor(1,GetPlotColor(1));

If OBought<0 then SetPlotColor(2,Blue);


Attachment:
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Attachment: Description: "TRADE_FOR_A_LIVING.ELA"

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