EFS for Trading Success
EFS Featured Studies of the Month: Dark Cloud and Z-Score
The EFS library is full of new and useful strategies you can use for free in eSignal.
This month, we feature a study that finds a bearish reversal from candlesticks with an up trend and another study that analyzes price position based on Bollinger Bands.
Dark Cloud
This is a bearish reversal pattern formed by two candlesticks within an up trend. It consists of an up candlestick followed by a down candlestick, which opens lower than the prior candlestick and closes below the mid-range of the prior candlestick. It is the reverse of the Piercing Line.
Download the Dark Cloud EFS study
Z-Score
The Z-Score indicator is not new, but it can be used as a supplement to Bollinger Bands. It offers a simple way to assess the position of the price vis-a-vis its resistance and support levels expressed by the Bollinger Bands.
In addition, crossings of Z-Score averages may signal the start or end of a tradable trend. Traders may take a step further and look for stronger signals by identifying common crossing points of the Z-Score, its average and the average of the average.
Download the Z-Score 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.
