TFS: Tether Line

TetherLine.efs                                                                                                                  EFSLibrary - Discussion Board

File Name: TetherLine.efs

Description:
TFS: Tether Line

Formula Parameters:
Length 50

Notes:
Tether line indicator is the first component of TFS trading strategy.
It was named this way because stock prices have a tendency to cluster
around it. It means that stock prices tend to move away from the midpoint
between their 50-day highs and lows, then return to that midpoint at some
time in the future. On a chart, it appears as though the stock price is
tethered to this line, and hence the name.

Download File:
TetherLine.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: TFS: Tether LineVersion: 1.0 09/26/2008Notes: Tether line indicator
is the first component of TFS trading strategy. It was named this way because
stock prices have a tendency to cluster around it. It means that stock prices tend to move away 
from the midpoint between their 50-day highs and lows, then return to that midpoint at 
some time in the future. On a chart, it appears as though the stock price is tethered to this line,
and hence the name.Formula Parameters: Default: Length 50**********************************/

var fpArray = new Array();
var bInit = false;

function preMain() {
  setPriceStudy(true);
  setStudyTitle("Tether Line");
  setCursorLabelName("Tether Line", 0);
  setDefaultBarFgColor(Color.green, 0);
  setPlotType(PLOTTYPE_LINE, 0);
  setDefaultBarThickness(1, 0);
  var x = 0;
  fpArray[x] = new FunctionParameter("Length", FunctionParameter.NUMBER);
  with (fpArray[x++]) {
    setLowerLimit(1);
    setDefault(50);
  }
}
var xTether = null;

function main(Length) {
  var nTether = 0;
  var nState = getBarState();
  if (nState == BARSTATE_ALLBARS) {
    if (Length == null) Length = 50;
  }
  if (bInit == false) {
    xTether = middleDonchian(Length);
    bInit = true;
  }
  nTether = xTether.getValue(0);
  return nTether;
}