If I understand correctly, the $TIKQ is a measure of the ratio of Nasdaq Issues UP to DOWN. There are a whole bunch of those indicators that are of some meaningful use. But if your willing, let's create a small knowledge trail here of what's meaningful. I know you're inclined to agree that Price Volume and Time are some of the more potent variables in trading. Volume has two characteristics which in and of themselves are related to a third variable that most folks simply throw away. We can chat down this lengthy path at any time you wish. So the $TIKQ is a ratio of the number of Stocks that are up to down. If I remember correctly, it's really the net difference of the number of NAZ stocks up vs NAZ stocks down. Thus a (+) num indicates more issues are up then down and vice versa for (-). Some time back when I looked closely at this index indicators, I had to ask myself the money question (ie. how can this information be leveraged). After looking closely at many of these indicators, it became somewhat clear that there was clumpiness in the data of the individual stock components. In otherwords, the individual stocks were correlated in some way and at certain times proved not to be independent and identically distrubed (ie. not so random). So I looked closer and checked the corresponding futures, options, and ETF equivalents. After much reasoning, it was apparent that the offset between the various forms of the index is due to arbing where the futures lead the way of the index. This fact of course is a much longer discussion which I am also happy to go down the discussion trail. After a detailed study of these indicators, perhaps not so surprisingly, was the finding of the $UVOLQ and $DVOLQ indicators which measure the amount of UP VOLUME and DOWN VOLUME of the Nasdaq. If you do some comparative analysis between the OC of the price bars and the OC of the $UVOLQ and $DVOLQ indicators, you will find a very nice and exploitable directionably tradeble characteristic. The detail that's not wasn't so obvious for me, was that these indicators are better suited to doing CONTINUOUS analysis as opposed to more of a snapshot based sample analysis. In other words, personally, I would measure the duration above and below the threshold between $TIKQ and similarly for the NASDAQ. I would only expect your current output to show an above/below imbalance if the day proceeded with higher bar after higher bar... Kind Regards, MAK
MAK: Not exactly sure what you are talking about. $TIKQ is the NASDAQ. TRO_AboveBelow simply counts how many bars $TIKQ has been above/below the 0 line. I will add a trend count, when I get the time, to show how many bars the latest trend has been in effect.
Typically, I read up on understanding what I am looking at before making inquiries. I saw that on your previous chart you had vegas tunnelling analysis but wasn't sure if that is how you are identifying sellers vs buyers. For me, Forex is a bit one handed since you do not get direct volume data. I say direct because I can indirectly get it from their corresponding futures. To compensate for this, I typically rely on a continually updated correlation matrix of values... We need not mention about why FOREX is so attractive (ie. leverage, need we say more...). I get correlation information here... http://www.mataf.net/en/analysis-correlation_id.htm... Why??? Well my number one rule is that either the sellers or the buyers are the minority. I actually do a small bit of scrutiny and try to detect whether there are minority long or short buyers wrt minority long or short sellers (ie. buyers buy from sellers, sellers sell to buyers). Because I do not know the quantities (volume), I shift to looking at offsets of pairs that are highly correlated (ie. EURUSD vs USDCHF). The correlation of EURUSD/USDCHF is currently reading a -97 (really -0.97). The negative just means they move opposite one another (an uptick on one is the downtick on the other). Most folks treat correlation to do pairstrading (ie. short or long the difference of the pairs). I just like to watch the lead (ie. which one ticks first)... I pseudo liken it to a very common activity that alot of folks in NYC do (ie. walk their dogs). The pet and their owner are a pair. Correlation is the leash between the pair. On occasion, I will find the dog walking the owner as opposed to the owner walking the dog. The subtlety is that clearly one is leading the other. The owner has no interest in following the dog around (unlike a parent following their child), they only require that the dog follow them. In otherwords, the owner is setting the direction. Their is no discussion between the dog and the owner as to which direction they are to head next. The dog may stop along the trail but the owner usually DETERMINES when it is time to resume their trek. Forex pairs, are VERY similar. I check for the strength of the leash by checking the numbers from the above sight. Then I check the subtle tug to see which pair is the dog and which is the owner. If I find that the dog is leading, I know that I am trading the leading of the lagging pair. Personally, I'd rather trade the lagging pair so that I can take my direction from the leader of the pair. By shifting to this, I allow the buyers/sellers of the leading pair to figure out amongst themselves which of the two are in control. When the controlling bunch moves, the leash attached to them drags the lagging pair behind it... I know you start with very basic irrefutable concepts (ie. a HI will almost always be higher than the open and a LO will almost always be lower than the open). Is your determination of Forex BUYERS/SELLERS based on this HI/LO principle or are you seeing things from a different angle??? Kind Regards, MAK
MAK: Totally different. I just use TRO CONTROL and ( usually ) trade with who's in control on the daily chart. That simple. The Milk The Cow strategy has NOTHING to do with my FOREX trading though so are profitable using it.
Avery, Thanks for all your great indicators! Is there anywhere there is documentation on them including the inputs? More specifically, what is the SHME PushHiLo AutoX? I have it up on radar screen and see the hi and lo numbers, but have no idea what they are supposed to mean or how to use them... Thanks! W
Wow... SHME PushHiLo AutoX is an old indicator... It became my Pip Scalper indicator. It shows dynamic support/resistance. Documentation? Look inside the indicator code. Some have documentation. Most are self explanatory. But in the Motherlodes there are indicators that I tested and never posted. I think you stumbled upon one. I may write a eBook or 2 on my indicators at some point. You are on the internet, if you (google) search, you will probably find what you're looking for!
OK thanks - one more question: I use TS and your dynamic SR is excellent - but in the most recent posted motherlode (August), there is NO SR2, even though you specifically mention that as being the newest version - I can only find (and am using) SHME_dynamic_SR....where is SR2? W