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Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study!
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To: Douglas Webb who wrote (6369)1/10/1998 10:08:00 PM
From: Pierre  Read Replies (1) of 14162
 
The chart is somewhat more complex than 'if the stock closes above it's previous 3 days trading', and each bar does not represent one day's trading. Once a bar is drawn, there won't be another bar drawn until the stock closes outside the range of the first bar. If the stock closes above the first bar, the new bar is white. If the stock closes below the first bar, the new bar is black. Once you have three white or black bars in a row (medium sensitivity) a new bar of the opposite color won't be drawn unless the stock closes above/below the previous three bars.

It seems to have some of the characteristics of a point and figure chart - though I don't think p&f has price as vertical axis, and p&f uses hi and lo, not closing, prices.

Thanks for the web site. I need to develop a system that overcomes my bias for long vs short plays.

Pierre
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