MetastockAddOn GGT0128 001A H EN Elder Meta Stock Manual
User Manual: GGT0128-001A-H-EN
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Dr. Elder’s
Enhanced Trading Room
MetaStock
Add-on Manual
Printed in the USA
All Rights Reserved
Copyright © 2017
Elder.com and John Bruns
MetaStock
4548 South Atherton Dr, Suite 200
Salt Lake City, UT 84123
http://www.metastock.com
Except as permitted by law, no part of this document may be
reproduced or transmitted by any process or means without the
prior written consent of MetaStock and Elder.com. By publishing
this document MetaStock and Elder.com do not guarantee that
any information contained herein is or will remain accurate or
that use of the information will ensure correct and faultless
operation of the relevant product or service. MetaStock and
Elder.com provide products and services as tools to be used by
investors who are aware of the risk inherent in securities trading,
not as recommendations to buy or sell. MetaStock, its agents,
affiliates, and employees shall not be held liable to or through
any user for any loss or damage whatsoever resulting from
reliance on the information contained within this document or
through the use of MetaStock products or services.
This product is not a recommendation to buy or sell, but rather a
guideline to interpreting the specified analysis methods. This
information should only be used by investors who are aware of
the risk inherent in securities trading. MetaStock and Elder.com
accept no liability whatsoever for any loss arising from any use of
this product or its contents.
Table of Contents
Chapter 1 - Introduction......................................................... 1
Welcome ..........................................................................................1
How to Use This Manual ............................................................1
Chapter 2 - Components ........................................................ 3
Indicators: ........................................................................................3
Explorations: ...................................................................................4
Expert Advisors: ............................................................................4
Templates: .......................................................................................5
Chapter 3 - Indicators ............................................................. 6
Elder - AutoEnvelope ..................................................................6
Elder - Bull Power & Elder - Bear Power ................................8
Elder - Chandelier Long & Elder - Chandelier Short .........9
Elder - Chandelier Long Entries & Elder - Chandelier Short
Entries ................................................................................... 10
Elder - Force Index .................................................................... 11
Elder - ForceIndex with ATR channels (new) ................... 12
Elder - Impulse ............................................................................ 13
Elder - Impulse Release ............................................................ 15
Elder - MACD-Histogram & Elder - MACD Combo ......... 16
Elder - MACD Divergence Helper (new) ............................ 17
Elder - MACD-Histogram Xover ............................................ 18
Elder - Market Thermometer ................................................. 20
Elder - SafeZone Long & Elder - SafeZone Short ............ 21
Elder - SafeZone Long Entries & Elder - SafeZone Short
Entries ................................................................................... 23
Elder - Smoothed Rate of Change ....................................... 23
Elder – Zig Zag ............................................................................ 24
Chapter 4 - Templates .......................................................... 26
Elder - Chandelier Stops .......................................................... 27
Elder - Chandelier Stops with Entries ................................. 27
Elder - Daily .................................................................................. 28
Dr. Elder’s Enhanced Trading Room Manual
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Table of Contents
Elder - Daily with MACD Divergence (new) ..................... 29
Elder - Directional System ...................................................... 30
Elder - ForceIndex with ATR Channels (new) .................. 31
Elder - Impulse Release ............................................................ 32
Elder - MACD Histogram Xover ............................................ 33
Elder - MACD Semi-Automatic Divergence (new) ......... 34
Elder - Market Thermometer ................................................. 35
Elder - Ray ..................................................................................... 35
Elder - SafeZone ......................................................................... 36
Elder - SafeZone with Entries ................................................ 36
Elder - Smoothed Rate of Change ....................................... 37
Elder - Weekly ............................................................................. 38
To Apply a Template to an Open Chart ............................. 39
Chapter 5 - Explorations....................................................... 40
To Run an Exploration on the Dr. Elder’s Enhanced Trading Room Systems ............................................................ 41
Elder - Fallen Angels (What Stocks to Trade) ................... 43
Elder - Fallen Angels, Writing an Exploration .................. 44
Elder - Envelope Channel Size .............................................. 45
Elder - Market Thermometer ................................................. 45
Elder - Triple Screen Long & Elder - Triple Screen Short .
45
Elder - Flip to Green & Elder - Flip to Red .......................... 46
Elder - ForceIndex Bands Exceeded (new) ....................... 46
Elder - MACD Semi-Automatic Divergence (new) ......... 46
Introduction and Logic ............................................................... 47
Rationale .......................................................................................... 47
Exploration Examples ..................................................................49
Using the explorer ........................................................................51
Chapter 6 - Expert Advisors ................................................. 52
Elder - Triple Screen .................................................................. 52
Elder - Impulse ............................................................................ 53
Elder - Flip Chart ......................................................................... 53
Elder - Impulse with Divergence (new) ............................. 55
Elder - ForceIndex exceeded ATR Channels (new) ........ 56
Dr. Elder’s Enhanced Trading Room Manual
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Table of Contents
Elder - MACD Semi-Automatic Divergence (new) ......... 56
To Attach Experts to Your Charts ......................................... 58
When opening a chart ................................................................58
From an already open chart ...................................................... 59
To View the Expert Commentary ............................................ 59
Chapter 7 - Getting Help ...................................................... 60
Technical Assistance ................................................................. 60
Customer/Technical Support ................................................... 60
Online Chat Support ....................................................................60
Support Email ................................................................................. 60
General Questions and Interpetation ................................ 60
Chapter 8 - About Dr. Elder.................................................. 61
Dr. Elder’s Enhanced Trading Room Manual
v
C HAPTE R 1
I NT RO DU C T IO N
Welcome
Thank you for purchasing this add-on. The original version was
developed in 2004 by Dr. Alexander Elder, the author of TRADING
FOR A LIVING and COME INTO MY TRADING ROOM, and John
Bruns, a programmer.
MetaStock already has some of the indicators described in Dr.
Elder’s books, but quite a few are missing from their set. This addon contains those missing indicators. New indicators include the
Market Thermometer and the SafeZone stop. The Elder add-on
also provides MetaStock templates with basic screens and
samples of each indicator, showing how they are best formatted.
In addition to the indicators, there are scans that allow you to find
stocks based on these indicators. Several Advisors are provided.
While these are not intended to be complete trading systems,
they show you how to generate signals based on the systems
that can be modified to fit your trading style. These help you
understand the methods described in the books, but they do not
automatically replace careful, independent study and planning
before entering each trade.
How to Use This Manual
If you are comfortable with basic tasks in MetaStock, this manual
is all you will need to learn to use Dr. Elder’s Enhanced Trading
Room. If you are a beginning user, please read the MetaStock
Getting Started manual before using Dr. Elder’s Enhanced
Trading Room.
