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Point of Balance Oscillator and Mov. Averages by Walter Downs
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 create the Point of Balance Oscillator, choose Indicator Builder from the Tools menu, click on the New button, and enter the following formula:


Point of Balance Oscillator

n := Input("Time Periods",1,100,12)/2;
POBC1 := (HHV(CLOSE, n) + LLV(CLOSE,n))/2;
POBC2 := (HHV(POBC1, n) + LLV(POBC1,n))/2;
POBC3 := (HHV(POBC2, n) + LLV(POBC2,n))/2;
POBC4 := (HHV(POBC3, n) + LLV(POBC3,n))/2;
POBC5 := (HHV(POBC4, n) + LLV(POBC4,n))/2;
POBC6 := (HHV(POBC5, n) + LLV(POBC5,n))/2;
POBC7 := (HHV(POBC6, n) + LLV(POBC6,n))/2;
POBC8 := (HHV(POBC7, n) + LLV(POBC7,n))/2;
POBC9 := (HHV(POBC8, n) + LLV(POBC8,n))/2;
POBC10 := (HHV(POBC9, n) + LLV(POBC9,n))/2;
AV := (POBC1 + POBC2 + POBC3 + POBC4 +
POBC5+ POBC6 + POBC7 + POBC8 + POBC9 + POBC10) / 10;
POBCOsc := 100 * ((CLOSE - AV) / (HHV(CLOSE,10)-LLV(CLOSE, 10)));
POBCOsc

 

To highlight bars based on the Bull Fear and Bear Fear conditions discussedin the article, choose Expert Advisor from the Tools menu, click on theNew button and enter the following expert:

Bull Fear and Bear Fear Expert

HIGHLIGHTS

Name: Bull Fear

Condition:

n := 12 {Time periods};

BullFear := (HHV(HIGH,n) - LLV(HIGH,n))/2 + LLV(HIGH,n);

CLOSE > BullFear

Color: Blue

Name: Bear Fear

Condition:

n := 12 {Time periods};

BearFear := (HHV(LOW,n) - LLV(LOW,n))/2 + LLV(LOW,n);

CLOSE < BearFear

Color: Red

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

SIGNAL FORMULAS

---------------

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

SIGNAL FORMULAS

---------------

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.

Following is the formula for the moving averages discussed in the article, but not contained in the Traders Tip published in TASC.

Please note, this formula will plot all three moving averages, butwill not plot them in three different colors.

 


Point of Balance Moving Averages

TP:=Input("Time Periods",1,100,12);
BLF:=((HHV(H,TP)+LLV(H,TP))/2);
BRF:=((HHV(L,TP)+LLV(L,TP))/2);
POB:=((BLF-BRF)/2)+BRF;
BLF;
BRF;
POB

 

Source / From: TOP
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