Script Explained
Script:
RTTcCoppock
Purpose:
Edwin Coppock developed the Coppock Indicator with one sole purpose: to identify the commencement of bull markets. The indicator was devised for use on the Dow Jones Industrial Average but is suitable for use on other market indices or averages. When the indicator was published in Barron’s (1962), it was intended to generate buy signals in the S&P 500 only, and the suggested signal was an upturn in the Coppock Curve from an extreme low
References:
Investopedia
Parameters: MA
1st RoC Period = period, over which one Rate of Change is calculated Global (File) Parameter Setting for Chart to draw plotted scripts faster: Example
Comparison of Coppock Indicator versus the Trinity Break Indicators.
While both indicators have similar characteristics, Trinity also considers volume changes where volume records are available. Coppock ignores volume completely. When volume data are not available or unreliable, as is often the case with indices, Coppock has been used successfully to support Trinity's envelope breaks. For this purpose, a "Directional" version of this script has also been created.
Directional Coppock Indicator, highlighting likely breaks of trend.
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