Ergodic Candlestick Oscillator

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File Name: ECO.efs


Description:
ECO (Blau`s Ergodic Candlestick Oscillator)


Formula Parameters:
Number To Calculate EMA: 32
Number To Calculate vEMA : 12

Notes:
We call this one the ECO for short, but it will be listed on the indicator list
at W. BlauRs Ergodic Candlestick Oscillator. The ECO is a momentum indicator.
It is based on candlestick bars, and takes into account the size and direction
of the candlestick "body". We have found it to be a very good momentum indicator,
and especially smooth, because it is unaffected by gaps in price, unlike many other
momentum indicators.
We like to use this indicator as an additional trend confirmation tool, or as an
alternate trend definition tool, in place of a weekly indicator. The simplest way
of using the indicator is simply to define the trend based on which side of the "0"
line the indicator is located on. If the indicator is above "0", then the trend is up.
If the indicator is below "0" then the trend is down. You can add an additional
qualifier by noting the "slope" of the indicator, and the crossing points of the slow
and fast lines. Some like to use the slope alone to define trend direction. If the
lines are sloping upward, the trend is up. Alternately, if the lines are sloping
downward, the trend is down. In this view, the point where the lines "cross" is the
point where the trend changes.
When the ECO is below the "0" line, the trend is down, and we are qualified only to
sell on new short signals from the Hi-Lo Activator. In other words, when the ECO is
above 0, we are not allowed to take short signals, and when the ECO is below 0, we
are not allowed to take long signals.

Download File:
ECO.efs




EFS Code:






/*********************************Provided By:      eSignal (Copyright c eSignal), a division of Interactive Data     Corporation. 2008. All rights reserved. This sample eSignal     Formula Script (EFS) is for educational purposes only and may be     modified and saved under a new file name.  eSignal is not responsible    for the functionality once modified.  eSignal reserves the right     to modify and overwrite this EFS file with each new release.Description:            ECO (Blau`s Ergodic Candlestick Oscillator)Version:            1.0  12/03/2008Formula Parameters:                     Default:    Number To Calculate EMA              32    Number To Calculate vEMA             12Notes:    We call this one the ECO for short, but it will be listed on the indicator list     at W. BlauRs Ergodic Candlestick Oscillator. The ECO is a momentum indicator.     It is based on candlestick bars, and takes into account the size and direction     of the candlestick "body". We have found it to be a very good momentum indicator,     and especially smooth, because it is unaffected by gaps in price, unlike many other     momentum indicators.    We like to use this indicator as an additional trend confirmation tool, or as an     alternate trend definition tool, in place of a weekly indicator. The simplest way     of using the indicator is simply to define the trend based on which side of the "0"     line the indicator is located on. If the indicator is above "0", then the trend is up.     If the indicator is below "0" then the trend is down. You can add an additional     qualifier by noting the "slope" of the indicator, and the crossing points of the slow     and fast lines. Some like to use the slope alone to define trend direction. If the     lines are sloping upward, the trend is up. Alternately, if the lines are sloping     downward, the trend is down. In this view, the point where the lines "cross" is the     point where the trend changes.    When the ECO is below the "0" line, the trend is down, and we are qualified only to     sell on new short signals from the Hi-Lo Activator. In other words, when the ECO is     above 0, we are not allowed to take short signals, and when the ECO is below 0, we     are not allowed to take long signals. **********************************/var fpArray = new Array();var bInit = false;function preMain() {    setStudyTitle("Blau's Candlestick Indicator");     setCursorLabelName("Blau's Candlestick Indicator",0);    setDefaultBarFgColor(Color.red,0);    addBand(0, PS_SOLID, 1, Color.black);        var x=0;    fpArray[x] = new FunctionParameter("r", FunctionParameter.NUMBER);	with(fpArray[x++]){        setLowerLimit(1);		        setDefault(32);    }    fpArray[x] = new FunctionParameter("s", FunctionParameter.NUMBER);	with(fpArray[x++]){        setLowerLimit(1);		        setDefault(12);    }}var xEMA = null;var xvEMA = null;function main(r, s) {var nState = getBarState();    if (nState == BARSTATE_ALLBARS) {        if (r == null)	r = 32;        if (s == null)	s = 12;    }    if ( bInit == false ) {         xEMA = ema(s, ema(r, efsInternal("CloseOpen")));        xvEMA = ema(s, ema(r, efsInternal("HighLow")));        bInit = true;     }        if (getCurrentBarCount() < Math.max(r,s)) return;	if(xvEMA.getValue(0) != 0)	    return 100 * (xEMA.getValue(0) / xvEMA.getValue(0));	else		return;}function CloseOpen() {var nRes = 0;    nRes = close(0) - open(0);    if (nRes == null) nRes = 1;    return nRes;}function HighLow() {var nRes = 0;    nRes = high(0) - low(0);    if (nRes == null) nRes = 1;    return nRes;}