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<FONT color=#000080
size=2>Jayson,
<FONT color=#000080
size=2>
I have your
indicator loaded on 1 minute charts and it looks great. Question, in what
ways do you anticipate it can be used?
<FONT color=#000080
size=2>
Thanks for
sharing !
<FONT face="Vladimir Script" color=#000080
size=5>Rick
<FONT face=Tahoma
size=2>-----Original Message-----From: Jayson
[mailto:jcasavant@xxxxxxxxxxxx]Sent: Wednesday, April 23, 2003
11:32 AMTo: 1amiCc: 1CaroSubject: [amibroker]
Trends
<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 face=Arial
color=#0000ff size=2>Jayson
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