Quote from 88888accountant:
yeah, Im looking to check average range with the wicks. I have a bit of efs ability but I was wondering if there was something with a little instant gratification, lol.
This is a very simple indicator, but you will need to write the code yourself. You can easily do this by incorporating an indicator that is found in ALL charting packages -- the Simple Moving Average (MA). Your code will look something like this:
MA ( H, n ) - MA ( L, n )
Where:
1. MA calls the price smoothing Moving Average function;
2. H = Highest Price of each Bar;
3. L = Lowest Price of each Bar; and,
4. n = Number of Consecutive Bars to be averaged.
All charting software understands that a SUMMATION action over a number of bars is implied/required here, and will automatically do this when it sees the above formula.
Using the MA function circumvents the requirement of having to write your own SUMMATION function.
Alternatively, if you do not have access to a package where you can write your own indicators, then this can be done just as easily in MS Excel:
1. Get OHLC for each bar;
2. Save in Comma-Separated Value format (*.csv);
3. Import file into Excel;
4. Columns will look something like this:
A. Date
B. Open
C. High
D. Low
E. Close
F. Volume
G. OI (Open Interest), if trading futures/commodities;
5. Begin formula in Cell Hn, where n = number of Bars to average, assuming the first row of prices is in Row 1 (this is NOT where it will be, so you must adjust the formula accordingly)
For example, If n = 5, formula goes into Cell H5, and looks like this:
=SUM(C1:C5-D1
5)/5 -- or, for n = 10:
=SUM(C1:C10-D1
10)/10
6. Copy this formula down the H Column to the end of the prices.
7. Use Excel's Chart Wizard to draw a chart that displays these values in any format you desire.
GTTY
---
Mike Collier
Oak Harbor, WA
