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Mark Lundeen's Step Sum indicator
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Created: by equinox Attachments:0

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Mark Lundeen's Step Sum indicator

  #1 (permalink)
Trading Apprentice
karlsruhe
 
Futures Experience: Beginner
Platform: IB
Favorite Futures: precious metals
 
Posts: 2 since Oct 2012
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Mark Lundeen's Step Sum indicator

I am a newbie to programing indicators and would like to ask if how one would go about programming the following indicator (Step Stum indicator by Mark Lundeen) in thinkscript:

The indicator looks at daily closing price:
if closing price > previous closing price, then N=1
if closing price < previous closing price, then N=-1

Then Sum up all N's for the last 15 trading days and display the value as a line.

Any pointers, e.g. to similar indicators, or where to start, would be greatly appreciated.

Thank you!

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  #2 (permalink)
Trading Apprentice
Dallas, Texas
 
Futures Experience: Intermediate
Platform: TOS and GAIN Capital
Broker/Data: TD Ameritrade and Gain Capital
Favorite Futures: ES and CL
 
Posts: 31 since Jun 2015
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equinox View Post
I am a newbie to programing indicators and would like to ask if how one would go about programming the following indicator (Step Stum indicator by Mark Lundeen) in thinkscript:

The indicator looks at daily closing price:
if closing price > previous closing price, then N=1
if closing price < previous closing price, then N=-1

Then Sum up all N's for the last 15 trading days and display the value as a line.

Any pointers, e.g. to similar indicators, or where to start, would be greatly appreciated.

Thank you!

Can you elaborate on this?
It's fairly simple, but is this a lower study, or an upper study?

How is it used, is basically hat I'd need to know?

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  #3 (permalink)
Trading Apprentice
karlsruhe
 
Futures Experience: Beginner
Platform: IB
Favorite Futures: precious metals
 
Posts: 2 since Oct 2012
Thanks: 0 given, 0 received


Thank you for following up on my post, and apologies for not elaborating on this earlier:

The step sum is a sentiment indicator. Every up day is converted to +1, every down day to -1, then a certain number trading days (e.g. 15) are summed up. I had thought of as using it as a lower study, since values fluctuate only from 15 to -15 at max.

For instance, a declining step sum indicates a bearish, a rising step sum a bullish sentiment. If price and the step sum are diverging, it shows where market participants want prices to be vs where the price is actually heading. If both finally move in the same direction, there is capitulation of either bulls or bears. I would like to use it mainly to determine market bottoms more accurately to start accumulating positions.


Last edited by equinox; August 28th, 2016 at 04:30 AM.
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