CMT Level 1 Defs

10/11/21, 4:34 PM CMT Level 1 Flashcards | Quizlet
CMT Level 1
Terms in this set (216)
Reversal point where at a bottom there are two

DeMark or Williams Method bars with higher lows on each side and at a top
there are two bars with lower highs on each side.
A reversal point where a low or high bar is

identified and if the two following trading days
Gann 2 Day Swing have higher highs than the low bar and two lower
lows than the high bar than you have a support or
resistance point.
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Buy when the highest high over the past 4 weeks

Donchian Breakout is broker and sell when the lowest low over the
past 4 weeks is broken.
The average of the true range of each bar over

Average True Range (ATR)
some period and is a measure of volatility
Gap at the beginning of a trend reversal, usually

Breakaway Gap supported by high volume. Does not fill in like a
Common Gap
Gap caused by an opening price outside of the

previous bar range. Also called, Area Gap or Open
Common Gap
Gap. Often upward breaks are filled and should
CMT Level 1 be faded.
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Gaps that occur along a trend. Also called

Continuation or Measure Gaps. Usually occur near
Runaway Gap
the middle of the trend, 43% of the way on the
upside and 57% on downside.
Gap that occurs at the end of a strong trend most

often on heavy volume. Should fill within a few
Exhaustion Gap bars and signal possible trend reversal with
confirmation needed (ie another pattern such as a
descending triangle)
1. Primary Trend is inviolate
Dow Theory Hypothesis 2. The market discounts everything
3. Dow Theory is not infallible
Can last several years
Bull Phase
1. Buying due to reviving of confidence from prev.

bear mkt.
2. Buying due to increased corporate earnings
Primary Trend
3. Buying due to speculation/euphoria
Bear Phase
1. Selling on abandonment of hope.
2. Selling due to decreased earnings.
3. Selling in distress/throwing in the towel.
Meaningful decline in a bull market or advance in

Secondary Trend a bear market that can last 3 weeks to 3 months,
retracing 33% to 66% of the previous move.
1. Ideal mkt. picture consists of uptrend, top,

downtrend and bottom
Dow Theory Theorems 2. Economic rationale should be used to explain

mkt. action (Confirmation)
3. Prices Trend.
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Daily movements that have little to no meaning

Minor Trend unless a range is being formed. (Lines - trading
range with highs and lows within 5%)
1. Line charts
2. Bar Charts
Four types of charts

3. Candlestick Charts
4. Point and Figure Charts
Bar where range is higher and lower than previous

Outside Reversal Day bars high and low and close it at high or low.
Reversal pattern.
Measurement of volatility of stock relative to

Beta
overall market (usually S&P500)
TR(today)= Max[(high-low), absl(high-prev close),

True Range (TR)
absl(low-prev close)]
Way to measure volatility and reduces effects

Avg. True Range (ATR) - older data. (Exponential moving avg.)
Wilder method ATR(Today)= (ATR yesterday x (n-1) + ATR today)/n.

first ATR is calculated by arithmetic mean
Technique using high, low and close to establish

support and resistance.
P(pivot pt)= (prev. high+low+close)/3
Pivot Point technique R1 = (2xP)-prev low
S1 = (2xP)- prev high
R2 = P + (prev high - low)

S2 = P- (prev high - low)
CMT Level 1
Stop set at a certain level to protect existing gains

Protective Stop or thwart further losses. Protection of capital
Stop set at a certain level outside of price that

Trailing Stop
protects a gain from turning into a loss
Stop use when a security is on an accelerated

trend. Find 14 day ATR and place stop 2.5 to 4
Chandelier Exit
times above or below the current price. Use that
level as stop.
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When price breaks out upward and then quickly

Throwback
retrace back to the breakout level.
When price breaks out downward and then

Pullback
quickly retraces back to the breakout level
SMA (Simple Moving Average) Arithmetic avg of closing prices
multiply each price by corresponding day and

Linear Weighted Moving Avg
sum prices up, then divide by sum of number of
(LWMA)
days.
moving average which uses current EMA and

Exponential Moving Avg
current price to find new moving average. weights
(EMA)
current prices more heavily.
CMT Level 1
Moving avg used in indexes and is a moving avg

