This collection of nine simple indicators is a further development of my indicator found here:
The first set of three indicators analyses the range to show any month/week/day of week that has historically had higher or lower than average range.
The second set analyses the volume to show any month/week/day of week that has historically had higher or lower than average volume.
The third set analyses the equity gain or loss to show any month/week/day of week that has historically had higher than average positive or negative equity.
Each indicator must be applied to the relevant time frame chart – so monthly on monthly, weekly on weekly and daily on daily.
In the attached image it can clearly be seen that on the SP500 Tuesday, Wednesday and Thursday have been good days to go long and that Tuesday, Wednesday, Thursday and Friday have had above average volume and above average range, Mondays have been quieter.
We do have to consider that the Sunday candle is based on a shorter day and that there has not always been a Sunday candle in all of the historical data.
In the weekly analysis we have to take into consideration that PRT has no way to tell us what week of the year it is so I have started counting from the moment a new year is detected. Not all years have 52 x 6 trading days in them so this can lead to some years having 53 weeks. So the data around the start of a new year can be a little difficult and shorter weeks than the 6 trading days may be used leading to inaccurate returns by the indicator for those weeks either side of a new year’s start.
Also bear in mind that volume information is not available for all instruments and has only been available in PRT for recent history.
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