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In an up trend, three or four successive lower CLOSES and the
EMA(21) is rising.
SimpleX LONG:
C <= Ref(C,-1) AND
Ref(C, -1) <= Ref(C, -2) AND
Ref(C, -2) <= Ref(C, -3) AND
Mov(C, 21, E) > Ref(Mov(C, 21, E), -1)
OR
C <= Ref(C,-1) AND
Ref(C, -1) <= Ref(C, -2) AND
Ref(C, -2) <= Ref(C, -3) AND
Ref(C, -3) <= Ref(C, -4) AND
Mov(C, 21, E) > Ref(Mov(C, 21, E), -1)
SimpleX SHORT:
C >= Ref(C,-1) AND
Ref(C, -1) >= Ref(C, -2) AND
Ref(C, -2) >= Ref(C, -3) AND
Mov(C, 21, E) < Ref(Mov(C, 21, E), -1)
OR
C >= Ref(C,-1) AND
Ref(C, -1) >= Ref(C, -2) AND
Ref(C, -2) >= Ref(C, -3) AND
Ref(C, -3) >= Ref(C, -4) AND
Mov(C, 21, E) < Ref(Mov(C, 21, E), -1)
Rig this up with an OB/OS oscillator and you've got an entry
that is, well, at least worth considering.
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MetaStock Weekly Indicators
I had basically put the weekly indicators on daily charts thing
on the back burner for the time being, but someone mentioned the
subject in an off list e-mail, and I decided that maybe I should
post these two indicators. They look right to me, but double
check them. Remember, they plot the previous weeks value
beginning the first trading day of the following week, and that
value remains constant throughout that week. These are designed
for backtesting.....so if you just gotta know on this Friday
evening what the weekly value of the indicator is going to be
for the following week, simply look a weekly chart.
Stochastic: The %K and %K slowing can be coded to accommodate
more parameters by using the user Input function, but when you
do this the %D always calculates using the default value of the
%K slowing, giving erroneous values. So I just left it as is.
Youcan plug in your own values...I just used the MetaStock
default values as a starting point. I made the %K D as two
separate indicators so that you can plot the %D a different
color and/or dashed. The Momentum indicator uses the Input
function just fine.
{`Wkly Stoch 5 per %K, slowing=3, no %D}
{start week}
sw:=If(DayOfWeek()<=Ref(DayOfWeek(),-1),1,0);
yestClo:=If(sw>0,Ref(C,-1),0);
{lowest low last 5 weeks}
LLow:=(ValueWhen(1,sw>0,
Ref(LowestSince(5,sw>0,L),-1)));
{highest high last 5 weeks}
HHigh:=(ValueWhen(1,sw>0,
Ref(HighestSince(5,sw>0,H),-1)));
{5 per %K, slowing=3}
y:=(ValueWhen(1,sw>0,(yestClo-LLow))+
ValueWhen(2,sw>0,(yestClo-LLow))+
ValueWhen(3,sw>0,(yestClo-LLow)))/
((ValueWhen(1,sw>0,HHigh)+
ValueWhen(2,sw>0,HHigh)+
ValueWhen(3,sw>0,HHigh))-
(ValueWhen(1,sw>0,LLow)+
ValueWhen(2,sw>0,LLow)+
ValueWhen(3,sw>0,LLow)))*100;
y;
{`Wkly Stoch 3 per %D of a 5 per %K, slowing=3}
{start week}
sw:=If(DayOfWeek()<=Ref(DayOfWeek(),-1),1,0);
yestClo:=If(sw>0,Ref(C,-1),0);
{lowest low last 5 weeks}
LLow:=(ValueWhen(1,sw>0,
Ref(LowestSince(5,sw>0=1,L),-1)));
{highest high last 5 weeks}
HHigh:=(ValueWhen(1,sw>0,
Ref(HighestSince(5,sw>0,H),-1)));
{5 per %K, slowing=3}
y:=(ValueWhen(1,sw>0,(yestClo-LLow))+
ValueWhen(2,sw>0,(yestClo-LLow))+
ValueWhen(3,sw>0,(yestClo-LLow)))/
((ValueWhen(1,sw>0,HHigh)+
ValueWhen(2,sw>0,HHigh)+
ValueWhen(3,sw>0,HHigh))-
(ValueWhen(1,sw>0,LLow)+
ValueWhen(2,sw>0,LLow)+
ValueWhen(3,sw>0,LLow)))*100;
{This plots the 3 period %D (ma) of the above.}
z:=(ValueWhen(1,sw>0,y)+ValueWhen(2,sw>0,y)+
ValueWhen(3,sw>0,y))/3;
z
{`Wkly Momentum for DAILY Chart }
{This plots WEEKLY Momentum on DAILY charts. -Ken 4/16/99}
n:=Input("Periods",1,20,10);
{start week}
sw:=If(DayOfWeek()<=Ref(DayOfWeek(),-1),1,0);
(ValueWhen(1,sw>0,Ref(C,-1))/
ValueWhen(n+1,sw>0,
Ref(C,-1)))*100
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{Weekly Pivot Point Projection 8/4/99}
Dw:=If(DayOfWeek()<=Ref(DayOfWeek(),-1),1,0);
