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HiLoLimit: Indicator Documentation

Syntax

DataSeries HiLoLimit( Bars bars, int Period, double Level, double MinRange)
DataSeries HiLoLimit( DataSeries Series, int Period, double Level, double MinRange)

Parameter Description

bars A Bars object
Period Lookback period
Level Level (see below)
MinRange Minimum range

Description

The HiLoLimit indicator created by Dr.Koch is a "Limit Indicator without lag". It was coded in C# by thodder. Below you'll find its original description:

Description - astrological version

This indicator gives an approximation to support and resistance lines. many people seem to pay attention to these lines.

Description - practical version

Most indicators include some form of smoothing which unavoidably introduces some lag. The Highest/Lowest have no lag. A limit based on highest/lowest has therefore no lag.

Description - academic version

This is a very simplified version of the probability density based scripts. Instead of calculating a complete short term probability density for past prices, the highest and lowest price of a given period are used to estimate the extend of the complete probability density function.

What it does

The HiLoLimit Indicator calculates the Highest and Lowest prices for a given period. It then calculates a certain level with respect to the Highest/Lowest values. a level of 0 means lowet, a level 0f 100 means highest, a level of 50 is the middle between highest and lowest. Please note: negative levels are below Lowest, levels bigger than 100 are above highest.

This indicator produces nice bands for band violation systems.

Example

In Wealth-Lab's "Open Strategy" dialog, click "Download..." to download all publicly uploaded Strategies and then look for BasicHiLoLimit in one of your strategy folders.

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