Dr Alexander Elder followers may also be interested in
the very powerful and versatile MACD-H Divergence kit:

http://www.metastocktools.com/MACDH/MACDHdiverg.htm
http://www.metastocktools.com/MACDH/96diverg.htm


MetaStock -> Tools -> Indicator Builder -> New
-> copy & paste complete formula below.


======================
Elder's Kangaroo tails
======================
---8<------------------------------

{ Elder's basic Kangaroo tails v1.1

©Copyright 2004~2007 Jose Silva.
 The grant of this license is for personal use
  only - no resale or repackaging allowed.
 All code remains the property of Jose Silva.
 http://www.metastocktools.com }

{ User inputs }
wickLim:=Input("Minimum candlewick % size of H-L range",0,100,25);
multi:=Input("H-L range Minimum: range Avg x",
 0,100,2);
pds:=Input("H-L range Average lookback periods",
 1,2520,21);

{ Minimum average H-L range }
range:=Max(H-L,.00001);
rangeOk:=(H-L)>Mov(range,pds,S)*multi;

{ Wicks }
upHi:=Max(O,C);
dwLo:=Min(O,C);
wickUp:=(1-(upHi-L)/range)*100;
wickDw:=(dwLo-L)/range*100;

{ Signals }
buy:=rangeOk
 AND wickDw>wickLim
 AND dwLo<=Ref(L,-1);
sell:=rangeOk
 AND wickUp>wickLim
 AND upHi>=Ref(H,-1);
signals:=buy-sell;

{ Plot in own window }
signals

---8<------------------------------


http://www.metastocktools.com