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Point of Balance Oscillator by Walter Downs for Metastock
kaiji
over 13 years ago
Metastock

Rating:
5 / 5 (Votes 1)
Tags:
oscillator, metastock

From Terms To Technical Tools In Walter Downs’ article “From Terms To Technical Tools” he introduces the Point of Balance Oscillator, two conditions to color bars and two system tests. All of these can be created quite easily in MetaStock 6.5.

To create the Point of Balance Oscillator, choose Indicator Builder from the Tools menu, click on the New button, and enter the following formula:

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Indicator / Formula

Copy & Paste Friendly
n := Input("Time Periods",1,100,12)/2;
POBC1 := (HHV(CLOSE, n) + LLV(CLOSE,n))/2;
POBC2 := (HHV(POBC1, n) + LLV(POBC1,n))/2;
POBC3 := (HHV(POBC2, n) + LLV(POBC2,n))/2;
POBC4 := (HHV(POBC3, n) + LLV(POBC3,n))/2;
POBC5 := (HHV(POBC4, n) + LLV(POBC4,n))/2;
POBC6 := (HHV(POBC5, n) + LLV(POBC5,n))/2;
POBC7 := (HHV(POBC6, n) + LLV(POBC6,n))/2;
POBC8 := (HHV(POBC7, n) + LLV(POBC7,n))/2;
POBC9 := (HHV(POBC8, n) + LLV(POBC8,n))/2;
POBC10 := (HHV(POBC9, n) + LLV(POBC9,n))/2;
AV := (POBC1 + POBC2 + POBC3 + POBC4 +
POBC5+ POBC6 + POBC7 + POBC8 + POBC9 + POBC10) / 10;
POBCOsc := 100 * ((CLOSE - AV) / (HHV(CLOSE,10)-LLV(CLOSE, 10)));
POBCOsc

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