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Weekly Balance Step for Amibroker (AFL)

adel_eltobgy almost 14 years ago Amibroker (AFL)

  • Rating:
    3 / 5 (Votes 5)
  • Tags:
    amibroker

This is a simple Moving Average of the last 5 Balance Points (MA/3),5) of the weekly period bar plotted in step formation on the daily chart. This is projected 1 period forward (one day). we can use the Weekly steps to define the tradable trend on daily chart.
Thanks for the author Robert Krausz, simple and great.

Indicator / Formula

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_SECTION_BEGIN("BS Weekly");
/* switch to weekly time frame */ 
TimeFrameSet( inWeekly ); 
MP = ( H + L + C) / 3; //CALCULATING MEDIAN PRICE
BS = MA( MP, 5 ); // CALCULATING THE BALANCE STEP
_UP = BS > Ref(BS,-1);
_BScolor = IIf( _UP, ParamColor("Up Color", colorBrightGreen), ParamColor("Down Color", colorRed )); /* choose color */
TimeFrameRestore(); 

/* expand calculated weekly BALANCE STEP to display on DAILY charts */ 

BalanceStep = TimeFrameExpand( BS, inWeekly );
UP = TimeFrameExpand( _UP, inWeekly );
BScolor = TimeFrameExpand( _BScolor, inWeekly );


Plot(BalanceStep,_DEFAULT_NAME(),BScolor,styleLine | styleThick,0,0,1);
_SECTION_END();

4 comments

1. Divyesh
almost 14 years ago

Nice Level………..

Can i use this level in my study….?

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2. adel_eltobgy
almost 14 years ago

The idea behind the steps, just to trade with the steps direction. Generally, if the price is above the steps is bullish other ways is bearish.

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3. prasadmuni
almost 14 years ago

Good indicator and will be definitely useful to trade in the direction of the trend.Simple and lethal.Thanks for shareing.
Prasad Muni

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