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Is it possible to refer to a trendline in metastock formula language and hence generate buy and sell signals based on that.
Suppose I have drawn a trendline on a chart. How can I generate a "true" (buy) if price is above trendline and a "false" (sell) if price is below the trendline?
Is there some formula or something that can do it??
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Rank: Advanced Member
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For an arbitrary trendline I would say no, not possible. Maybe someone else has some ideas.
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MetaStock formulas have no way to directly reference a line study (like a trendline) that has been added to a chart. That said, it is possible to write a formula that describes the trendline and then you can use that description in your buy or sell conditions. This would be a separate formula for each trendline. (You can not set a generic reference and have it apply to whatever trendline you have in the chart you are viewing).
To do this, the formula will have to include a point on the trendline and either a) the slope, or b) a second point on the line. If you use the second method, the slope would have to be calculated based on the two points. Then you can describe the trendline with the calculation of:
trendline = point + (slope * barssince(point))
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