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Hello!
I am newbie to MS and would apprechiate a start-up help, if anyone would be so kind :)
I would like to use 2 indicators (MA Channels and S-RoC or Smoothed Rate of Change), described in dr. Aldexander Elder´s book (Trading For a Living) but I have no idea, how to convert the original formulas into MS. I´m not very into programming, but I´ll read the Formula Primer later on :)
Anyway, the original formulas are:
MA Channels:
Upper Channel Line = EMA + Channel Coefficient x EMA
Lower Channel Line = EMA + Channel Coefficient x EMA
RoC:
RoC = P(tod)/P(tod)-n
where P(tod) = Today´s closing price
P(tod)-n = Closing price n days ago
The instruction for how to convert RoC into S-RoC is this: "You can calculate a 13-day EMA of closing prices and then apply a 21-day RoC to it."
I hope it´s not too much trouble :)
Thanks and best regards!
Henrik
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Rank: Advanced Member
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Hey pirx-
You have a few options:
1) Buy the disk that accompanies his book (check the Equis products list);
2) Forum search will give you some ideas... I brought the topic up a while ago;
3) Google search;
4) Check out Jose Silva's improved version: Auto Envelopes, avail: http://www.metastocktools.com/
Personally, I've done all of the above. I love Elder's stuff. Every day I trade, I use Jose's auto envelopes. I like 'em, but others may question their utility in active trading... to that I would respond that any indicator is just small part of the whole picture. It fits my style exactly.
As far as the smoothed ROC, you might try something like the following. It is not Elder's formula. Perhaps the Formula Primer call give you some more thoughts...
periods:=21;
ROC(Mov(C,periods,E),21,%)
HTH,
G:D
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Rank: Advanced Member
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Hey g_stockman :)
Thanks for the reply.
I´m on the work at the moment, but when I get home, I´ll check up everything you suggested.
I was thinking to buy Elder´s disk, but in the meantime, I´ve done almost everything suggested in his two books. (TFaL and Come Into My Trading Room)
I´m only short of few indicators and thats it. But i suppose, that with Elder disk you also get the trading signals included... but since I´m more of a position trader, they are not so essential to me.
Hm, I overlooked the Auto Envelopes on Jose´s webpage (which I only found yesterday). I can´t wait to try them! :)
Thanks for the formula.
Oh, by the way, I enjoyed your video tutorials!
Have a nice day!
Henrik
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Rank: Advanced Member
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As suggested, I have implemented Auto Envelopes and they seem very usefull! Thanks for the tip.
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Rank: Advanced Member
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Yea, Jose is pretty smart; and, useful guy to know. His auto envelopes are my favorite code to date.
Hey J- Can I get my $5 now? :wink:
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Rank: Advanced Member
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Sure thing G, as soon as Henrik pays his $6.50 gratitude fee... :)
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Rank: Advanced Member
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As soon as I earn those $6.50 with AutoEnvelopes :lol:
Thanks, Jose! Your site is superb!
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Rank: Advanced Member
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Joined: 10/18/2005(UTC)
Posts: 43
Location: Slovenia, EU
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Rank: Advanced Member
Groups: Registered, Registered Users
Joined: 3/19/2005(UTC)
Posts: 2,995
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Try this...
From Patrick's formula:
The 10-Day Moving Average:
MOV( (H+L+C)/3, 10, E)
Upper Keltner Band
MOV((H+L+C)/3,10,E) + MOV((H-L),10,E)
Lower Keltner Band
MOV((H+L+C)/3,10,E) - MOV((H-L),10,E)
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Rank: Advanced Member
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Thanks! But hey, only now did I realize, that the Envelopes are already built in to the Metastock! :D
I was unable to see them, because I have unchecked this indicator, not realizing, that Envelopes and Channels mean, more or less, the same thing! A newbie error, I suppose :eek: Please forgive my ignorance :mrgreen:
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Rank: Advanced Member
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n.p.
Make sure you compare the different envelopes that you now have... you'll see that they aren't all created equally.
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Rank: Advanced Member
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I tried many variations of MA Envelopes, but this one seems easy to use:
Envelopes - Koperta
Dsre:= Input("Time periods:",10,100,45);
Dpro:= Input("Vertical shift %:",0.1,100,15);
;Mov(C,Dsre,E) + ( (Dpro{%}/100) * Mov(C,Dsre,E))
;Mov(C,Dsre,E)
;Mov(C,Dsre,E) - ( (Dpro{%}/100) * Mov(C,Dsre,E))
It´s amazing how accurate it is on the stocks I´m invested in.
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