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Fake NASDAQ Rally? and $500,000 in price movement on the Nasdaq indicator - Easylanguage Code


The reversal rally today was the biggest since November 13, 2008. The measure used is a rally back to positive values after being down 4% or more. Most of the time when the market is down that much it doesn't rally back in a strong way.


It did that today and it was strange to see there was more selling volume in the Nasdaq futures on such a big reversal rally. My initial thoughts were that we would see a follow through rally. Now I am inclined to think we will see a sell off and today's rally was not a legitimate reversal point. Price is the ultimate indicator so we shall see.


Summing up the ranges of the 1 minute Nasdaq charts and multiplying them by their point value, we see there was nearly $500,000 in price movement today in Nasdaq futures. This isn't a strategy in which to take trading signals but can be a measure of volatility. I am still working on this from a strategy perspective.


Here is the Easylanguage code:


If Time=1700 then Value1=0;

If Time=1801 then Value1=Range*20;

If Time <> 1801 and Time <> 1700 then Value1=Value1[1]+Range*20; Plot1(Value1,"");


if Time = 1659

then

Print(File("C:\Dropbox\PriceMVNQ.txt"), ELDTS(Date)," ", Value1);

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