If you are new to MetaStock formula then this might seem complex or confusing but once you 'get it' you'll understand why it's used by so many professional traders.
The Highest Since function contains many parameters, and therefore may seem complex.
Simply it returns the highest value of the selected `data array' since the `N'th most recent occurrence of a defined expression was true.
Additionally, with regards to the `x'th most recent occurrence, if the expression has occurred more than once, with this parameter it allows you to select which occurrence to use (e.
g.
the third most recent occurrence).
Equis MetaStock Syntax: HighestSince(Nth, Expression, Data Array) Nth _ Is the number of occurrences, of the `expression', you wish to refer back to when obtaining the highest value of the selected data array.
Expression _ The technical condition that you are referring back to.
Data Array _ The highest value of this data array is returned from the period that the `expression' was true `Nth' number of times ago.
Here's how it works...
The formula below identifies when the closing price last crossed a 30 period exponential moving average, and from that period onwards, it has found the highest high value: HighestSince(1,Cross(C,Mov(C,30,E)),H) In the formula above: Nth = 1 Expression = Cross(C,Mov(C,30,E)) Data Array = H Here's how you would use the formula in a more useful application of this example: A more useful application of this example would be: C>0.
97*HighestSince(1,Cross(C,Mov(C,30,E)),H) This formula identifies the highest value found after the closing price last crossed a 30 period exponential moving average.
The formula has then taken 3% from this value (denoted by `0.
97*'), and finally, checks whether or not the present closing price is above this.
In other words, it checks whether the present closing price is within 3% of the highest value since the expression occurred.