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Day 3: $13.27 Day 4: $14.23 Day 5: $14.05 The 5-day moving average, as computed for Day 5, would be the sum of the prior ve days ($67.80) divided by 5, which equals 13.56. By computing this value on a continuous basis, and plotting the line graph of the moving average, ProphetCharts is able to display a smoothed representation of price action. Look at the chart in Figure 5.1, which is a price chart of Nucor Corporation (symbol NUE) with a plot of its 20-day simple moving average (which is the smooth line). Creating this study is simply a matter of (a) opening the Technical Studies module, and (b) double-clicking on the study desired, which, in this case, is Simple Moving Average. There are a number of things to notice about this chart: In the upper-left corner of ProphetCharts is the notation MA(20) last=110.4075. This is a shorthand way of ProphetCharts indicating that the smooth line is a 20-day moving average whose last value is $110.4075. If you are using multiple studies, a legend will appear with



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(2.1.26)

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Some rafters, beams, and purlins required reinforcing with steel knife plates where a simple traditional scarf joint would not suf ce.

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where M (kl.' kl.,1;.i)

FIGURE 5.1 The price of Nucor, which has stayed above the 20-day moving average for many months, crosses beneath it, indicating a sell signal.

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In these cases, the knife-plate connection actually preserved the maximum amount of historic fabric.

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an abbreviation for each study used and a colored line to indicate which color corresponds with what study The moving average is represented as a smooth line graph, as opposed to the open/high/low/close bars of the price chart By its very nature, this line is a lagging indicator; in other words, it is based on old data (in this instance, the past 20 days) and is therefore behind the price trend But that is the value of this indicator because it lags the prices, it provides a slower-moving representation of the general price action Once the price pushed above the moving average in January, it stayed above that level until late April, denoted with a large arrow in this graph This is known as a crossover, and in this instance, the price crossing below the moving average would be interpreted as a sell signal.

(2.1.31)

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FIGURE 10-7 Several rafters were spliced with knife plates to maximize the retention of original fabric.

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So if you were long this stock at about $70, when the price moved clearly above the indicator, you would have held on to it until about $110, when the price nally dipped below the moving average The basic principle at work here and you will see this many times with technical indicators is that positive crossovers generate bullish signals and negative crossovers generate bearish signals The more sensitive an indicator, the more volatile it is, which means that whipsaws are a common and dangerous phenomenon A whipsaw takes place when signals are so common that you would, in theory, be jumping in and out of a stock far too frequently, and with poor results The chart in Figure 51 illustrated a smooth and useful indicator, because the price was plainly above the moving average until a very clear signal was generated.

(2.1.33)

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(2.1.34)

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Deterioration in several beams and timber plates and sills was veri ed, and in some cases discovered, through the use of resistance drilling.

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