Download: STSR.ELA
File Includes:
Indicator - ELD STSR
Category: Indicator > Oscillators
Description:
The STSR Indicator uses an oscillator first published by Art Putt, which attempts to capture internal behavior of a price bar that had experience a jump in activity.
This indicator is calculating according to this formula:
For the purpose of this explanation, we will call this oscillator the Support and Resistance Oscillator, or SRO. This is a very active item, evan for low volatility markets. Given how the formula is put together the values will range in values from zero (0) to one (1). In order to reach one, the Open is at the true low and the Close is at the true high. Conversely, the only way it can drop down to zero is if the open and true high are identical, while the close and true low are also identical.
Usage:
This Indicator will look for the SRO to reach over 0.7 or under 0.3 in order to trigger bearish and bullish alerts.
Inputs:
BuyLev - Over-sold level
SellLev - Over-bought level
EasyLanguage Code:
Inputs: BuyLev(.30), SellLev(.7);
Variables: SROSc(0);
{calculation of the Support/Resistance value}
If Truerange <> 0 Then
SROSc = ((Truehigh - Open) + (Close - Truelow)) / (2 * Truerange);
{ Plotting Indicator }
Plot1( SROsc, "SRO");
Plot2( 0, "Zero");
{ Alerts }
If SROsc Crosses Above BuyLev Then Alert("Bullish Alert");
If SROsc Crosses Under SellLev Then Alert ("Bearish Alert");