Edge Index
May 9, 2017, 10:01 AM
Indicators
2 Comments
I find Edge Index to be useful in prioritizing mean reversion opportunities like for instance Rikoschett or Close below the lower Bollingerband.
Edge Index is intended for Daily time frames = does not work on intra day, not with the default parameter settings anyway.
My initial testing is showing that EDGE INDEX works better in a bull market.
REM Computes the highest and lowest prices
Shi = highest[S](high)
Slo = lowest[S](low)
Mhi = highest[M](high)
Mlo = lowest[M](low)
Lhi = highest[L](high)
Llo = lowest[L](low)
REM Building the oscillators
StochS = (close - Slo) / (Shi - Slo) * 100
StochM = (close - Mlo) / (Mhi - Mlo) * 100
StochL = (close - Llo) / (Lhi - Llo) * 100
REM We can now compute the EdgeIndex
EDGEINDEXRAW = (100 - StochS)/3 + (100-StochM)/3 + StochL/3
EDGEINDEX = EDGEINDEXRAW[0]*0.6 + EDGEINDEXRAW[1]*0.4
RETURN EDGEINDEX as "EI"
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EDGE-INDEX.itf
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