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Registered User
Joined: 8/26/2006
Posts: 20
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Method for displaying Elder impulse system using Data bar.
Here is a method of displaying the impulse system in telecharts using the data bar.
I have two blocks of colour to the right of the "bar % change" data point.
one represents the slope of the 13 bar ema and the other represents the slope
of the macd-histogram.
the blocks of colour are green for positive and red for negative
if both blocks are green = buy signal
if both blocks are red = sell signal
if one is red and one is green = buy or sell
please note that Dr Elder uses the impulse system for a censorship system
not an automatic trading system.
ie green = long or stand aside; no selling
red = short or stand aside; no buying
red/green = either long or short
Dr elder uses blue for not red or green, perhaps someone else could think of how to do that using the data bar?
it is not possible to alter the colour of the price chart in telechart, if and when that is possible this method would be pointless.
heres what I did;
1. create 2 personal criteria formulas
1.1 call 1st formula "13 bar ema difference"
formula is: XAVGC13 - XAVGC13.1
1.2 call 2nd formula "macd histogram bar difference"
formula is: (XAVGC12 - XAVGC26 - XAVG(XAVGC12,9) + XAVG(XAVGC26,9)) - (XAVGC12.1 - XAVGC26.1 - XAVG(XAVGC12.1,9) + XAVG(XAVGC26.1,9))
I got the idea for this formula from a post by a user called "transtaafl"
this assumes you use 12/26/9 for macd, substitute your values if not
can someone please check this formula to make sure it is correct
1.3 update the personal critera formula using usual method
2. add the new data points to the data bar
2.1 left mouse click on your right-most data point ("bar % change" on my chart)
choose "insert new field to right"
a dialogue box opens
here I want to put in a dummy field as a separator
leave "column contents" as "bar % change"
choose black for foreground and background colours (or white if your chart has a white background)
click OK
2.2 left mouse click on new (invisible) data point
choose "insert new field to right"
a dialogue box opens
in "column conents" drop down menu choose "13 bar ema difference" (your new PCF)
choose green for foreground and background colours
check the "use these colors for negative values" check box
chouse red for foreground and background colours
2.3 repeat 2.2 but this time choose "macd histogram bar difference" for column contents (your 2nd new PCF)
please note that I am new to telechart as I am to trading. I am just working my way through Dr Elders books.
I would be grateful if someone could check the formulas to see if they are correct.
thanks
Adrian
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Registered User
Joined: 1/28/2005
Posts: 6,049
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ade1963
You may be interested in the techniques described in these posts
In the first I show how to "paint" an indicator green or red based on the slope
of a 22 period moving average. (also from Dr. Elder)
Indicator Color, Visuals, and MACD.
Can we build a customer Indicator with If-then-else?
Thanks
diceman
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Registered User
Joined: 8/26/2006
Posts: 20
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Diceman,
Thanks for that.
I have already seen your post, but unfortunately it doesn't seem to work for me.
I get diferent colours accross the top of the indicator, but I get lines drawn from the bottom of the screen to the indicator height at every color change. is that how it is supposed to look?
I am usinng telechart2007 version 6.0.0048.
I tried your method first before looking for other ways to indicate.
the problem with my method is that it is not tied to the timeframe of the chart. so if you wanted to see impulse on weekly and daily you would have to have two sets of PCF's and two sets of data points
thanks
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Registered User
Joined: 1/28/2005
Posts: 6,049
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AD1963
Realize that indicators set-up on daily charts will convert to weekly
when you view weekly charts.
(A 10 day moving average will be 10 days on a daily chart. It will switch
to 10 weeks when you change to a weekly chart)
-------------------------------------------------------------------------------------------------------
So you could set-up:
ABS(Is MACD positive? and Is 13 bar mav up?)* 20 bar moving average.
This will plot a 20 bar mav when impulse is true.(nothing when false)
When you switch to a weekly chart it will show when weekly impulse is
true
----------------------------------------------------------------------------------------------------------
You can take your watchlist of stocks. Switch to a weekly timeframe.
Click on the indicator(above) and choose sort by actual value.
The stocks that are true on a weekly basis will sort to the top. (descending order)
Flag those stocks.
Now switch to a daily timeframe and the stock that are showing the 20 bar mav
and that are flagged are the ones that meet your condition.
--------------------------------------------------------------------------------------------------------
If you don't like the pre-screen you could also create a 65 day mav (13*5)
and a 60,130,45 MACD (12,26,9*5) to simulate the weekly values. The only
difference, I would ask if they are higher than 5 bars ago.
For example, you could plot a 10 day MAV when the daily impulse is true and
a 20 day MAV when the weekly is true.
----------------------------------------------------------------------------------------------------------
Thanks
diceman
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Registered User
Joined: 8/26/2006
Posts: 20
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Diceman,
Thanks for your time in replying.
I did realise that indicators change with the current timeframe.
