Traders’ Tips by Technical Analysis, Inc. TRADESTATION: DEVELOPING HOT ZONES Massimiliano Scorpio’s article “Developing Hot Zones” in this issue addresses a technique for producing statistical reports on the predictive nature of the key reversal pattern. As the author makes clear, this particular pattern is only one of many possible patterns for study. The author’s goal is to show the reader a process for building statistical reports on any pattern that might be of interest. These statistical reports are the product of the MSOpenClosePct indicator. This indicator is the focus of the article and most of our comments here address means of improving the EasyLanguage code provided in the article. The indicator calls a custom function for identifying six open and six close zones. The report then displays the number of bars in the sample, the number of opens in each zone, and the percentage of times an open in a particular zone is followed by a close in a particular zone. |
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