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Technical Analysis

Chart Indicators - Oscillators

**Compiilled by Jason Achjjiian Comp ed by Jason Ach an
**

2010 2010

Page 1 of 18

.com www.…………….forexrealm.Oscillators Contents Indicators Oscillators AROON Up/Down Indicator …………………………………… AROON Oscillator ……………………………………………… Average True Range …………………………………………… Double Smoothed Stochastics ………………….wikipedia... Ultimate Oscillator ……………………………………………… Williams’ %R ……………………………………………………. Rate of Change ………………………………………………… Relative Strength Index ………………………………………. Ichimoku Kinko Hyo …………………………………………….com Page 2 of 18 . TRIX Indicator …………………………………………………..investopedia.com www. Momentum ……………………………………………………… Oscillator ………………………………………………………… Stochastic Slow ………………………………………………… Relative Momentum Index ……………………………………. 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Credits: www. Moving Average Convergence Divergence ………………….stockcharts. Stochastic Fast ………………………………………………….com www.

an Aroon-up line and an Aroon-down line. The security is in a downtrend when the Aroon-down line is above 70 and also above the Aroon-up line. on the other hand. The Aroondown line. The indicator is comprised of two lines. Page 3 of 18 . the security is considered to be in an uptrend when the Aroon-up line is above 70 along with being above the Aroon-down line. The numbers computed for each of the up and down are then plotted as a line on the Aroon indicator between a range of zero and 100. measures the amount of time since the lowest price during the time period. The indicator can also be used to identify when a new trend is set to begin. The Aroon-up line measures the amount of time it has been since the highest price during the time period. How If a 100 period timeframe is used and it has been 25 periods since the highest price in the last 100 days the Aroon up value would currently be set at 75.Oscillators AROON Up/Down Indicator What The Aroon is a trending indicator used to measure if a security is in a trend and the magnitude of that trend. The trend is considered to be in a consolidation pattern when the two lines are near each other in between 70 and 30. (number of periods – number of periods since highest price) Aroon UP = number of periods (number of periods – number of periods since lowest price) Aroon DOWN = number of periods x 100 x 100 When In general. If it has been 80 periods since the lowest period the Aroon down would be 20.

Conversely. How The Aroon oscillator simply plots the difference between the Aroon-up and -down lines. When Many traders will watch for a cross above the zero line to suggest the beginning of a new uptrend. The indicator can also be used to identify when a new trend is set to begin. the more upward strength there is in the security and the lower from the centerline the more downward pressure. This line is plotted between a range of -100 and 100. Readings near zero suggest that a security may be trending sideways and that this period of consolidation could continue. Page 4 of 18 . a cross below zero would indicate the start of a downtrend. The higher the value of the oscillator from the centerline point.Oscillators AROON Oscillator What The Aroon is a trending indicator used to measure if a security is in a trend and the magnitude of that trend. The centerline at zero in the oscillator is considered to be a major signal line determining the trend.

New Concepts in Technical Trading Systems (1978). the indicator does not provide an indication of price direction or duration. the ATR cannot predict direction or duration.Oscillators Average True Range (ATR) What Developed by J. As such. As a volatility-based indicator like Bollinger Bands.e. simply activity levels. Page 5 of 18 . A prolonged period of low ATR readings might indicate consolidation and the beginning of a continuation move or reversal. the Average True Range (ATR) indicator measures a security's volatility. an average true range using only 3 periods would not provide a large enough sample to give you an accurate indication of the true range of the security’s price movement. High ATR readings usually result from a sharp advance or decline and are unlikely to be sustained for extended periods. A more useful period to use for the average true range would be 14 When Extreme levels (both high and low) can mark turning points or the beginning of a move. The true range is the greatest of the following: • • • The difference between the current high and the current low The difference between the current high and the previous close The difference between the current low and the previous close The average true range is then calculated by taking an average of the true ranges over a set number of previous periods. the average true range is the (moving) average of the true range for a given period. Welles Wilder and introduced in his book. i. How More specifically. Care should be taken to use sufficient periods in the averaging process in order to obtain a suitable sample size. and high levels indicate violent trading (large ranges). simply the degree of price movement or volatility. Low levels indicate quiet trading (small ranges).

