The worden Report for 080104 says:

"          

Dear Don:

In the summer of 2004 I got interested in a submission by Sir Oversold (WR 7/15/2004), presenting an indicator that signaled when a stock was oversold, and therefore presumably a good buy. In addition to incorporating his signal into my standard Telechart format, I added my own version of the inverse of his indicator to indicate when a stock is overbought, and therefore presumably not a good buy or hold. I have had these indicators on my charts for over three years now, and have learned that they are among the better signals I have seen. They are unobtrusive, and the highly visible record of their signals for each stock helps you decide whether to pay attention to them in this case, or not. More often than not, you should.

Sir Oversolds indicator is:

L<((2.95*MINL15.7)-MAXH7.3)/2 AND STOC50.3<10 AND L

While mine (for overbought) is:

H>((3.05*MAXH15.7)-MINL7.3)/2 AND H>H1 AND STOC50.3>50 AND TSV3

My indicator is basically the inverse of Paul's, with some additions and adjustments to minimize false alarms. I have these indicators in my middle chart panel, with the first one colored green, and the second red. They sit docilely on the bottom axis until one of them wakes up to signal a red or green spike. It's not an absolute command, but it's certainly one of the things I notice and use in "thinking for myself."

First, it appears that something is missing off the end of the oversold indicator. Doesn't } "L" have to relate to something?

Second how does it convert to an indicator? When I cut and pasted it I get an error that says must not be a Boolean formula."

Thanking you in advance for your assistance.

Gary