HPotter

TFS: Tether Line

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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.
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//  Copyright by HPotter v1.0 16/05/2014
// 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.
////////////////////////////////////////////////////////////
study(title="TFS: Tether Line", shorttitle="Tether Line", overlay = true )
Length = input(50, minval=1)
lower = lowest(Length)
upper = highest(Length)
xTether = avg(upper, lower)
plot(xTether, color=green, title="Tether Line")
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Use this on the stocks ;)
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