The Lowest Since function contains many parameters, and
therefore may seem complex. Simply it returns the lowest value of the selected
`data array' since the `N'th most recent occurrence of a defined expression was
true. Additionally, with regards to the `x'th most recent occurrence, if the
expression has occurred more than once, with this parameter it allows you to
select which occurrence to use (e.g. the third most recent occurrence).
SYNTAX LowestSince(Nth, Expression, Data Array)
Nth _ Is the number of occurrences, of the `expression', you
wish to refer back to when obtaining the lowest value of the selected data
array.
Expression _ The technical condition that you are referring
back to.
Data Array _ The lowest value of this data array is returned
from the period that the `expression' was true `Nth' number of times ago.
EXAMPLE
The formula below identifies when the closing price last
crossed down below a 21 period simple moving average, and from that period
onwards, it has found the lowest value that the low has been:
LowestSince(1,Cross(Mov(C,21,S),C),L)
In the formula above:
Nth = 1
Expression = Cross(Mov(C,21,S),C)
Data Array = L
APPLICATION
A more useful application of this example would be:
C<1.04* LowestSince(1,Cross(Mov(C,21,S),C),L)
The above formula after identifying when the closing price
last crossed down below a 21 period simple moving average, has found the lowest
value the low has been since that time. It has then added 4% to that lowest
value (denoted by `1.04*'), and finally, MetaStock checks whether the present
closing price is within 4% of that lowest value. In other words, it will check
whether the present closing price is less than this new value.
This
article is a snippet from the
MetaStock Programming Study Guide...
"Discover
The Simple Secret to Make Metastock Easy & Identify Profitable
Trades"

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