and this is then exponentially smoothed twice. but here the difference is calculated from the period high minus the period low. DSS ranges from 0 to 100.Oscillators Double Smoothed Stochastics (DSS) What DSS applies 2 smoothing EMAs of different lengths to a Stochastic Oscillator. EMA[p2. HighestHigh[p1]LowestLow[p1]] The handling and the calculations of signals is similar to the Stochastic-Indictor. Accordingly. Page 6 of 18 .p3] = EMA[p3. Close . and this value is multiplied by 100. The denominator is formed in the same way. How Calculation of the DSS indicator is similar to Stochastics. and a fall of the DSS below its center line as bearish. Numerator and denominator yield the quotient. values above 70 or 80 must be regarded as overbought and values below 20 or 30 as oversold. The numerator: first the difference between the current close and the period low is formed. EMA[p2. Parameters Period 1 (default 5) The period over which to consider highest highs and lowest lows.LowestLow[p1]] 100 * EMA[p3. DSS-BLAU[p1. A rise of the DSS above its center line should be viewed as bullish. Period 2 (default 7) The period of the first smoothing Period 3 (default 3) The period of the second smoothing When The application of the DSS is comparable with that of the stochastic method. like the standard Stochastic Oscillator.p2.

How For fast stochastics. According to Martin J. Colby writes that "the sell signal is more reliable when %D has already turned down when %K crosses below %D". Robert W. To summarize Lane. As such. and the %D line appears as a dotted line. a crossover is the sell signal. and that a price reversal may occur. Hinges Lane referred to a flattened %K or %D line as hinges. the reverse holds true. and that prices cannot get any higher or lower. Edwards and Magee identify that this is not true in all situations. price tends to close towards the bottom of the price range for the period. The %D value is calculated as follows: %D = 100 x (H-L) Where H is the sum of C-L in the last three periods L is the sum of H-L in the last three periods When • Extremes When the %K line nears the 100% or 0% line a powerful move is set to occur. John J. the closing price tends to rise. A hinge may indicate that the uptrend or downtrend has become exhausted. Murphy writes that most traders favor slow stochastics because they tend to be more reliable.Oscillators Stochastic Fast What The fast stochastic oscillator compares two lines called the %K and %D lines to predict the possibility of an uptrend or a downtrend. the %D value is based on a 3-period SMA of the %K value. However. the %K line typically appears as a solid line. Slow stochastics are based on the moving averages values calculated for fast stochastics. a crossover becomes the buy signal. For fast stochastics. A price reversal may follow." Similarly. Robert W." • • • Page 7 of 18 . weekly or monthly periods. In price charts. H is the highest price of the stock for the period that you are monitoring. when the uptrend matures. and that the extremes instead represent the strength of a price move. when the price has reached 20 or lower. in a downtrend. Crossovers When the price has reached 80 or higher. The fast stochastic oscillator can be used effectively to monitor daily. Colby writes that "the buy signal is more reliable when %D has already up down when %K crosses above %D". The difference between the fast and slow stochastic oscillators is the way that the %K and %D values are calculated. Likewise. and a divergence has occurred. Some technical analysts equate the extremes with overbought or oversold conditions. and a divergence has occurred. However. Pring. the %K value is calculated as follows: %K = 100 [(C-L)/(H-L)] Where C is the latest closing price of the stock L is the lowest price of the stock for the period that you are monitoring. George Lane developed the stochastic oscillator with the premise that during an uptrend. Divergences A divergence is said to have occurred when the price and oscillator trend lines move in different directions.

