Stocks & Commodities V. 27:9 (14-20): MIDAS And Intraday Charts by Andrew Coles and David Hawkins

Stocks & Commodities V. 27:9 (14-20): MIDAS And Intraday Charts by Andrew Coles and David Hawkins
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MIDAS And Intraday Charts by Andrew Coles and David Hawkins

In this third and final part of this series, we will look at how to apply the TB-F algorithm to intraday charts.

by Andrew Coles and David Hawkins

Like Midas, which is an acronym for market interpretation/data analysis system, the principles governing the application of Paul Levine’s topfinder/bottomfinder (TB-F) algorithm to the daily charts also applies to intraday charts. In this article, Andrew Coles will follow David Hawkins’ format of combining Levine’s standard rules for applying the TB-F algorithm alongside his own preferred methods of chart analysis.

As discussed in previous articles about Midas, what makes Levine’s volume weighted average price (Vwap) approach so conducive to intraday charts is the insight that the underlying order of market movement is a fractal hierarchy of support and resistance levels. As Coles noted, Levine did not consider the implication of fractal organization for other chart time frames. But it is central to his application of Midas to the daily charts that Midas curves should be plotted on smaller components of the trend as well as larger ones. This insight is crucial to the second role for the Midas curve as a trend overbought/oversold indicator.

With this in mind, we have developed a version of the TB-F algorithm corresponding to the intraday version of the Midas algorithm that Coles ran on MetaStock Pro in previous articles. Like the intraday version of Midas, the only difference between the daily/weekly version of the TB-F and its intraday counterpart, the TB-Fi algorithm, is the location of the price bar in hours and minutes. Because of the essential role of interpolation in the TB-F algorithm, this intraday version has also been written in C++ by Coles and Hawkins’ colleague Satyajit Roy and is now being run in eSignal and very soon in MetaStock Pro.

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