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Strategies & Market Trends : TA-Quotes Plus
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To: Bob Sage who wrote (84)12/1/1996 10:10:00 PM
From: Gary Lyben   of 11149
 
Bob -

Here's the status with the ema in Quotes plus. The original method of calculating an ema was from Martin Pring's reference book on technical analysis. His method differs slightly from the method used by WOW, Metastock and Supercharts. He starts with a simple moving average of the series and adds a percentage from there. The more industry standard method starts with the first point and keeps adding a percentage from there.

I just changed the ema calculation in Quotes Plus to use the industry standard method. The new code is available on our web site. It makes a small difference in the results.

Second - the ema calculation is cumulative- the end result depends on how many days are used to calculate it. When viewing a chart, the number of days that are displayed on the screen are used to calculate the ema. When running a scan, the minimum number of days are used to calculate the ema - i.e. a 5 day ema uses 5 days to calculate the ema.

What Metastock and the others do in their chart programs is to get you to specify how many days of data are loaded into the program. That number is used to calculate the ema.

Metastock also allows you to specify the number of days to use in the calculation when you run a scan in their language or you can choose to use the minimum number of days.

QP chose to always use the minimum number of days in the scan program so that the scans would run as fast as possible. This is fine for all except ema's and macd's that are cumulative type indicators.

Release 2 will let you specify the number of days to use to calculate the ema's.

Gary Lyben
Quotes Plus
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