Yet even with this simplicity. as shown in Figure 1. This line can also be used to determine the strength of the buy or sell signal. there are. plotted 26 periods ahead 5) Senkou Span B = Leading Span B = (Highest High + Lowest Low) / 2. 26. The Ichimoku chart consists of five lines. and two months. a trading week was 6 days long. This feature can also be incorporated into the other signals. represent one and a half week. one may want to modify the parameters to 7. These levels can be predicted by the presence of the Kumo. And like moving averages. a bearish signal is issued when the Tenkan-Sen crosses the Kijun-Sen from above. this would be considered a very strong sell signal. a weak buy signal would be issued if there was a bullish crossover that occurred while the price was trading below the Kumo. in fact. and 44. the prevailing trend is said to be up. If the price is above the Kumo. These parameters. one month. A final feature of Ichimoku is the Chikou Span. at that time. With Ichimoku charts. this would be considered a very strong buy signal. When Ichimoku was created back in the 1930s. similar to moving average studies. Now that the trading week is 5 days. 22. was trading below the Kumo. the completed chart is able to present a clear perspective of the price action. the prevailing trend is said to be down. It's therefore important to note that (unlike its traditional counterparts) the support/resistance level given by the Kumo appears as a layer of varying thickness. otherwise it is a weak signal. Conversely. How The five lines. plotted 26 periods ahead Kumo = Cloud = Area between Senkou Span A and B Ichimoku uses three key time periods for its input parameters: 9. are calculated as follows: 1) Tenkan-Sen = Conversion Line = (Highest High + Lowest Low) / 2. if there was a bullish crossover signal and the price. different levels of strengths for the buy and sell signals of an Ichimoku chart. a weak signal would be issued if there was a bearish crossover that occurred when the price was trading above the Kumo. if there was a buy signal and the Chikou Span was above the price. buy and sell signals are given with the crossover technique. then there is strength to the upside. • • • Page 8 of 18 . If the Chikou Span was below the closing price and a sell signal was issued. Secondly. at that time. for the past 26 periods 3) Chikou Span = Lagging Span = Today's closing price plotted 26 periods behind 4) Senkou Span A = Leading Span A = (Tenkan-Sen + Kijun-Sen) / 2. Conversely.Oscillators Ichimoku Kinko Hyo What Ichimoku is very similar to moving average studies. and 52. And if the price is below the Kumo. In contrast. Thirdly. First. with the thickness being related to prior market volatility. otherwise it can be considered a weak buy signal. On the other hand. a normal buy or sell signal would be issued if the price was trading within the Kumo when the crossover took place. then the strength is with the sellers. Another striking feature of the Ichimoku charting technique is the identification of support and resistance levels. for the past 52 periods. Moreover. The calculation for four of these lines involves taking only the midpoints of previous highs and lows. for the past 9 periods 2) Kijun-Sen = Base Line = (Highest High + Lowest Low) / 2. was trading above the Kumo (or cloud). if there was a bearish crossover signal and the price. When • • A bullish signal is issued when the Tenkan-Sen (red line) crosses the Kijun-Sen (blue line) from below. it is the Kumo that quantifies support and resistance levels and the Kumo that can be used to project these levels into the future. thus. The Kumo can also be used to help identify the prevailing trend of the market. respectively.

How MACD = EMA (12) of price – EMA (26) of price A signal line (or trigger line) is then formed by smoothing this with a further EMA. suggesting the downtrend may be nearly over. Negative divergence is the same thing when rising (i. An example of a price filter would be to buy if MACD breaks above the 9-day EMA and remains above for three days. but as a solid histogram style. MACD is a trend following indicator. but coming together. It is recommended to look at a MACD on a weekly scale before looking at a daily scale to avoid making short term trades against the direction of the intermediate trend. The standard period for this is 9 days. Longer and sharper divergences (distinct peaks or troughs) are regarded as more significant than small shallow patterns in this case. This is interpreted as bullish. When the MACD line crosses through zero on the histogram it is said that the MACD line has crossed the signal line. These crossings are of course simply the original EMA (12) line crossing up or down through the slower EMA (26) line. or sell when it crosses down through the signal line. and is designed to identify trend changes. The histogram can also help visualizing when the two lines are coming together. but MACD doesn't rise as high as before). Sometimes it is prudent to apply a price filter to the Bullish Moving Average Crossover to ensure that it will hold. but the MACD doesn't make a new low (i. so a falling histogram suggests a crossover may be approaching. Page 9 of 18 . Signal = EMA (9) of MACD The distance between the MACD and the signal line is often calculated and shown not as a line.e. The histogram shows when a crossing occurs. where the new price levels are not confirmed by new histogram levels. price makes a new rally high. It’s generally not recommended for use in ranging markets conditions. This is to buy when the MACD crosses up through the signal line.Oscillators Moving Average Convergence Divergence (MACD) What MACD shows the difference between a fast and slow Exponential Moving Average (EMA) of closing prices. it remains above where it fell to on that previous price low). Histogram = MACD – signal When Three types of trading signals are generated: • MACD line crossing the signal line • MACD line crossing zero • Divergence between price and MACD levels The signal line crossing is the usual trading rule. Both may still be rising. or down through zero as bearish.e. and other tests may have to be applied. Positive divergence between MACD and price arises when price makes a new sell off low. These crossings may occur too frequently. A crossing of the MACD line up through zero is interpreted as bullish. The buy signal would then commence at the end of the third day. this is interpreted as bearish. Divergence may be similarly interpreted on the price versus the histogram.

