Hot Copper Charting and Chat, page-185

Hi @wilfran1pmand @Toastman – yes very interested in hearing about any progress withdeveloping these types of indicators. Although I use Trading View, and codedsome indicators in Pinescript - (well more accurately I’ve copied other people’scode and then modified, combined and kludged it into my own!) the languageother platforms use appears close enough to be able to translate into Pine andfrom Pine into Metastock I assume, especially if the logic that goes with it isclear.

I’ve been learningabout No Demand and No Supply bars this week and thought I’d have a go atcoding alerts for these. I’m not experienced enough yet and these just don’tjump out from the chart at me like some things like shakeouts, springs andupthrusts for example. I’m thinking an alert for these would be useful as anearly warning signal for stocks I hold or on my watchlist, as from what I cansee they appear to show up regularly just before pullbacks, shakeouts and trendchanges.

Have done a lotof googling but I need some help with checking the definition and logic – here’swhat I have so far:

No Demand bar:

Volume lessthan the 2 previous bars.

Narrow spreadup bar, during up trend.Closing middleor lower.

Confirmation =down bar following the No Demand bar.

No Supply bar:

Volume lessthan the 2 previous bars.

Narrow spreaddown bar, during down trend.

Closing middleor higher.

Confirmation =up bar following the No Supply bar. 

I’d reallyappreciate some help from one of you charting black belts on this thread with defininga “narrow spread” bar!? For example could it be something like “x% (10%/20%??)less than average spread for previous x number of bars (2/3/10??).And how manybars should I allow for confirmation? I’m picturing an alert for when a “potential”No Supply or No Demand bar shows up, and another alert if confirmed.

If I can getthis working, I’ll post a chart with results and the code for anyone interestedin using it.

Thanks,Rooster.