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Woods Lazy "S" Volume/Price Pattern

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Our Price: $250.00
 
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Tradestation

Description: Frequently, prior to a major move, stock and futures prices display a characteristic 1-2-3 pattern. An "up" pattern consists of a first move to the upside on strong volume, then a pullback on weaker volume, then another move up exceeding the previous price peak on strong volume, and then another pullback to or near the first price peak on weaker volume. A "down" pattern consists of a first move to the downside on strong volume, then a pullback on weaker volume, then another move down exceeding the previous price valley on strong volume, and then another pullback to or near the first price valley on weaker volume. We call these Lazy "S" Patterns, because they look like an "S" lying on its side. When a Lazy "S" Up pattern is detected, this indicator gives an alert signal, the swing highs and lows of the pattern are marked by a yellow dot, and a green cross is plotted on the bar where a Lazy "S" Up pattern was identified. When a Lazy "S" Down pattern is detected, this indicator gives an alert signal, the swing highs and lows of the pattern are marked by a dark yellow dot, and a red cross is plotted on the bar where a Lazy "S" Down pattern was identified. The studies contain two input values useful in defining the size of swings needed to trigger the signal. These are called, TICKCHG and PCTCHG, respectively. By adjusting the value of TICKCHG or PCTCHG the user can adjust the sensitivity of the indicator. These two inputs are complementary, and one or the other must always be set to zero. If TICKCHG is set to 0 and PCTCHG is set to 1, for example, a reversal in price of at least 1 percent from the most recent high or low is required to define it as a new swing high or low. Fractional percentages are acceptable. The default is set for 1%. For low-priced stocks it may be necessary to set PCTCHG considerably higher. If PCTCHG is set to 0 and TICKCHG is set to, say, 20, on the other hand, a reversal in price of at least 20 ticks from the most recent high or low is required to define it as a new swing high or low. (A tick is defined by TradeStation Technologies as the smallest measurable increment in the price of an instrument.) In most stocks, a tick is 1/8th. An input, INCR is also included. This represents a price increment that can be added or subtracted from the final leg to qualify it as a valid Lazy "S". If you input an INCR value of 2, for example, the price must come down past the first peak by 2 ticks to qualify. If INCR is set to –2, then the signal will be generated 2 ticks shy of reaching the first peak level. This gives you some leeway in further adjusting the sensitivity of the indicator.
 

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Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.

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