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	Advanced stock charting and analysis program

AFL Library

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Details:

Formula name:	Market Direction
Author/Uploader:	Dimitris Tsokakis -
Date/Time added:	2002-03-24 14:03:12
Origin:
Keywords:
Level:	advanced
Flags:	indicator

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Description:

Market direction is described through 3 composite tickers, based on Relative slope values. You may read on daily basis the % distribution of bullish, congestive and bearish phase of the Market.

Formula:

/*BULL-BEAR-CONGESTIVE*/
K=EMA((H+L+C)/3,10);
S1=2*(K-Ref(K,-1))/(K+Ref(K,-1));
RS=100*EMA(S1,3);
values16 = abs(rs)<=1;
values17=rs>1;
values18=rs<-1;
AddToComposite(Values16,"~rscongestion","V");
AddToComposite(Values17,"~rsbullish","V");
AddToComposite(Values18,"~rsbearish","V");
Buy=0;

Comments:

Dimitris Tsokakis

2002-03-24 14:04:46

/*Market Direction Graph*/
TOT=Foreign("~rsbearish","v")+Foreign("~rsbullish","v")+Foreign("~rscongestion","v");
Graph1=100*Foreign("~rsbullish","v")/TOT;
Graph1Color=5;
Graph0=100*Foreign("~rscongestion","v")/TOT;
Graph0BarColor=7;
Graph2=100*Foreign("~rsbearish","v")/TOT;
Graph2Style=1;
Graph2BarColor=4;
Title="BULLISH = "+WriteVal(Graph1,FORMAT= 1.1)+"% , CONGESTIVE = "
+WriteVal(Graph0,FORMAT=1.1)+"% , BEARISH = "+
WriteVal(Graph2,FORMAT=1.1)+" %";

Dimitris Tsokakis
tsokakis [at] oneway.gr
2002-08-06 04:31:57

You may increase the sensitivity of the Market Direction indicator replacing the

values16 = abs(rs)<=1;
values17=rs>1;
values18=rs<-1;
with
values16 = abs(rs)<=0.75;
values17=rs>0.75;
values18=rs<-0.75;
or even
values16 = abs(rs)<=0.5;
values17=rs>0.5;
values18=rs<-0.5;
for more expressive results.