In my previous post I said that *my* method was not tied to the current time frame.
but you have given a much better solution than mine
if I understand you correctly I could create four moving averages all of 13 bar periods and have them coloured red green and blue (2 for blue for the two possible conditions) *but* make only one of them visible using your abs(conditon) method.
in that way there would always be a moving average on my chart but the colour would be dependant on the impulse condition.
do you think it could work?
hopefully I will have time to work on this tommorow.
thanks for your advice
Adrian
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Registered User
Joined: 10/26/2005
Posts: 238
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I use these custom indicaters for Elders impulse system . On price chart; color RED ;check price scale ; (XAVGC13<XAVGC13.1)*(XAVGC12-XAVGC26-XAVG(XAVGC12,9)+XAVG(XAVGC26,9)<XAVGC12.1-XAVGC26.1-XAVG(XAVGC12.1,9)+XAVG(XAVGC26.1,9))*(L-(AvgH5-AvgL5)/5) And for GREEN (XAVGC13>XAVGC13.1)*(XAVGC12-XAVGC26-XAVG(XAVGC12,9)+XAVG(XAVGC26,9)>XAVGC12.1-XAVGC26.1-XAVG(XAVGC12.1,9)+XAVG(XAVGC26.1,9))*(L-(AvgH5-AvgL5)/5)
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Registered User
Joined: 1/28/2005
Posts: 6,049
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ade1963
I think so.
Im not exactly sure how you are using your
time-frames vs the Elder method.
Are you doing a screen on the weekly than
checking the daily?
diceman
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Registered User
Joined: 8/26/2006
Posts: 20
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Diceman & allenbary,
I get the same problem with both of your methods
yes I see lines drawn on the chart in different colours
but there are horrible lines drawn from the base of the
chart to the plot at every colour change
I mentioned this to diceman in a previous post
is this how it is supposed to look? or is there somehing
different with my version of TC2007 or maybe a setting I have
that you two dont.
click this link to see the problem I have on the chart
http://www.viovio.com/storage/users/663/2663/images/284269/chart-eg001.jpg
diceman,
I want to use the elder impulse system by first checking the weekly
and then the daily. I am only really interested in the current day
or week - which is why my original method using the data bar would
be OK with two sets of data points using that method I could see
what the impulse system indicated for both time frames when I am in
any time frame
It would be nice if when I scolled the chart forward or backward in
time for the indicators to change depending on the condition of the
right-most price bar. to do this i would have to use diceman's method
but i can't get away from those nasty vertical lines drawn on the plot
please reply
Adrian
P.S. I am in timezone GMT+1
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Registered User
Joined: 1/28/2005
Posts: 6,049
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ade1963
Drawing a line from zero is one of the drawbacks of this technique.
(this is the way that TC will show the price plots)
There are a few attempts at solutions to this problem:
1)Make less indicators.
Only draw a line when weekly is true and daily is true.
(don't bother with false conditions)
(if you want to see all conditions you can monitor them in a watchlist
tab)
2) Draw lines to the low. (end you equation with *L)
This will create a vertical line only to the low of price.
This is shown in the second post I supplied.
(also note bustermu's technique of plotting from the top
down to the high (the equation with 10,000 in them)
3) Draw the 2 indicators to the low (vertical line) and draw them
on top of each other but make 1 lower.
(1 would be * L , the other would be *(L*.99)
When you see 2 colors that would be a true condition.
4) If chart is too busy. Plot week true in one template and
daily true in the next template. We you see a candidate you can toggle
chart to see if daily is true.
5) You can even create an abovezero/below zero method centered
on the zero line. (see the second set of equations supplied in
the second post by me) The equations with +1 and -1 in them.
I think exploring combining indicators and different drawing
techniques you should be able to find something useful.
(these ideas can also be used for other indicators)
( I could not view the chart you posted )
Thanks
diceman
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Registered User
Joined: 8/26/2006
Posts: 20
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D,
Thanks for taking the time to reply, i appreciate it.
see if this works:
http://www.viovio.com/photos/image/285364/9964/large
If this is how it is supposed to look then maybe I will proceed with my original idea of using the data bar
thanks
Adrian
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Registered User
Joined: 1/28/2005
Posts: 6,049
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ade1963
You may be correct. On this particular set of indicators the data bar may be the best
way to go.
Although the idea of seeing multiple time frames at once was appealing.
Thanks
diceman
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Registered User
Joined: 4/18/2005
Posts: 4,090
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Will the data bar accomodate a switch from daily to weekly charts?
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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scottnlena,
If the formulas are created as Personal Criteria Formulas and added to the Data Bar, they will only display the most recent Daily results.
If the formulas are created as Custom Percent True Indicators in the Top Chart Pane and viewed using the Pointer Mode Data Box (brought up by selecting the Period Key (.) on your keyboard twice), they will automatically adjust to the Chart's Time Frame.
You may wish to review the following:
Customize the Data Bar to display selected data points
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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