Demark Sequentials技术指标详解

今天和大家推荐一个技术指标，Demark Sequentials，这个指标不太常见，但用一些历史数据验证了一下，觉得让人吃惊的精准，而且比较客观，不象其他的技术分析指标常常是有些主观的因素在里面。

不过描述起来有点复杂，写在这里和大家分享。

德马克指标由Tom Demark创建，已经有30年的历史。

这一指标较少的为一般投资者所知，一般被专业的机构交易员所采用。

Tom Demark曾任索罗斯集团、摩根大通、花旗和高盛的投资顾问。和一般技术交易指标多为跟随趋势不同，这一指标在确认趋势反转和反转点方面非常有帮助。

Demark Sequential包含两个主要部分：

Set up 和 Count down,下面以买入信号为例进行说明，卖出信号则相反。

Set up: 

要求有九个连续交易日的收盘价，每一个都低于其相对应的四个交易日前的收盘价。

一个完美的Set up最好是第8或第9个交易日的最低价高于第6和第7个交易日的最低价。

Count Down:

Set up完成后开始计数，每当某日收盘价低于其两天前的最低价时计数增加1 （可以不连续），直到计数增加到13。

一个完美的count down最好是第十三个计数日的最低价不低于第8个计数日的收盘价。

买入点：

较为激进的买入点是计数一完成就进入市场。

第13个计数日常常是趋势的反转点。

较为保守的买入点是等待count down完成后出现反转的信号，即某日的最低价不低于其4个交易日之前的收盘价。（完美的Count Down在第13个计数日就满足了这一反转信号）

取消计数：

如果在Count Down尚未完成之前出现以下情况就应取消计数：

1）有一个收盘价超过Set up阶段各日中的最高价；

2）出现一个相反的Set up，如在买入的Count down过程中出现一个卖出的Set up;

3）出现新的一个同方向的Set up，在这种情况下新的买入Set up优先，一旦完成则重新开始计数。

止损点：

一个成功的Set up和Count down完成后仍然有10%到30%的概率出现反转失败，止损点的设立很重要。

首先找到Count Down阶段位置最低的一个price bar，以此price bar的最低价减去该日最高价（或前日收盘价，取其中较高一个）和最低价的差价，则此价格为止损点价格。

TD指标的优势

TD 指标是大型投资基金Tudor 的执行副总裁(Thomas R DeMark) 于80 年代中期为了发现走势欲转折区域而设计的。由于其原理简单且预测精度高等特点而在近几十年内得到了广泛的应用。

TD指标基本原理

TD 指标通常可分为TD 序列和TD 组合。

TD 序列由启动、交叉和计数三个阶段组成,而TD 组合则仅包括启动和计数两个阶段,两者的主要区别在于计数规则的不同,但其基本原理都是一致的,即:市场走势由买方和卖方共同作用形成,当买方的力量大于卖方时走势表现为上涨,反之为下跌,但买卖双方力量强弱的表象是动态的,当走势上涨一段时间后,买方力量必然面临衰竭,从而市场转为下跌,TD 指标正是为发现走势欲转折区域而设计的。

量化指标参数条件的调整

本报告对传统 TD 指标参数在A 股市场进行实证,发现效果并不理想。我们尝试通过修正TD 指标,找到最适合中国股市特征的指标参数和条件,进而对中国股市进行更有效的预测。最后,我们确定TD 序列的启动阶段长度为6,计数为12;

TD 组合的启动阶段长度为6,计数为8。指标的修正主要包括以下三个方面:

1. 改变计数起点;

2. 改变TD 指标参数;

3. 改变计数规则。

择时策略的实证效果

基于修正后的 TD 序列和TD 组合的量化择时策略应用于上证综指、深圳成指以及沪深300 等三个不同指数,在2000.1——2010.6 间均获得了较好的超额收益。其中,基于修正TD 组合指标的效果较佳,预测的准确率同样均大于70%。

