Can anyone please give me formula for Elder-ray Oscillator and Force Index ??

Dear all,

I am using Matastock and EOD data for analysis. I trade predominently on NSE. I wish to try the Tripple Screen system as suggested by Alexander Ray. I wish to use Elder-Ray Oscillator and / or Force Index as 2nd screen (with 1st screen being MACD Histogram) ? Can any senior guide on :

1. Usefulness of Tripple Screen System and its importance to Indian Stock Market ? Can it be used for stocks as well as derivatives (especially options) ?
2. If useful, then the combination of above (MACD being the 1st screen and Elder Ray / Force Index as 2nd screen) is alright or needs any change ?

I wish to have formula to buid these Elder-Ray Oscillator and Force Index in Metastock. I am using Metastock Professional version 7.2

Can anyone help on this please ?

Thanks,

AAD

hey aad who is your EOD provider?

Dear AAD,
There r 3 popular volume based indicators "On Balance Vol","Twigg's Money Flow" & "Dr Elder's Force Index".Each has its + & -.I use the following code for
Force Index:...............................................
fi:= V *(C- Ref(C,-1));
fi3:= Mov(fi,3,S);
fi13:= Mov(fi,13,S);
fi;
...........................................................
here fi3=Short term fi13=Long Term.U can Strip this into 3 Different or use 3in1 by adding ...........fi3;fi13;..........in 2 seperate lines after fi;.My humble
suggestion dont incur any expenses until u actually trade & garner some feel of these indicator .Then go for the 2nd step with Dr Elder's other indicators.
Remember market humbles us.In my last 5 yrs (each & every day,rarely i missed a day ) i have seen robust no of people (one who trades in Shorter Time Frame) r no longer with me.I have lost a fortune in my early year's.
Hence to sustain & earn 1st let the mkt humble you.
Regards
Asish

dear All

use this to download daily EOD copy of the NSE stock list
http://www.nseindia.com/content/equities/eq_historicaldata.htm
http://www.nseindia.com/content/equities/cmbhav_arch.htm

regds
SIVA

I sincerely appreciate your suggestions Asish... Recently even I had a glimpse of the scenario you mentioned but since I am following some D) of the principles of Money management, losses were not too heavy. Obviously, my efforts are (now) concentrated to make myself as perfect as possible in analysing the scenario from a greater height and learn & apply Money Management principles as strictly as possible. I am not a day-trader and wish not to be so in time to come...

Further, thanks for force Index. I was able to download Elder-ray oscillator from http://www.guppytraders.com/gup98.htm but it does not contain Force Index. My next question to you is, which one amongst those mentioned by you (volume-based) is better, according to you ? Do you use any of these ? I do not wish to wait till market humbles me... . so, I will definitely use your further advice while working on it...

Also, when I am building a new indicator and say I want its plotline to have a different format than normal (say, plotline in blue-colour and not as a line but as a histogram), how do I do that ? Also I wish that a horizontal blue line is drawn at zero each time this indicator is used. How to achieve this ? Currently, everytime I drag this indicator, I have to change its properties, which is irritating. I hope I am clear in expressing my problem.

Regards,

Abhay (AAD)

Also, when I am building a new indicator and say I want its plotline to have a different format than normal (say, plotline in blue-colour and not as a line but as a histogram), how do I do that ? Also I wish that a horizontal blue line is drawn at zero each time this indicator is used. How to achieve this ? Currently, everytime I drag this indicator, I have to change its properties, which is irritating. I hope I am clear in expressing my problem.

Regards,

Abhay (AAD)

AAD,

after having formatted your new indicator (along several others if you like... I don't remember what is the limit... ) you can save your work as a new Template... file>save as: template... then choose a name.

Best

gabibbo