Rise and Fall Indicator AFL

[Peter Carr <pcarr@xxxx>]

Hi all,

Here's another simple indicator, very similar to Meisels, that you may
find a useful addition to the collection - if you haven't got it already
that is. Any suggestions, corrections and positive criticism are of
course welcome.

It is mentioned in Elli Gifford's book 'The Investors Guide To Technical
Analysis' and I thought it was a fairly easy one for me to develop my
AFL skills on. She writes about the indicator as...

"...a very simplistic, and very useful, indicator... It too [like
Meisels] is a cumulative total; it starts at 100 and if the price closes
up on the second day it becomes 101, and if it closes down it becomes
99, and so on. It is effectively expressing the balance between buying
power and selling pressure and will usually look much the same as the
price. But it can give some useful leads."

I have included a 20 moving average for smoothing.

==================================================================
/* Rise & Fall Indicator
AFL by Peter Carr with thanks to 
Tomasz Janeszko for guidance
27 Jan 2001 */

change = IIF( close > ref( close, - 1 ), 1,
IIF( close < ref( close, -1 ), -1, 0 ) ) ;

risefall = CUM( change ) +100 ;

graph0 = risefall ;
graph1 = EMA( risefall, 20 );
==================================================================

Hope you find it useful.


Peter
-- 
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Peter Carr
Email: pcarr@xxxx ICQ: 22586379
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