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Market
Facilitation Index Expert Advisor
Rev. 02/24/97
In the August 1996
Stocks & Commodities, an article by Thom
Hartle titled "The Market Facilitation
Index" showed how to color 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 color and then entering the following
formulas:
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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