Channel Line
Channel line is a technical term that refers to a line drawn parallel to the main trend line on a price chart. It marks the resistance or support level for the price movement. Amibroker data feeder and Amibroker AFL are tools that help you draw and use channel lines effectively. Amibroker data feeder provides data for Amibroker charts. Amibroker AFL lets you code trading strategies using channel lines.
/*
HaDiffCo for use with Heikin-Ashi Modified Candlestick Chart
*/
HaClose=(O+H+L+C)/4;
HaOpen=AMA(Ref(HaClose,-1),0.5);
HaHigh=Max(H,Max(HaClose,HaOpen));
HaLow=Min(L,Min(HaClose,HaOpen));
HaDiffCO = HaClose-HaOpen;
Per = Param("MA Periods",8,3,50,1);
Plot(HaDiffCO,"HaDiffCO",colorWhite);
Plot(WMA(HaDiffCO,5),"HaDiffCO",colorRed);
//Plot(WMA(HaDiffCO,15),"HaDiffCO",colorWhite);
Plot(MA(HaDiffCO,per),"MA("+per+")",colorBlue);
VarHa1 = (HaDiffCO + WMA(HaDiffCO,5))/2;
Plot(VarHa1,"VarHa1",colorYellow);
%B AD 1
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/*The Relative Slope Trendlines
Note: Very strong buy-sell signal when RS crosses zero
*/
D1=Param("D1",10,0,100,1);
KUP=EMA((H+L+C)/3,D1)+EMA(H-L,D1);
KDOWN=EMA((H+L+C)/3,D1)-EMA(H-L,D1);
K=EMA((H+L+C)/3,D1);
S1=2*(K-Ref(K,-1))/(K+Ref(K,-1));
varEMA = Param("EMA",3,0,100,1);
RS=10+100*EMA(S1,VarEMA);
x = Cum(1);
per = 1;
s1=rs;
s11=rs;
pS = TroughBars( s1, per, 1 ) == 0;
endt= LastValue(ValueWhen( pS, x, 1 ));
startt=LastValue(ValueWhen( pS, x, 2 ));
dtS =endt-startt;
endS = LastValue(ValueWhen( pS, s1, 1 ) );
startS = LastValue( ValueWhen( pS, s1, 2 ));
aS = (endS-startS)/dtS;
bS = endS;
trendlineS = aS * ( x -endt ) + bS;
pR = PeakBars( s11, per, 1 ) == 0;
endt1= LastValue(ValueWhen( pR, x, 1 ));
startt1=LastValue(ValueWhen( pR, x, 2 ));
dtR =endt1-startt1;
endR = LastValue(ValueWhen( pR, s11, 1 ) );
startR = LastValue( ValueWhen( pR, s11, 2 ));
aR = (endR-startR)/dtR;
bR = endR;
trendlineR = aR * ( x -endt1 ) + bR;
// Plotting
VarMA5 = MA(RS,5);
MaxGraph = 8;
Plot(RS,"",IIf(RS>10,colorBrightGreen,IIf(RS<10,colorRed,colorWhite)),styleThick);
//Plot(VarMA5,"",colorBlack,styleThick);
Plot(VarMA5,"",IIf(VarMA5>Ref(VarMA5,-1),colorYellow,colorBlack),styleThick);
//Plot(ROC(RS),"",colorBlack,styleThick | styleOwnScale);
Plot(IIf(x>startt-10,trendlineS,-1e10),"",colorYellow,styleDots);
Plot(IIf(x>startT1-10,trendlineR,-1e10),"",colorDarkRed,styleDots);
Plot(8,"",colorGreen,styleThick);
Plot(9,"",colorGreen,styleThick);
Plot(10,"",colorBlack,styleThick);
Plot(11,"",colorRed,styleThick);
Plot(12,"",colorRed,styleThick);
GraphXSpace= 1;
Title ="RS - Price " + WriteIf(InWatchList(11),"(Ticker may be SHORTED)","");
/*
As an indicator, it presents excellent divergences with Close graph, anticipating
trend reversals.
It is also valuable for classification of stocks, according to their maximum and minimum
RS values.
The Relative Slope transformation should be applied to positive arrays. If for example we want to have the Relative Slope of the Slow Stochastic, we may write
F=StochD();
K=EMA(F,10);
S1=2*(K-REF(K,-1))/(K+REF(K,-1));
RS=100*EMA(S1,3);
since StochD() is always positive.
For a Relative slope of MACD(), Roc() and other quantities with negative values, the graph is strange and useless. These negative arrays should be first transformed to positive, example
MACD1=1000+MACD();
K=EMA(MACD1,10);
S1=2*(K-REF(K,-1))/(K+REF(K,-1));
RS=100*EMA(S1,3);
*/