Geometric Moving Average of the percentage between prev. bar and current
bar over a period of time.
Find a SMA and using the results find the SMA of a

Triangular Moving Average length of half of the original bars. (ie take 20 day
SMA and find the 10 day SMA of the 20 day SMA)
If today's high is higher than previous high than a

+DM day. If today's low is lower than previous low
+DM and -DM than a -DM day. If high and low are both outside
than use the largest value. If both are inside the
previous, no DM is recorded.
Find a 14 day EMA for +DM and -DM. Find ratio

+DI and -DI between the smoothed +DM and ATR for DI+. Find
ratio between smoothed -DM and ATR for DI-
When DI+ is above DI-, trend is positive and vice

DMI Major crossover
versa. When they cross, trend is shifting
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Create DX line by taking absolute difference

between the DI+ and DI- and then dividing by the
ADX Line sum of DI+ and DI-. ADX is the smoothed DX line;
ranging from 0-100 with a higher number being
stronger trend.
Rising ADX line indicates a trending market
CMT Level 1
indicates flat or dull market, losing momentum or

Declining ADX line
trendless
ADX peak usually signals a peak or trough in prices
signals that a market is trendless but may be

ADX trough
beginning to accelerate in a trend direction
percentage of a moving average plotted above

Percentage Envelope and below that moving average. does not account
for volatility of a stock
envelope around a moving avg. that accounts for

Bollinger Bands volatility by using standard deviation; usually 2 st.
dev. around the moving avg.
envelope around a simple moving average of the

Keltner Bands "typical price" that accounts for volatility by using
the ATR to set a channel distance
envelope around a simple moving average that

STARC Bands accounts for volatility by using the ATR to set a
channel distance
reversal pattern consisting of 3 reversal points,

Double Top two peaks and a trough; entry price must come
from below
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CMT Level 1
reversal pattern consisting of 3 reversal points,

Double Bottom two troughs and a peak; entry price must come
from above.
sideways trading pattern with parallel resistance

Rectangle or support trend lines; period of consolidation
and usually a continuation pattern
reversal pattern with 3 peaks and 2 troughs, entry

Triple Top
from below and exit below 2 troughs
reversal pattern with 3 troughs and 2 peaks, entry

Triple Bottom
from above and exit above 2 peaks
pattern where lower bound is horizontal support

Descending Triangle
and upper bound is downward resistance
pattern where upper bound is horizontal

Ascending Triangle
resistance and lower bound is upward support
Symmetrical Triangle (Coil) pattern where two trend lines converge to a point
pattern where upper and lower trend lines diverge

Broadening patterns
from each other.
pattern which is a combo of a broadening pattern

Diamond Top/Bottom and a triangle pattern; trend lines must have 2
reversal points
A reversal triangle pattern where both trend lines

converge upward and the lower bound rising
more quickly than the upper bound. 5 reversal
Rising Wedge
points are necessary. Occur during a long
downward price trend or after a climax. Breakout
downward 69% of the time.
CMT Level 1
A triangle pattern where both trend lines

converge downward with the upper bound falling
more quickly than the lower bound. 5 reversal
Declining Wedge
points are necessary. Occur during a long upward
price trend or after a climax. Breakout upward 92%
of the time.
Wedge volume Volume declines throughout the pattern
Rounding bottom reversal pattern with a sell off at

Cup and Handle pattern the resistance point forming a handle. A breakout
through the lip.
Top or bottom reversal pattern with 3 distinct

peaks spread evenly and middle peak the highest.
Outside peaks do not need to be the same height.
Head and Shoulders
Left peak is higher or lower than right peak
increases performance. Volume is usually rising
into highest peak and then declining.
Short channel, formed over a few days to weeks,

Flag Pattern that usually slopes in opposite direction of the
trend. Continuation pattern with declining volume
Short triangle pattern that slopes in opposite

Pennant Pattern direction of the trend. Continuation pattern with
declining volume.
CMT Level 1
Rule to calculate price target of flag and pennant

patterns. Calculate the distance from the
Measured rule beginning of the sharp trend to the first reversal in
the pattern. Add that value to the breakout level
of the pattern.
Reversal pattern with exhaustion gap on one side

Island Reversal and breakaway gap on the other at roughly the
same price.
Failed rally after a sharp decline due to an event.

