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| Added: December 02, 2006 |
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TradeStation, indicator
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Here are two indicators to assist readers in identifying some of the classic
chart patterns, as discussed in Daniel Chesler's 'Identifying significant chart
formations' elsewhere in this issue. Ideally, you will use one or both of the
indicators in conjunction with other analytical techniques, such as trendlines,
to identify trading opportunities on your charts.
The first indicator, the Adx/MovAvg Combo, is a relatively simple indicator
based on the average directional movement indicator (ADX) and moving average
calculation. This indicator plots a 50-bar moving average and triggers both
visual and audio alerts when a conspicuous decrease occurs in the ADX below
a specified level, which in this case is 15. The indicator code to be entered
in the TradeStation Power Editor follows. Suggestions for the format settings
for this indicator are given after the code.
Code:
Type: Indicator, Name: ADX / MovAvg Combo
Inputs:
Price(Close),
AvgLen(50),
ADXLen(14),
Level(15);
Vars:
AvgVal(0);
AvgVal = Average(Price, AvgLen);Plot1(AvgVal, "M_Average");IF ADX(ADXLen)
< Level Then Begin Plot2 (AvgVal, "ADX_Level");
IF CheckAlert Then Alert = True;
Code to difficult? Find somebody to help you with coding here.
Author: Daniel Chesler
Source: http://www.traders.com
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