{Weekly Typical Price}
PP1:=If(Dw=1,
{then}(Ref(HighestSince(1,Dw=1,H),-1)+
Ref(LowestSince(1,Dw=1,L),-1) +
Ref(C,-1))/3,
{else}0);
{Weekly High}
Wh1:=If(Dw=1,
{then}Ref(HighestSince(1,Dw=1,H),-1),
{else}0);
{Weekly Low}
Wl1:=If(Dw=1,
{then}Ref(LowestSince(1,Dw=1,L),-1),
{else}0);
Wh:=ValueWhen(1,Wh1>0,Wh1);
Wl:=ValueWhen(1,Wl1>0,Wl1);
PP:=ValueWhen(1,PP1>0,PP1);
{Resistance 1}
R1:=(2*PP)-Wl;
{Support 1}
S1:=(2*PP)-Wh;
{Resistance 2}
R2:=(PP-S1)+R1;
{Support 2}
S2:=PP-(R1-S1);
R2;
R1;
S1;
S2;
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COLA: TRIX(3)
COLB: REF(TRIX(3),-1)
COLC: MOV(TRIX(3),8,TIMESERIES)
COLD: REF(MOV(TRIX(3),8,TIMESERIES),-1)
COLE: C
Filter enabled:yes
when(cola,>,colc)and when(colb,<,cold)and when(cola,<,0)and
when(cola,>,-2)
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{The actual ATR does not use a simple moving average. Welles
Wilder uses his own smoothing (a modified exponential average)
which is the function named "Wilders" in MetaStock. Try your
formula this way:}
periods:=Input("ATR Periods?",1,100,10);
TH:=If(Ref(C,-1) > H,Ref(C,-1),H);
TL:=If(Ref(C,-1) < L,Ref(C,-1),L);
TR:=TH-TL;
Wilders(TR,periods)
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The Larry Wiliams' indicator named WillSpread is quite easy
to plot in MetaStock for Windows version 6.5. Using version 6.5
of MetaStock for Windows, please follow these steps.
- Plot the underlying commodity.
- Drag the Spread Indicator from the indicator quick list
to this commodity chart.
- Select either Tbonds or Tbills as the security to use to
spread. I recommend you plot this in a new inner window.
- Drag the Price Oscillator from the indicator quick list
and drop it on the SPREAD plot, not the price plot. The
parameters Mr. Williams' uses are 7 and 11 time period
exponential moving averages. You also want to use "points"
as the method. This plot is the WillSpread indicator.
- At this point, you may change the Spread Indicator
plot's color to match the background of the chart, or
perhaps move the WillSpread indicator to a separate inner
window.
If you save this first effort as a template, perhaps named
WillSpread, you are able to apply this template to any commodity
you wish and the indicator will be automatically calculated
against that commodity.
You may also use the "Next Security" function within
MetaStock for Windows to view each of your commodities by
setting the options for next security to "Keep line studies". If
you apply this template to the first commodity in your futures
folder, you may then use the right arrow to move down the folder
contents. Each new commodity will have the WillSpread calculated
as it is loaded.
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{Smoothed DMI Index (20 Period Moving Average)}
Mov(PDI(14)-MDI(14),20,S)
OPEN LONG:
close>hhv(low,21)
CLOSE LONG:
close<llv(high,21)
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MetaStock is a marvellous program for traders, but can appear
complicated and intimidating at first. In reality, it's easy and
fun, if you take it slowly, step by step.
Let's consider a common trader's question: "How can
MetaStock help me find all the stocks where the 3 day moving
average has just crossed above the 10 day moving average?"
MetaStock's Explorer tool allows you to search all the stocks
in the ASX, and within a minute or two (depending on your
computer's speed!) generate a list of all stocks meeting this
particular criteria.
Here's a step by step guide for beginners:
1. Open up your Explorer tool in MetaStock by clicking on the
little "binoculars" symbol in the upper right field of your
screen, or find it under Tools in the drop-down menu.