Usually lasts a several days to several weeks. Price
Dead Cat Bounce
usually breaks lower and most bullish patterns fail
for 6 months.
Pattern where high is higher than previous bar

high and close is lower than previous bar close. Or
One Bar Reversal
low is lower than previous bar low and close is
higher than previous close.
Pattern at end of trend. At a bottom, the first bar

close is in lower half of range and second bar is
Two Bar Reversal
near high of range. Volume should be higher on
second bar.
Pipe formation with a small middle bar between

Horn pattern
the two longer bars.
Buy on one tick above today's high if:
1. today's low is less than yesterday low
Two bar breakout rules

2. today's high is less than yesterday high
3. today's close is less than today's open
Bar where range is inside of previous day range.

Inside Bar
Shows decline of momentum in a trend.
CMT Level 1
Occurs after a series of consecutive up or down

days. Pattern where second bar has lower high
and higher low than previous bar. At a top the
Hook Reversal
open should be near the prev. high and close near
previous low. Opposite at a bottom.
Reversal pattern where the open and close range

Outside bar engulf previous day and total range is larger than
previous day.
After a strong trend is in place, 10 pt. move in 20

days, and a trend line that touches most points
buy the security after a sell off where there are
Knockout Pattern
two consecutive lower lows. Place the buy stop at
the high of the next bar after the second low bar.
Place protective stop at the last low.
A pattern to take advantage of sudden change in

direction. When a stock gaps lower place a buy
Oops Pattern
stop just inside previous days low and place a
protective stop at current days open.
Three bar continuation pattern where each bar is

an inside bar creating a symmetrical triangle. After
Shark Pattern
the pattern, place a buy order at the top of the
initial bar.
Bar where the range is considerably larger than

Wide Range Bar previous bars, showing increased volatility and
possible change in trend.
Bar where the range is considerable smaller than

Narrow Range Bar previous bars, showing decreased volatility and
possible increase in volatility coming soon.
CMT Level 1
Short term signal to buy or sell after a range is

defined in the first 5-10 min of trading. Useful after
Opening Range Breakout
a setup has been established from previous short-
(ORB)
term pattern.
Candlestick pattern formed when both the open

Doji and close are identical. Warning of a possible
reversal because mkt is indecisive.
Two day candlestick pattern with first candlestick

being a large body of either color followed by a
Harami/Spinning top small body of either color completely inside the
first real body. Small body range does not have to
be inside the first.
Bottom formation with real body at top of range,

Hammer long lower wick and no top wick. Lower wick is 2-3
times real body size.
Top formation with real body at top of range, long

Hanging Man lower wick and no upper wick. Lower wick is 2-3
times real body size.
Top formation with real body at bottom of range,

Shooting Star
long upper wick and no lower wick.
Bottom formation with real body at bottom of

Inverted Hammer
range, long upper wick and no lower wick
Two candle reversal pattern where first real body

Bullish Engulfing Pattern is small and black and second real body is white
and completely larger than first.
CMT Level 1
Two candle reversal pattern where the first real

Bearish Engulfing Patter body is small and white and the second real body
is black and completely larger than the first.
Two candle top pattern where first body is large

and white and the second body is large and black.
Dark Cloud Cover
Second open should be above first shadow and
close well within first real body.
Two candle bottom pattern where the first body is

large and black and the second body is large and
Piercing Line
white. Second open should be below first shadow
and close well withing first real body.
Three bar candle pattern at mkt. top. First body is

white and second candle, the star, is above first
days real body. Star can be any color or a doji
Evening Star
Third candle body should not touch the star body
and should penetrate deep into the first white
body.
Three bar candle pattern at mkt. bottom. First

body is black and second candle, the star, is
below first days real body. Star can be any color
Morning Star
or a doji. Third candle body should not touch the
star body and should penetrate deep into the first
black body.
Top reversal pattern after meaningful trend. Three

Three Black Crows consecutive long black bodies closing near lows
and opens within previous days bodies.
Bottom reversal pattern after meaningful trend.

