-----Original Message-----
From: Andrew J. Kornberg [SMTP:kornberg@xxxxxxxxxxxxxxxxxxxxxxxxxx]
Sent: Tuesday, August 12, 1997 8:59 AM
To:   metastock-list@xxxxxxxxxxxxx; Daryl Guppy
Subject:      Countback Lines

Hi,

I posted this a couple of weeks ago but unfortunately I did not get a reply.  Can anyone out there help with Countback Lines?

Some charting programs now do this automatically (Ezy Charts) and I wonder whether this can be done efficiently and fairly automatically in Metastock.

Essentially the principle behind countback lines is that they provide a short term resistance or support line.  They are constructed as follows (From Daryl Guppy's Tutorials in Applied Technical Analysis www.ozemail.com.au/~guppy/). (I recommend this site to everyone)

"In a falling trend, one counts back two higher highs and then projecting a horizontal line to the right.  A close above this resistance suggests that the trend has changed.  In a rising trend, it is calculated by counting back two lower lows.  A close below this support line suggests that the trend has changed.  The countback line can be used to fine tune entry and exit points."

Obviously, this can be done by hand but they may need to be recalculated and redrawn daily.  Is there a way for Metastock to do this automatically or semiautomatically?  Any help would be greatly appreciated.

Another question where the answer has so far escaped me. If one was to pick an exploration and get a report with say a list of 100 stocks. Can one then run another exploration on those stocks only?

Thanks,
Andrew


RE: Countback Lines

    To: metastock-list@xxxxxxxxxxxxx
    Subject: RE: Countback Lines
    From: Metastock List <MetastockList@xxxxxxxxx>
    Date: Tue, 12 Aug 1997 14:19:30 -0600
    Resent-Date: Tue, 12 Aug 1997 14:32:06 -0600
    Resent-From: metastock-list@xxxxxxxxxxxxx
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    Resent-Sender: metastock-list-request@xxxxxxxxxxxxx

Andrew,

Try these two formulas and let us know if this is what you mean.  Plot them directly on the price bars.

Countback up trend

ValueWhen(1,C > Ref(C,-2) AND
C > Ref(C,-1) AND
Ref(L,-2) < Ref(L,-1) AND
Ref(L,-1) < L,Ref(L,-2))

Countback down trend

ValueWhen(1,C < Ref(C,-2) AND
C < Ref(C,-1) AND
Ref(H,-2) > Ref(H,-1) AND
Ref(H,-1) > H,Ref(H,-2))


Equis Support

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