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I am trying to create an indicator, which I'll call an "Auto
Envelope," like the one Dr. Elder describes, on page 95 of Come Into
My Trading Room, as follows:
A...channel contain[ing] the bulk of prices, with only a few extremes
poking out...[such that it] contains approximately 95% of the prices
for the past several months [this on a daily chart].
Thus, the AutoEnvelope is like Bollinger Bands, except that it does
not adjust continuously, but every so often.
If you go to http://www.elder.com/MetaStock/AutoEnvelope.htm or view
the "AutoEnvelope" PDF I've posted in the Files section of this
group, you'll see the description of Auto Envelope contained within
the User's Manual of a MetaStock Add-on. Here it is stated that the
channels are automatically sized using a 100-bar standard deviation
and that the channels change "at most once a week."
Does anyone have an indicator like this on file? If not, can you offer
suggestions as to how to build it? Creating a 2 standard deviation
channel isn't the issue, it is how to cause it to only update at
(user selected) time intervals.
Thanks.
Ed E.
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