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Waves in Price for Amibroker (AFL)
Rating:
2 / 5 (Votes 6)
Tags:
oscillator, amibroker
IMO the MOST important level on any indicator is the neutral level,
where bullishness equates to bearishness. I like it to be in the middle
of the pane. It’s just easy on the eyes. In the DVB it is at Zero.
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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 | _SECTION_BEGIN("Volume Waves");// I next set up the Period Parameter (more about the selected setting later)periods = Param("Periods", 34, 1, 200, 1 ) ; /* and utilised Sum() to total the bull and bear Volume over the number of days/bars that I specified. */BulldayVol= ( Sum( IIf( C>=Ref(C,-1), V, 0), periods)) / periods ;BeardayVol= ( Sum( IIf( Ref(C,-1)>=C, V, 0), periods)) / periods ;/* I then manipulated the formula to get an oscillator. Don't get hung up trying to understand this. It's just a method of combining and displaying bullish & bearish Volume data as an oscillator. Not that Important! */TheDowVolumeBigot= 100-(100/(1+(BulldayVol/BearDayVol)))-50;Plot(TheDowVolumeBigot," THE DOW VOLUME BIGOT ",1,4+styleNoLabel);/* I plot the DVB line in bold black so it is prominent. I do this to ensure I don't view the indicator as just as a "bull/bear area" oscillator. The Black Bigot line has inherent qualities of its own. I now get some value by occaisionally plotting trendlines on it and looking for trend line breaks, as well as divergence. *//* I plot the DVB again as a histogram with green for >0 (bullish) and red for <0 (bearish) */ Colour= IIf(TheDowVolumeBigot>0,8,4);Plot( TheDowVolumeBigot,"",Colour,2);Plot(0,"",colorGrey50,styleNoLabel); // The important Neutral level// The method of displaying the DVB gives precise action levels. Plot(10,"",colorGrey50); Plot(-10,"",colorGrey50);Plot(20,"",colorGrey50); Plot(-20,"",colorGrey50);_SECTION_END(); |
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