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Moving Average Spread Indicator
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1496 |
| Added: June 16, 2008 |
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| Tags:
TradeStation, indicator
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I have an indicator that consists of 2 moving Averages. I would like to create a new Indicator which would be derived from the spread (distance apart of the MA's) and displayed similar to a RSI indicator only with the RSI 50% line now being a Zero line and the scale ranging from 100% to -100%. That is to say;
When the 2 MA's have the same reading the new (Moving Average Spread Indicator) would be displaying a reading of 0%. When the MA's started to move away from each other the new MAS Indicator would move away from the 0% line as a % to the historically plotted data. So if the furthest the 2 MA's had ever been apart was say 40 points and they were now 40 points apart the new MASI would read 100% and be indicating a likelihood of a correction.
Here is the ELA code for the MA Indicator.
Code:
Type : Indicator, Name : Moving Average Spread Indicator
{MA Spread Indicator
Plots the difference between a short and long EMA as a percentage of
the maximum difference see over the last LookbackLen bars
ghkramer 10Jan05}
input: Price(Close), ShortMALen(7), LongMALen(13), LookbackLen(50);
var: Sema(0), Lema(0), dema(0), Maxd(0), Spread(0);
Sema = xAverage(Price, ShortMALen);
Lema = xAverage(Price, LongMALen);
dema = Sema - Lema;
MaxD = Highest(AbsValue(dema),LookbackLen);
if (MaxD > 0) then
Spread = 100*(dema/MaxD);
plot1(Spread, "Spread");
plot2(0, "Zero");
if Spread > 90 or Spread < -90 then
setplotcolor(1, Blue)
else
setplotcolor(1, Red);
if Spread >= 90 then begin
if barStatus(1) = 2 then
alert(GetSymbolname + " Spread at High Extreme");
end;
if Spread <= -90 then begin
if barStatus(1) = 2 then
alert(GetSymbolname + " Spread at Low Extreme");
end;
Code to difficult? Find somebody to help you with coding here.
Source: https://www.tradestation.com
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