Is it possible to create a system that gives buy signals on a weekly or monthly chart but buys the next daily closing price?

Hi Roy, Thanks for the reply. So to simplify, let's imagine a system that trades off of weekly bars when the high of the current bar(w) is greater than the previous bar(w). When I program this into a buy signal I want to get the signal price, not some ohlc of the next (weekly) bar. Is there somewhere I can read up on how to construct multi-frame indicators? cheers

Hi

I'm sure some of my early weekly indicators for daily charts can be found on this site. The Multi-Frame indicators are a step up from the earlier weekly formulas and are not public domain items. But they are available at a reasonable price from my website. The Multi-Frame User Guide is still a work-in-progress, and because of the proprietary code included in it it's likely that only M-F kit owners will get access.

Making rough weekly or monthly indicators that plot on daily charts is not all that difficult most of the time. What is difficult is creating a timing mechanism that can handle the vagaries of non-trading days, long weekends, trading halts and all the other reasons that make the assembly of weekly and/or monthly prices more difficult than we'd like it to be.

I'm not 100% clear on exactly how you want to integrate weekly and daily data so some of the following comments might not be appropriate to your situation. Using weekly data to buy at any price within the H/L range is not hard to do - no different in fact from buying at a predetermined stop price on a daily bar. Well actually there is a small difference, and that is that daily bars may gap from one bar to the next within a weekly bar, and when this happens it may not be possible to catch the predetermined stop price. However, my testing suggests that this is a fairly rare occurrence, at least with the weekly systems I've worked with.

Whether or not you're using static weekly prices (the alternative is to develop the current week's value as each days data is added) then it's a simple matter to compare the current weekly price with a previous weekly price (using daily data of course). So with a good timing mechanism weekly prices are a breeze. Plotting weekly indicator or function values on daily data gets a little harder, and in some cases it's impossible without programming skills and tools that the average MetaStock user just does not have.

My Multi-Frame indicators do not use rolling frames and they are "fixed in stone". Even the fortnightly frames in the D+ range are fixed, but the weeks can be switched by using the "Offset" option set to 7 days. I suggest that you download and run the demo SMA EXE file from the website. You won't get access to the formula but you will at least get a feel for what they do and don't do. I'll happily answer any further questions you might have.

Roy