Ask Colin

Is there a MetaStock formula that can create the new high-new low indicator?

In Shares magazine you had an article about new highs and new lows. I have got the MetaStock program and I would like to know if there is a formula that can create the new high-new low indicator.

You can chart the data in Metastock easily enough. Download the historical data file in ASCII from my web site and import it into Metastock. You chart the cumulative column.

As for creating the data in Metastock, it is not easy. I have a reader who is working on it, but it seems very complex and time consuming compared to Insight Trader because MetaStock does not have an easy way to create a list of all ASX codes to filter, the way Insight Trader does. Also the filter rules available are very clumsy for the purpose. It is a pity MetaStock seems to have fallen so far behind its field in these areas. It is not certain yet if it can be done at all. If he comes up with something practical I will put it up on my web site.

Until then, you can update the file from the AFR each day.