Tuesday, February 28, 2006
Initial Balance, a Quick way to mark it
For Ensign users trading the Nikkei -- or any other market with non-standard session hours, you may have noticed that snagging the Initial Balance (IB) first hour High and Low for the Initial Balance using a DYO isn't easy.
Well, here is a quick way to do it, by hand. It won't create the IB lines for each day for all your data, but you will be able to use it for that day.
Wait for the first hour to complete and using the Fibonacci Tool, place the first point at the High of the first hour and the second point at the low of the first hour. Then, select the tool and enter the parameters on the following Fib tool form. You'll want to save it to a tab so that you don't have to reenter it the next time you want to use it.
It includes the Stiedlmayer extensions 1.1765 and 2.1765, and having the "Show Extensions" box checked will also create extensions at -17.65 and -117.65. It will also plot the first harmonic doubling. To plot a second doubling, add a "300" parameter.
Sniffy created a two-part DYO for the US indices opening at 9:30. Here is a one-form DYO version that does the same thing.
A companion DYO is the following, which marks the first and second octaves (harmonic doublings of the first hour range). It will also mark the mid, which I find handy. It also creates two GVs (48 and 49) for use on Tick or Volume charts where EW doesn't pick up time readily. If you don't want to transfer the values, simply delete those lines.
Labels: ensign
At last, over the rim
of the waiting earth
the moon lifted with
slow majesty
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows
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