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Название: Английский для дилеров системы Рейтер. English for Reuters Dealers

Автор: Ю.М. Зудин

Жанр: Учебники, лекции и словари

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Oscillators

Key terms

 

 

1. oscillator

 

 

— осциллятор — индикатор, который колеблется между верхней и нижней границами коридора, обозначает сигналы «купи», «продай»,

указывая разницу между показателями среднего движения курса за

короткий и длинный периоды времени.

2. Momentum

 

 

— осциллятор, указывающий на скорость изменения цены в сравнении с уровнем самой цены. Разница между ценой инструмента сегодня и

ценой в предшествующие периоды. Положительное или отрицательное значение разницы отмечается относительно нулевой линии.

3. Relative Strength Index (RSI)

 

— осциллятор — индекс, обозначающий силу цены настоящей

относительно цены в прошлом.

4. Stochastics

 

 

— индикатор скорости изменения цен. На растущем рынке цены при

закрытии биржи устремляются вверх, и наоборот, при понижательной

рыночной конъюнктуре они падают вниз.

Slow stochastics

 

 

— дает менее чувствительные показатели движения цен и более

предпочтителен для торговцев. Его показатель % К соответствует

% D быстрых стохастических линий.

Fast stochastics

 

 

— индикатор более чувствительный, чем медленные стохастические

линии, линия % показывает близость цен закрытия биржи к верхней

границе за определенный период. Масштаб измерения — от 0 до 100.

Наивысшая цена — 100, самая низкая — 0. % D — вторая линия,

специальная линия показателей среднего движения курса % К по

различным периодам. Сигнал покупки образует комбинация низкого

значения % D и еще более низкого значения % К (менее 20).

Сигнал продажи — высокое значение % D и еще более высокое

% К (более 80).

5. Moving Average Convergence

Divergence (MACD)

 

 

— две линии показателей среднего движения курса, колеблющиеся выше и ниже нуля. Первая линия (Conv.) отмечает разницу между

показателями среднего курса (MACD W), а вторая является

экспонентным показателем среднего курса первой линии (MACD), т.е.

сигнальной линией. Если MACD W пересечет сигнальную линию

сверху, то возникает сигнал покупки. Если пересечение произойдет с

противоположной стороны — то возникает сигнал продажи. Чем

пересечение дальше от нуля, тем прогноз надежнее.

6. Moving Average Crossover

 

 

— пересечение скользящих средних с коротким и длинным периодом образует две линии показателей среднего движения курса.

Если курс с коротким периодом падает ниже курса с длинным периодом и оба курса снижаются, то образуется сигнал продажи. Если курс короткого периода пересекает курс длинного периода снизу и оба курса поднимаются вверх, то образуется сигнал покупки.

7. Bollinger Bands

 

 

— линии, наносимые на график выше и ниже скользящей средней цен

закрытия. Верхняя и нижняя линии сближаются при спокойной

конъюнктуре рынка и расходятся с ростом колебания цен.

8. Directional Movement Index — индекс, образуемый четырьмя индексами и указывающий на силу

тренда.

 

 

Momentum oscillators are technical indicators which measure the change in prices over a given time period. These indicators are very useful in trendless or sidewavs trending markets, as well as in trading band conditions. They can also help in oinoointing the turn in trends, whether they be intra-day, weekly, or very long term in nature. During a trending period though, the trend will tend to dominate any signals given by the momentum oscillator. There are three important indications to look for in all momentum oscillators: direction. extreme values and divergence from prices.

Direction

Momentum oscillators track prices verv well. and can actually lead price direction bv one to two periods. The direction

Vocabulary

ae 'value - ценность, цена, сумма

э: divergence - отклонение

i: to'lead - упреждать

crossover — пересечение

that momentum oscillators are moving in thus corresponds to the direction in which prices will potentially move. Longer term versus shorter term momentum oscillator analysis provides indication of price direction as well. This is similar to the use of long and short term moving averages for determining nrice direction, in that cross overs are very important. A longer term momentum oscillator is one that uses a larger time period. relative to a medium term momentum oscillator. For example, a 21-day Stochastic would be considered a long term momentum oscillator, compared to a 9-day stochastic, and a 10-bar hourly stochastic would be considered a longer term stochastic in comparison to a 5-bar hourly stochastic. As a rule: "The longer term momentum oscillators have less volatility and thus they will not be subject to the number of false

 

 

signals that the shorter term momentum oscillators are,

making a case for using them in conjunction with each other.

The same effect can be generated bv smoothing a same

time period oscillator, in effect slowing it down. In this case, a moving average of a momentum oscillator can be compared to the underlying momentum oscillator, and give similar cross over signals as using the longer term/shorter term indicators.

Extreme Values

An extreme value in the momentum oscillator occurs,

when peaks and troughs are evident in the momentum oscillator chart. When the momentum oscillator reaches an extreme value, the trend in prices will generally flatten, and there is potential for a reversal of the prior trend. However, the prevailing trend of price direction is still the major trading

factor, and momentum oscillators reaching extreme values is usually a pause in the trend. Areas of extreme value are called overbought levels at momentum oscillator peaks, and oversold levels at momentum oscillator troughs. Both the Relative Strength Index and the Stochastic indicator have predetermined levels where the underlying instrument is considered to be overbought or oversold, but as peaks tend to occur at higher levels in bull markets, troughs at lower levels in bear markets, the use of predetermined levels for overbought/oversold signals is not encouraged. Other momentum oscillators such as the Net Change Oscillator (NCO) or Rate of Change Indicator (ROC) display peaks and troughs as well, but there are no predetermined valuation levels which give overbought/oversold indications.

