30 Week Hi Indicator - Calculate Amibroker Indicators Forex Trading Systems - XEATrade - Metatrader, Metastock, Tradestation, Amibroker

Description: Just as the advance decline line gives an indication of the overall strength of the market, so does the number or stocks makeing new 30 week high's. Refer Weinstein's "The Secret of Profiting in Bull and Bear Markets". The attached scan ( _s.afl file) calculates two indices. The first index calculates the number of stocks making new 30 week highs based on the high of each stock. The second index calculates the number of stocks making new 30 week high's - but calculated from the weekly close of each stock. You'll find there is little difference between the two. The scan must be run first as it uses the AddToComposite function to create the two indices. It must be run over an entire market. The indicator can then be plotted. Note that the scan is run against weekly data and therefore it only makes sense to display the results on a weekly chart.

/* Calculate indices of new 30 week high's vs new 30 week lows */
/* Set the filter so as to scan a given market */
/* Set Period to Weekly */
/* The new indexes will be found in Group 253 */

H1 = Close > Ref(HHV(Close,30),-1);
H2 = High > Ref(HHV(High,30),-1);

L1 = Close < Ref(LLV(Close,30),-1);
L2 = Low < Ref(LLV(Low,30),-1);

H_L_Array1 = H1 - L1;
H_L_Array2 = H2 - L2;

// Do not generate signals

Buy = 0; 
Filter = 0;

AddToComposite( H_L_Array1, "~Idx30Wk_Close_HL", "X", 19);
AddToComposite( H_L_Array2, "~Idx30Wk_Abs_HL", "X", 19);

Author/Source: Geoff Mulhall - geoffmulhall@optusnet.com.au

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