Below is a summary of the content contained in each chapter.
Dr. Elder’s Enhanced Trading Room Manual
1
Chapter 1: Introduction
Chapter
Number
Chapter Title
Contents
Two
Components
Overview of the components included in Dr. Elder’s
Enhanced Trading Room
Three
Indicators
Descriptions of the indicators and how to use them
Four
Templates
Descriptions of the templates and how to apply
them
Five
Explorations
Descriptions of the explorations and how to run
them
Six
Expert Advisors Descriptions of the expert
advisors and how to attach
them to your charts
Seven
Getting Help
Eight
About Dr. Elder A short synopsis of Dr.
Alexander Elder‘s career
Where you can get help
and support for Dr. Elder’s
Enhanced Trading Room
Dr. Elder’s Enhanced Trading Room Manual
2
C HAPTE R 2
C OMP ONE NTS
Below is a summary of the indicators, explorations, expert
advisors, and templates included with the Dr. Elder’s Enhanced
Trading Room.
Indicators:
•
•
•
•
•
•
•
•
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•
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•
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•
•
•
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Elder - AutoEnvelope
Elder - Bull Power
Elder - Bear Power
Elder - Chandelier Long
Elder - Chandelier Long Entries
Elder - Chandelier Short
Elder - Chandelier Short Entries
Elder - Force Index
Elder - ForceIndex with ATR channels
Elder - Impulse
Elder - Impulse Release
Elder - MACD Combo
Elder - MACD Divergence Helper
Elder - MACD-Histogram
Elder - MACD-Histogram Xover
Elder - Market Thermometer
Elder - SafeZone Long
Elder - SafeZone Long Entries
Elder - SafeZone Short
Elder - SafeZone Short Entries
Elder - Smoothed Rate of Change
Elder - Weekly MACD Histogram
Elder – Zig Zag
Dr. Elder’s Enhanced Trading Room Manual
3
Chapter 2: Components
Dr. Elder’s Enhanced Trading Room comes with two additional
indicators that are not meant to be plotted. They are only used to
assist in the calculations of other formulas.
•
•
Elder - Flipchart Helper
Elder - Triple Screen Helper
A final indicator, Elder - Zero, is used only in formatting a cleaner
appearance in some templates.
Explorations:
•
•
•
•
•
•
•
•
•
Elder - Envelope Channel Size
Elder - Fallen Angels
Elder - Flip to Green
Elder - Flip to Red
Elder - ForceIndex Bands Exceeded
Elder - MACD Semi-Automatic Divergence
Elder - Market Thermometer
Elder - Triple Screen Long
Elder - Triple Screen Short
Expert Advisors:
•
•
•
•
•
•
Elder - Flip Chart
Elder - ForceIndex exceeded ATR Channels
Elder - Impulse
Elder - Impulse with Divergence
Elder - MACD Semi-Automatic Divergence
Elder - Triple Screen
Dr. Elder’s Enhanced Trading Room Manual
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Chapter 2: Components
Templates:
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Elder - Chandelier Stops
Elder - Chandelier Stops with Entries
Elder - Daily
Elder - Daily with MACD Divergence
Elder - Directional System
Elder - ForceIndex with ATR Channels
Elder - Impulse Release
Elder - MACD Histogram Xover
Elder - MACD Semi-Automatic Divergence
Elder - Market Thermometer
Elder - Ray
Elder - SafeZone
Elder - SafeZone with Entries
Elder - Smoothed Rate of Change
Elder - Weekly
Dr. Elder’s Enhanced Trading Room Manual
5
C HAPTE R 3
I ND ICATORS
The indicators are described in an alphabetical order. Brief
descriptions include the information required for their effective
use.
•
Parameters (defaults) – Most indicators have parameters.
These are marked by bullet points, listing their default values
and brief descriptions.
Format Tips: Format Tips: Many indicators contain multiple plots
that must be formatted to provide correct images. Some are
simple and obvious, others quite complicated. This section
tells you how we have done it for our templates. The easiest
way to achieve the same result is to copy an indicator directly
from the supplied template, but you are welcome to change
their parameters.
Each indicator is shown in a sample chart, so you can see how we
intend it to look. The charts are for illustration purposes only, and
the securities have been chosen at random. Please note that the
functions not referenced in this section of the manual are helper
functions for the other indicators, advisors, and explorations.
They are not intended to be used as indicators.
Elder - AutoEnvelope
Envelope channels are set parallel to the moving average
(parallel to the slow MA if you use two MAs). The two channel
lines must contain approximately 90-95% of all prices for the past
two or three months between them, with only the extremes
protruding outside. Envelope channels provide attractive profit
targets – sell longs near the upper channel line and cover shorts
near the lower channel line.
The AutoEnvelope is a custom indicator - an original tool that
automatically sizes channels by calculating a standard deviation
Dr. Elder’s Enhanced Trading Room Manual
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Chapter 3: Indicators
for the last 100 bars. It is designed to change value at most once
a week, making it suitable even for intra-day data.
The EMA is plotted in addition to the AutoEnvelope. This
combination allows you to change the EMA and have the
envelope follow it without adjusting two separate indicators. If
you do not want to see the moving average, right click on it and
change its style to invisible.
•
•
Base EMA (22) – This is the number of bars for the Exponential
Moving Average plotted in the center of the channel.
Factor (27) – This is the number of standard deviations
(expressed in the tenths) for creating the channel.
Statistically, 2.7 is the proper size to use, but that assumes a
standard distribution, which is not always present in the
markets. We find that 27 works for most stocks using daily
data, but you may want to adjust this Factor to fit your trading
vehicle and style.
Format Tips: Auto Envelope has three plots – the central EMA
and the upper and lower channel lines. We use the same
color for all, with a slightly thicker EMA in the center and
dashed lines for the channel, plotted on the same scale as the
Dr. Elder’s Enhanced Trading Room Manual
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Chapter 3: Indicators
price bar plot. AutoEnvelope appears in the Elder Daily
Template.
Elder - Bull Power & Elder - Bear Power
Bull Power and Bear Power are the components of Elder-ray, an
indicator described in TRADING FOR A LIVING. Since both are
based on an EMA, this example shows both with an EMA of the
same length.
•
Moving Average Days (13) – The length of the EMA for
computing Bull Power and Bear Power.
Note that the inputs for Bull and Bear Power are identical and
must be set to the same value. You should add an EMA to the
plot with the same time frame.
Format Tips: Bull Power and Bear Power are plotted as
histograms, in separate windows. Add a thin horizontal zero
Dr. Elder’s Enhanced Trading Room Manual
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Chapter 3: Indicators
line to each plot. Bull Power and Bear Power are found in the
Elder Ray Template.
