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Point of Balance
From Terms To Technical Tools In Walter Downs' article "From Terms
to Technical Tools" he introduces the Point of Balance Oscillator, two conditions to color bars and two system tests. All of these canbe created quite easily in MetaStock 6.5.

To test the two systems discussed in the article, choose SystemTesterfrom the Tools menu and enter both of the following systems:

Bull and Bear Fear System Test

Enter Long:

n := 12 {Time periods};
BullFear := (HHV(HIGH,n) - LLV(HIGH,n))/2 + LLV(HIGH,n);
Cross(CLOSE,BullFear)

Enter Short:

n := 12 {Time periods};
BearFear := (HHV(LOW,n) - LLV(LOW,n))/2 + LLV(LOW,n);
Cross(BearFear,CLOSE)

Four-Bar Fear System Test

Enter Long:

n := 12 {Time periods};
BullFear := (HHV(HIGH,n) - LLV(HIGH,n))/2 + LLV(HIGH,n);
BearFear := (HHV(LOW,n) - LLV(LOW,n))/2 + LLV(LOW,n);
Cross(CLOSE,BullFear) AND Ref(Sum(CLOSE < BullFear AND CLOSE> BearFear,4),-1)= 4

Close Long:

LOW < Ref(LLV(LOW,3),-1)

Enter Short:

n := 12 {Time periods};
BullFear := (HHV(HIGH,n) - LLV(HIGH,n))/2 + LLV(HIGH,n);
BearFear := (HHV(LOW,n) - LLV(LOW,n))/2 + LLV(LOW,n);
Cross(BearFear,CLOSE) AND Ref(Sum(CLOSE < BullFear AND CLOSE> BearFear,4),-1)= 4

Close Short:

HIGH > Ref(HHV(HIGH,3),-1)

After entering the systems click on the Options button in the System Tester dialog, go tothe Testing tab and change the Trade Price to Open and set the Tradedelay to one.
Source / From: TOP
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