Buy when the indicator bottoms and turns up and sell when the indicator peaks and turns down. This method assumes that market tops are typically identified by a rapid price increase (when everyone expects prices to go higher) and that market bottoms typically end with rapid price declines (when everyone wants to get out). This is often the case.. you should assume a continuation of the current trend. If the Momentum indicator reaches extremely high or low values (relative to its historical values). only trade after prices confirm the signal generated by the indicator (e. When You can use the Momentum indicator as a trend-following oscillator similar to the MACD. the default is 10. wait for prices to begin to fall before selling). but it is also a broad generalization.g.Oscillators Momentum What The momentum indicator is one of the simplest technical analysis equations available. For example. if prices peak and turn down. you should assume prices will probably go still higher. if the Momentum indicator reaches extremely high values and then turns down. How M = P(n) . Page 10 of 18 . You can also use the Momentum indicator as a leading indicator. It is a calculation of the difference between the current market price of a share (or other instrument) and the price of the same share a certain number of days ago.P(n-t) where n is the current period and t is a parameter determined by the user. In either case.

How (Shorter Moving Average . The difference between the averages can be expressed in either points or percentages. Conversely.Oscillators Oscillator What The Price Oscillator displays the difference between two moving averages of the security's price.Longer Moving Average) X 100 Longer Moving Average When Moving average analysis often generates buy signals when a short-term moving average (or the security's price) rises above a longer-term moving average. sell signals are generated when a shorter-term moving average falls below a longer-term moving average. The Price Oscillator illustrates the cyclical (and often profitable) signals generated by one or two moving average systems. Page 11 of 18 .

Lane believed that some of the best signals occurred when the oscillator moved from overbought territory back below 80 and from oversold territory back above 20. Buy and sell signals can also be given when %K crosses above or below %D. A security can continue to rise after the Stochastic Oscillator has reached 80 and continue to fall after the Stochastic Oscillator has reached 20. wait for a negative divergence to develop and then a cross below 80. After the positive divergence forms. Lane did not believe that a reading above 80 was necessarily bearish or a reading below 20 bullish. Lane in the late 1950s. wait for a positive divergence to develop after the indicator moves below 20. Closing levels that are consistently near the top of the range indicate accumulation (buying pressure) and those near the bottom of the range indicate distribution (selling pressure). One of the most reliable signals is to wait for a divergence to develop from overbought or oversold levels. How %K (slow) = 3-day SMA of %K (fast) %D (slow) = y-day SMA of %K (slow) When Readings below 20 are considered oversold and readings above 80 are considered overbought.Oscillators Stochastic Slow What Developed by George C. crossover signals are quite frequent and can result in a lot of whipsaws. Once the oscillator reaches overbought levels. Page 12 of 18 . This will usually require a trader to disregard the first break above 20. However. This usually requires a double dip below 80 and the second dip results in the sell signal. the second break above 20 confirms the divergence and a buy signal is given. However. the Stochastic Oscillator is a momentum indicator that shows the location of the current close relative to the high/low range over a set number of periods. For a buy signal.

) This is where the RMI surpasses a previous high (peak) or falls below a recent low (trough). levels of support and resistance. many of these "situations" are more clearly manifest with the RMI than they are with the RSI. but it counts up and down days from the close relative to a close n-days ago (where n is not limited to 1 as required by the RSI). During strong trending markets the RMI will remain at overbought or oversold levels for an extended period. this occurs when the price makes a new high (or low) that is not confirmed by a new RMI high (or low).1 parameter RMI is equivalent to a 20-period RSI. This is because the 1-day momentum parameter is calculating day-to-day price changes. However. Note that a 20. which the standard RSI does by default. As the momentum parameter is increased.Oscillators Relative Momentum Index (RMI) What Roger Altman introduced the Relative Momentum Index as a sort of the Relative Strength Index (RSI) in Technical Analysis of Stocks & Commodities magazine of the February 1993. the RMI exhibits the same strengths and weaknesses of other overbought / oversold indicators. the oscillation range of the RMI becomes wider and the fluctuations become smoother. Divergence: As discussed above. Failure Swings: (Also known as support or resistance penetrations or breakouts. Tops and Bottoms: The RMI usually tops above 70 and bottoms below 30. In fact. The RMI usually forms these tops and bottoms before the underlying price chart. during non-trending markets. Since the RMI is based on the RSI. many of the same interpretation methods can be applied. the RMI tends to oscillate predictably between an overbought level of 70 to 90 and an oversold level of 10 to 30. sometimes more clearly than the price chart. The Relative Momentum Index doesn't count up and down days from close to close as the RSI does. How Average up Momentum (over the period n) RM = Average Down Momentum (over the period n) RM RMI = 1 + RM When As an oscillator. Page 13 of 18 . Chart Formations: The RMI often forms chart patterns (such as head and shoulders or rising wedges) that may or may not be visible on the price chart. Support and Resistance: The RMI shows.

