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Body Momentum for Metastock
Rating:
4 / 5 (Votes 2)
Tags:
oscillator, metastock, momentum
I was reading in Perry Kaufman’s latest book and he described a little oscillator he called “Body Momentum”. This simply calculates the momentum of the closes above the opens versus the closes below the opens. The theory is that as prices move up, closing prices will be higher than opening prices and vice-versa for down. If this oscillator is above 70 then the whites (Candle-sticks) dominate and below 30 the blacks are dominant.
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Indicator / Formula
Copy & Paste Friendly
Lb:=Input("Look-Back Period?",3,60,14);
B:=CLOSE - OPEN;
Bup:= Sum(B > 0, Lb);
Bdn:= Sum(B < 0, Lb);
BM:=(Bup/(Bup+Bdn))*100;
Mov(Bm,3,S)2 comments
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How can one see the plot?
Put it in the Indicator builder of metastock then drag it into a new pane.