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Oscillators > Mass Index

Article/Author: Omega Research Inc., 1997

Download: MASS.ELA

Category: Indicator > Oscillators

Description:

The Mass Index uses the range of the bars to calculate several values, including exponential averages of the ranges. It then calculates and plots an index of these calculations.

Usage:

The Mass Index is used in trending markets to monitor direction and warn of potential changes in market direction.
The Mass Index signals a possible price reversal when the Mass Index line crosses above the setup line and subsequently falls below the trigger line. This is known as a reversal bulge. The Mass Index does not identify the trend direction, but rather warns of possible reversals.




Inputs:

Setup - Value signifying a Setup of a possible trend reversal
Trigger - Value, following a Setup, signifying a reversal (reversal bulge)

EasyLanguage Code:
INPUTS: SETUP(27), TRIGGER(26.5);

VARIABLES: TRIGGERSTATUS(FALSE);

PLOT1(MASSINDEX(9, 25), "MASSINDEX");
PLOT2(SETUP, "SETUP");
PLOT3(TRIGGER, "TRIGGER");

{ALERT CRITERIA}
IF PLOT1 CROSSES OVER PLOT2 THEN
TRIGGERSTATUS = TRUE;
IF PLOT1[1] CROSSES BELOW PLOT3[1] THEN
TRIGGERSTATUS = FALSE;

IF TRIGGERSTATUS = TRUE AND PLOT1 CROSSES BELOW PLOT3 THEN
ALERT("MASS INDEX HAS TRIGGERED AN ALERT");