One is as an overbought/oversold indicator. There are a few ways that traders use this indicator. Another is to use it simple as an indication of change of direction. not the absolute change. It is similar to the momentum indicator in that it directly measures market movement. Traders must exercise caution however as a trending market will result in the indicator remaining in an overbought or oversold state for an inordinate amount of time. It is therefore suggested that this indicator be used in conjunction with another indicator that will determine if and when the market is actually trending or trading sideways. The advantage of the percentage change calculation is that it is not sensitive to different absolute price levels. That is to buy when the indicator moves from below the zero line to above the zero line and sell when the indicator moves from positive to negative. Page 14 of 18 . The ROC calculation compares the current price with the price n periods ago. depending on the direction of the trend. We are in fact measuring the percentage change.100 Price c = close price Price c-n = the close price n number of periods prior n = a period specified by the user When The indicator is an oscillating indicator and can therefore be used as an overbought and oversold type indicator as it peaks.Oscillators Rate of Change (ROC) What The Rate of Change (ROC) indicator is a very simple yet effective momentum oscillator that measures the percent change in price from one period to the next. How Rate of Change = ((Price c / Price c-n) * 100) . Yet another is to use the movement through the zero line as a trigger to buy and sell.

it is an indication that the asset may be getting oversold and therefore likely to become undervalued. Likewise. Divergence in the RSI indicator with respect to price will often indicate that a turn in price is imminent. meaning that it may be getting overvalued and is a good candidate for a pullback. This occurs when the market makes a new peak high (low) but the indicator fails to make a new peak high (low). Similarly failure swings provide an indication that the market may be ready to turn. An asset is deemed to be overbought once the RSI approaches the 70 level. and prices are likely to reverse. The principle is that when there's a high proportion of daily movement in one direction it suggests an extreme.Oscillators Relative Strength Index (RSI) What The RSI compares the magnitude of a stock's recent gains to the magnitude of its recent losses and turns that information into a number that ranges from 0 to 100. It takes a single parameter. the number of time periods to use in the calculation. How RS = EMA (N) of U EMA (N) of D Where U = close of today – close of yesterday And D = close of yesterday – close of today N is the number of periods – usually 14 EMA is an Exponential Moving Average This is converted to Relative Strength Index between 0 and 100 100 RSI = 100 – 1 + RS When The RSI ranges from 0 to 100. Page 15 of 18 . or may be varied according to market conditions. if the RSI approaches 30. Levels 80 and 20 are also used.

and those cycles that are shorter than that period are filtered out. 4. you must first select the period for the formation of an exponential moving average of closing prices. This method can generate false signals during sideways price movements. which considerably reduces the variability. A positive TRIX is thus akin to a positive trending price. crossing below the zero line suggests the price is tending to close down at the end of each period.Oscillators TRIX Indicator What TRIX is a momentum indicator that displays the percent rate-of-change of a triple exponentially smoothed moving average of a security's closing price. TRIX line crossovers with its "signal line" can be used as buy/sell signals as well. Computes the 15-day rolling average of the exponential moving average. The "signal line" mentioned earlier is also a useful buy/sell indicator. A buy signal is triggered when TRIX crosses above its signal line. Finally. Since the signal line period is shorter. The TRIX is a leading indicator and can be used to anticipate turning points in a trend through its divergence with the security price. Page 16 of 18 . a cross above it suggests that recent stock prices are closing much higher. calculated in Clause 2 Now we have a triple exponentially smoothed sliding average closing prices. TRIX is designed to filter out stock movements that are insignificant to the larger trend of the stock. 3. Computes the 15-day exponential sliding average closing price. Oscillating around a zero line. Likewise. Similarly. which can be a sell signal. How To calculate the indicator TRIX. the calculated 1-day moving average percentage change. a positive TRIX value is interpreted as a steady rise in the closing price of a security. allowing the indicator to act as a buy signal whenever it crosses up above the zero line. calculated in paragraph 3 When Since TRIX measures the rate-of-change of closing prices. For the 15-day period. The user selects a number of periods (such as 15) with which to create the moving average. so it works best when prices are trending. calculated in item 1. and a sell signal is triggered when TRIX crosses below its signal line. It is therefore wise to use TRIX in tandem with other indicators for confirmation. the calculation would be as follows: 1. it is common to plot a moving average with a smaller period (such as 9) and use it as a "signal line" to anticipate where the TRIX is heading. 2. Computes the 15-day rolling average of the exponential moving average.

