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Joined: 5/3/2005(UTC)
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Location: Malaysia
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Gentlemen,
Did anybody runs across ready-made formula by Norman Fosback? Specifically, they are:
1) NYSE High/Low Logic Index. It is the lesser of either the a) new highs as a percentage of total issues traded or b) new lows of total issues traded.
2) Utility Divergence Index. It is the latest 20-week change in Dow Jones Utility Averages minus 20-week change in Dow Jones Industrial Averages.
Any help is appreciated. Thanks in advance...
Rgds,
:) Hannan
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Rank: Advanced Member
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hey hannan..... this attempted code might be correct or it might bring laughter world over..... in any event, thanks for bringing it up, i see some applications for it already......h
if nyse highs/nyse iss's tr < nyse low/nyse iss's t, plot 1 else 0
If(Security("x.nyse-h",C)/Security("x.nyse-t",C)< (Security("x.nyse-l",C)/Security("x.nyse-t",C)),1,0)
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Rank: Advanced Member
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Hayseed, you did not watch my first lesson did you? :evil:
You don't need the if statement in there :D
(Security("x.nyse-h",C)/Security("x.nyse-t",C))< (Security("x.nyse-l",C)/Security("x.nyse-t",C))
Patrick
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Rank: Advanced Member
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hey patrick.....thanks....... yeah i watched/enjoyed it, several times, just takes awhile to sink in...... hence the term 'hayseed'....
also, was just playing around with that code and noticed it can only be applied to some security in the bm folder..... otherwise you get the error..... there is of course a way around that.....
any thoughts on part 2 of hannan's request......h
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Rank: Advanced Member
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On the second part it would depend on wether or not we are working with daily or weekly data.
Weekly data would be easy. Just a rate of change minus another.
ROC(Security("Utilities..",C),20,%)-ROC(Security("Industrial..",C),20,%)
For daily it becomes a little more complex but if you use jose and roy weekly values using daily data indicators it can be pretty straightforward.
Patrick
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Rank: Advanced Member
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Here is What i would write for number 2 on daily data.
I have not tested this ...
V1:=Security("SYMBOL1 HERE",C);
V2:=Security("SYMBOL2 HERE",C);
friday:=DayOfWeek()=5;
newweek:=ROC(DayOfWeek(),1,$)<0;
holiday:=newweek AND Ref(DayOfWeek(),-1)<>5;
wkc1:=If(friday,V1, If(holiday,Ref(V1,-1), PREV));
wkc2:=If(friday,V2, If(holiday,Ref(V2,-1), PREV));
Roc(wkc1,20,%)-Roc(wkc2,20,%)
Patrick
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Rank: Advanced Member
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hey patrick....thanks..... and if perhaps , hehe, just had to get that 'if' in, someone would like to apply the code to any security other than something in the broad market folder, the code below which is folder path specific should work..... the one patrick and i provided eariler returns a 'path' error for me..... more on that later......
thanks again hannan for bringing it all up, i learned a bunch today.....h
(Security("C:\\MetaStock Data\\BM Data\\x.nyse-h",C)/Security("C:\\MetaStock Data\\BM Data\\x.nyse-t",C))< (Security("C:\\MetaStock Data\\BM Data\\x.nyse-l",C)/Security("C:\\MetaStock Data\\BM Data\\x.nyse-t",C))
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Rank: Newbie
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Thanks a lot guys :) . Anyway, I already received some code from somebody on part 1. I tried it and it seems to work OK. I attached the code below..
I have not tried Patrick's code for part 2, though...
{This indicator is based on High/Low Logic Index (HLLI), by Norman Fosback. High reading above 0.021 indicates BM top, whereas low reading below 0.004 indicates BM bottom. Tend to generate false signal in December and January due to end and new year seasonality buying. The function may be generalized to accept any indices, beside Nasdaq as below}
{Retrieve new highs/lows and total traded issues}
NH:=Security("E:\\Metastock Data\\BM Data\\X.NASD-H",C);
NL:=Security("E:\\Metastock Data\\BM Data\\X.NASD-L",C);
TI:=Security("E:\\Metastock Data\\BM Data\\X.NASD-T",C);
{Calc. the lower value of either new highs or lows}
CC := If(NH <= NL, NH, NL);
Index := CC/TI; { Calc. HLLI}
{Smooth this average w/ 10-bar MA}
Mov(Index, 10, S);
0.021; {Extreme - Bearish}
0.004; {Extreme - Bullish}
{End of Formula}
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Rank: Advanced Member
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hey hannan..... thanks for sharing that..... its in a nice coded form, will make a note of it......
changing the drive 'e' to 'c' allowed me to plot it, and scrolling back in time reminded me , the market can stay extreme bullish for extended periods, as in 03/04.....
when changing my chart from daily to weekly then back to daily the indicator changed forms everytime..... if it does that for you, just close the entire chart, reopen it and reapply the indicator..... thanks again hannan, for sharing......h
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Rank: Newbie
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Joined: 5/3/2005(UTC)
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Guys.. Anybody has solution to the problem mentioned by Hayseed, in that the indicator changed forms everytime when you toggle daily to weekly then back?
I don't think closing the chart and reopening it, is the intended solution for this problem.
Rgds,
:) Hannan
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Rank: Advanced Member
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This is a bug with the Security Data function, when switching periodicites. Close and re-open the chart as daily and it should be fine. With the daily chart up, if you go to Window | New Window (which makes a duplicate chart), then change the duplicate chart to weekly. When you're done close it and don't save changes, you're back to the daily chart without changing the indicator formation
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