Worden Discussion Forum
Well, thank you very much.
Yes, the net change would be a parameter set by the user, and be pretty much any positive integer greater than zero. 10 cents, 20 cents, 25 cents etc. perhaps for AAPL 500 ($5). The net change would perhaps be smaller for shorter term trading, and longer for catching bigger moves.
There is a solid basis for the creation and use of such an indicator.
For reference http://weisonwyckoff.com/weis-wave/ The lines give the appearance that a zigzag indicator is being used, that might be deceptive. It's not a complex indicator to create in the native code of TC2000. C# or what ever it might be. The blue arrows are not part of the indicator.
For further reference a fellow named Mike has created a similar product, a little more fancy in it's display and features. http://mboxwave.com/
Just the basic wave as David Wies shows it would be a fabulous addition, myself having used it on other platforms.
This PCF creates a bolean expression, true when both moving averages are rising, false when both are falling. One is a 16 period SMA of the high+low+close/3 the other is a 9 period SMA of the high+low/2. The error flags the position 2 characters from the end the '-1'.
ABS((AVGH16+AVGL16+AVGC16)/3 > (AVGH16.1+AVGL16.1+AVGC16.1)/3 AND ((AVGH9+AVGL9)/2) >= ((AVGH9.1+AVGL9.1)/2))+(ABS((AVGH16+AVGL16+AVGC16)/3 < (AVGH16.1+AVGL16.1+AVGC16.1)/3 AND ((AVGH9+AVGL9)/2) <= ((AVGH9.1+AVGL9.1)/2))*-1)
Prior to the latest update in TC2000 vs 17 the formula producing this error plotted nicely. If I could be alowed a guess; it seems the formula is 2 characters too long to be processed. The formula ends in "-1)" The formula is 224 characters long.
It's the first time I've recieved this error.
Thanks for the link to the cumulative volume wave discussion, it is interesting. However much of the discussion goes off line and becomes excessively complex. It might be difficult to explain in text without pictures. Referencing the zigzag indicator might be misleading and a source of confussion. My mistake. It's more like a renko chart with volume being summed during the 'wave'. The wave(s) would be the directional segments. The bricks are defined by a paramenter, say 10 cents as referenced in my original post. Sadly GOOGLE won't give me a good example to show here.
The ability to have renko charts would be most helpful.
I've read back in the history of questions, using search etc. and I've seen a few requests for a ZIG ZAG indicator which was in the software at one time but I can't find it in the latest version. I'm using 17. If it's there and I don't see it, sorry.
I was hoping it would make this next release. However it's not just the zigzag. I want to build an indicator which basically sums volume until the zigzag changes direction based on an adjustable range. The cumulative volume would be displayed in a separate plot below each price bar. Just for example in an uptrend a 10 cent range would sum each bars volume until there was a decrease of 10 cents from close to close. That decease in price would be the initial volume, starting the down move. Using close could be also selectable, as would be the 10 cents, it could be 50 cents, or otherwise depending on stock.
It should be simple enough, given the excellent product that's been built so far.
If you need more info, happy to chat. If it's in great if not, maybe add it for next time.
Excellent ! fwiw I simply tried plotting the formula and it worked. It was created and saved last evening and after a restart today it works.
Thanks for sharing!
Well then it's likely a condition created by clicking on a chart and selecting create scan condition. It is definately an indicator I created because all PCF's I create are named starting with my initials underscore description text. I don't recall creating it as a scan, but it must have been as that's the only choice left. I'm running the latest version 17.xx. Thanks Bruce.
That's nice math, sadly I get "error : Must be boolean formula" when I code it into a plot window so it displays below a chart. I guess it's a limitation of TC2000 latest version.
It does however work great as a column or filter in an easy scan, which is very helpful.
I have two pieces of code which i can find by clicking Library, then selecting Indicators & Chart Plots. The problem is I don't see a choice to edit them. Why?
A long list comes up and the two pieces of code are in this list however I don't see how I can view the code I wrote, or edit it? I only get an X on the far right which likely deletes things, I don't want to delete.
How do I view the code?