BPSum2. The oscillator then rises above its high during the divergence. or a rise above 50 but then a fallback through 45. 2.Today's Low. A buy signal occurs when. ie. How Calculate Today's "True Low (TL)". the high in between the two lows. the "Ultimate" Oscillator combines a stock's price action during three different time frames into one bounded oscillator. Calculate Today's "Buying Pressure (BP)".Yesterday's Close. meaning prices make new lows but the oscillator doesn't During the divergence the oscillator has fallen below 30. • • • Bullish divergence between price and the oscillator is observed. and BPSum3 by adding up all of the BPs for each of the three specified time frames. A sell signal is generated conversely on a bearish divergence above level 70. The Raw Ultimate Oscillator (RawUO) is equal to: 4 x (BPSum1 / TRSum1) + 2 x (BPSum2 / TRSum2) + (BPSum3 / TRSum3) The Final Ultimate Oscillator is equal to: (RawUO / (4 + 2 + 1)) x 100 When Williams had specific criteria for a buy or sell signal. TR = the higher of 1.) Today's High .Oscillators Ultimate Oscillator What Developed by Larry Williams and first described in a 1985 article for Technical Analysis of Stocks and Commodities magazine. The position is closed when the oscillator rises above 70 (considered overbought). BP = Today's close . Page 17 of 18 . Calculate BPSum1. TRSum2. and TRSum3 by adding up all of the TR's for each of the three specified time frames.Today's Low. 3. Values range from 0 to 100 with 50 as the center line. TL = the lower of today's low or yesterday's close. to be subsequently closed out below 30 (as oversold).Today's TL. Calculate TRSum1.) Yesterday's Close . The buy trigger is the rise through that high. Oversold territory exists below 30 and overbought territory extends from 70 to 100.) Today's High . Calculate Today's "True Range (TR)".

close)/(highest high over ‘n’ periods . P&F chart is Aussie SPI Futures. Williams %R is calculated using 10 periods and can be used on intraday. How %R = [(highest high over ‘n’ periods .lowest low over ‘n’ periods)] * -100 Typically. daily. Williams %R is a momentum indicator that works much like the Stochastic Oscillator. A value of -100 is the close today at the lowest low of the past N days. and 0 is a close today at the highest high of the past N days.Oscillators Williams’ %R What Developed by Larry Williams. but needn't cause any confusion. or conversely to sell an overbought condition • • • %R reaches 0%. It is especially popular for measuring overbought and oversold levels. Five trading days pass since 0% was last reached %R falls below -5% or -15%. Five trading days pass since -100% was last reached %R rises above -95% or -85%. on a different scale. The time frame and number of periods will likely vary according to desired sensitivity and the characteristics of the individual security. The more sensitive you make it. The oscillator is on a negative scale. The "close-position within a range" in the %R indicator is the same as the %K stochastic oscillator. though. from -100 (lowest) up to 0 (highest). the more false signals you will get. Such a scale is a little unusual and is sometimes found altered (by adding 100). Chart used is spot gold Date sampled for all indicators for easy comparison is between 08-Oct-2008 to 22-Jul-2009 displayed as a daily candlestick chart (excluding volume charts as spot gold doesn’t display volume. stock code: GOOG. weekly or monthly data. The timeframe can be changed for either more sensitive or smoother results. But they were not to be traded directly. When Williams used a 10 trading day period and considered values below -80 as oversold and above -20 as overbought. volume charts are Google off the NASDAQ stock exchange. instead his rule to buy an oversold was • • • %R reaches -100%. code: AP and Coppock Indicator chart is the US S&P500 index) Page 18 of 18 .

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