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How can you better determine which direction of the outside day function in metastock will go? Is there some other confirmation indicators I can use with this function? I was thinking it was something like this
pds:=-3;
Buy:=Ref(ReactionWithVol(),pds) AND Outside();
Sell:=If(Ref(RallyWithVol(),pds) AND Outside(),-1,0);
Buy+Sell
This works ok but I was wondering if there was some other trader that where using this function and what they use to determine the direction.
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I have found that when a new high or new low is formed on an outside bar that the outside bar gives false lows on new highs and false highs on new lows
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Rank: Advanced Member
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Thats what I found also alot of the signal are false but I keep hearing guys say how great it is but I only see a 50/50 system with it, if that. I was just wondering if anyone on this group forum was using it and how that code the system.
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Quote:outside bar gives false lows on new highs and false highs on new lows
I would not call them false, because the outside function in metastock does something quite interresting if you study.
Now it is true that it does not find outside bars the way most people define it.
Patrick :mrgreen:
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Rank: Advanced Member
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Patrick,
Can you give a little more info on what matestock does to help with outside days? I'm tring to develop a formula that would better setup true hits then false. Any information on the subject would help.
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Rank: Advanced Member
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Posts: 130
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