Stocks & Commodities V. 30:9 (82, 81): At The Close: Charting True Internals & Peripherals by Richard J. Johnson

Stocks & Commodities V. 30:9 (82, 81): At The Close: Charting True Internals & Peripherals by Richard J. Johnson
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At The Close: Charting True Internals & Peripherals by Richard J. Johnson

This simple charting technique is derived from J. Welles Wilderís true range.

Welles Wilder, one of the founders of modern technical analysis, developed many technical indicators and tools still in use today: relative strength index (RSI), average directional movement index (ADX), and true range (TR), to name only a few. I have developed a simple charting technique derived from his construction of the true range. Wilderís true range concept presupposes that the human mind is aware of not only a present periodís activity, but also the immediate prior periodís activities and results. Consciously or not, traders and technicians are cognizant of present market action relative to the previous periodís performance and levels. Therefore, when determining data to analyze, at least a whisper of the previous periodís closing price should be factored into the present data.

INTERNALS AND PERIPHERALS

True highs are either the present periodís high or the prior closing price, whichever is higher. True lows are either the present periodís low or the prior closing price, whichever is lower. These are the data points that compute the present periodís true range. True internals & peripherals (TIP) are two data screening techniques that refer back to the prior period based on Wilderís insight.





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