Amibroker Q & A: How to Create the 52 Week High/Low Index with AddToComposite
Amibroker Q & A: Using AddToComposite to Create the 52 Week High/Low Index
This week’s question comes from Richard on Twitter, who would like to look at the AddToComposite function in Amibroker.
This function is very cool – it allows us to create our own index, and even turn it into an indicator.
In this video we create the 52 week High/Low index, which shows us how many stocks are making new 52 week highs or lows, and we plot it in our very own indicator so we can look for divergences.Â Dr Alexander Elder introduced this concept to the wider world in his book “Trading for a living”, with the idea that if the indicator is moving up, but our 52 week high.low index is moving down, it might be a chance to sell (and vice versa).
Check out the video below, and please leaveÂ a comment at the bottom!
(The video above has the latest code in it, thank you to both Jan and James for letting me know, and Howard Bandy and the forum user “Trash” at Aussie Stock Forums for assisting with the correct code!)
Happy Trending everyone,
– Dave McLachlan