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Oscillators > CMOabsav

Article/Author: Chande & Kroll for Omega Research Inc., 1997

Download: cmoabsav.ela

File Includes:

Indicator - CMOabsav
Function - CMOabsav

Category: Indicator > Oscillators

Description:

This indicator plots the absolute value of CMO averaged over three different lengths. This indicator plots a classical-looking oscillator, which is really an averaged value based on three different periods:




Usage:

The oscillator compares where a security's price closed relative to its price range over a given time period. The most popular method of interpreting an oscillator: buy when the oscillator falls below a specific level (oversold level) and then rises above that level. Sell when the oscillator rises above a specific level (overbought level) and then falls below that level.




Inputs:

Lenght1 - the trailing number of bars to average
Lenght2 - the trailing number of bars to average
Lenght3 - the trailing number of bars to average
Topband - overbought level
Lowband - oversold level

EasyLanguage Code:
INPUT: LENGTH1(5),LENGTH2(10),LENGTH3(20),TOPBAND(70),LOWBAND(20);

PLOT1(CMOABSAV(LENGTH1,LENGTH2,LENGTH3),"PLOT1");
PLOT2(0,"PLOT2");
PLOT3(TOPBAND,"PLOT3");
PLOT4(LOWBAND,"PLOT4");
IF CHECKALERT THEN BEGIN
IF PLOT1 CROSSES ABOVE PLOT2 OR PLOT1 CROSSES BELOW PLOT2
OR PLOT1 CROSSES ABOVE PLOT3 OR PLOT1 CROSSES BELOW PLOT3
OR PLOT1 CROSSES ABOVE PLOT4 OR PLOT1 CROSSES BELOW PLOT4
OR PLOT2 CROSSES ABOVE PLOT3 OR PLOT2 CROSSES BELOW PLOT3
OR PLOT2 CROSSES ABOVE PLOT4 OR PLOT2 CROSSES BELOW PLOT4
OR PLOT3 CROSSES ABOVE PLOT4 OR PLOT3 CROSSES BELOW PLOT4
THEN ALERT;
END;