比较三个指数,模型效果对于上证综指效果最好,10 年期间发出11 对信号,平均1 年1 至2 对信号,成功9 对,准确率达到82%。

仅有的两次失败发生在2001——2002 年,

成功躲过2007 年的5.30、

2008 全年大调整、

2009 年的8.5 调整以及今年以来的调整。

抓住了2005 年到2007 年5.30 的牛市主升浪行情、2007年下半年的牛尾行情、2009 年初至2009.8.4 的反弹行情。

目前信号

经过修正的 TD 组合模型对于上证综指过去10 年检验效果最好,该模型从2010 年1 月22 日发出卖出信号以来,在2010 年7 月12 日发出买入信号,指示市场当前已经处于底部区域,轻仓投资者可以考虑择机进场。

TD – SetUp-Buy

TD1:=If(C<Ref(C,-4),1,0);

TD2:=If(TD1=1 AND Ref(TD1,-1)=1 AND Ref(TD1,-2)=1 AND Ref(TD1,-3)=1 AND

Ref(TD1,-4)=1 AND Ref(TD1,-5)=1 AND Ref(TD1,-6)=1 AND Ref(TD1,-7)=1 AND

Ref(TD1,-8)=1, 1,0);

TD3:=If(Ref(C,-9)>=Ref(C,-13),1,0);

TD4:=If(TD2=1 AND TD3=1,1,0);

TD5:=If(H>=Ref(LLV(L,5),-3),1,0);

D8:=If(Ref(TD4,1)=1 AND TD5=1,1,0);

D9:=If(TD4=1 AND TD5=1 AND Ref(D8,-1)<>1,1,0);

D10:=If(Ref(TD4,-1)=1 AND TD5=1 AND Ref(D8,-2)<>1 AND Ref(D9,-1)<>1,1,0);

D11:=If(Ref(TD4,-2)=1 AND TD5=1 AND Ref(D8,-3)<>1 AND Ref(D9,-2)<>1 AND

Ref(D10,-1)<>1,1,0);

D12:=If(Ref(TD4,-3)=1 AND TD5=1 AND Ref(D8,-4)<>1 AND Ref(D9,-3)<>1 AND

Ref(D10,-2)<>1 AND Ref(D11,-1)<>1,1,0);

D13:=If(Ref(TD4,-4)=1 AND TD5=1 AND Ref(D8,-5)<>1 AND Ref(D9,-4)<>1 AND

Ref(D10,-3)<>1 AND Ref(D11,-2)<>1 AND Ref(D12,-1)<>1,1,0);

D14:=If(Ref(TD4,-5)=1 AND TD5=1 AND Ref(D8,-6)<>1 AND Ref(D9,-5)<>1 AND

Ref(D10,-4)<>1 AND Ref(D11,-3)<>1 AND Ref(D12,-2)<>1 AND Ref(D13,-1)<>1,1,0);

D15:=If(Ref(TD4,-6)=1 AND TD5=1 AND Ref(D8,-7)<>1 AND Ref(D9,-6)<>1 AND

Ref(D10,-5)<>1 AND Ref(D11,-4)<>1 AND Ref(D12,-3)<>1 AND Ref(D13,-2)<>1 AND

Ref(D14,-1)<>1,1,0);

D16:=If(Ref(TD4,-7)=1 AND TD5=1 AND Ref(D8,-8)<>1 AND Ref(D9,-7)<>1 AND

Ref(D10,-6)<>1 AND Ref(D11,-5)<>1 AND Ref(D12,-4)<>1 AND Ref(D13,-3)<>1 AND

Ref(D14,-2)<>1 AND Ref(D15,-1)<>1,1,0);

D17:=If(Ref(TD4,-8)=1 AND TD5=1 AND Ref(D8,-9)<>1 AND Ref(D9,-8)<>1 AND

Ref(D10,-7)<>1 AND Ref(D11,-6)<>1 AND Ref(D12,-5)<>1 AND Ref(D13,-4)<>1 AND

Ref(D14,-3)<>1 AND Ref(D15,-2)<>1 AND Ref(D16,-1)<>1,1,0);

SetUp:=D8+D9+D10+D11+D12+D13+D14+D15+D16+D17;

SetUp

TD Count Down Buy A

Cum(If(C<Ref(CLOSE,-2),1,0)) – ValueWhen(1,Ref(Fml(“TD – SetUp-Buy” ), 1)=1,

Cum(If(C<Ref(C,-2),1,0)))

TD Count Down Buy B

If(Fml(“TD Count Down Buy A”)>=14 AND C>Ref(C,-4),1,0)

