# Traders' Tips from TASC Magazine

### Index of Chart Sentiment

Viktor Likhovidov's article, "Index of Chart Sentiment" builds off his previous CandleCode articles. His MetaStock formula for the indicator IndSent - CW requires the formulas he introduced in these previous articles. These formulas are listed below. These formulas are all used by the CandleWeight formula through an Fml() function. It is very important the names are typed exactly the same everywhere you see it. If either spacing or capitalization is off, the referencing formula will give errors.

First create these three formulas. To do so: in MetaStock, go to Tools | Indicator Builder. Click New and enter the name for the formula. Then click in the larger window and enter the actual formula. Click Okay. If the formula was entered with no syntax errors, you will be returned to the Indicator Builder, ready to create the next formula.

Name: body

Formula:

Abs(OPEN-CLOSE)

Name: lshd

Formula:

If(CLOSE>=OPEN, OPEN-LOW, CLOSE-LOW)

Name: ushd

Formula:

If(CLOSE>=OPEN, HIGH-CLOSE, HIGH-OPEN)

After you have created the first three, you can now create the next six formulas. Since they reference the first three, those had to be made first.

Name: ThBot_b

Formula:

BBandBot( Fml( "body") ,55,E,0.5)

Name: ThBot_l

Formula:

BBandBot( Fml( "lshd") ,55,E,0.5)

Name: ThBot_u

Formula:

BBandBot( Fml( "ushd") ,55,E,0.5)

Name: ThTop_b

Formula:

BBandTop( Fml( "body") ,55,E,0.5)

Name: ThTop_l

Formula:

BBandTop( Fml( "lshd") ,55,E,0.5)

Name: ThTop_u

Formula:

BBandTop( Fml( "ushd") ,55,E,0.5)

The CandleWeight formula can now be created. After it is entered, you can create the IndSent - CW formula.

Name: CandleWeight

Formula:

If(C=O,1,0)*If(Fml("ushd") >= Fml("lshd"),64,-64)+ If(C=O,0,1)*If(C>O,1,-1)*(If(Fml("body")<= Fml("ThBot_b"),80,0)+ If( Fml("body")>

Fml("ThBot_b") AND Fml("body")<=Fml("ThBot_b"),96,0)+ If(Fml("body")>

Fml("ThTop_b"),112,0))+ If(C>=O,-4,4)*(If(Fml("lshd")=0,3,0)+ If(Fml("lshd")<

Fml("ThBot_l") AND Fml("lshd")>0,2,0)+ If( Fml("lshd")>

Fml("ThBot_l") AND Fml("lshd")<= Fml("ThTop_l") AND Fml("lshd")>0,1,0))+ If(C>=O,1,-1)*(If( Fml("ushd")>0 AND Fml("ushd")<= Fml("ThBot_u"),4,0)+ If(Fml("ushd")>

Fml("ThBot_u") AND Fml("ushd")<=Fml("ThTop_u"),8,0)+ If(Fml("ushd")>

Fml("ThTop_u"),12,0))

After plotting the IndSent - CW indicator, you can quickly plot the four lines with the Standard Error Channel line study. Plot it once, right click on it and change the properties to the desired number of errors. Then you can plot it again for the second number of errors. The same chart below used 1.5 and 1 for the number of errors.

### Contents

- Affine transformation
- Anticipating Moving Average Crossovers
- At Last! A Trend-Friendly Oscillator
- Average True Range or Standard Deviation
- Balance of Market Power
- Between Price and Volume
- Bollinger Band Targets
- BONUS ISSUE: Mutual Fund Screen
- Boosting Profitability - the AIM Indicator
- Breakout_Range2
- Bridging the Gap, Linking Point & Figure and Bar Charts
- Buff Up Your Moving Averages
- Bull and Bear Balance Indicator
- Candlestick Filtering
- Coding Candlesticks (II)
- Confirming the Price Trend
- Creating Multi-Colored Indicators in MetaStock
- Darvas-Style Trading and Something Darvas
- Deviation Oscillator
- Directional Breakout
- Ehlers Filters
- Elastic Volume Weighted Moving Average
- Finding Key Reversals
- Fisher Transform
- FVE - %b
- FVE - lin reg slope
- FVE - Storz's divergence
- FVE w/ linear regression slope
- High Low Strategy
- High Tech Mesa Adaptive Moving Averages
- Hilbert Indicators Tell You When to Trade
- Holding Overnight Positions
- Hot Zones
- How Smooth is Your Data Smoother
- Ichimoku Charts
- Index of Chart Sentiment
- Laguerre Filter
- Laguerre RSI
- MACD of Relative Strength
- Moving Average Crossovers
- Moving Average: Long on Talk, Sort on Action
- Normalization
- Now's The Time To Trade Crude
- Pivot point Strategy
- Profit with ETFs
- Quicken Your Averages
- Red-Green Strategy
- Refining the Hilbert Indicator
- Regularization
- Relative Performance Charting
- RSI Bands
- Squelch Those Whipsaws
- sRSI - Original
- sRSI - Using Wilders
- Stochastics
- Tandem Studies on Market Movement
- Targeting Your Pattern
- TC 2000 Scans
- The Average Peak Excursion
- The Cocked Gun Revisited
- The Inverse Fisher Transform
- The Self-Adjusting RSI
- The Truth about Volatility
- The Wilson Relative Price Channel
- Thrust Oscillator
- Trade Against the Gap
- Trade Into the Gap
- Trade the Swing Price
- Trend Continuation Factor
- Trend Quality Indicator
- Trend Trigger Factor
- TrendIV & Volume - Buy Signal
- TrendIV & Volume - Sell Signal
- Triggering Your Trading System
- Using Money Flow to Stay with the Trend
- Using Volume to Detect Shifts In Power
- Volatility System
- VWAP for Support and Resistance
- When and When not to Trade