StockFetcher Forums · General Discussion · Is the market oversold or overbought?<< 1 2 >>Post Follow-up
tmaugham
115 posts
msg #48183
Ignore tmaugham
11/27/2006 2:32:24 PM

What are the best tools/indicators to determine if the market is oversold or overbought?

Thanks,
Tom


TheRumpledOne
6,358 posts
msg #48188
Ignore TheRumpledOne
modified
11/27/2006 7:56:02 PM

Fetcher[
/* overbought */

and RSI(2) above 99
and weekly RSI(2) above 99

add column rsi(2)
add column weekly rsi(2)

draw rsi(2)
draw weekly RSI(2) on plot rsi(2)
]



Fetcher[
/* oversold */

RSI(2) < 1
and weekly RSI(2) < 1

add column rsi(2)
add column weekly rsi(2)

draw rsi(2)
draw weekly RSI(2) on plot rsi(2)
]



Also look for divergence between price and rsi(2). Those filters are posted elsewhere.

HTH.






tmaugham
115 posts
msg #48205
Ignore tmaugham
11/28/2006 9:30:59 AM

TRO,

Thanks, your filters are excellent as always and will be very usefull. My question though was really how to determine if the market as a whole is overbought or oversold. What indicators would one use to determine that?

Thanks again...

Tom


TheRumpledOne
6,358 posts
msg #48209
Ignore TheRumpledOne
modified
11/28/2006 6:42:03 PM

Fetcher[
set{xx,count(open equals ind(qqqq, open),1) * count(volume equals ind(qqqq, volume),1)}

set{xy,count(open equals ind(dia, open),1) * count(volume equals ind(dia, volume),1)}

set{xz,count(open equals ind(spy, open),1) * count(volume equals ind(spy, volume),1)}

set{yy, xx + xy}
set{yz, xz + yy}

set{T10, count(10 day slope of the close above 0,1)}
set{T60, count(60 day slope of the close above 0,1)}
set{T200, count(200 day slope of the close above 0,1)}

Set{u1, T200 * 1}
Set{u2, T60 * 10}
Set{u3, T10 * 100}

Set{uu, u1 + u2}
Set{TREND, uu + u3}

yz equal 1

add column TREND
add column rsi(2)
add column weekly rsi(2)

draw rsi(2)
draw weekly rsi(2) on plot draw rsi(2)
do not draw yz
]



Is this what you had in mind?





papawally
19 posts
msg #48211
Ignore papawally
11/28/2006 8:40:37 PM

Eloquently Put. Thanks


lockwhiz
206 posts
msg #48214
Ignore lockwhiz
11/28/2006 9:51:23 PM

TRO ...Nicely done !


lockwhiz
206 posts
msg #48216
Ignore lockwhiz
modified
11/28/2006 11:01:34 PM





tmaugham
115 posts
msg #48224
Ignore tmaugham
11/29/2006 8:58:59 AM

TRO,

Yes! Thank you very much....

Best wishes,
Tom Maugham


glgene
523 posts
msg #48225
Ignore glgene
11/29/2006 9:11:32 AM

TRO,

How many "gold stars" have you racked up with your award-winning scripting? I wish I had just 2% of your scripting intellect.

That said, what does a Trend of 11 mean? What are your thoughts on overbought/oversold extremes ... what would those numbers be?


tmaugham
115 posts
msg #48282
Ignore tmaugham
12/1/2006 11:12:08 AM

pop pop pop


StockFetcher Forums · General Discussion · Is the market oversold or overbought?<< 1 2 >>Post Follow-up

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