COPPOCK FOR AMIBROKER.
Description:
The Coppock indicator was designed to indicate the and of the bear market and identify an early entry to the new bull market.
Coppock designed it to be used only on the monthly index charts but it is an excellent contrarian indicator and can be used
on charts of very liquid stocks.
The present indicator uses Coppock's formula but presents the indicator as a histogram. The buy signal is the first higher
(dark blue) bar. This occurs after the indicator turns up from below zero. But beware that sometimes false signals are
generated. These can be avoided if a 30 week ema filter is used. So buy stocks on a Coppock histogram signal only after
price has closed above the 30 week ema.
_SECTION_BEGIN("Coppock");
/*
Coppock based on original formula of Coppock.
Mov(ROC(C,14,%) + ROC(C,11,%)10;
AFL by Bill Dodd
*/
GraphXSpace=1;
Param("EMA",10,2,100,1,0);
r1=ROC(C,14);
r2=ROC(C,11);
C=EMA((r1+r2),10);
Plot(IIf(C>0 AND ROC(C,1)>0,C,0),"",42,6); /* uptrend */
Plot(IIf(C>0 AND ROC(C,1)<0,C,0),"",32,6); /* up sideways */
Plot(IIf(C<0 AND ROC(C,1)>0,C,0),"",49,6); /* down sideways */
Plot(IIf(C<0 AND ROC(C,1)<0,C,0),"",29,6); /* down trend */
/*
dynamic_color = IIf (C >0, colorRed, colorGreen );
Plot(C,"", dynamic_color ,styleHistogram | styleThick );*/
_SECTION_END();