TD Count Down Buy C

If(Fml(“TD Count Down Buy A”)>=14 AND C>Ref(H,-2),1,0)

Buy Experts :

Type / Change in Highlights:

Buy Bullish SetUp

{Color: Cyan}

Fml( “TD – SetUp-Buy” ) =1 OR

Ref( Fml( “TD – SetUp-Buy” ) ,1)=1 OR

Ref( Fml( “TD – SetUp-Buy” ) ,2)=1 OR

Ref( Fml( “TD – SetUp-Buy” ) ,3)=1 OR

Ref( Fml( “TD – SetUp-Buy” ) ,5)=1 OR

Ref( Fml( “TD – SetUp-Buy” ) ,6)=1 OR

Ref( Fml( “TD – SetUp-Buy” ) ,7)=1 OR

Ref( Fml( “TD – SetUp-Buy” ) ,8)=1

Buy Count Down

{Color: Blue}

( Fml( “TD Count Down Buy A” ) =13

AND Ref( Fml( “TD Count Down Buy A” ) ,-1 )<> 13) OR

( Fml( “TD Count Down Buy A” ) =12

AND Ref( Fml( “TD Count Down Buy A” ) ,-1 )<> 12) OR

( Fml( “TD Count Down Buy A” ) =11

AND Ref( Fml( “TD Count Down Buy A” ) ,-1 )<> 11) OR

( Fml( “TD Count Down Buy A” ) =10

AND Ref( Fml( “TD Count Down Buy A” ) ,-1 )<> 10) OR

( Fml( “TD Count Down Buy A” ) =9

AND Ref( Fml( “TD Count Down Buy A” ) ,-1 )<> 9) OR

( Fml( “TD Count Down Buy A” ) =8

AND Ref( Fml( “TD Count Down Buy A” ) ,-1 )<> 8) OR

( Fml( “TD Count Down Buy A” ) =7

AND Ref( Fml( “TD Count Down Buy A” ) ,-1 )<> 7) OR

( Fml( “TD Count Down Buy A” ) =6

AND Ref( Fml( “TD Count Down Buy A” ) ,-1 )<>6) OR

( Fml( “TD Count Down Buy A” ) =5

AND Ref( Fml( “TD Count Down Buy A” ) ,-1 )<> 5) OR

( Fml( “TD Count Down Buy A” ) =4

AND Ref( Fml( “TD Count Down Buy A” ) ,-1 )<> 4) OR

( Fml( “TDCount Down Buy A” ) =3

AND Ref( Fml( “TD Count Down Buy A” ) ,-1 )<>3) OR

( Fml( “TD Count Down Buy A” ) =2

AND Ref( Fml( “TD Count Down Buy A” ) ,-1 )<>2)

Buy A

{Color: Green}

( Fml( “TD Count Down Buy A” ) =14 AND Ref( Fml( “TD Count DownBuy A” ),-1)<> 14)

Buy B

{Color: Green}

A:=If( Fml( “TD Count Down Buy A” ) =14

AND Ref( Fml( “TD Count Down Buy A” ) ,-1 )<> 14,1,0);

B:=If( Ref(Fml( “TD Count Down Buy B” ),-1) =1,1,0);

HighestSinceBars(1,A =1,A )<HighestSinceBars(1,B=1,B ) AND Fml( “TD Count Down Buy B” ) =1

Buy C

{Color: Green}

A:=If( Fml( “TD Count Down Buy A” ) =14

AND Ref( Fml( “TD Count Down Buy A” ) ,-1 )<> 14,1,0);

B:=If( Ref(Fml( “TD Count Down Buy C” ),-1) =1,1,0);

HighestSinceBars(1,A =1,A )<HighestSinceBars(1,B=1,C ) AND

Fml( “TD CountDown Buy C” ) =1

Type / Change in Symbols:

