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Joined: 2/2/2007(UTC)
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Leon Wilson’s article, “The Wilson Relative Price Channel,” introduces a new
way to show overbought and oversold conditions. The procedure and formula for
displaying these channel lines in MetaStock is listed below:
To enter these indicators into MetaStock:
- In the Tools menu, select Indicator Builder.
- Click New to open the Indicator Editor for a new indicator.
- Type the name of the formula
- Click in the larger window and type in the formula.
- Click Ok to close the Indicator Editor.
Name: Wilson Relative Price Channel
Formula:
Periods:=Input("Channel
Periods",1, 250, 34);
Smoothing:=Input("Smoothing", 1, 55,
1);
Value2:=Input("Over Bought", 50, 99, 70);
Value3:=Input("Over Sold",
1, 50, 30);
Value4:=Input("Upper Neutral Zone", 50, 99,
55);
Value5:=Input("Lower Neutral Zone", 1, 50, 45);
OB:=Mov(RSI(Periods)-Value2,Smoothing,E);
OS:=Mov(RSI(Periods)-Value3,Smoothing,E);
NZU:=Mov(RSI(Periods)-Value4,Smoothing,E);
NZL:=Mov(RSI(Periods)-Value5,Smoothing,E);
{OverSold}
CLOSE-(CLOSE*(OS/100));
{OverBought}
CLOSE-(CLOSE*(OB/100));
{NeutUp}
CLOSE-(CLOSE*(NZU/100));
{NeutLower}
CLOSE-(CLOSE*(NZL/100));
William Golson
Equis International
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