Elder - Chandelier Long & Elder - Chandelier Short
The Chandelier Exit, introduced by Chuck LeBeau, is described in
COME INTO MY TRADING ROOM. It calculates each stop on a
long position in an uptrend from the highest point reached
during that rally, and gets its name from the chandelier, which
hangs from the highest point in the room. The Chandelier Exit
uses a multiple of the Average True Range (ATR), subtracting it
from the highest high since the trade was entered. It creates a
new trade whenever the previous trade is stopped out. For stops
on short positions, it reverses the direction and adds the multiple
of the ATR to the lowest low since the trade was entered.
Chandelier Stops differ from traditional stops in that they can
actually move against you if the anchor point stays the same but
the ATR increases due to volatility. A more conservative approach
is to ignore any change in a stop that increases your risk
Both long and short strategies use the same parameters, allowing
you to display either one or both on your chart. The two are
Dr. Elder’s Enhanced Trading Room Manual
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Chapter 3: Indicators
provided as separate indicators to allow you to disable one of
them, eliminating visual clutter if you trade only in one direction.
•
•
Chandelier Factor (3) – This is the factor for multiplying the
ATR when computing the Chandelier. You may use fractions –
this does not need to be an integer.
ATR Days (22) – Number of days for computing ATR.
Format Tips: Chandelier Stops are best plotted using the
discrete dot format (the last choice in the Style menu).
Choose a moderate size, or the dots will be hard to see. Here
we use red dots for Chandelier Short and green for Chandelier
Long. Chandelier Exits are found in the Chandelier Stops
template.
Elder - Chandelier Long Entries & Elder - Chandelier
Short Entries
Displaying protective stops is a difficult problem. It is a key rule
to never move your stop in such a way that your risk increases.
For that reason, we decided to show stops as a series of
decreasing risk points until the trade is eventually stopped out.
The problem with this is that if you enter a trade at any other
point than the initial dot of the sequence, you may be placing the
stop too close. Stop entry plots show you the initial value for the
Dr. Elder’s Enhanced Trading Room Manual
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Chapter 3: Indicators
stop on each bar. You can use them when you put on a trade and
increase (or decrease) the value each day until you eventually run
into a stop sequence. The stop sequence shows this tightening
of stops automatically.
The entry indicators have the same parameters as the stop
sequences.
•
•
Chandelier Factor (3) – This is the factor for multiplying the
ATR when computing the Chandelier. You may use fractions –
this does not need to be an integer.
ATR Days (22) – Number of days for computing ATR.
Format Tips: Chandelier Stop Entries are plotted as small dots
that overlay the large dots for the stop sequences. Note that
the beginning dot of every stop sequence is always the same
value as an entry.
Elder - Force Index
Force Index was first described in TRADING FOR A LIVING. It plots
a moving average of the change in price multiplied by volume.
•
Periods (2) – sets the length of the EMA for smoothing Force
Index.
Dr. Elder’s Enhanced Trading Room Manual
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Chapter 3: Indicators
A version named Elder - Force Index 13 Bar is included – its only
difference is the default smoothing period for use in the weekly
template. You can always change the period manually.
Format Tips: Force index is plotted as a single line in a color of
your choice. A horizontal zero line is added to show
transitions. Force Index is found in the Elder Daily Template.
The Force Index 13 Bar is found in the Elder Weekly Template.
Elder - ForceIndex with ATR channels (new for version 3)
Adding Average True Range (ATR) channels to Force Index had
been suggested by Kerry Lovvorn who runs
www.SpikeTrade.com together with Dr. Elder. Adding these
channels turns Force Index into an excellent tool for identifying
intermediate tops and bottoms. Force Index with ATR channels
does not catch all turns, but the ones it identifies deserve very
serious attention.
Note:
The word “true” in Average True Range refers to dealing with
price gaps. Since there are no gaps in Force Index, here ATR is
the same as the Average Range.
Dr. Elder’s Enhanced Trading Room Manual
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Chapter 3: Indicators
Whenever the Force Index rises above or falls below its 3-ATR
channel, it signals that the ticker has reached an area of an
unsustainable extreme. That’s where rallies and declines become
exhausted, and prices tend to reverse. This is one of very few
tools that are equally efficient in calling both top and bottom
areas. The Elder – ForceIndex with ATR Channels Advisor marks
the chart when the 3-ATR channel is exceeded.
Chart: HES weekly, Force Index smoothed by 13-bar EMA. Red and
green arrows mark where 13-week Force Index extremes identified
tops and bottoms.
In our experience, these signals work especially well on the
weekly charts with these default parameters.
•
•
Periods (13) – sets the length of the EMA for smoothing Force
Index.
Band EMA Length (21) – set EMA for ATR Channels
Elder - Impulse
The Impulse System was first described in COME INTO MY
TRADING ROOM. It uses the direction of both the MACDDr. Elder’s Enhanced Trading Room Manual
13
Chapter 3: Indicators
Histogram and an exponential moving average of price to define
an impulse. The rule is never to trade against the impulse.
•
•
•
•
•
MACD Short MA (12) – The short EMA for the MACD
calculation.
MACD Long MA (26) – The long EMA for the MACD
calculation.
MACD Smoothing Period (9) – The smoothing value for the
MACD Signal line.
Short EMA (13) – The short-term price EMA.
TimeRatio (1) – This programming trick allows you to
compute the Impulse for a timeframe other than the one you
see on your chart. For example, to compute the weekly
Impulse while looking at a daily chart, set TimeRatio to 5.
Format Tips: Due to its complexity, your best bet is to copy this
from the Elder Daily Template. There are three plots - each is
either 0 or 1, and only one appears at a time. Choose
medium-size histogram style, color-coding its bars as
appropriate. Add a zero line and eliminate the border and
scale.
Dr. Elder’s Enhanced Trading Room Manual
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Chapter 3: Indicators
Elder - Impulse Release
The purpose of Impulse Release is to prevent trading in the
wrong direction. While the Impulse System operates in a single
timeframe, Impulse Release is based on two timeframes. It tracks
both the longer and the shorter timeframes to find when the
Impulse points in the same direction on both. Its color bar
flashes several signals. If one timeframe is in a buy mode and the
other in a sell mode, the signal is No Trades Allowed, a black bar.
If both are neutral, then any trades are allowed, showing a cyan
bar. When one is bullish while the other is either bullish or
neutral, there is a green bar, allowing traders to buy and
prohibiting shorting. When one is bearish while the other is
either bearish or neutral, a red bar signals shorts are permitted,
and long trades are not allowed.