Three White Soldier Three consecutive long white bodies closing near
highs and opens withing previous days bodies.
CMT Level 1
Reversal pattern at end of downtrend. First candle

has long black body and second candle is a white
Three Inside Up spinning top that forms a harami pattern. Third
candle is a large white body that breaks and
closes above first large black body.
Reversal pattern at end of uptrend. First candle

has long white body and second candle is a black
Three Inside Down spinning top that forms a harami pattern. Third
candle is a large black body that breaks and
closes below first large white body.
Reversal pattern at end of downtrend. First candle

is small black body followed by an engulfing white
Three Outside Up
body. Third white body must reach new high and
close above previous two closes.
Reversal pattern at end of uptrend. First candle is

small white body followed by an engulfing black
Three Outside Down
body. Third black body must reach new low and
close below previous two closes.
Cumulative sums of data that are usually some

variation of price and volume that continuously
Indexes measure supply and demand over time. No upper
or lower bound. Trend and divergences are
important, not level of index.
Tool that is bounded and used to determine

Oscillators overbought and oversold conditions. Trend,
divergence and pattern analysis is useful.
Bar chart in which the bars vary in width,

Equivolume chart corresponding with volume traded. Wide equals
more volume, thin equals less volume
CMT Level 1
Volume index where daily volume is added or

subtracted to the index depending on the
direction of the day. Total daily volume is added to
On Balance Volume (OBV)
previous index if close is higher than day before
and subtracted from prev. index if the close is
lower.
Index that calculates the diff. between the open

and close and relates it to the range as a
Williams Variable percentage. Open at low and close at high would
Accumulation Distribution equal 100%. Open and close the same and would
(WVAD) equal 0%. Multiply by daily volume to get the
amount that traded between open and close. Add
or subtract that amount from the prev. day WVAD
Index that determines where within the daily price

range the close occurs. Does not use the open
price.
Chaikin Accumulation A/D=[(close-low)-(high-close)]/(high-low)
Distribution (A/D) Positive A/D means close was above midpoint and
the day will be an accumulation day.
Negative A/D means close was below midpoint

and will be a distribution day.
Index that uses true range to determine

accumulation or distribution.
True Range high: higher of current day high or

previous close
True Range low: lower of current day low or

Williams Accumulation
previous close
Distribution (WAD)
If close is higher than previous day the A/D is the
current close minus TRL
If close is lower than previous day the A/D is the

current close minus TRH
Multiply by volume and you get the A/D
CMT Level 1
Oscillator that sums A/D of past 21 days and

divides by the sum of volume over last 21 days.
Rise above 0 equals upward trend and below 0 a
Chaikin Money Flow
downward trend. Confirmation tool, not signal
generation.
Ratio of 3 day EMA of the A/D to the 10 day EMA

of the A/D. Use 20 day Bollinger bands for signals.
Chaikin Oscillator A break above top band is overbought and sell
signal. A break below bottom band is oversold
and buy signal.
Oscillator that considers up and down days to

determine the flow of money into and out of a
security. MF for day i =
[(high+low+close)/3]*volume. If MF for day i is
Money Flow Index (MFI)
higher than previous, there is a pos. MF. If MF for
day i is lower than previous, there is a neg. MF.
Sum positive MF and divide by sum neg. MF to get
MF ratio. MFI = 100-(100/(1+MFR))
Oscillator that uses price and volume to measure

strength of a trend. Higher above 0, the stronger
the trend. Crossover 0 indicates weakening trend
Elder Force Index (EFI) or
and deep neg. equals strong power to downside.
Force index
Take a 2 or 14 day EMA of the daily price change
(daily closing price minus previous close)
multiplied by the volume.
Momentum Measurement of how the rate of change of prices.
CMT Level 1
Unbounded oscillator that is the difference

between the 26 period EMA and 12 period EMA.
Moving Avg. Convergence- 12 period EMA minus 26 EMA. Positive MACD
Divergence (MACD) indicates recent prices higher than longer term
prices. Signal line is a EMA of the MACD, usually 9
period EMA.
Measure of the amount of a security's price has

changed over a given number of periods. Shows
Rate of Change Oscillator
how the current price relates to the past price.
= {(Ptoday-Pnperiods ago)/Pnperiods ago}*100
Measures the strength of a security against its

