Elliot Wave Theory - Amibroker AFL

The Elliot wave theory was presented to the trading community by Ralph Nelson Elliot in the years 1968 and 1969. In this remarkable work he has emphasized that the market movement is based on a pattern of five impulsive upward waves and three corrective downward waves. the stock market is largely driven by investor sentiments and related news. The stock price reflects the investor behavior. Stock price may witness newer highs and steep corrections. All these are part of share trading. Elliot has taken into consideration almost all the actions of the trading activity before formulating his theory.  He strongly believed that by studying the wave pattern one can anticipate the next price movement.

Amibroker AFL for Daily, Weekly and Montly Pivot levels

Today I am posting a small but very essential Amibroker AFL. By deploying this Amibroker AFL utility, the user can get sufficient knowledge of Daily, Weekly and Monthly Pivot. The calculations are based upon standard classic pivot levels. A monthly pivot normally gives us a vision of what the trend is all about. A weekly pivot shows us the market behavior in the last week. The day pivot gives us some information of the current trend. When we anticipate a trend, it will be helpful how the stock behaved itself in the weekly and monthly mode. Price movements do follow the pivot levels in most of the trading period, which is why pivot levels are important to a trader as a tool of technical analysis.