•
•
•
•
•
MACD Short MA (12) – The short EMA for the MACD
calculation.
MACD Long MA (26) – The line EMA for the MACD calculation.
MACD Smoothing Period (9) – The smoothing value for the
MACD Signal line.
Short EMA (13) – The short-term price EMA.
TimeRatio (5) – The ratio between the two timeframes. For a
system using daily for the short and weekly for the long use 5.
If you are trading 10-minute bars and using hourly charts as
long-term, use 6, etc.
Format Tips: Your best bet is to copy this from the Elder Impulse
Release Template. There are four plots – each is either 0 or 1,
and only one shows at any given time. Choose medium-size
Dr. Elder’s Enhanced Trading Room Manual
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Chapter 3: Indicators
histogram style, color-coding its bars as appropriate. Add a
zero line and eliminate the border and scale.
Elder - MACD-Histogram & Elder - MACD Combo
MACD-Histogram tracks the difference between the MACD line
and the Signal line (which is the exponential moving average of
the first line). For better visibility, when plotting the lines and the
histogram in the same window, we scale up the histogram by a
factor of 2. Furthermore, we use two separate plots for the
histogram, which allows us to color-code the bars for upticks and
downticks.
The MACD Combo overlays MACD lines on MACD Histogram.
Putting both plots in the same window enables you to change
both with a single parameter change.
•
•
•
Short MA (12) – The short EMA for the MACD calculation.
Long MA (26) – The long EMA for the MACD calculation.
Smoothing Period (9) – The smoothing value for the Signal
line.
Dr. Elder’s Enhanced Trading Room Manual
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Chapter 3: Indicators
•
Time Ratio – Normally 1, showing MACD for the same
timeframe as the price chart. If, on the other hand, you are
looking at a daily chart and want to see a weekly MACD, set
this to 5, multiplying all the parameters above by five. A copy
of MACD-Histogram named Weekly MACD-Histogram is
included, with only the default changed.
Format Tips: Your best bet is to copy this from either the Elder
Daily or Elder Weekly Templates. MACD-Histograms should
be plotted as a histogram, by definition. Choose either a
single color for the indicator or one color for Up and another
for Down. If you use the Combo, there are four separate plots,
the MACD-Histogram Up and Down and the MACD and Signal
Lines. Select histogram initially and then change the MACD
and the Signal to line type plots. All plots use the second level
thickness and a thin zero line.
Elder - MACD Divergence Helper (new for version 3)
This indicator itself displays nothing. It is a helper function that
enables expert advisors and explorations to function. This
function is locked and not subject to editing.
Dr. Elder’s Enhanced Trading Room Manual
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Chapter 3: Indicators
Note:
MACD Histogram Divergences use the ‘Elder – MACD Combo’
default parameters. These default to the standard 12, 16, 9. To
change this, you must edit the indicator, simply changing the
values on the chart will have no effect!
This helper is used in the following:
•
•
•
Elder - MACD Histogram Divergence (Expert Advisor)
Elder - Impulse with Divergence (Expert Advisor)
Elder - MACD Histogram Divergence (Exploration)
This example uses the Elder – MACD Histogram Divergence
Template. The dots above or below prices indicate divergences.
Until the second peak or valley in the MACD-Histogram actually
occurs, the divergence is only potential. We display this as a less
intense color dot on the charts. The confirmed divergences are
displayed in a brighter color. This provides a quick method of
seeing whether a divergence is confirmed.
Elder - MACD-Histogram Xover
This indicator was developed by John Bruns to predict the price
point at which the MACD-Histogram will reverse the direction of
its slope. The indicator is plotted one day ahead into the future,
allowing, if your strategy depends on MACD-Histogram, to
Dr. Elder’s Enhanced Trading Room Manual
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Chapter 3: Indicators
predict its reversal point for tomorrow. If the closing price
tomorrow is above the value of this indicator, then MACDHistogram will tick up. If the closing price is below the value of
this indicator, then MACD-Histogram will tick down. This is
especially interesting on the charts of the longer timeframes,
where this indicator often moves far away from the price,
showing how difficult it is to change the direction of the MACDHistogram.
Use the same values as the MACD Combo which you want to
anticipate. If you use the default values for MACD Combo, then
accept the values below.
•
•
•
•
MACD Short MA (12)
MACD Long MA (26)
MACD Smoothing Period (9)
MACD Time Ratio (5) – the default here is set to 5 (weekly).
(This was done for a technical reason, to allow the template to
convert correctly in all versions of MetaStock.)
Format Tips: This plot is in the MACD-Histogram Xover
Template. MACD-Histogram Xover is best shown as a point
plot. Choose a medium weight and a distinctive color. The
timeframe is set at 5, showing a weekly histogram on a daily
Dr. Elder’s Enhanced Trading Room Manual
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Chapter 3: Indicators
plot. Note how the wide swings affect the Y scale of the chart
and tend to compress the price plot.
Elder - Market Thermometer
The Market Thermometer is described in COME INTO MY
TRADING ROOM. It measures the degree of volatility, as indicated
by greater or smaller intraday ranges. When the Market
Temperature either spikes above its average or stays below its
average for a number of days, it gives trading signals, as
described in the book.
•
•
•
Thermometer EMA (22) – The length of the moving average of
the Market Temperature. The default 22, the average number
of trading days in a month.
Spike Alert (3) – If the Temperature exceeds its EMA by this
factor, a visual indication appears on the chart.
Quiet Alert (6) – If the Temperature remains below its EMA for
this number of trading days, a visual indication appears on
the chart.
Spikes are highlighted by red dots. Quiet periods are highlighted
with a cyan background throughout the quiet period. Spikes are
truncated at six times the current average. This prevents a single
Dr. Elder’s Enhanced Trading Room Manual
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Chapter 3: Indicators
extra-large day from compressing the entire graph. A wide zero
line is plotted on top of the indicator to help eliminate visual
noise. It masks very low values, allowing a distinctive visual
display.
Format Tips: Your best bet is to copy this from the Elder Market
Thermometer Template because it is hard to format yourself.
The Temperature is plotted as a thin black histogram, its
average as a thin red line. The spikes are very thick red dots.
The quiet zone is a very thick cyan histogram. The helper
function Elder - Zero is plotted as a very thick black line,
covering up visual noise at the bottom of the chart.
