Re: GEN Williams True Trend

[Clyde Lee <clydelee@xxxxxxx>]

The following EL code will do what GAE remembers from seminar.

Nothing original here except you can smooth the results.


{ *******************************************************************

 Study   : LWTrueTrend

 Last Edit : July 9, 1997

Gaetano A. Evangelista says:

my source is a Telerate 1995 workshop, where Williams stated: "when a
dollar
is not (always) a dollar". Basically, a market which shows the following

quotes:
 H=60, L=52, C=58, C[1]=57 being the previous close, is a different
market
than that following these stats:
 H=63, L=57, C=58, C[1]=57 even if the close is the same.
Shortly, Mr Williams divides the net change for the day (1$) by the
true range, then adding the result to a cumulative sum. The True Trend
Index is a kind of accumulation/distribution indicator, with all kind
of classical interpretation (divergences, trendlines, etc.)

 Provided By : FuturesMagic - Clyde Lee - (c) Copyright 1997

********************************************************************}

Inputs:  Smooth(NumericSimple) ; {# days for XAverage of function}

Vars:  LWTT(0),LWTTS(0),Salpha(0),Sbeta(0),Init(0);

 If Init=0 then begin
  Salpha=2/(1+Smooth);
  Sbeta=1-Salpha;
  Init=1;
 End;


 Value3=TrueRange;
 Value4=Close[0]-Close[1];

 If Value3<.0000010*Close then
  Value4=0
 Else
  Value4=Value4/Value3;

 LWTT=LWTT[1]+Value4;
 LWTTS=LWTTS[1]*Sbeta+LWTT*Salpha;

 If Smooth<>0 then
  LWTrueTrend = LWTTS
 Else
  LWTrueTrend = LWTT;





Gaetano A. Evangelista wrote:

> >Could someone describe the Williams True Trend Indicator.
> >Even possibly supply it in Omega ELA format.
>
> Chris,
> my source is a Telerate 1995 workshop, where Williams stated: "when a
> dollar
> is not (always) a dollar". Basically, a market which shows the
> following quotes:
> H=60, L=52, C=58, being 57 the previous close, is a different market
> than that
> following these stats: H=63 L=57, C=58, even if the close is the same.
>
> Shortly, Mr Williams divides the net change for the day (1$) by the
> true range,
> then adding the result to a cumulative sum. The True Trend Index is a
> kind
> of accumulation/distribution indicator, with all kind of classical
> interpretation (divergences, trendlines, etc.)
>
> Sorry, don't know easy language...
>
> ciao
>
> %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
> Gaetano Arnaldo Evangelista - BARI (Italy)
> E-mail: ageitaly@xxxxxx
> URL: http://www.geocities.com/wallstreet/8492
> %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%



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