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Location: Tasmania - Australia
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So if I paste the code below in Bullish section of Trends in Expert Advisor I get a ribbon to make it easy to spot when the EMA is rising or falling.
How can I specify for it to calculate using WEEKLY data so I can have the weekly ribbon at the bottom of my daily chart?
Mov(C,26,E)>Ref(Mov(C,26,E),-1)
Cheers,
Andrew
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Rank: Advanced Member
Groups: Registered, Registered Users, Subscribers
Joined: 7/25/2005(UTC)
Posts: 1,042
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Hi Andrew
The most accurate way to do this would be use a Multi-Frame EMA set to weekly periodicity. Because an EMA uses fragments of ALL past data, not just the nominal look-back range, you would need to have significantly more data loaded than just the 26 weeks (or whatever weekly range you plan to use). Typically you need 4 to 5 times as much data as that specified by the Periods parameter (2 to 2.5 years in fact) in order to get an accurate 26 week EMA. This same situation applies to any other MetaStock function that uses an EMA ( or EMA variant such as Wilders() ) for its internal calculation.
Private message me if you would like a Multi-Frame EMA formula to set up your expert. Of course there are also other ways of simulating weekly values on daily charts, but none that I know of that are quite as accurate (assuming sufficient data is available).
Roy
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