BullScript: No Demand Indicator

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No Demand Indicator

Printed From: BullCharts Forum
Category: BullCharts
Forum Name: BullScript
Forum Discription: Technical discussion related specifically to the BullScript programming language.
URL: http://www.bullcharts.com.au/forum/forum_posts.asp?TID=695
Printed Date: 18 Apr 2025 at 5:45pm
Software Version: Web Wiz Forums 9.69 - http://www.webwizforums.com

Topic: No Demand Indicator

Posted By: Tanaka
Subject: No Demand Indicator
Date Posted: 31 Mar 2011 at 10:34pm

Anyone able to help with this one. The 'No Demand Indicator' could be helpful at identifying demand. Same author as the 'Better Volume Indicator'. Code is for TradeStation:

H > H[1] and H > H[2] and V < V[1] and V < V[2] and (Range < Range[1] or Range < Range[2])

More details regarding this indicator can be found at http://emini-watch.com/volume-based-patterns-the-no-demand-pattern/174/

It would be great to apply this to BullCharts.

Thanks for any help,

Tanaka.

Replies:

Posted By: maximo
Date Posted: 04 Apr 2011 at 5:19pm

Hiya,

Thanks Tanaka, this logic has a statistical edge. Particularly when there has been no signal for many bars. A smaller risk for larger reward could be part of a trading plan for this simple signal.

[Description="No Demand Indicator, http://emini-watch.com/volume-based-patterns-the-no-demand-pattern/174/ - http://emini-watch.com/volume-based-patterns-the-no-demand-pattern/174/ "]

[target=price]

Range:=H-L;

NoD:= H > ref(H,-1) and H > ref(H,-2) and V < ref(V,-1) and V < ref(V,-2) and (Range < ref(Range,-1) or Range < ref(Range,-2));

[linestyle=marker; marker=type2; name=NoD]

NoD

Posted By: Tanaka
Date Posted: 05 Apr 2011 at 1:34am

Once again thank you very much maximo!

I love the ideas behind demand and supply, this should work well with other price/volume analysis. Like you say it will be beneficial when there are no other signals.