Rank: Member
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Joined: 3/22/2010(UTC)
Posts: 16
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Dear All,
My trading system asks for a potential trade to pass a certain number of tests in two different timeframes. First, I use a weekly chart to determine the mode the market is in (i.e. trending, banding, volatile, quiet), and I then check the daily chart to see if I have a potential entry into that type of market. Now this works very well -- manually. I visually check my weekly chart, see what's happening, and then I pass on to the dailies to see if an entry signal has been triggered. But I'd like to automate this process a bit more. Hence I need to reproduce the weekly indicator (i.e. the indicator that gives me the "market mode") on the daily chart.
Let's suppose that I used a moving average of the WEEKLY's close to give me an indication on a market's trend. What I want to see on my DAILY chart is that exact indicator: if I had that, I could include the weekly indicator in my explorations, the EST and filter out unwanted entry signals (i.e. trend-entry signals in a banding market or swing-entries in a trending market).
So I guess my question is: how do I manipulate the daily's close to reflect the weekly close? I tried a few methods (mostly using REF()) to accomplish this and I've been looking for inspiration all over the place (uhu, I even used the search function). But so far, no luck.
Any help would be greatly appreciated.
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Rank: Advanced Member
Groups: Registered, Registered Users, Subscribers
Joined: 12/14/2009(UTC)
Posts: 140
Location: Austria
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Hi Traetey,
MSTT is a specialist on this topic - here is one among many tasks about different timeframes:
http://forum.equis.com/forums/thread/25038.aspx
you can use the search function of the forum and search for MSTT and some suitable keywords..
best regards
vienna
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Rank: Advanced Member
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Joined: 7/25/2005(UTC)
Posts: 1,042
Was thanked: 57 time(s) in 54 post(s)
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Hi Traetey
What is the indicator, function or custom formula you want to plot weekly values of? I have coded around 150 different Multi-Frame formulas for use with EOD data and I'm always of the lookout for more to add to the range. You mention a weekly CLOSE but I'm guessing that's probably not what you're looking for.
Roy
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Rank: Member
Groups: Registered, Registered Users
Joined: 3/22/2010(UTC)
Posts: 16
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Thanks for the reply;
No I'm not looking for the weekly close [:P] I use the directional movement system to identify trends on the weekly chart; hence I'm looking for weekly ADX, DI+ and DI- to be plotted in the daily timeframe.
In my juvenility I thought that, if I had the weekly close, I could just pop it into the vanilla ADX formula and, voilà, weekly ADX on a daily chart. I didn't consider that I'd get the weekly value 5 times instead of just once which, of course, falsifies the results.
But I found a nice pointer to your formula collection so I'll check that one out (didn't see the directional system in there tho - any chance you'll have the time to add that one to it anytime soon?)
Thanks again for your help,
Treatey
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Rank: Advanced Member
Groups: Registered, Registered Users, Subscribers
Joined: 7/25/2005(UTC)
Posts: 1,042
Was thanked: 57 time(s) in 54 post(s)
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Hi Traetey
Each Multi-Frame series includes ADX, ADXI, ADXR, PDI and MDI. It's true that these formulas plot the same value for each day of the week (or month or quarter or whatever), but it's very easy to change that so that each new value only plots on Friday (and zero is returned on every other bar).
Roy
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