May 2011
Intermediate to advanced
464 pages
13h 30m
English
book
MIDAS Technical Analysis: A VWAP Approach to Trading and Investing in Today's Markets
by Andrew Coles, David G. Hawkins
Content preview from MIDAS Technical Analysis: A VWAP Approach to Trading and Investing in Today's MarketsBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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Identifying the Cause of the Two Phenomena
In the majority of cases, both phenomena are linked to the same cause. When Levine created the MIDAS support and resistance curves, his choice of input was the average price, which he calculated by adding today's high and low and multiplying by 0.5. It's not clear whether this was an arbitrary choice or the result of deliberation; equally possible is that Levine was influenced by the original VWAP methodology from which the MIDAS system is an adaptation.
As we saw in Chapter 1, there's more than one way of calculating the daily VWAP, but the basic formula is to multiply the price and volume at each time interval and then divide by the total volume:
where
- P = price of instrument traded
- V = volume traded ...
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