@ Kenneth - Great! Once the ice is broken, the rest just follows naturally. The example that you have shared is essentially a scan which gives instantaneous values. Since the scan parameters have been coded by Karthik, I am sure that it is rock solid!
. However, for the sake of any newbie reading this I will just elabrate a little on this aspect - When one is choosing the signals that one designates as rating for an indicator, take care to dwell a bit upon the
quality of the signal chosen. For instance in an indicator like MACD there are various choices,
1. MACD and Signal cross.
2. MACD and Signal zero line Hooks
3. MACD and Signal zero line bounce
4. Slope of the MACD Histogram
I personally prefer the slope of the MACD Histogram as it gives the earliest signal.
Same treatment for other indicators as chosen by you. Ideal mix is to have both oscillators and trend indicators.
So Ken your example is at the second step i.e indicators and signal quality chosen. The ranking is chosen as per the scan (one can also use logical predefined numerical ranking to dispense with a scan). The next step is to take the ranking for every bar of a scrip and plot an optimized moving average. Right now the scan is just an instantaneous value at a particular bar. The indicator will give you the perspective to know where the scan output has been and where it is going, if you get my drift. Let's take an example - STAR as shown by your scan is Bullish 12 and Bearish 8. But you and me don't know what was the previous value. Was it Bullish 10 and Bearish 10 - In this case it is good news, for the indicator is moving up from below. OR was it Bullish 14 and Bearish 6 - In this case it is bad news, for the indicator is moving down from a peak. Therefore the overall perspective will save you from jumping in when it is advisable not to. I hope that I am making myself clear
@ Chintan - Thanks for the link and info. Nice and informative. However in my personal opinion MP is a tool whose potency is best maximized for intraday purposes as it paints volume distribution map and equilibrium points. Unfortunately could not asses any usable confirmative link between OI and MP in this regard. (Maybe I am missing something
. The conventional way is to use total volume per period w.r.t OI for that period for volume, OI relationship analysis, therefore MP's potential is wasted in this context. After going through the group's discussion though, I can put forward a suggestion (if it does not appear to be too presumptuous on my part since am not a member yet), It may be wothwhile to paint an MP for OI too just like volume (one just has to substitute OI figures in the excel sheet) and analyze for constructive tactics. If you do indeed take me up on this suggestion then I would request you to share your findings with us for everybody's benefit.
Regards,