Hi James,
Your request, the solution to which may appear somewhat simple in some software packages, requires a work-around in MetaStock (firstly no line just a dot).
Hopefully I've covered all the steps required but please let me know if you have any problems.
Step 1) Create a new formula named "Low - 5%" using Copy&Paste to create the formula below:-
{Low - 5%}
LOW*0.95; {Style = Invisible}
Step 2) Create a second new formula named "RSI Test" using Copy&Paste to create the formula below:-
{RSI Test}
HiddenPart:=
If(RSI(C,14)<30,0,LOW*0.95);
{Plot}
LOW*0.95; {Colour=Red, Style=Dot, Weight=Heaviest}
HiddenPart; {Colour=White, Style=Dot, Weight=Heaviest}
ValueWhen(1,0,0); {Re-scaling solution as provided by Wabbit}
Step 3) Insert the 1st new formula in the chart window.
Step 4) Right click on the newly created indicator & change the Colour/Style Properties to Style=Invisible & press OK (Now I understand the new indicator has disappeared but this step may be useful at the end of the process - see ??).
Step 5) Insert the 2nd new formula in the chart window (N.B. This formula will create 2 lines in some areas, but that is what we want to happen).
Step 6) CAUTION - choosing a part of this indicator that is situated between 2 lines heading towards the bottom of the page, right click & change the Colour/Style Properties to Colour=Red, Style=Dot, Weight=Heaviest & press OK.
Step 7) CAUTION - choosing a part of this indicator that is heading towards the bottom of the page, right click & change the Colour/Style Properties to Colour=White, Style=Dot, Weight=Heaviest} & press OK (N.B. white has been chosen to match the background colour of the window & this colour must be selected accordingly).
?? Move your cursor over the dot to get the value of Low minus 5%.
If this vaue is not required then delete steps 1, 3 & 4.
Cheers,
oz
