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<SPAN
class=522235614-23042003>All,
<SPAN
class=522235614-23042003>
Those of you who
follow cycles and those of you who feel that Elliot and Miner may be on to
something may find this indicator to be useful. It is not designed for back
testing but does offer some interesting information on support and resistance
levels based on the recent past.
<SPAN
class=522235614-23042003>
Basically I am
plotting a zigzag to help identify swings. (all standard zig warnings apply) the
% change is adjusted by the ATR as a measure of % of the current price. I deem a
counter move of 2X this percentage to be significant but you can tweak that on
your own. In essence if the atr(50) of a $100 stock is 5 then 5/100=.05% so the
indicator will set the zig% to 10%.
<SPAN
class=522235614-23042003>
Now that we have a
swing plot I simply calculate the number of bars and the percentage move
of the 3 previous swings in the current direction and compare the average
to the current swing. There are parameter switches to allow for adjustment of
the ATR look back and to make calculations to the current or previous counter
moves. In an up trend the swings are marked with a Green bar, in a down trend
with red. The white bar indicates the start of the ATR look back period.
<SPAN
class=522235614-23042003>
I recently
constructed this indicator so I do not have a lot of history to report but I
have found that Elliot and Miner type studies tend to work best on larger cap,
more liquid issues, possibly because the increased volume of institutional
money tend to drive these stocks in a more measured manner. This is also
interesting on interday charts, particularly in the 15 min time frame.
<SPAN
class=522235614-23042003>
If you find it
useful, great, if not just press delete :)
<SPAN
class=522235614-23042003> <FONT color=#0000ff
face=Arial size=2>Jayson
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Attachment:
Swing Count.afl
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