Fchart Formula

rhimadri · #21 22nd March 2008, 10:41 AM

Quote:

Originally Posted by slah04

Dear Himadriji

Could you please explain this particular part of your formula " AND LOW * -1" , "AND HIGH * -1"

In Fchart programming language, when true or false statement is used i.e results returns to 0 if something is false but when result is -1 it is true ( this statement does not support). To convert the -1 to a positive value it is multiplied by -1. Now if value is 0 it will stay 0 and if it -1, it is converted at +1. Hope the above is clear to you.

Cheers

Himadri

rhimadri · #22 22nd March 2008, 10:46 AM

Quote:

Originally Posted by slah04

Dear Himadriji

I got this formula from another of our forums, which as per the moderator, is working well for even this bearish market. Its a "Long Only" indicator, but the same is for Metastock:

Entry next day Open with 2 % SL and 50 % Exit at 4 % above Entry and balance 50 % at 2nd 70 value of RSI(14)

a:= LLV(RSI(14),20)< Ref(LLV(RSI(14),20),-2) AND LLV(RSI(14),20) < 35;
b:= If(Ref(a,-1) =1 AND a =0 ,1,0);
m:= Alert(b,10) AND WillR(14) < -95;
n:= If(Ref(m,-1) =1 AND m =0 ,1,0);
n;

Any help on this for converting it as per FCharts?

I shall try to convert the above formula in Fchart but it will support only in Pro version .

Himadri

slah04 · #23 22nd March 2008, 10:48 AM

Himadriji

Thks again for your support!!. I am using FCPro now. Its a great software.

rhimadri · #24 22nd March 2008, 01:57 PM

Quote:

Originally Posted by slah04

Dear Himadriji

I got this formula from another of our forums, which as per the moderator, is working well for even this bearish market. Its a "Long Only" indicator, but the same is for Metastock:

Entry next day Open with 2 % SL and 50 % Exit at 4 % above Entry and balance 50 % at 2nd 70 value of RSI(14)

a:= LLV(RSI(14),20)< Ref(LLV(RSI(14),20),-2) AND LLV(RSI(14),20) < 35;
b:= If(Ref(a,-1) =1 AND a =0 ,1,0);
m:= Alert(b,10) AND WillR(14) < -95;
n:= If(Ref(m,-1) =1 AND m =0 ,1,0);
n;

Any help on this for converting it as per FCharts?

I have tried to convert the above metastock formula in Fchart Pro. First change indicator setting of RSI period = 14 and Williams PercentR = 14. Now go to User defined Indicators and select two UDI”S say UDI11 & UDI12. Put the following formula’s in the respective UDI and Condition 1 :-

UDI11 : LOWEST_RSI[20]

UDI12 : UDI11 < UDI11[2] AND UDI11 < 35

Condition 1 : UDI12 = 0 AND UDI12[1] = -1 AND %R < -95 AND LASTDAYONLY = TRUE

In the scanner select Condition 1 & Tick Mark on “Only apply the formula to the most recent price bar” at the top. It will scan and list tomorrow’s probable candidate.

You can see the past results and observe how the indicator worked on a particular stock by removing “ AND LASTDAYONLY = TRUE” from Condition 1.

Hope the above will fulfill your requirement. Please do back testing and let me know your feedback.

Cheers

Himadri

slah04 · #25 22nd March 2008, 03:01 PM

Ok . Thks. Shall give you the feedback

slah04 · #26 22nd March 2008, 03:29 PM

Back Tested with the formula. Even with an added filter of MaVol > 200000 AND EMA200 > 20, about 29 stocks got hit. After browsing through these stocks, I was not that convinced that these are good long players on Monday. Though the RSI showed advance w.r.t Previous RSI, %R in many cases were on a dip. More so, 70% of the stocks were indicating a strong bearish continuation. Maybe if a "Double Bottom" condition is added, we can get better results

rhimadri · #27 22nd March 2008, 04:54 PM

Quote:

Originally Posted by slah04

Back Tested with the formula. Even with an added filter of MaVol > 200000 AND EMA200 > 20, about 29 stocks got hit. After browsing through these stocks, I was not that convinced that these are good long players on Monday. Though the RSI showed advance w.r.t Previous RSI, %R in many cases were on a dip. More so, 70% of the stocks were indicating a strong bearish continuation. Maybe if a "Double Bottom" condition is added, we can get better results

I requested to back test its past results means as and when such signal occured, how the stock reacted on next day. You can findout the same by scanning Condition 1 formula after removing the word " AND LASTDAYONLY = TRUE" . I could not understand the meaning of syntax " EMA200 > 20" and its use. Will you please clarify the same ? I have back tested the same and find that the formula is not at all discouraging also. Further it's a wrong perception, that a stock can not bounce back even it is in a strong bearish continuation mode. Further, I have exactly interpreted the metastock formula provided by you since I use both Metastock and Fchart Pro with my limited knowledge. Please keep on experimenting the same and may use any condtion that suits your requirement.

Cheers

Himadri

slah04 · #28 22nd March 2008, 05:59 PM

Sorry. By EMA200 I meant EMA1 which is a 200 day MA. Just to filter out stocks having closing of less than 20.

Will do as advised

slah04 · #29 22nd March 2008, 07:06 PM

Tested the formula. Most of the past results are quite positive. Could you please explain the formula ?

rhimadri · #30 22nd March 2008, 07:38 PM

Quote:

Originally Posted by slah04

Tested the formula. Most of the past results are quite positive. Could you please explain the formula ?

UDI11 - Lowest RSI[14] for a period of 20 days.

UDI12 - Todays RSI ( as mentioned in UDI11) is less than previous two days back and todays RSI is less than 35. If you plot UDI12 in Lower Chart, you will find that it oscillates between 0 & -1 . Most of the times, it is in straight line either at 0 or at -1. When line suddenly pulls back from -1 to 0, next days stock movement reverse from down to up that mean there is a possibility of green candle.

Condition 1 : Todays UDI12 value is 0 and previous days UDI12 is -1 and %R is less than -95 when Buy Signal is trigerred.

These all are theory of probability that are being used for day trading stratigy with strict Stop Loss.

Cheers

Himadri

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