2. You will be presented with the Explorer screen showing a
list of ready-made Equis Explorations plus various options to
view or edit them. More about these later. Look instead at the
list of options to the right.
3. Choose the "New" button and click. You've just starting
writing your own MetaStock Exploration! MetaStock gives it the
name "<New Exploration>" but let's rename it "Moving Average
Crossover" for the sake of this exercise.
4. Note that the Explorer screen has an upper section
labelled "Notes" and then, just below, seven columns, with tabs,
labelled "A" to "F," plus "Filter." For now we're just going to
work with the "Filter" column. Click on its tab and you're ready
to write a MetaStock formula in this column.
5. Enter the following without the quotation marks: "Cross(
Mov(c,3,s) , Mov(c,10,s) )" but don't worry about the *spaces*
between letters and punctuations marks, nor about
capitalisation.
6. Here's a quick explanation to ponder, before we go
further. What you've just entered under MetaStock Explorer's
Filter is a much more simple formula than you realise! It means
only "Crossover A over B" or "Crossover 3 over 10" in ordinary
English. MetaStock writes this as "Cross( A , B )" where A and B
are other MetaStock formulas, any formulas you like. In this
case, we're putting two different moving averages in the place
of A and B. MetaStock writes the English language phrase "Moving
Average of the past 3 days" as "mov(c,3,s)" and the second
moving average is exactly the same, with the numeral 10
substituted for the 3.
7. Your first MetaStock Exploration is now finished. Click
"OK" in the lower left of the Explorer field to save it and you
will quickly find your own "Moving Average Crossover"
Exploration added to those already on MetaStock's ready-made
list.
8. Next, click on the "Explore" button and MetaStock will
prompt you for the path to the place on your computer where you
have all your ASX (or other) data. Choose which securities you
want to scan. I suggest that you choose them all to start with,
and save this as a "List" named "All" so that when you make more
Explorations you won't have to go through this step again. You
can just choose the "All" list whenever you want to scan stocks.
(Take note at this point that MetaStock has excellent assistance
for you under its "Help" tab as well as one of the best software
manuals ever written.)
9. MetaStock will quickly verify that your stocks are where
you say they are, and prompt you for an "OK". Once you do this,
you can watch a nifty screen where MetaStock outlines its search
for all the stocks that match your search (Filter) criteria. How
long this process takes depends once again on the speed of your
computer!
10. When Explorer is finished you should choose the "Report"
option to find a filtered list of all the stocks which *today*
have their 3 day moving average rising above their 10 day moving
average. MetaStock allows you to open each or all of these
stocks in full screen pages for further analysis.
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In the May 1998 issue of STOCKS & COMMODITIES, a Traders' Tip
provided MetaStock formulas for calculating support and
resistance levels and the WRO and WSO support and resistance
oscillators. The Traders' Tip was based on my article,
"Automated Support And Resistance," also in that issue. Since
then, I've received many E-mail messages from STOCKS &
COMMODITIES readers about it. While the method was well
received, the formulas provided were a bit confusing and could
use some clarification. Further, execution was slow and
screening of large numbers of stocks was difficult. Since then,
I have
developed a faster and improved method for computing these
indicators.
To begin, the support levels S1 through S6 and the resistance
levels R1 through R6 are separate indicators (12 in all), and
each should be entered using the custom indicator option in the
indicator builder.
S1 Indicator:
ValueWhen(1, Ref(L,-4) = LLV(L,9), Ref(L,-4))
S2 Indicator:
ValueWhen(2, Ref(L,-4) = LLV(L,9), Ref(L,-4))
S3 Indicator:
ValueWhen(3, Ref(L,-4) = LLV(L,9), Ref(L,-4))
S4 Indicator:
ValueWhen(4, Ref(L,-4) = LLV(L,9), Ref(L,-4))
S5 Indicator:
ValueWhen(5, Ref(L,-4) = LLV(L,9), Ref(L,-4))
S6 Indicator:
ValueWhen(6, Ref(L,-4) = LLV(L,9), Ref(L,-4))
R1 Indicator:
ValueWhen(1, Ref(H,-4) = HHV(H,9), Ref(H,-4))
R2 Indicator:
ValueWhen(2, Ref(H,-4) = HHV(H,9), Ref(H,-4))
R3 Indicator:
ValueWhen(3, Ref(H,-4) = HHV(H,9), Ref(H,-4))
R4 Indicator:
ValueWhen(4, Ref(H,-4) = HHV(H,9), Ref(H,-4))
R5 Indicator:
ValueWhen(5, Ref(H,-4) = HHV(H,9), Ref(H,-4))
R6 Indicator:
ValueWhen(6, Ref(H,-4) = HHV(H,9), Ref(H,-4))
These 12 indicators should be individually plotted with the
price data as points, not lines (click on each and change the
style to the one on the bottom of the style menu). The color red
is recommended for the support levels S1 through S6 and the
color blue for the resistance levels R1 through R6. Entering
these formulas and changing the style takes a bit of time, but
once done, they can be saved as a template and easily applied to
anotherstock.
