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Tick Line Momentum Oscillator by Daniel E. Downing
rev. 01/06/97

In his article "Using The Tick In A Short-Term Indicator", in the January 94 issue of TASC, Daniel E. Downing presents the Tick Line Momentum Oscillator.

Taken from Stocks & Commodities, V. 12:1 (42-44): Using The Tick In A Short-Term Indicator by Daniel E. Downing.

"The tick index, the net difference of the numbers of stocks last tradedon an uptick from those last traded on a downtick , is a well-known indicator, but it's gota problem.The raw number result is volatile, perhaps too volatile for some. What to do? here, then,is a way to smooth out the noise to identify short-term trading opportunities.

The tick is a basic unit for the markets, watched with fascination duringperiods of turmoiland periods of enthusiasm. It is quoted throughout the day on mostquote services.In addition, the closing tick value can be found on the market statisticspages of financial newspapers such as Barron's and The Wall Street Journal.

Let me present, then, the tick line momentum oscillator, which is basedon the closing valuefor the New York Stock Exchange (NYSE) tick indicator. The oscillatorhas been shown to have a goodtrack record of determining when the NYSE is overbought or oversoldon a short-term basis.The formula for the tick line momentum oscillator is simple and canbe easily calculated without a computer,although a spreadsheet version can be found in the sidebar,"Tick line momentum." Finally, the oscillator is straight forward andsimple to apply."

For interpretation refer to Mr. Downing's article.

Tick Line Momentum Oscillator

Mov(
ROC(
Cum(
If( C ,> ,Ref( Mov(C ,10 ,E) ,-1 ) ,+1 ,
If( C ,< ,Ref( Mov(C ,10 ,E) ,-1 ) ,-1 ,0 ) ) )
,5 ,$)
,5 ,E)

 

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