Relative Strength Index (RSI) history by comparing up and down days. Above
70 is overbought and below 30 is oversold.
Up days=(sum of gains over N periods)
Down days=(sum of losses over N periods)
RS=Ups/Downs
RSI calculation
RSI=100-[100/(1+RS)]
Calculate 14 days of data and then use smoothing

method to calculate future days.
Oscillator that looks at the most recent price as a

Stochastic Oscillator percentage of the price range (high to low) over a
specified time period.
%K=[(C-L)/(H-L)]*100
fast %D = 3-bar SMA of %K
slow %D = 3-bar SMA of %D
Stochastic Calculation Time Window is 14 bars
H is high for time window
L is low for time window
C is the most recent close
CMT Level 1
Inverted Stochastic that compares the current

close with the high that occurred during the time
Williams %R
window.
=[(H-C)/(H-L)]*100
Unbounded oscillator that measures the

Commodity Channel Index
deviations of a security's price from a moving
(CCI)
average.
1. A peak in the ADX is almost always at a trend

peak up or down.
2. A trough in the ADX occurs when a trend has

ADX indications begun and is beginning to accelerate.
3. Trough to Peak is period of trending
4. Peak to trough is period of decelerating trend

or trading rang
Old support becomes new resistance and old

Principle of Polarity
resistance becomes support
Samuel Nelson Man who termed the Dow Theory
1. Simple, well-defined trading rules
Point and Figure 2. ignores price reversals that are below a min.
characteristics price move
3. No time factor - event driven
Mark for positive price moves in point and figure

Point and Figure X
chart
Mark for negative price moves in point and figure

Point and Figure O
chart
CMT Level 1
=Price of lowest box + (W*R)
Upside Horizontal count price W = # of columns of consolidation
objective R = reversal value, (# of boxes for reversal*value of

1 box)
Downside Horizontal count = Price of highest box - (W*R)

price objective
A way to measure volatility in P&F and can be

The vertical count price
used to determine size of retracement after large
objective
move.
= Price of lowest box + ($value of reversal*min

Upside vertical count price reversal boxes)
objective $ value of reversal = # of boxes of reversal*value

of each box
Downside vertical count price = Price of highest box +($value of reversal*min

objective reversal boxes)
Types of Motive waves Impulse and Diagonal Waves
five wave sequence that propels market in

Motive Wave
direction of main trend
waves that interrupt the main trend and travel in

Corrective Wave
opposite direction
1. Wave 2 never moves beyond start of wave 1.
2. Wave 3 is never shortest wave
Impulse wave rules 3. Wave 4 never retraces into wave 1 price.
Guideline: Wave 4 should not enter into wave 2

price
CMT Level 1
Wave 1 and 5 are always motive waves (impulse or

Impulse wave structure (5-3- diagonal)
5-3-5) characteristics Wave 2 and 4 are always corrective waves
Wave 3 is always an impulse wave
Average rate of return in excess of the risk free

rate per unit of volatility or risk
Sharpe Ratio
= annualized returns-risk free rate divided by
annualized risk
internal indicator that measures rate of change of

Momentum indicator
a stock price over a given time period.
(current price/price from t days ago)-1
Momentum calculation positive value indicates price trend is up
negative value implies price trend is down
elongated impulse wave, usually 3 or 5 whose

motive subwaves are as large or larger than the
Extended wave
nonextended motive waves of the same impulse
wave.
Motive wave that follows first two rules of impulse

Diagonal Wave wave but not the third (Wave 4 enters price
territory of wave 1.)
When wave 5 fails to terminate beyond the end of

wave 3. The 5th wave still unfolds but shows signs
Truncation
of exhaustion and a possible swift and sharp
reversal.
5th wave of impulse waves or C waves of zigzags

Ending Diagonal and flats where subwaves 1,2,3,4,5 always take a
corrective form, single or multiple zigzag.
CMT Level 1
pattern where waves 1,3,5 are all impulse waves or

Leading Diagonal all corrective waves in the form of zigzags. Waves
2 and 4 are always zigzag patterns.
sharp three-wave corrective pattern, labeled A-B-

C, where A is always an impulse or leading
ZigZag diagonal, C is always an impulse or ending
diagonal and B is always a corrective wave
(zigzag, flat, triangle or combo) 5-3-5 structure
Sideways three-wave corrective pattern, labeled

