The PREV constant allows you to create self-referencing formulas. A self referencing formula is one that is able to reference the "previous" period's value of itself.
For example, the following is an example of a self referencing formula:
((H+L+C)/3) + PREV
This simple formula divides the high, low, and closing prices by 3 and then adds this value to yesterday's value of the ((H+L+C)/3).
The calculation of the popular indicator On Balance Volume illustrates the use of the PREV function.
(if(c>ref(c,-1),1,-1)*volume)+PREV
Although On Balance Volume can be calculated without the use of the PREV function, an exponential moving average cannot (other than using the mov() function). The following formula shows how a 18% exponential moving average (approximately 10 periods) is calculated using the PREV function.
(close*0.18)+(PREV*0.82)
The PREV constant allows you to create self-referencing formulas. A self referencing formula is one that is able to reference the "previous" period's value of itself.For example, the following is an example of a self referencing formula:((H+L+C)/3) + PREVThis simple formula divides the high, low, and closing prices by 3 and then adds this value to yesterday's value of the ((H+L+C)/3).The calculation of the popular indicator On Balance Volume illustrates the use of the PREV function.(if(c>ref(c,-1),1,-1)*volume)+PREVAlthough On Balance Volume can be calculated without the use of the PREV function, an exponential moving average cannot (other than using the mov() function). The following formula shows how a 18% exponential moving average (approximately 10 periods) is calculated using the PREV function.(close*0.18)+(PREV*0.82)
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