Short-term OB/OS indicator

[adam ali]

Pascal,

A few days ago you responded to an inquiry about how you calculated a short-term OB/OS indicator. Is this something you could put in graphical format and post daily on the site?

Thanks,

Adam

[Dallas]

The Overbought/Oversold Indicator is posted daily. It is the third box (scrolling down) under "20D MF".

[adam ali]

Dallas,

I believe this is a longer term indicator. I'm referring to a much shorter OB/OS indicator that Pascal described last week.

Adam

[adam ali]

This is the description as provided by Pascal last week:

The IWM robot uses a combination of the 5D price average and the TEV extension above or below its average.

These two elements must be put in the context of a weak bounce within a 20DMF short signal.
Therefore, IWM was overbought in such a context. If we had been in a LT buy signal, then this short term signal would not have been overbought at all.

Pascal, are we now in a ST overbought condition?