A little gift for you guys, here a Stephen Zodkovs indicator useful to identifies long or medium term trend in the market with overbought/oversold lines.
This is a conversion I personally made from metastock version. Hope it helps
BPDLTRENDFil=Cum((IIf((MA((C-Ref(C,-1)),21))>0,1,-1)* (MA((C-Ref(C,-1))^2,21)+1)^.5)+(((C-Ref(C,-1))^2)+1)^.5*IIf((C>Ref(C,-1)),1,-1));
bpdl=(BPDLTRENDFil-Ref(BPDLTRENDFil,-21))/(HHV(BPDLTRENDFIL,21)-LLV(BPDLTRENDFIL,21));
Plot(bpdl,"",colorRed,styleLine);
n=0.675;
n2=-n;
Plot(bpdl,"",colorRed,styleLine);
Plot(n,"",colorRed,styleLine);
Plot(-n,"",colorRed,styleLine);
This is a conversion I personally made from metastock version. Hope it helps
BPDLTRENDFil=Cum((IIf((MA((C-Ref(C,-1)),21))>0,1,-1)* (MA((C-Ref(C,-1))^2,21)+1)^.5)+(((C-Ref(C,-1))^2)+1)^.5*IIf((C>Ref(C,-1)),1,-1));
bpdl=(BPDLTRENDFil-Ref(BPDLTRENDFil,-21))/(HHV(BPDLTRENDFIL,21)-LLV(BPDLTRENDFIL,21));
Plot(bpdl,"",colorRed,styleLine);
n=0.675;
n2=-n;
Plot(bpdl,"",colorRed,styleLine);
Plot(n,"",colorRed,styleLine);
Plot(-n,"",colorRed,styleLine);