Divergence

As prices and momentum oscillators usually trend in the

same direction, and momentum oscillators can be used for the timing of price turns, divergence in direction is an important sianal. Divergence occurs when prices continue to trend higher (or lower) and momentum oscillators turn in the opposite direction. This is most significant at new price highs or lows, but keep in mind that chart patterns such as double tops, head and shoulders, etc. can occur when divergence is seen, and one should wait for penetration of kev suooort. or resistance, in order to confirm this turn in the trend. Divergence can be used to tighten stops, or as a strong warning signal that the prevailing trend could be reversing.

These three indications are verv important in using

momentum oscillators, as used in conjunction with each other thev can help in determining trends and turning points.

 

Moving Average Spreads (MAS)

The formula of the moving average spread is:

MAS = shorter moving average - longer moving average

Example: (4-day MA) — (18-day MA), or

(5-week MA) - (20-week MA).

Moving average spreads are derived by taking the

difference between two moving averages. Usually one of the moving averages is a short term moving average, while the other can be intermediate, or long term. This difference, or spread, is plotted and used as a momentum oscillator.

 

 

л

 

 

'underlying

- основной

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

of

 

 

'trough

— нижняя точка (поддержка)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

i:

 

 

'peak

— высшая точка (сопротивления)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

QT dl

 

 

'prior

— предшествующий

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

e

 

 

spread

— разница, разрыв

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

pre-set

— заранее установленный

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ae

 

 

'magnitude

— величина, значение

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

to overlay

— наложить

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Moving average spreads are plotted as any momentum oscillator. Direction, extreme values and divergence are looked for in the chart. If the spread is uptrending, the shorter term moving average must be greater than (above) the longer term moving average. The reverse is true for a downtrending spread. Trading signals are generated when the zero line is crossed, showing a moving average cross over. Thus, moving average spreads are good trend indicators.

Extreme values are a little harder to measure in the moving average spreads as there are no pre-set boundaries. The Relative Strength Indicator and Stochastic Oscillator have maximum and minimum values (100 and 0) and levels at which the market is considered overbought/oversold (70% - 30% and 80%-20%, respectively). The MAS, much like the NCO, does not have either of these pre-determined parameters. It can take on any value, positive or negative, of any magnitude. Analysing historical data of past extreme values is necessary, and then these areas can be used for future reference.

Divergence between MAS direction and security price direction gives early indication of trend change. One measure of trend change that is often used in technical analysis is the crossing of moving averages. Crossing of the moving averages which make up the spread necessarily makes the MAS reach zero. Thus, early warning or confirmation of a change in trend is possible using MAS.

Comprehension Questions

1. What do momentum oscillators measure?

2. What are the three important indications in all momentum oscillators?

3. How do momentum oscillators show direction of price moves?

4. Which M. 0's produce false signals?

5. How can M. 0's indicate a reversal of the prior trend?

6. What are the areas of extreme value called?

7. When does divergence occur?

8. What is the formula of Moving Average Spreads?

Exercises

Ex. 1. Put questions to the underlined words.

Ex. 2. Find verbals and state their syntactical function in the sentence.

Ex. 3. Select sentences which are difficult to translate and make a syntactical analysis of them.

Ex. 4. Analyse noun collocations according to the models given in the Reference Grammar.

Ex. 5. Read and translate the text.

 

TRANSLATION PRACTICE

Momentum Crossover Analysis

The Momentum Crossover analysis, which can be created in the User defined analysis modules of Reuters Technical Analysis and Reuters Technical Analysis for Unix, combines the trend direction characteristics of the simple moving average and the trend strength capabilities of the momentum analysis. Two of these analyses used together can produce effective buy and sell signals.

Vocabulary

ou crossover

 

trend direction -

 

trend strength -

 

пересечение (трендов) - направление тренда -

сила тренда

 

 

 

The formula parameters are as follows and need to be filled in at the time of charting: vl —timeseries (instrument), nl — observation period for momentum (lag period), n2 — averaging period for moving average. The diagram shows a short and long momentum crossover analysis giving clear buy and sell signals. The momentum crossover analysis is simply a smoothed version of the standard momentum analysis. Two of these analysis on the same chart, one with a long, the other with a short averaging period can be used in the same way as two standard simple movine averages, (i.e. crossover indicates buy and sell signals) except that the lines will oscillate around zero. Uptrends are indicated bv price action below the momentum crossover lines. The momentum crossover line cutting through price after a trend has been established (up or down) indicates trend reversal. The analysis should not be used in a sudeways market as it tends to be choppy in the same manner as ordinary moving averages. To create the Momentum crossover analysis, simply add the following formula into the UDA editor of either RTA or RTAu. Then graph the momentum crossover twice with differing length averaging and observation periods overlaid with a price chart. The momentum and moving average oeriod parameters

should be the same as those used for short and long moving average crossovers for the instrument you are trading.

Exercises

Ex. 1. Put questions to the underlined words. Ex. 2. Find verbals and state their syntactical function in th Ex. 3. Analyse noun collocations.

e momentum — скорость изменения цены

moving average — скользящая средняя lag - отставание во времени

и: 'smoothed - сглаженный

о to'oscillate - колебаться

ou ei to overlay — наложить

e sentence.

 

 




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