People avoid looking for good exits because exits do not give them control over the market. However, exits do control something. They control whether you make a profit or a loss, and they control just how big that profit or loss will be. Since they do so much, perhaps they are worthy of a lot more study on the part of most people.
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Next Day's High & Low Price Target

Formula for: MetaStock

indicator

Views: 1937

Added: July 23, 2007

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Tags: MetaStock, indicator

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Arne Gronfeldt Indicator
To: metastock list <metastock-list@xxxxxxxxxxxxx>
Subject: Arne Gronfeldt Indicator
From: Philip <pschmi02@xxxxxxxxxxx>
Date: Mon, 09 Jun 1997 11:39:32 -0400
Resent-Date: Mon, 9 Jun 1997 10:10:19 -0600
Resent-From: metastock-list@xxxxxxxxxxxxx
Resent-Message-Id: <"uNr32.0.AA2.gh2dp"@mail.equis.com>
Resent-Sender: metastock-list-request@xxxxxxxxxxxxx
Greetings,

I ran across an indicator attributed to Arne Gronfeldt by a system seller named John Riley (System 2000). I'm not about to buy his system, but the the indicator he describes claims to project the next day's High/Low. Has anyone had any experience with it?

For the next day's Low:

1. add today's H + L + C, then divide the sum by 3
2. multiply the total by 2
3. from that figure, you subtract today's High.

For the next day's High, the formula is the same, except that in step 3 you subtract today's Low.

I haven't tested this indicator extensively, but I dropped it on July sugar, and it looks like the fast track to the poorhouse. Have I just wasted 45 minutes of mine time - and 45 seconds of yours??

Philip

Code:

Next Day's High & Low Price Target

{Next Day's High Price Target}
(( h+2*l+c)/2-l);
((2* h+l+c)/2-l);
(( h+l+2*c)/2-l);

{Next Day's Low Price Target}
(( h+2*l+c)/2-H);
(( 2*h+l+c)/2-H);
(( h+l+2*c)/2-H)

Source: http://purebytes.com/archives/metastock/

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