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demark overbought and oversold indicator for Amibroker (AFL)
Rating:
4 / 5 (Votes 6)
Tags:
oscillator, trading system, amibroker, exploration
It is better to identification OB/Os condition than RSI .
The DeMarker indicator is an attempt to overcome the shortcomings of classical overbought / oversold indicators. The DeMarker Indicator identifies potential price bottoms and tops. It accomplishes this by making price comparisons from one bar to the next and measuring the level of price demand. DeMarker should be interpreted as other overbought / oversold indicators such as RSI with the levels of 30 and 70. Compared to RSI it is smoother but still able to detect tops and bottoms a little bit better.
Author: Tj
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Indicator / Formula
Copy & Paste Friendly
_SECTION_BEGIN("demark");
MaxGraph=3;
highm = IIf( H > Ref( H, -1 ), H - Ref( H, - 1), 0 );
lowm = IIf( L < Ref( L, -1 ), Ref( L, - 1 ) - L, 0 );
DeMarker = 100 * Sum( highm, 13 )/( Sum( lowm, 13 ) + Sum( highm, 13 ) );
Graph0 = DeMarker;
Plot(80,"",colorRed,styleLine+styleDots,maskAll);
Plot(20,"",colorGreen,styleLine+styleDots,maskAll);
Buy = DeMarker<20; Sell = DeMarker>80;
buyshape = Buy * shapeUpArrow; SellShape = Sell * shapeDownArrow;
PlotShapes(BuyShape, colorGreen, 0); PlotShapes(SellShape, colorRed, 0);
Filter=Buy OR Sell;
AddColumn( Buy, "Buy", 1);
AddColumn(Sell, "Sell", 1);
AddColumn(Close,"Close",1.2);
AddColumn(Volume,"Volume",1.0);
Title=EncodeColor( colorDarkTeal ) + " - {{INTERVAL}} {{DATE}}: "+">>>>"+Name() +">>>>"+ " DeMark =="+ EncodeColor( colorGreen )+WriteVal(( Graph0 ));
ToolTip=StrFormat("Open: %g\nHigh: %g\nLow: %g\nClose: %g (%.1f%%)\nVolume: "+NumToStr( V, 1 ), O, H, L, C, SelectedValue( ROC( C, 1 )));
SetChartBkColor(ParamColor("Outer panel color ",colorWhite)); // color of outer border
SetChartBkGradientFill( ParamColor("Inner panel color upper half",colorPink),ParamColor("Inner panel color lower half",colorCustom1)); // color of inner panel
_SECTION_END();2 comments
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good one :)
thanks