SetUp9

{Label: 9 / Font: 8 / Color: Magenta / Position: Below / Graphics: None}

Fml( “TD – SetUp-Buy” )=1

SetUp8

{Label: 8 / Font: 8 / Color: Magenta / Position: Below / Graphics: None}

Ref( Fml( “TD – SetUp-Buy” ),1)=1

SetUp7

{Label: 7 / Font: 8 / Color: Magenta / Position: Below / Graphics: None}

Ref( Fml( “TD – SetUp-Buy” ) ,2)=1

SetUp6

{Label: 6 / Font: 8 / Color: Magenta / Position: Below / Graphics: None}

Ref( Fml( “TD – SetUp-Buy” ) ,3)=1

SetUp5

{Label: 5 / Font: 8 / Color: Magenta / Position: Below / Graphics: None}

Ref( Fml( “TD – SetUp-Buy” ) ,4)=1

SetUp4

{Label: 4 / Font: 8 / Color: Magenta / Position: Below / Graphics: None}

Ref( Fml( “TD – SetUp-Buy” ) ,5)=1

SetUp3

{Label: 3 / Font: 8 / Color: Magenta / Position: Below / Graphics: None}

Ref( Fml( “TD – SetUp-Buy” ) ,6)=1

SetUp2

{Label: 2 / Font: 8 / Color: Magenta / Position: Below / Graphics: None}

Ref( Fml( “TD – SetUp-Buy” ) ,7)=1

SetUp1

{Label: 1 / Font: 8 / Color: Magenta / Position: Below / Graphics: None}

Ref( Fml( “TD – SetUp-Buy” ) ,8)=1

CountDown1

{Label: 1 / Font: 8 / Color: Brown / Position: Below / Graphics: None}

Fml( “TD Count Down Buy A” ) =2 AND Ref( Fml( “TD Count Down Buy A” ) ,-1)<>2

CountDown2

{Label: 2 / Font: 8 / Color: Brown / Position: Below / Graphics: None}

Fml( “TD Count Down Buy A” ) =3 AND Ref( Fml( “TD Count Down Buy A” ) ,-1 )<> 3

CountDown3

{Label: 3 / Font: 8 / Color: Brown / Position: Below / Graphics: None}

Fml( “TD Count Down Buy A” ) =4 AND Ref( Fml( “TD Count Down Buy A” ) ,-1)<> 4

CountDown4

{Label: 4 / Font: 8 / Color: Brown / Position: Below / Graphics: None}

Fml( “TD Count Down Buy A” ) =5 AND Ref( Fml( “TD Count Down Buy A” ) ,-1 )<> 5

CountDown5

{Label: 5 / Font: 8 / Color: Brown / Position: Below / Graphics: None}

Fml( “TD Count Down Buy A” ) =6 AND Ref( Fml( “TD Count Down Buy A” ) ,-1)<> 6

CountDown6

{Label: 6 / Font: 8 / Color: Brown / Position: Below / Graphics: None}

Fml( “TD Count Down Buy A” ) =7 AND Ref( Fml( “TD Count Down Buy A” ) ,-1 )<> 7

CountDown7

{Label: 7 / Font: 8 / Color: Brown / Position: Below / Graphics: None}

Fml( “TD Count Down Buy A” ) =8 AND Ref( Fml( “TD Count Down Buy A” ) ,-1)<> 8

CountDown8

{Label: 8 / Font: 8 / Color: Brown / Position: Below / Graphics: None}

Fml( “TD Count Down Buy A” ) =9 AND Ref( Fml( “TD Count Down Buy A” ) ,-1 )<> 9

CountDown9

{Label: 9 / Font: 8 / Color: Brown / Position: Below / Graphics: None}

Fml( “TD Count Down Buy A” ) =10 AND Ref( Fml( “TD Count Down Buy A” ) ,-1)<> 10

CountDown10

{Label: 10 / Font: 8 / Color: Brown / Position: Below / Graphics: None}

Fml( “TD Count Down Buy A” ) =11 AND Ref( Fml( “TD Count Down Buy A” ) ,-1)<> 11

CountDown11

{Label: 11 / Font: 8 / Color: Brown / Position: Below / Graphics: None}

Fml( “TD Count Down Buy A” ) =12 AND Ref( Fml( “TD Count Down Buy A” ) ,-1)<> 12

CountDown12

{Label: 12 / Font: 8 / Color: Brown / Position: Below / Graphics: None}

Fml( “TD Count Down Buy A” ) =13 AND Ref( Fml( “TD Count Down Buy A” ) ,-1)<> 13

CountDown13

{Label: Buy A / Font: 9 / Color: Green / Position: Below / Graphics: Buy Arrow )