Elder - SafeZone Long & Elder - SafeZone Short
SafeZone is a method for setting stops on the basis of recent
volatility, outside the level of market noise. It is described in
COME INTO MY TRADING ROOM. In an uptrend, SafeZone
defines noise as that portion of the current bar that extends
below the low of the previous bar, going against the prevailing
trend. In a downtrend, SafeZone defines noise as the portion of
the current bar that extends above the high of the previous bar,
against the downtrend. It averages the noise level over a period
of time and multiplies it by a trader-selected factor. For long
Dr. Elder’s Enhanced Trading Room Manual
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Chapter 3: Indicators
trades, SafeZone subtracts the average noise level, multiplied by
a factor, from the current low, and for short trades, it adds it to the
latest high to compute the stop. Stops are allowed to move only
in the direction of the trade, always tightening. When a trade is
stopped out, this indicator reverses and starts a new sequence.
Both long and short strategies use the same parameters. You can
plot either one or both indicators. They are provided as two
separate indicators, allowing you to eliminate clutter if you trade
in only one direction.
•
•
SafeZone Factor (2) – This is the factor by which we multiply
the average level of noise computed by SafeZone.
LookBack Period (99) – The number of days that the SafeZone
looks back when calculating an average market noise.
Format Tips: SafeZone Stops are in the Elder SafeZone Template.
They are best plotted using the discrete dot format (the last
choice in the style menu). Choose a moderate size, or the
dots will be hard to see. We use red for SafeZone Short and
green for SafeZone Long.
Dr. Elder’s Enhanced Trading Room Manual
22
Chapter 3: Indicators
Elder - SafeZone Long Entries & Elder - SafeZone Short
Entries
As described in the Elder - Chandelier Entries section (page 10),
these plots show the bar-by-bar entry points for initial stops so
you can begin a trade at any point and get the correct value.
Remember that you may never change a stop so that it would
increase your risk.
Elder - Smoothed Rate of Change
This indicator, developed by Fred Schutzman, is described in
TRADING FOR A LIVING. It is created by calculating the rate of
change for an exponential moving average of closing prices.
When it changes direction, it helps identify and confirm trend
changes.
•
•
Moving Average Period (13) – The length of the EMA used for
smoothing.
Rate of Change Period (21) – The length of the rate of change
calculation.
Dr. Elder’s Enhanced Trading Room Manual
23
Chapter 3: Indicators
Format Tips: Smoothed Rate of Change is found on the Elder
Smoothed Rate of Change Template. We plot it as a single line
with a horizontal line at 1.
Elder – Zig Zag
This indicator, developed by John Bruns, provides a novel way of
looking at a Zig Zag plot. The standard Zig Zag plot shows
reversals at the right of the chart, even if the Zig Zag criteria are
not met. Later, such a plot can reverse itself and extend in the
original direction. This plot is identical to a standard Zig Zag in all
ways except for the final direction change. If the plot is starting
to change direction but has not yet confirmed the change
criteria, the Zig Zag is plotted horizontally. When either a
confirmed change or extension occurs, the horizontal segment is
replaced by the correct Zig Zag plot.
This indicator is based on the closing prices.
•
•
Reversal (5) – The points or percentage required for a
confirmed reversal.
Use Percentage (1) – 1 means the plot is based on a
percentage change, 0 uses points.
Dr. Elder’s Enhanced Trading Room Manual
24
Chapter 3: Indicators
Format Tips: This is a standard indicator that you can add to any
chart. A line plot is most appropriate. There is no template for
this indicator.
Dr. Elder’s Enhanced Trading Room Manual
25
C HAPTE R 4
TEMP L ATES
Most people do not want to custom-build each and every chart.
You can use MetaStock templates to streamline charting. To
make a template, set up a chart exactly how you want it to be,
then go to the File menu and select “Save As…”. Change the File
type to template (*.mwt). Give it a recognizable name so you will
be able to identify your template later. If you put a zero (0) in
front of the template’s name, it will be at the top of your template
menu. Please feel free to use, change, and combine the provided
indicators to build new templates the way you want them.
When creating a chart, you have an option of starting with a
template. Select the template name that you want in the power
console.
You can also apply a template to an existing chart. Right-click
the chart anywhere in the background and select “Apply
Template,” then select the template you want to use.
In this section, we provide a sample graph for each template and
list its indicators. We use default values for all custom indicators,
as described above. To get templates to load in their proper
timeframe, always load them with the ‘Use template periodicity’
box checked – see example above. If you use an older version of
MetaStock, you might need to adjust this manually. While the
templates are presented in alphabetical order, please remember
to always look at the weekly charts first!
Dr. Elder’s Enhanced Trading Room Manual
26
Chapter 4: Templates
Elder - Chandelier Stops
•
•
Elder - Chandelier Long
Elder - Chandelier Short
Elder - Chandelier Stops with Entries
•
•
•
•
Elder - Chandelier Long
Elder - Chandelier Short
Elder - Chandelier Long Entries
Elder - Chandelier Short Entries
Dr. Elder’s Enhanced Trading Room Manual
27
Chapter 4: Templates
Elder - Daily
•
•
•
•
•
Elder - AutoEnvelope
Moving Average - 13 bar Exponential
Elder - Impulse
Elder - MACD Combo
Elder - Force Index
Note:
Elder - Impulse Expert attached. It is important to note that the
expert uses the default values of the Elder - Impulse function
and not the input values. If you change the inputs to the Elder
- Impulse indicator, the band type impulse plots will not match
the colored bars on the price chart.
Dr. Elder’s Enhanced Trading Room Manual
28
Chapter 4: Templates
Elder - Daily with MACD Divergence (new for version 3)
This is the same template with the Elder - Impulse with
Divergence Expert attached. It highlights MACD Histogram
Divergences while retaining the colored bars of impulse.
•
•
•
•
•
Elder - AutoEnvelope
Moving Average - 13 bar Exponential
Elder - Impulse
Elder - MACD Combo
Elder - Force Index
Dr. Elder’s Enhanced Trading Room Manual
29
Chapter 4: Templates
Elder - Directional System
•
•
•
Directional Movement +DI
Directional Movement -DI
Directional Movement ADX
Dr. Elder’s Enhanced Trading Room Manual
30
Chapter 4: Templates
Elder - ForceIndex with ATR Channels (new for version 3)
•
•
•
Elder - MACD Combo
Elder - ForceIndex with ATR channels
Elder - ForceIndex exceeded ATR Channels (expert)
Dr. Elder’s Enhanced Trading Room Manual
31
Chapter 4: Templates
Elder - Impulse Release
•
•
•
•
•
Elder - AutoEnvelope
Moving Average - 13 bar Exponential
Elder - Impulse Release
Elder - MACD Combo
Elder - Force Index
This template is similar to the standard Elder Daily but has
Impulse Release bars instead of Impulse bars. it uses the two
time-frames as explained under the Impulse Release indicator.
Dr. Elder’s Enhanced Trading Room Manual
32
Chapter 4: Templates
Elder - MACD Histogram Xover
•
•
Elder - MACD-Histogram Xover
Elder - Weekly MACD Histogram
Dr. Elder’s Enhanced Trading Room Manual
33
Chapter 4: Templates
Elder - MACD Semi-Automatic Divergence (new for
version 3)
•
•
Elder - MACD Combo
Elder - MACD Semi-Automatic Divergence expert
Note:
The expert uses the default values of the Elder – MACD Combo.
If you change them on the chart, the expert will display
inconsistent results.
Dr. Elder’s Enhanced Trading Room Manual
34
Chapter 4: Templates
Elder - Market Thermometer
•
•
Elder - Market Thermometer
Elder - Zero ( helper function )
Elder - Ray
•
•
•
Moving Average - 13 bar Exponential
Elder - Bull Power
Elder - Bear Power
Dr. Elder’s Enhanced Trading Room Manual
35
Chapter 4: Templates
Elder - SafeZone
•
•
Elder - SafeZone Long
Elder - SafeZone Short
Elder - SafeZone with Entries
•
•
•
•
Elder - SafeZone Long
Elder - SafeZone Short
Elder - SafeZone Long Entries
Elder - SafeZone Short Entries
Dr. Elder’s Enhanced Trading Room Manual
36
Chapter 4: Templates
Elder - Smoothed Rate of Change
•
•
Moving Average - 13 bar Exponential
Elder - Smoothed Rate of Change
Dr. Elder’s Enhanced Trading Room Manual
37
Chapter 4: Templates
Elder - Weekly
•
•
•
•
Moving Average - 26 bar Exponential
Moving Average - 13 bar Exponential
Elder - MACD Combo
Elder - Force Index 13 Bar
Dr. Elder’s Enhanced Trading Room Manual
38
Chapter 4: Templates
To Apply a Template to an Open Chart
Step
Action
1
Open the chart.
2
Right-click on the chart.
3
From the shortcut menu, choose Apply Template.
The Apply Template dialog opens.
4
Choose the template from the Apply Template dialog.
5
Activate the checkbox next to Use Template’s periodicity.
6
Click Apply.
The chart appears.
Dr. Elder’s Enhanced Trading Room Manual
39
C HAPTE R 5
E XPLO RATION S
The scan facility in MetaStock is called the Explorer. The
Explorations will run against the files or directories you select.
These scans give you a list of stocks that fit the criteria you
selected. A description of each scan and its columns is located in
the description section of the Exploration itself.
IMPORTANT: You must load at least 250 data points for these
explorations to work properly – we recommend
you set it for 300.
The results of these explorations are a list of stocks that exhibit
the criteria in the exploration. None of these explorations
represent a complete trading system. These lists are not our
recommendations to buy or sell. You must make your own
decision on the suitability of these securities before making any
trading decisions.
Dr. Elder’s Enhanced Trading Room Manual
40
Chapter 5: Explorations
To Run an Exploration on the Dr. Elder’s Enhanced
Trading Room Systems
Step
1
Action
Click
to open the Power Console.
2
Click
.
The Explore screen appears.
3
Activate the Exploration.
For example, check the box in front of Elder Envelope Channel Size.
4
Activate the instruments you want to explore.
For example, expand the instrument tree by
clicking the + in front of Public Online Data
Lists. Click the + in front of Index Constituents
to expand that branch. Activate the group S&P
500 by clicking the box in front of it.
5
Select Records to Load and enter 300.
Dr. Elder’s Enhanced Trading Room Manual
41
Chapter 5: Explorations
Step
6
Action
Click Start Exploration.
The Exploration Status Dialog opens. The dialog shows you how much time the exploration
will take to complete, plus other useful information.
7
When the exploration is complete, click Reports.
Dr. Elder’s Enhanced Trading Room Manual
42
Chapter 5: Explorations
The following note and an exploration tutorial are from the
earlier version of this add-on. Other explorations are added
below.
Elder - Fallen Angels (What Stocks to Trade)
By Dr. Alexander Elder
Traders often ask me how to choose what stocks to trade. To
answer this question, one must come up with a market concept
that makes logical sense and then program it to see what stocks
show that pattern.
One of such concepts is trading 'fallen angels.' Those are stocks
of important companies that fell on hard times but are starting to
recover. If you visualize this pattern, it looks like a capital letter
"L," with a long decline, flat base, and a little uptick at the right
edge. I look for these patterns on weekly charts, where they take
a couple of years to complete and often lead to multi-year bull
markets. Try looking for stocks whose 26-week MAs are less than
half the level of a year ago, but higher than the previous week.
Try to visualize it – we are looking for stocks that are dramatically
lower than they were a year ago, but have completed their bear
markets and are starting to tick higher.
John Bruns, a repeat camper who came to our Caribbean Camp
where this concept was presented as a peer counselor
programmed this scan for TC2000 and later converted it to
MetaStock. When we applied this scan in class to all stocks in the
S&P500, it returned a list of 8 very promising candidates. Try
doing this scan yourself – you will be surprised by the results. Try
to play with these parameters, so that your scan differs from
everybody else's.
Dr. Elder’s Enhanced Trading Room Manual
43
Chapter 5: Explorations
Elder - Fallen Angels, Writing an Exploration
By John Bruns
This Explorer is easy to create, and I detail the procedure here so
that you can feel comfortable making changes and/or creating
your own scan.
1.
The first step of the scan looks for stocks that have fallen
over the last year. We chose stocks whose 26-week EMA is
less than ½ the value it was a year ago.
In MetaStock language, this translates to:
Mov(CLOSE,130,E) < 0.5 *
Ref(Mov(CLOSE,130,E),-260)
Note that the 26-week MA is expressed as a 130-day MA. The “260” denotes the average 260 trading days ago. We place that in
column A and name it Fall.
Dr. Elder’s Enhanced Trading Room Manual
44
Chapter 5: Explorations
2.
The second step finds stocks that are currently in an uptrend.
We look for stocks whose 26-week (130-day) EMA is higher
this week than last. That translates to:
Mov(CLOSE,130,E)
> Ref(Mov(CLOSE,130,E),-5)
We put that in column B and name it Rise.
3.
Since we want both conditions to be true, we connect them
with “AND”. In the “Filter” box, we put:
colA and colB
Feel free to change the length of the moving average, the
timeframes, or the extent of declines. Try different values until
you get stock charts that look good to you.
Elder - Envelope Channel Size
This scan uses the AutoEnvelope function to find stocks with
particular channel sizes. You can look for absolute values or for
percentages of the average. Modify the filter to select stocks
whose channels fall into your selection criteria.
Elder - Market Thermometer
This scan allows you to look for spikes or quiet periods in the
Market Temperature. Elders book COME INTO MY TRADING
ROOM. The key to this scan is setting the filter correctly. You may
want to begin by initially turning off the filter and sorting by the
column results.
Elder - Triple Screen Long & Elder - Triple Screen Short
Triple Screen begins by analyzing the long-term chart, using the
weekly MACD-Histogram to identify the market tide. The
relationship between the latest two bars of MACD-Histogram
defines its slope. The Weekly MACD-Histogram function is set up
to look at weekly data directly. The daily criteria for Triple Screen
Dr. Elder’s Enhanced Trading Room Manual
45
Chapter 5: Explorations
use the 2-day Force Index, the default value of the Force Index
function.
Elder - Flip to Green & Elder - Flip to Red
These explorations look for flip conditions – described later under
the expert advisor Elder - Flip Chart.
Elder - ForceIndex Bands Exceeded (new for version 3)
This exploration finds securities that have a ForceIndex that
exceeded the 3-ATR channel in the previous 1 to 3 bars. This
delay is because you want to take action on these only when the
ForceIndex has returned inside the 3-ATR channel. The sign is
positive for Bullish (below) and negative for Bearish (above). Be
sure to choose the weekly timeframe.
Elder - MACD Semi-Automatic Divergence (new for
version 3)
This Exploration is a market research tool – no trading advice is
given or implied. As with any tool, when using it to find trades,
you must back it by proper risk management, including stops
and position sizing.
Dr. Elder’s Enhanced Trading Room Manual
46
Chapter 5: Explorations
Introduction and Logic
Divergences are disagreements
between the patterns of prices and
indicators. They are among the most
powerful signals in technical analysis.
Dr. Elder addressed divergences in all
of his books, and he recently
dedicated an entire e-book to them,
with dozens of charts that show how
to identify and trade divergences.
Since true divergences rarely occur, it
makes sense to scan a large number of
trading vehicles when you look for
these important patterns.
There’s always been a great deal of interest among traders in
scanning for divergences. All developers had to face a frustrating
problem: divergences, which are so clearly visible on the charts,
are extremely difficult to recognize using automatic Explorations.
Some of the top trading programmers told us that building a
MACD divergence Exploration was the hardest task of their
professional lives – and they were never fully satisfied with the
results. No Exploration we saw worked as well as the human eye.
All Explorations miss many good divergences while giving many
false positives – misidentifying divergences that do not really
exist.
Recent research into trading psychology explained this dilemma.
Divergences are analog patterns, while computer scans are
digital. If good automatic divergence Explorations are ever built,
they’ll be built using ‘fuzzy logic.’
Rationale
While writing his e-book on divergences, Dr. Elder came up with a
new concept. Instead of trying to create an automatic
Exploration, why not make a semi-automatic one that will signal
Dr. Elder’s Enhanced Trading Room Manual
47
Chapter 5: Explorations
when a divergence may be developing. Use the power of digital
processing to identify market conditions in which divergences
are likely to occur – and then switch to a visual scan of those
charts. We created this program to alert you when a divergence
may be developing so you can start monitoring that chart.
Here you see the classical pattern of a bearish divergence: tops
X and Z with a MACD-Histogram crossover below the centerline Y
between them. Price top Z is higher than X, MACD-Histogram
top lower.
Here’s a classical pattern of a bullish divergence: bottoms A and
C with a MACD-Histogram crossover above the centerline B
between them. Price bottom C is lower than A, MACD-Histogram
top C lower than A.
Dr. Elder’s Enhanced Trading Room Manual
48
Chapter 5: Explorations
Exploration Examples
This weekly chart of AT&T (ticker T) shows how pale red dots of
Semi-Automatic Exploration warn you that a bearish divergence
is building. Prices are higher than several weeks ago, while
MACD-Histogram had crossed below its zero line and is now
rising to a much more shallow level. The dots turn bright red to
alert you that MACD-H began to decline, a bearish divergence
has been completed, and there is a trading opportunity on the
short side.
Closer to the right edge of the screen, dark green dots appear.
They mark a bullish divergence: prices are lower, while MACDHistogram had crossed above zero and then declined to a much
shallow level and then began to rise.
MACD Divergence Semi-Automatic is not an automatic trading
method. It generates alerts when market conditions are ripe for a
divergence. Once you see its signal, you need to mobilize your
skills and trading methods to take advantage of a divergence if
one is completed.
Dr. Elder’s Enhanced Trading Room Manual
49
Chapter 5: Explorations
Our semi-automatic Exploration marks potential bullish
divergences (while MACD-H is still declining) by placing pale
green dots below relevant bars. Those dots turn dark green
when MACD-H turns up, activating a bullish divergence.
The same Exploration marks potential bearish divergences (while
MACD-H is still rising) by placing pale green dots below the
relevant bars. Those dots turn dark green when MACD-H turns
up, activating a bullish divergence.
You may apply our semi-automatic Exploration to any chart or a
group of charts. For example, you may scan all stocks or futures
in your watchlist, or all stocks in the Nasdaq100, S&P500, and so
on.
Our Exploration works in any timeframe – it is just as easy to
apply to a weekly as to a 5-minute chart. Keep in mind the
principle of Triple Screen: make your strategic decision to go long
or short on a long-term chart, then a tactical decision where to
enter on a short-term chart.
Dr. Elder’s Enhanced Trading Room Manual
50
Chapter 5: Explorations
Bullish pale green dots appear on the chart of KHC after prices
break to a new low (below the orange line marking its previous
bottom), while MACD-Histogram breaks out above the zero line
and then begins to sink to a more shallow bottom. The dots turn
dark green after MACD-H ticks up, completing its bullish
divergence. Now’s the time to use your trading skills to position
long near the lows.
Using the explorer
The parameters for this explorer are taken from the DEFAULT
parameters of the Elder - MACD Combo indicator. If you haven’t
edited it, the original values are the industry standard 12,26,9.
Results show potential and completed divergences as values 1.0
and 2.0 respectively.
Dr. Elder’s Enhanced Trading Room Manual
51
C HAPTE R 6
E XPER T A D VISORS
Elder - Triple Screen
The Triple Screen Advisor is designed to apply the Triple Screen
method, as described in TRADING FOR A LIVING. It takes a daily
chart but references the formulas for Elder - Weekly MACD
Histogram as well as the Elder - Triple Screen Helper function. If
you edit these formulas, please be aware that it will affect the
Advisor. You can modify this Expert by changing the default
values of the above formulas.
