Posted by foolwise on 21st of May 2010 at 01:52 pm
TS does not have Bullish Percent symbols to the best of my
knowledge. But if you know the symbols you can create an indicator
to calculate that for you. For example, take the 32 stocks that
make up the $BPGDM and count the number of them with a bullish X on
a P&F chart and then divide that number by the total number of
stocks in that group. 32 in this example. You can do this with any
index or sector. Hope that helps.
Actually to be clear it's not enough that the chart has an X --
it has to be on a buy signal which could be the case even if the
last entry was a O. To be on a buy the most recent column of Xs
must be higher than the previous column of Xs and if the current
column is of Os then it cannot be lower than the last column of Os
(because that would indicate a sell signal).
thanks for explaining that, foolwise. I just asked
Steve before I saw your answer. Well then, thanks to Matt,
Steve and stockcharts that info is made available to us through
them. I misunderstood Matt and Steve's last couple
weekend newsletters explaining the mechanical GDX system, thought
they were automating it through TS, and wondered if there was a
symbol there to do it with. Must be a manual mechanical
system, entered into by hand when it reverses through the 8 MA.
Is that right, Matt and Steve?
$BPGDM
Gold Futures
Posted by foolwise on 21st of May 2010 at 01:52 pm
TS does not have Bullish Percent symbols to the best of my knowledge. But if you know the symbols you can create an indicator to calculate that for you. For example, take the 32 stocks that make up the $BPGDM and count the number of them with a bullish X on a P&F chart and then divide that number by the total number of stocks in that group. 32 in this example. You can do this with any index or sector. Hope that helps.
Actually to be clear it's
Posted by bkout3 on 21st of May 2010 at 02:41 pm
Actually to be clear it's not enough that the chart has an X -- it has to be on a buy signal which could be the case even if the last entry was a O. To be on a buy the most recent column of Xs must be higher than the previous column of Xs and if the current column is of Os then it cannot be lower than the last column of Os (because that would indicate a sell signal).
thanks foolwise
Posted by sonia on 21st of May 2010 at 02:18 pm
thanks for explaining that, foolwise. I just asked Steve before I saw your answer. Well then, thanks to Matt, Steve and stockcharts that info is made available to us through them. I misunderstood Matt and Steve's last couple weekend newsletters explaining the mechanical GDX system, thought they were automating it through TS, and wondered if there was a symbol there to do it with. Must be a manual mechanical system, entered into by hand when it reverses through the 8 MA. Is that right, Matt and Steve?
That's correct Sonia - we
Posted by steve on 21st of May 2010 at 02:24 pm
That's correct Sonia - we sent out the signal via SMS and one needed to place the order manually. It's not an automated system.