Fml( “TD Count Down Buy A” ) =14 AND Ref( Fml( “TD Count Down Buy A” ) ,-1 )<> 14

Buy B

{Label: Buy B / Font: 9 / Color: Green /Position: Below / Graphics: Buy Arrow )

A:=If( Fml( “TD Count Down Buy A” ) =14 AND Ref( Fml( “TD CountDown Buy A”) ,-1 )<> 14,1,0);

B:=If( Ref(Fml( “TD Count Down Buy B” ),-1) =1,1,0);

HighestSinceBars(1,A =1,A )<HighestSinceBars(1,B=1,B ) AND Fml( “TD Count Down Buy B” ) =1

Buy C

{Label: Buy C / Font: 9 / Color: Green /Position: Below / Graphics: Buy Arrow )

A:=If( Fml( “TD Count Down Buy A” ) =14 AND Ref( Fml( “TD CountDown Buy A”) ,-1 )<> 14,1,0);

B:=If( Ref(Fml( “TD Count Down Buy C” ),-1) =1,1,0);

HighestSinceBars(1,A =1,A )<HighestSinceBars(1,B=1,C ) AND Fml( “TD Count Down Buy C” ) =1

Sell Indicators :

TD – SetUp-Sell

TD1:=If(C>Ref(C,-4),1,0);

TD2:=If(TD1=1 AND Ref(TD1,-1)=1 AND Ref(TD1,-2)=1 AND Ref(TD1,-3)=1 AND Ref(TD1,-4)=1 AND

Ref(TD1,-5)=1 AND Ref(TD1,-6)=1 AND Ref(TD1,-7)=1 AND Ref(TD1,-8)=1,1,0);

TD3:=If(Ref(C,-9)<=Ref(C,-13),1,0);

TD4:=If(TD2=1 AND TD3=1,1,0);

TD5:=If(L>=Ref(HHV(H,5),-3),1,0);

D8:=If(Ref(TD4,1)=1 AND TD5=1,1,0);

D9:=If(TD4=1 AND TD5=1 AND Ref(D8,-1)<>1,1,0);

D10:=If(Ref(TD4,-1)=1 AND TD5=1 AND Ref(D8,-2)<>1 AND Ref(D9,-1)<>1,1,0);

D11:=If(Ref(TD4,-2)=1 AND TD5=1 AND Ref(D8,-3)<>1 AND Ref(D9,-2)<>1 AND Ref(D10,-1)<>1,1,0);

D12:=If(Ref(TD4,-3)=1 AND TD5=1 AND Ref(D8,-4)<>1 AND Ref(D9,-3)<>1 AND

Ref(D10,-2)<>1 AND Ref(D11,-1)<>1,1,0);

D13:=If(Ref(TD4,-4)=1 AND TD5=1 AND Ref(D8,-5)<>1 AND Ref(D9,-4)<>1 AND

Ref(D10,-3)<>1 AND Ref(D11,-2)<>1 AND Ref(D12,-1)<>1,1,0);

D14:=If(Ref(TD4,-5)=1 AND TD5=1 AND Ref(D8,-6)<>1 AND Ref(D9,-5)<>1 AND

Ref(D10,-4)<>1 AND Ref(D11,-3)<>1 AND Ref(D12,-2)<>1 AND Ref(D13,-1)<>1,1,0);

D15:=If(Ref(TD4,-6)=1 AND TD5=1 AND Ref(D8,-7)<>1 AND Ref(D9,-6)<>1 AND

Ref(D10,-5)<>1 AND Ref(D11,-4)<>1 AND Ref(D12,-3)<>1 AND

Ref(D13,-2)<>1 AND Ref(D14,-1)<>1,1,0);

D16:=If(Ref(TD4,-7)=1 AND TD5=1 AND Ref(D8,-8)<>1 AND Ref(D9,-7)<>1 AND

Ref(D10,-6)<>1 AND Ref(D11,-5)<>1 AND Ref(D12,-4)<>1 AND Ref(D13,-3)<>1 AND

Ref(D14,-2)<>1 AND Ref(D15,-1)<>1,1,0);

D17:=If(Ref(TD4,-8)=1 AND TD5=1 AND Ref(D8,-9)<>1 AND Ref(D9,-8)<>1 AND

Ref(D10,-7)<>1 AND Ref(D11,-6)<>1 AND Ref(D12,-5)<>1 AND Ref(D13,-4)<>1 AND

Ref(D14,-3)<>1 AND Ref(D15,-2)<>1 AND Ref(D16,-1)<>1,1,0);

SetUp:=D8+D9+D10+D11+D12+D13+D14+D15+D16+D17;

SetUp

TD Count Down Sell A

Cum(If(C>Ref(C,-2),1,0))-ValueWhen(1,Ref( Fml( “TD – SetUp-Sell” ), 1)=1, Cum(If(C>Ref(C,-2),1,0)))

TD Count Down Sell B

If(Fml( “TD Count Down Sell A” )>=14 AND C<Ref(C,-4),1,0)

TD Count Down Sell C

If(Fml( “TD Count Down Sell A” )>=14 AND C<Ref(H,-2),1,0)

Sell Experts :

Type / Change in Highlights:

Sell Bearish Setup

{Color: Cyan}

Fml( “TD – SetUp-Sell” ) =1 OR

Ref( Fml( “TD – SetUp-Sell” ) ,1)=1 OR

Ref( Fml( “TD – SetUp-Sell” ) ,2)=1 OR

Ref( Fml( “TD – SetUp-Sell” ) ,3)=1 OR

Ref( Fml( “TD – SetUp-Sell” ) ,4)=1 OR

Ref( Fml( “TD – SetUp-Sell” ) ,5)=1 OR

Ref( Fml( “TD – SetUp-Sell” ) ,6)=1 OR

Ref( Fml( “TD – SetUp-Sell” ) ,7)=1 OR

Ref( Fml( “TD – SetUp-Sell” ) ,8)=1

Sell Count Down

{Color: Blue}

( Fml( “TD Count Down Sell A” ) =13

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<> 13) OR

( Fml(“TD Count Down Sell A” ) =12

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<> 12) OR

( Fml(“TD Count Down Sell A” ) =11

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<> 11) OR

( Fml(“TD Count Down Sell A” ) =10

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<> 10) OR

( Fml(“TD Count Down Sell A” ) =9

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<> 9) OR

( Fml( “TD Count Down Sell A” ) =8

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<> 8) OR

( Fml( “TD Count Down Sell A” ) =7

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<> 7) OR

( Fml( “TD Count Down Sell A” ) =6

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<> 6) OR

( Fml( “TD Count Down Sell A” ) =5

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<> 5) OR

( Fml( “TD Count Down Sell A” ) =4

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<> 4) OR

( Fml( “TD Count Down Sell A” ) =3

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<> 3) OR

( Fml( “TD Count Down Sell A” ) =2

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<> 2)

Sell A

{Color: Green}

( Fml( “TD Count Down Sell A” ) =14

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<> 14)

Sell B

{Color: Green}

A:=If( Fml( “TD Count Down Sell A” ) =14

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<> 14,1,0);

B:=If( Ref(Fml( “TD Count Down Sell B” ),-1) =1,1,0);

HighestSinceBars(1,A =1,A )<HighestSinceBars(1,B=1,B ) AND Fml( “TD Count Down Sell B” ) =1

Sell C

{Color: Green}

A:=If( Fml( “TD Count Down Sell A” ) =14

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<> 14,1,0);

B:=If( Ref(Fml( “TD Count Down Sell C” ),-1) =1,1,0);

HighestSinceBars(1,A =1,A )<HighestSinceBars(1,B=1,C ) AND Fml( “TD Count Down Sell C” ) =1

Type / Change in Symbols:

