How to create a Diverse Time Frame Chart : An Innovative Idea

Why  do one need  a "Diverse Time Frame"  ?

It is seen that for 'Elliot Wave Oscillator" to be studied properly , for high-low, number of candles in a chart should be in the range of 120-150 .

http://www.tradingfives.com/articles/elliott_oscillator.htm

For the instant case (UPL) from a low 101.55 (daily candle #267, date 13/11/12) to high 568.4 (daily candle #922, date 26/05/15) number of candles is found to be 655. From sourced (NSE) data , available since 24/10/2011, I decided to go for a  6 Days Cycle based on that.
   
The excel is being shared in group "Daily_Share" in Facebook platform :

Go to: (May consider "copy & paste in a browser" if it does not open here)

https://excel.office.live.com/x/ExcelView.aspx?FBsrc=https%3A%2F%2Fwww.facebook.com%2Fattachments%2Ffile_preview.php%3Fid%3D923353207710314%26time%3D1432954300%26metadata&access_token=1835286898%3AAVJnD-aryKilTCYqdi1HJyNmB5RJezY5Ng95Nlk6HIsAgQ&title=DS_UPL_TF_6DC.xlsxhttps://excel.office.live.com/x/ExcelView.aspx?

Step # 1 : First source OHLC data from any source ; copy relevant date in cells F,G, H , I (use function" Max")  ,J (use function" Min" ) & K from a set of data , e.g., 

Step # 2 : Write in formula for EMA_5 in Cell K in row 33, e.g.,

Step # 3 : Write in formula for EMA_34 in Cell L in row 207, e.g.,

Step # 4 : Write in formula for MACD  in Cell M in row 207, e.g.,

Step # 5 : Write in formula for MACD_Signal  in Cell N in row 231, e.g.

Step # 6 : Write in formula for MACD_Histogram  in Cell O in row 231, e.g.

Step # 7 :  Finally copy suitably full range inclusive BLANKS & paste to cover the full range of your Data Use excel to create your desired Chart , e.g., 

O(pen)H(igh)L(ow)C(lose)

Step # 8 :   Use excel to create your desired other Chart , e.g., 

MACD (5,34,5)

CNX NIFTY INDEX Time Frame : Cycles of 21 days - Update # 1

Here I have up dated my views on my earlier blog entitled :
http://kolkatabull.blogspot.in/2015/03/cnx-nifty-index-time-frame-cycles-of-21.html

In this Chart I examined the first 150 candles from my excel aided data base. What is being represented by 5EMA & 34EMA  are shown. My overall impression is based on Elliot Wave Oscillator aka Macd (5,34,5). Initially my findings are inconclusive.

" Wave 5 often makes a new high or low price for the swing but always diverges from the Oscillator. If the suspected Wave 5 makes a new extreme price simultaneously with a new Oscillator extreme then it is not a Wave 5 " according to http://www.tradingfives.com/articles/elliott_oscillator.htm
If Nifty closes at/above 8874 , in TF of 21 days cycle, on 19/05/2015, Macd & Macd histogram shall be above that during W3 peak thereby W5 shall be invalidated; however, Macd corresponding to supposed '5' remained below that for supposed '3' & further the histogram had turned negative with a value of (161) { minus 161} . My  Iabel are as in the chart :
  

IMHO Nifty had topped out for the time being & presently wave  A in retracement of big up move of 9119-920 = 8199 is in play.  

CNX Nifty : TF of 6 days

It is seen that Nifty had move from 4531 to all time high at 9119 , herein , below a weekly chart :

Number of Weekly candles covering this range is 167 .

  

Q " "The Elliott Oscillator is most effective when the chart has the "correct" number of bars. From 100 to 150 bars is the correct number of bars to use with the oscillator. Dr. Bill Williams suggests 100-140. Tom Joseph implies that 150 is right. We like to use about 120 bars, which is comfortably in the middle of that range, and which has consistently produced reliable results."

http://www.tradingfives.com/articles/elliott_oscillator.htm UQ

For covering NIFTY from 4531 to ATH 9119,it is being felt that a cycle of 6 days based on NSE data for OHLC  would be helpful to determine the status of  the wave in the light of the Elliott Oscillator Macd (5,34,5). