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Joined: 2/2/2007(UTC)
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Barbara Star's article, "Directional Breakout," describes two ways of
displaying charts. They require 1 expert and 3 custom indicators to reproduce in
MetaStock These formulas and the steps to include them into MetaStock are
below:
To enter the indicators into MetaStock:
<li>In the Tools menu, select Indicator Builder.
<li>Click New to open the Indicator Editor for a new indicator.
<li>Type the name of the formula.
<li>Click in the larger window and type in the formula.
<li>Click Ok
<li>Repeat steps 2-5 for the remaining two formulas
Name: Directional Down
Formula:
If(H<mov(C,20,S),-2,0)
Name: Directional Up
Formula:
If(L>Mov(C,20,S),2,0)
Name: Non-Directional
Formula:
c1:=H>=Mov(C,20,S)
AND L<=Mov(C,20,S);
If(c1,1,0);
If(c1,-1,0)
To enter the indicators into MetaStock:
<li>In the Tools menu, select Expert Advisor.
<li>Click New to open the Expert Editor for a new expert.
<li>Type a name for the expert, like "Directional Breakout"
<li>Click the Highlights tab.
<li>Click New to create a new highlight.
<li>Type the name of the highlight.
<li>Set the color to that specified.
<li>Click in the condition window and type in the formula.
<li>Click Ok
<li>Repeat steps 5-9 for the remaining two highlights
<li>Click Ok to close the Expert Editor.
Name: Directional Down
Color: Blue
Formula:
H<mov(C,20,S)
Name: Directional Up
Color: Green
Formula:
L>Mov(C,20,S)
Name: Non-Directional
Color: Red
Formula:
L<=Mov(C,20,S) AND
H>=Mov(C,20,S)
To build the first chart:
<li>Open a chart of the security and remove all other indicators
<li>Right-click in the chart and select Inner Window and then New Inner Window
<li>Click on the title bar of this inner window and drag it below the price
window
<li>Plot the Non-Directional indicator in this window
<li>Select one of the lines and change the style to histogram and the color to
red
<li>Select the other line and make the same changes
<li>Plot the Directional Down indictor in the same window
<li>Select the Directional Down line and change the style to Histogram and the
color to blue
<li>Plot the Directional Up indicator in this same window
<li>Select the Directional Up line and change the style to Histogram and the
color to green
<li>Plot a 20 period simple moving average of the close in the window with the
prices
<li>Right-click in the chart and select Expert Advisor and then Attach
<li>Select the Directional Breakout expert and click Ok
<li>Right-click in the chart and select Expert Advisor and then properties
<li>Select the Highlights tab and remove the checks by the blue and green
highlights
<li>Click Ok
Your chart should now look similar to the one below:
To build the first chart:
<li>Open a chart of the security and remove all other indicators
<li>Plot a 20 period simple moving average of the close in the window with the
prices
<li>Right-click in the chart and select Expert Advisor and then Attach
<li>Select the Directional Breakout expert and click Ok
<li>Right-click in the chart and select Expert Advisor and then properties
<li>Select the Highlights tab and make sure all the highlights are checked
<li>Click Ok
Your chart should now look similar to the one below:
Since the Expert Advisor is changed to make these two charts, you will not be
able to use both styles at once, unless you make a second expert and use one for
one style and the other to the second style.
William Golson
Equis International
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