Hi Lion, silverfox,Hc & other experts here,

I would like to ask ur view abt Elder's metastock formula. Some of the elder's formula can be found for free & some is not. Unless purchasing the whole package to get the complete indicators & exploration from elder's website which cost US199. I am wondering whether its worth to buy. Actually, i have read thru Elder's 2 favourite books and i think its require complete system to practice his strategy. I will appreciate if u can give any comment. Thanks!

hotmacca1975:

No expert here, but just someone willing to share. :)

Can you post the name of Elder's formula (or system) that you are looking for, and the way it calculates?

I only read his "Trading for A Living" years back but was not particularly impressed. Maybe I have not reached a level for his enlightenment.

Hi,

Thanks for listening. :) ....i am looking for Market Thermometer, expert advisory & some exploration formula of elder's system.

Market thermometer=the greater of either(High today-high yesterday)or(low yesterday-low today)

I don't know how to convert this into metastock formula! :P Thats why , i was thinking that buy the package to shorten my searching. At the same time, i am also looking for metastock's reading material to learn the programming. Do u have any good books in mind?

I am glad that u can share ur knowledge! :)

Thanks!

hotmacca1975:

1. There is a Metastock Formula Tutorial available from Equis, FOC. I have posted the URL in the [Useful Resources] forum, but for your convenience, I post it here again:

http://www.equis.com/Customer/Resources/Formulas/Primer.aspx

2. Market thermometer=the greater of either(High today-high yesterday)or(low yesterday-low today)

The corresponding Metastock Code is:

EH:=H-Ref(H,-1);
EL:=Ref(L,-1)-L;
If(EH>EL,EH,EL)

The rest you got to figure out yourself as I have not read his book.

hi HC,

I miss out something on the market thermometer. The book provide one formula on other format for Wallstreet software.

if(hi<ref(hi,-1) and lo>ref(lo,-1),0,if(hi-ref(hi,-1))>(ref(lo,-1)-lo),hi-ref(hi,-1),ref(lo,-1)-lo))

does the formula u interpreted previously tally with this one?

Thanks for ur help!

hotmacca1975:

if(hi<ref(hi,-1) and lo>ref(lo,-1),0,if(hi-ref(hi,-1))>(ref(lo,-1)-lo),hi-ref(hi,-1),ref(lo,-1)-lo))

The corresponding Metastock Codes are:

If(H<Ref(H,-1) AND L>Ref(L,-1),0,
(
If(
(H-Ref(H,-1))>(Ref(L,-1)-L),
H-Ref(H,-1),Ref(L,-1)-L
)))

HC....thanks for sharing!