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Programcode
EquillaScript"CountDown(Indicator)"
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EquillaScript"Ermanometry(Indicator)"
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Fundementals
Thisarticledescribestwomethodsforthepredictionvontrendturningpoint,especiallyfor intradaycharts.OnemethodistheCoundDownindicator,asimplifiedversionsimilartothe TomdeMarkTDsequentialindicatorandthesecondmethodisbasedongeometrical reflectionandisbeingcalledErmanometry.Therearecodeexamplesforbothindicators, availablefordownload.
CountDownandErmanometryDaxFuture1h
CalculationandParameters
ThecalculationofthetwoindicatorscanbedetailedinthebookletoftheTechnicalAnalysisof StocksandCommodities.Tounderstandthetwoindicatorsandhowtoapplythemeasily, herearesomeinformation. AdetailedcalculationcanbelookedupintheSeptemberissueofStocksandCommodities
CountDown
TomDeMarkhasdescribedinhisbooksaseriesofindicatorsthatoperateonthebasisof countingvarioussimplepricepatterns.Theindicatorsincludeastartsequenceandusuallya targetsequencebasedthereonandattheendapossibleturnaroundpoint. Inourcountdownindicatortherearetwosuchsequences,eachwithitsownpricepatterns, whicharecountedandevaluatedbyadditionalrules.Theauthorhassimplifiedtheindicator ofthisexample.Thestartofasequenceofninepricepatternsimmediatelyfollowingthe occurrenceofabearishorbullishsimplereversalpattern,calledaflip.Thepatternofan increasingsequenceisaperiodinwhichtheclosingpriceishigherthantheclosingprice fourperiodsbefore.Thepatternforadescendingsequenceisaperiodinwhichtheclosing priceislowerthanthepriorfourperiods. Asequenceiscompleteifexactlyninesuchpatternsfolloweachotherwithoutinterruption.In theoriginalindicator,numerousadditionalrulesexist,makingitpossibletosoftentherigid approach.Theseadditionalruleswillbewaivedinthisinstance,however.Duetotherigid approach,indicatorparametersarenotpresentinthisindicator.Youcanconfigureit manually.
CountDownDaxFuture1hdetailed
ErmanometryDaxFuture1hdetailed
Ermanometry
Thesecondmethodisbasedonpatternsthatrelatetothepriceaxisandsimultaneouslyextendonthetimeline.Theapproachchosenhereis similartoElliotWaveandGanntechniques.Basisfortheforecastoftrendturningpointsaretwopricemovements,ofwhichthefirstmovement istobeunderstoodasatrendandthesecondasacorrectionofthistrendmove.Onceyoucandefineapointonthechart,wherethesecondof thesemovementscametoanend,thestarttocalculatetheErmanometrycanbesethere.Thecalculationbasisisthenumberofperiodsthat canbecountedforeachofthemovements.Basedonthesetwosequences,aseriesoffurthersequenceswillbecalculatedandattheir endpoints,whicharedeterminedintheformofanumberofothertimeperiods,potentialturningpointsthattakeplaceatwhichthemarketwill changedirection.
ParameterErmanometryDescription
Pleasenotethatthedefaultanchorpointofcontrolischosensothatwhenyouinserttheindicatorisdefinitelysomethingtosee.Ifyouwantto reproducetheErmanometry,youmustfirstfindasectionofthechartwhereyoucandefinetwoconsecutivesequencesoftrendandcorrection atwhichendtheanchorpointcanthenbeset.
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Source
TechnicalAnalysisofStocksandCommoditiesIssue09/2011
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