EFS for Trading Success
EFS Featured Studies of the Month: Evening Star and Typical Price
The EFS library is full of new and useful strategies you can use for free in eSignal.
This month, we feature a study that uses the candlestick patterns to find a bearish reversal and another study that finds the typical price averaged from the high, low and close price.
Evening Star
This is a bearish reversal pattern formed by three candlesticks. The first candlestick of the pattern is an up candlestick with a long real body. The second is an up or down candlestick with a small real body, which gaps higher to form a star. The third is a down candlestick, which closes below the midpoint of the first candlestick.
Download the Evening Star EFS study
Typical Price
The typical price for each bar is calculated as an average of three values: High, low and close. This value is then plotted on the chart. An average of the typical price from the most recent number of bars specified by the input length is also plotted. Using the typical price instead of the close in calculating and plotting, say, a moving average weighs the high and low into the calculation.
Download the Typical Price EFS study
Resources for EFS
- To access other EFS studies, visit the EFS Library (wait a few seconds for the Most Popular Articles listing to appear).
- For detailed tutorials on EFS, including how to implement EFS studies within eSignal, visit the Help Guides and Tutorials section of the EFS KnowledgeBase.
