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| Added: August 01, 2008 |
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| Tags:
TradeStation, indicator
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This concept is based on William Blau's simple trading system, where one would take long trades when SMI_Trade value is above Zero (or goes positive) and the SMI oscillator has same slope going in the same direction as the trend.
One would exit long if the SMI_Trade turns to Zero or SMI oscillator reverses.
Opposite argument for short trade.
Hope my explanation is of help.
Code:
Type : Function, Name : SMI
input:
length1(NumericSimple),
length2(NumericSimple),
length3(NumericSimple);
var:
HH(0),
LL(0);
HH = Highest(H,length1);
LL = Lowest (L,length1);
SMI = 100 * (XAverage(XAverage(C-(0.5*(HH+LL)),length2),length3) /
(0.5 * XAverage(XAverage(HH-LL,length2),length3)));
Type : Indicator, Name : SMI Oscillator
input:
length1(2),
length2(25),
length3(12),
signal(5);
Value1=SMI(length1,length2,length3);
Value2=XAverage(Value1,Signal);
Plot1(Value1,"SMI");
Plot2(Value2,"Signal");
Source: https://www.tradestation.com
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