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PLUNGER for Metastock

Rating:
3 / 5 (Votes 2)
Tags:
metastock

The input numbers can of course be changed as you please.

  • Check the trend filter, using a 50/100 EMA.
  • Check the last 20 day extreme price, in the direction of the trend.
  • Check current price.
  • Calculate the difference between current price and 20 day trend extreme.
  • Normalize this difference by dividing it by a 50 day ATR.

Now you’ve got an interesting indicator. When the reading is around 3, many medium term trend followers are exiting. If you do some simulations, you’ll also find that this is a pretty good entry point.

Indicator / Formula

Copy & Paste Friendly
UPTREND:= IF(MOV(C,50,E) > MOV(C,100,E),1,0);
DWNTREND:= IF(MOV(C,50,E) < MOV(C,100,E),1,0);
UPHIGH:=ValueWhen(1,C >Ref(HHV(C,20),-1),C);
DWNLOW:=ValueWhen(1,C <Ref(LLV(C,20),-1),C);
PLUNGEUP:=(UPHIGH-C)/ATR(50);
PLUNGEDWN:=(C-DWNLOW)/ATR(50);
PLNA:=IF(UPTREND=1,PLUNGEUP,PLUNGEDWN);
PLUNGER:=Abs(PLNA);
PLUNGER


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