If you are interested only in computing the WRO and WSO
indicators, then these formulas can be entered as shown here. It
is not necessary to compute S1 through S6 or R1 through R6,
since the new formulas are now self-contained. The new WRO and
WSO formulas also contain max and min functions to ensure that
the change for each level is either zero or 1. This avoids a
rare but occasional error when the price change is very large
over a short period.
WSO Indicator:
L1:=ValueWhen(1,Ref(L,-4)=LLV(L,9),Ref(L,-4));
L2:=ValueWhen(2,Ref(L,-4)=LLV(L,9),Ref(L,-4));
L3:=ValueWhen(3,Ref(L,-4)=LLV(L,9),Ref(L,-4));
L4:=ValueWhen(4,Ref(L,-4)=LLV(L,9),Ref(L,-4));
L5:=ValueWhen(5,Ref(L,-4)=LLV(L,9),Ref(L,-4));
L6:=ValueWhen(6,Ref(L,-4)=LLV(L,9),Ref(L,-4));
L1M:= Max(0,Min(1,Int(L1/C)));
L2M:= Max(0,Min(1,Int(L2/C)));
L3M:= Max(0,Min(1,Int(L3/C)));
L4M:= Max(0,Min(1,Int(L4/C)));
L5M:= Max(0,Min(1,Int(L5/C)));
L6M:= Max(0,Min(1,Int(L6/C)));
100*(1-(L1M+L2M+L3M+L4M+L5M+L6M)/6)
WRO Indicator:
L1:=ValueWhen(1,Ref(H,-4)=HHV(H,9),Ref(H,-4));
L2:=ValueWhen(2,Ref(H,-4)=HHV(H,9),Ref(H,-4));
L3:=ValueWhen(3,Ref(H,-4)=HHV(H,9),Ref(H,-4));
L4:=ValueWhen(4,Ref(H,-4)=HHV(H,9),Ref(H,-4));
L5:=ValueWhen(5,Ref(H,-4)=HHV(H,9),Ref(H,-4));
L6:=ValueWhen(6,Ref(H,-4)=HHV(H,9),Ref(H,-4));
L1M:= Max(0,Min(1,Int(L1/C)));
L2M:= Max(0,Min(1,Int(L2/C)));
L3M:= Max(0,Min(1,Int(L3/C)));
L4M:= Max(0,Min(1,Int(L4/C)));
L5M:= Max(0,Min(1,Int(L5/C)));
L6M:= Max(0,Min(1,Int(L6/C)));
100*(1-(L1M+L2M+L3M+L4M+L5M+L6M)/6)
The WRO and WSO oscillators are generally plotted together on a
separate scale from the price plot. It is helpful to add
horizontal lines at zero and 100 on this same scale. Horizontal
lines can be added by clicking on the indicator and selecting
"horizontal lines" from the Indicator Properties menu.
These formulas run much faster (by 40 times) than the earlier
formulas, and theyХve been tested successfully with both
end-of-day data and real-time data using MetaStock Professional
Version 6.51.
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if(H,>,ref(hhv(H,40),-1),1,
if(L,<,ref(llv(L,40),-1), -1,0))
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mov(oscp(43,86,S,%),43,S)
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mov(oscp(10,20,S,%),10,S)
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In his book New Concepts in Technical
Trading Systems, J. Welles Wilder Jr. talks about
volatility and describes his Volatility Index and Volatility
System. Both of these can be performed in MetaStock™ for
Windows. This document describes how to construct both the index
and the system.
The Volatility Index (VI) is described by
Wilder as:
VI Today = (13 * VI Prev + TR1) / 14 *where
TR1 is today's true range.
He defines the true range as the greatest of
the following:
-
The distance from today's high to today's
low
-
The distance from yesterday's close to
today's high, or
-
The distance from yesterday's close to
today's low.
In MetaStock version 5.0 or higher you would
use the following function.
VI Today = ATR(14)
The Volatility System is:
Enter Long
Cross(C,Ref(LLV(C,7),-1)+(Ref(ATR(7),-1)*3))
Enter Short
Cross(Ref(HHV(C,7),-1)-(Ref(ATR(7),-1)*3),C)
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