Apply the Elder - Daily template to a chart and attach the expert
(See "To Attach Experts to Your Charts" on page 58).
The bands at the bottom of the screen show where you have
system’s permission to buy or sell on the selected chart.
Obviously, you must use more than this simple expert to select
stocks, but its Triple Screen methodology will help keep you out
of bad trades. Once selected, you can use the same menu to
bring up the commentary screen (See "To View the Expert
Commentary" on page 59).
Dr. Elder’s Enhanced Trading Room Manual
52
Chapter 6: Expert Advisors
Elder - Impulse
The sole function of the Elder - Impulse Expert Advisor is to color
the bars of a chart using the Impulse System described in the
book COME INTO MY TRADING ROOM. Attach it to the chart as
described above.
Note that MetaStock does not support variable inputs in advisors.
The values of this advisor are keyed to the indicator Elder Impulse. If you need to change the values for the Impulse color
bars, you can do so by editing the default values in the Elder Impulse indicator.
Elder Daily Template with Elder Impulse Expert Advisor attached.
Elder - Flip Chart
The FlipChart expert was the idea of Dr. Alan Collin, a repeat
camper, in the January 2005 Caribbean Camp. He noted that
often a strong signal was given when an Impulse flipped from red
Dr. Elder’s Enhanced Trading Room Manual
53
Chapter 6: Expert Advisors
to green without an intermediate blue (neutral) bar. This expert
gives a buy signal when this occurs. The sell signal is given when
the bar color changes to red.
Elder – FlipChart Advisor.
Similar to the Impulse Expert, all parameters are stored in a
helper function named Elder - Flipchart Helper. You must edit
this function using the indicator builder to change any of the
default values. The values and defaults are:
SignalShorts:= 0;
Lookback:=50;
MinMove:= .05;
macShort:=12;
macLong:=26;
macSmooth:=9;
EMA:=12;
{ 1 = yes, 0 = no; default 0 }
{ default 50 }
{ factor of high or low - default 0.05 }
{ MACD impulse parameters; default}
{ default 26 }
{ default 9 }
{ EMA fast line; default 12 }
Note that the expert can signal potential shorts and places to
cover shorts by editing the function to set SignalShorts = 1. Note
that a short always implies a sell if you are in a long position and a
buy always implies a cover if you are short.
Dr. Elder’s Enhanced Trading Room Manual
54
Chapter 6: Expert Advisors
There are two companion explorations: Elder - Flip to Green and
Elder - Flip to Red. You can use these to scan the charts. Flip to
Green finds charts that are potential buy candidates, Flip to Red
finds potential short candidates in all timeframes.
Elder - Impulse with Divergence (new for version 3)
This is a combination of the Impulse and the MACD Semiautomatic divergence. It shows the color bars as well as the
Divergence dots.
Dr. Elder’s Enhanced Trading Room Manual
55
Chapter 6: Expert Advisors
Elder - ForceIndex exceeded ATR Channels (new for
version 3)
This advisor uses arrows in the price field to show when the
ForceIndex has exceeded the 3-ATR channel.
Force Index scanner finds stocks or futures whose 13-bar EMA of
Force Index extends outside of its 3-ATR channel – a zone of
unsustainable pressure where reversals tend to occur. This scan
visually marks Force Index excursions outside of its 3-ATR channel
by yellow dots.
Note that this scan delivers best results on the weekly charts.
Notice also that some of its best signals occur in clusters. A
cautious trader will wait until a cluster of yellow dots is followed
by a price bar which is not accompanied by such a dot. It shows
that the volume extreme has burned itself out and a reversal is
probably at hand.
Elder - MACD Semi-Automatic Divergence (new for
version 3)
This advisor displays dots above or below prices to indicate
divergences. Until the second peak or valley in the MACD
Histogram actually occurs, the divergence is only potential. We
Dr. Elder’s Enhanced Trading Room Manual
56
Chapter 6: Expert Advisors
display this as a less intense color dot on the charts. The
confirmed divergences are displayed in a brighter color. This
provides a quick method of seeing whether a divergence is
confirmed.
Note:
As mentioned before, the parameters of the MACD used are
the default values of the Elder – MACD Combo Indicator.
Dr. Elder’s Enhanced Trading Room Manual
57
Chapter 6: Expert Advisors
To Attach Experts to Your Charts
When opening a chart
Step
Action
1
Click
to open the Power Console.
2
Click
.
The Charts screen appears.
3
Enter the symbol for an instrument.
4
Select Attach Expert Advisor.
5
From the drop-list, select an Expert.
6
Click Open Chart
The chart opens with the Expert Advisor
Attached.
Dr. Elder’s Enhanced Trading Room Manual
58
Chapter 6: Expert Advisors
From an already open chart
Step
1
2
Action
Right-click on the chart.
From the shortcut menu, choose Expert Advisor>
Attach.
The Attach Expert dialog opens.
3
Choose the expert advisor from the Attach Expert dialog.
4
Click OK.
The selected expert is attached to the chart.
To View the Expert Commentary
Step
Action
1
Open a chart with an Expert Advisor attached.
2
Right-click on an open area of the chart.
3
Choose Expert Advisor > Commentary.
Dr. Elder’s Enhanced Trading Room Manual
59
C HAPTE R 7
G ETTING H E L P
Technical Assistance
For assistance installing Dr. Elder’s Enhanced Trading Room or
using any of the templates or formulas it installs, please contact
MetaStock Technical Support.
Customer/
Technical
Support
+1 (801) 506-0999
Online Chat
Support
Support chat can be accessed from within
MetaStock version 9 or greater, or via
www.metastock.com/supportchat
Support
Email
support@MetaStock.com
General Questions and Interpetation
For problems with trading the systems, or with general questions
about the systems themselves, contact:
tech@elder.com
Your question will be answered within 2 business days.
Dr. Elder’s Enhanced Trading Room Manual
60
C HAPTE R 8
A B O U T D R. E LDER
Alexander Elder, M.D., is a professional trader and teacher of
traders. He is the author of The New Trading for a Living and
several other books, considered modern classics among traders.
First published in 1993, these international best-sellers have been
translated into 16 languages.
Dr. Elder’s books, articles, and software reviews have established
him as one of today's leading experts on technical analysis. He is
the originator of Traders’ Camps – week-long classes for traders.
He is the founder of SpikeTrade.com – a unique online group
where serious traders learn, share ideas and compete. Dr. Elder’s
website is www.elder.com
Dr. Elder worked with John Bruns, a professional programmer, to
implement the concepts of his books in an Elder add-on for
MetaStock.
Dr. Elder’s Enhanced Trading Room Manual
61
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