Re: GEN Williams True Trend

[bobrabcd@xxxxxxxxxxx]

David, modifying the code as below permits a Verify by the Power Editor.
Changes included changing "numeric" to 21 or whatever you want, and
changing LWTrueTrend to LWTT.  Resulting indicator appears to facilitate
trendline drawing somewhat.  Please refer questions to GAE.

BobR


At 12:38 PM 7/10/97 +1000, you wrote:
>Clyde,
>
>Thank you very much for the ela code for Williams true Trend.  Is it
>possible to actually send RTers the ela file itself?
>
>Thanks
>David Hunt
>


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

 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(21) ; {# 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
  LWTT = LWTTS
 Else
  LWTT = LWTT;

Plot1(LWTT,"");
Attachment Converted: "c:\eudora\attach\Ttrend.ela"