Download: Tfs.ela
File Includes:
Indicator - Vol Osc Avg
Indicator - TFS: MBO Indicator
Indicator - Tether Line
Strategy - TFS Signal
Category: Indicator > Volume Based
Description:
This is the second part of TFS trading strategy. The concept of this indicator is similar to that of On-Balance Volume indicator (OBV).It is calculated according to these rules:
If Close > Open, Volume is positive
If Close < Open, Volume is negative
If Close = Open, Volume is neutral
Then you take the 7-day MA of the results.
Usage:
The indicator must be positive when the close crosses above the Tether line.
Inputs:
AvgLen - number of bars to calculate
EasyLanguage Code:
INPUT: AVGLEN(7);
VARIABLES: VOLACCUM(0), VOLOSC(0);
VOLACCUM = 0;
FOR VALUE1 = 0 TO AVGLEN -1 BEGIN
IF CLOSE[VALUE1] > OPEN[VALUE1] THEN
VOLACCUM = VOLACCUM + VOLUME[VALUE1];
IF CLOSE[VALUE1] < OPEN[VALUE1] THEN
VOLACCUM = VOLACCUM - VOLUME[VALUE1];
END;
VOLOSC = VOLACCUM / AVGLEN;
PLOT1(VOLOSC, "VOL OSC");
PLOT2(0, "ZEROLINE");