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By Michael D. Archer;James Lauren Bickford

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Extra info for The Forex Chartist Companion. A Visual Approach to Technical Analysis

Example text

The vertical scale to the right of the oscillator is expressed in terms of pips in the quote currency per time units. MOVING CORRELATION OSCILLATOR The quality or reliability of a trend is represented by the oscillator at the bottom of the chart, the moving correlation oscillator, which has been adjusted to fluctuate between 0 and +100 as seen in the vertical scale to the right. When the correlation value drops below 85, a change in trend is normally indicated. MOVING TREND INDEX The moving trend index is analogous to a moving average index.

14 pips. 5 pips. 2 pips. Absolute Momentum OVERVIEW Within technical analysis, momentum has traditionally been defined as the difference between the current closing price and a closing close that occurred lag time units earlier. ) ABSOLUTE MOMENTUM Running momentum generates a stream of data consisting of both positive and negative numbers whose mean approaches zero in large samples. To rectify this intrinsic mathematical property for the purpose of plotting composite charts, it is necessary to use the absolute values of the momentum data streams.

The same moving trend index must be used for both oscillators. 8, gradually increasing moving trend indexes are employed.

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