Download: Tfs.ela
File Includes:
Indicator - TFS: MBO Indicator
Indicator - Tether Line
Indicator - Vol Osc Avg
Strategy - TFS Signal
Category: Indicator > Averages
Description:
MBO indicator is the third component of TFS trading system. This indicator was developed by Bryan Strain and Mark Whitley.
The idea of MBO is similar to moving average convergence/divergence (MACD) indicator. It is calculated by subtracting the 200-day moving average from the 25-day moving average.
Usage:
The purpose of this indicator is to analyse the security relative to its short- and long-term value. The rule is that today`s MBO must be greater than yesterday`s.
Please refer to the article to get more information.
Inputs:
Fastavg - the parameter tells how many bars to the fast average
Slowavg - the parameter tells how many bars to the slow average
EasyLanguage Code:
INPUTS: FASTAVG(25), SLOWAVG(200);
VARIABLE: MBO(0);
MBO = AVERAGE(CLOSE, FASTAVG) - AVERAGE(CLOSE, SLOWAVG);
PLOT1(MBO, "MBO");
PLOT2(0, "ZEROLINE");