SetUp9

{Label: 9 / Font: 8 / Color: Magenta / Position: Above / Graphics: None}

Fml( “TD – SetUp-Sell” )=1

SetUp8

{Label: 8 / Font: 8 / Color: Magenta / Position: Above/ Graphics: None}

Ref( Fml( “TD – SetUp-Sell” ),1)=1

SetUp7

{Label: 7 / Font: 8 / Color: Magenta / Position: Above/ Graphics: None}

Ref( Fml( “TD – SetUp-Sell” ),2)=1

SetUp6

{Label: 6 / Font: 8 / Color: Magenta / Position: Above/ Graphics: None}

Ref( Fml( “TD – SetUp-Sell” ),3)=1

SetUp5

{Label: 5 / Font: 8 / Color: Magenta / Position: Above/ Graphics: None}

Ref( Fml( “TD – SetUp-Sell” ),4)=1

SetUp4

{Label: 4 / Font: 8 / Color: Magenta / Position: Above/ Graphics: None}

Ref( Fml( “TD – SetUp-Sell” ),5)=1

SetUp3

{Label: 3 / Font: 8 / Color: Magenta / Position: Above/ Graphics: None}

Ref( Fml( “TD – SetUp-Sell” ),6)=1

SetUp2

{Label: 2 / Font: 8 / Color: Magenta / Position: Above/ Graphics: None}

Ref( Fml( “TD – SetUp-Sell” ),7)=1

SetUp1

{Label: 1 / Font: 8 / Color: Magenta / Position: Above/ Graphics: None}

Ref( Fml( “TD – SetUp-Sell” ),8)=1

CountDown1

{Label: 1 / Font: 8 / Color: Brown / Position: Above / Graphics: None}

Fml( “TD Count Down Sell A” ) =2

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<>2

CountDown2

{Label: 2 / Font: 8 / Color: Brown / Position: Above / Graphics: None}

Fml( “TD Count Down Sell A” ) =3

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<>3

CountDown3

{Label: 3 / Font: 8 / Color: Brown / Position: Above / Graphics: None}

Fml( “TD Count Down Sell A” ) =4

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<>4

CountDown4

{Label: 4 / Font: 8 / Color: Brown / Position: Above / Graphics: None}

Fml( “TD Count Down Sell A” ) =5

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<>5

CountDown5

{Label: 5 / Font: 8 / Color: Brown / Position: Above / Graphics: None}

Fml( “TD Count Down Sell A” ) =6

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<>6

CountDown6

{Label: 6 / Font: 8 / Color: Brown / Position: Above / Graphics: None}

Fml( “TD Count Down Sell A” ) =7

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<>7

CountDown7

{Label: 7 / Font: 8 / Color: Brown / Position: Above / Graphics: None}

Fml( “TD Count Down Sell A” ) =8

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<>8

CountDown8

{Label: 8 / Font: 8 / Color: Brown / Position: Above / Graphics: None}

Fml( “TD Count Down Sell A” ) =9

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<>9

CountDown9

{Label: 9 / Font: 8 / Color: Brown / Position: Above / Graphics: None}

Fml( “TD Count Down Sell A” ) =10

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<>10

CountDown10

{Label: 10 / Font: 8 / Color: Brown / Position: Above / Graphics: None}

Fml( “TD Count Down Sell A” ) =11

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<>11

CountDown11

{Label: 11/ Font: 8 / Color: Brown / Position: Above / Graphics: None}

Fml( “TD Count Down Sell A” ) =12

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<>12

CountDown12

{Label: 12 / Font: 8 / Color: Brown / Position: Above / Graphics: None}

Fml( “TD Count Down Sell A” ) =13

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<>13

CountDown13

Sell A

{Label: Sell A / Font: 9 / Color: Red / Position:Above / Graphics: Sell Arrow }

Fml( “TD Count Down Sell A” ) =14

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<>14

Sell B

{Label: Sell B / Font: 9 / Color: Red / Position: Above / Graphics: Sell Arrow}

A:=If( Fml( “TD Count Down Sell A” ) =14

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<> 14,1,0);

B:=If( Ref(Fml( “TD Count Down Sell B” ),-1) =1,1,0);

HighestSinceBars(1,A =1,A )<HighestSinceBars(1,B=1,B ) AND

Fml( “TD Count Down Sell B” ) =1

Sell C

{Label: Sell C / Font: 9 / Color: Red / Position: Above / Graphics:Sell Arrow}

A:=If( Fml( “TD Count Down Sell A” ) =14

AND Ref( Fml( “TD Count Down Sell A” ) ,-1 )<> 14,1,0);

B:=If( Ref(Fml( “TD Count Down Sell C” ),-1) =1,1,0);

HighestSinceBars(1,A =1,A )<HighestSinceBars(1,B=1,C ) AND Fml( “TD Count Down Sell C” ) =1