Flat A-B-C where A and B are always corrective waves
and C is always a motive wave. 3-3-5 structure
sideways corrective patter with subwaves labeled

A-B-C-D-E. 3-3-3-3-3 structure. always precedes
Triangle
the final motive wave in the direction of the main
trend.
Golden ratio or Golden mean Key Fibonacci ratio of 0.618
Inverse of Golden ratio 1.618
Analysis focusing on prospects for govt., company

or hard asset. Top-down looks at overall economic
Fundamental analysis
conditions first and bottom-up approach looks at
specific company first.
Three R's of investing Risk, Return, Relative value
P/E ratio Divide the share price by the profit of the stock.
Index that calculates the % of stocks on NYSE that

NYSE Bullish % Index
exhibit buy signals on P&F charts.
CMT Level 1
Advance-Decline Line (#Advancing stocks-#Declining stocks)+Adv-

(Breadth Line) decline value from day before
graph of a potential account value beginning at

Equity Line any time adjusted for each successive trade profit
or loss
Oscillator that is the difference between two

exponential moving averages of advances minus
McClellan Oscillator
declines (19 day minus 39 day EMA's.) Extremes
are at +100 or +150 and -100 or -150.
Oscillator measuring advances and declines vs.

total issues traded. (adv.-decl)/(total adv+decl).
McClellan Ratio Adjusted
multiply ratio by 1,000 and take 19 day EMA -
Oscillator
39day EMA. Overbought level at +4 and oversold
level at +2
Index that measures area under the curve of the

McClellan Oscillator. calculated by accumulating
McClellan Summation Index daily McClellan Oscillator figures into a cumulative
index. +500 and -500 are overbought and
oversold

CMT Level 1 Defs

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10/11/21, 4:34 PM CMT Level 1 Flashcards | Quizlet

Reversal point where at a bottom there are two

A reversal point where a low or high bar is

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Buy when the highest high over the past 4 weeks

The average of the true range of each bar over

Gap at the beginning of a trend reversal, usually

Gap caused by an opening price outside of the

Gaps that occur along a trend. Also called

Gap that occurs at the end of a strong trend most

1. Primary Trend is inviolate

Dow Theory Hypothesis 2. The market discounts everything

3. Dow Theory is not infallible

Can last several years

1. Buying due to reviving of confidence from prev.

2. Buying due to increased corporate earnings

1. Selling on abandonment of hope.

2. Selling due to decreased earnings.

3. Selling in distress/throwing in the towel.

Meaningful decline in a bull market or advance in

1. Ideal mkt. picture consists of uptrend, top,

Dow Theory Theorems 2. Economic rationale should be used to explain

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Daily movements that have little to no meaning

Four types of charts

4. Point and Figure Charts

Bar where range is higher and lower than previous

Measurement of volatility of stock relative to

TR(today)= Max[(high-low), absl(high-prev close),

Way to measure volatility and reduces effects

Wilder method ATR(Today)= (ATR yesterday x (n-1) + ATR today)/n.

Technique using high, low and close to establish

P(pivot pt)= (prev. high+low+close)/3

Pivot Point technique R1 = (2xP)-prev low

S1 = (2xP)- prev high

R2 = P + (prev high - low)

Stop set at a certain level to protect existing gains

Stop set at a certain level outside of price that

Stop use when a security is on an accelerated

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When price breaks out upward and then quickly

When price breaks out downward and then

SMA (Simple Moving Average) Arithmetic avg of closing prices

multiply each price by corresponding day and

moving average which uses current EMA and

Moving avg used in indexes and is a moving avg

Find a SMA and using the results find the SMA of a

If today's high is higher than previous high than a

Find a 14 day EMA for +DM and -DM. Find ratio

When DI+ is above DI-, trend is positive and vice

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Create DX line by taking absolute difference

Rising ADX line indicates a trending market

indicates flat or dull market, losing momentum or

ADX peak usually signals a peak or trough in prices

signals that a market is trendless but may be

percentage of a moving average plotted above

envelope around a moving avg. that accounts for

envelope around a simple moving average of the

envelope around a simple moving average that

reversal pattern consisting of 3 reversal points,

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