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Market Facilitation Index
MetaStock Expert Advisor
In the August 1996 Stocks & Commodities, an article by Thom
Hartle titled "The Market Facilitation Index" showed how to colour
bars to identify chart patterns based on changes in the market
facilitation index and volume. Here is how to do this in MetaStock
6.0's new Expert Advisor.
The first step is to create a new expert by choosing Expert Advisor
from MetaStock's Tool menu, and then choose New from the Expert
Advisor. Name the expert "Market Facilitation Index", enter any
notes you like and then click on the Highlights tab. Enter the
following Highlights by choosing New, the colour and then entering
the following formulas:
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Green Bar (Green Bar)
ROC((H-L)/V,1,$) > 0 AND ROC(V,1,$) > 0 |
Fade Bar (Blue Bar)
ROC((H-L)/V,1,$) < 0 AND ROC(V,1,$) < 0 |
Fake Bar (Dk Gray Bar)
ROC((H-L)/V,1,$) > 0 AND ROC(V,1,$) < 0 |
Squat Bar (Red Bar)
ROC((H-L)/V,1,$) < 0 AND ROC(V,1,$) > 0 |
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After you have entered the four highlights click OK to finish
editing the expert's properties. You can now right-click on the
heading or background of any chart. Next select Expert Advisor and
then Attach from the Chart shortcut menu. Attach the market
facilitation index expert, and it will highlight the four market
facilitation patterns that were discussed in Hartle's article.
Note: You can save a chart as a template with this expert
attached, and then any time you apply the template to a chart the
market facilitation index expert will automatically attach to the
chart.
-- Allan J. McNichol, Equis International
Related: Market Facilitation Index
custom formula.
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