faith friday, page-78

Scooter.

Mate, you must have actually thought about my indicator, damn you.

I went back and looked at it and you are spot on.

First of all, I probably suggested it was a cumulative thing when in fact in is an average which I guess IS smoothing.

The other yellow line is a cumulative type up days less down days over a fixed period and ages since I thought about what I wrote.

For some reason I have written it as average of 20 days closes less average of 20 days opens on the same day, so yes it is close less open NOT the other way around.

I presume that is just the same as average of 20 days close less open, so messy coding but I probably was playing with different things , changing one at a time and ended with that.

Although I suggested an extreme, it is an indicator that is not percentage based so sure it could get worse and taking just recent highs and lows in non percentage based indicators is fraught with danger, it probably still suggests an extreme in "normal" circumstances, just for Monday.

I generate a bar or two ahead and probably after Monday it probably starts to become self correcting to some degree, I would need to generate a string of neutral open/closes to see or look back this side of 20 bars.

Hope that confirms your thoughts.

A couple of charts to add.

SP500 is between obvious trendlines and close to the top so where now?

Second is XJO line chart with similar position, unlike hi/lo which seems to leave plenty of room above. Ignore the break out shown as that is factoring in a close at the levels suggested for the open by SYCOM SPI.