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  • TFS: Tether Line

    File Name: TetherLine.efs

    Description:
    TFS: Tether Line

    Formula Parameters:
    Length 50

    Notes:
    Tether line indicator is the first component of TFS trading strategy.
    It was named this way because stock prices have a tendency to cluster
    around it. It means that stock prices tend to move away from the midpoint
    between their 50-day highs and lows, then return to that midpoint at some
    time in the future. On a chart, it appears as though the stock price is
    tethered to this line, and hence the name.


    Download File:
    TetherLine.efs



    EFS Code:
    PHP Code:
    /*********************************
    Provided By:  
        eSignal (Copyright c eSignal), a division of Interactive Data 
        Corporation. 2008. All rights reserved. This sample eSignal 
        Formula Script (EFS) is for educational purposes only and may be 
        modified and saved under a new file name.  eSignal is not responsible
        for the functionality once modified.  eSignal reserves the right 
        to modify and overwrite this EFS file with each new release.
       

    Description:        
        TFS: Tether Line

    Version:            1.0  09/26/2008

    Notes:
        Tether line indicator is the first component of TFS trading strategy.
        It was named this way because stock prices have a tendency to cluster
        around it. It means that stock prices tend to move away from the midpoint
        between their 50-day highs and lows, then return to that midpoint at some
        time in the future. On a chart, it appears as though the stock price is
        tethered to this line, and hence the name.

    Formula Parameters:                     Default:
        Length                                  50
    **********************************/

    var fpArray = new Array();

    var 
    bInit false;



    function 
    preMain() {
        
    setPriceStudy(true);
        
    setStudyTitle("Tether Line");
        
    setCursorLabelName("Tether Line"0);


        
    setDefaultBarFgColor(Color.green0);
        
    setPlotType(PLOTTYPE_LINE0); 
        
    setDefaultBarThickness(10);

        
        var 
    x=0;
        
    fpArray[x] = new FunctionParameter("Length"FunctionParameter.NUMBER);
        
    with(fpArray[x++]){
            
    setLowerLimit(1);  
            
    setDefault(50);
        }
    }



    var 
    xTether null;


    function 
    main(Length) {
    var 
    nTether 0;
    var 
    nState getBarState();

        if (
    nState == BARSTATE_ALLBARS) {
            if (
    Length == nullLength 50;
        }

        if ( 
    bInit == false ) { 
            
    xTether middleDonchian(Length);
            
    bInit true
        } 

        
    nTether xTether.getValue(0);

        return 
    nTether

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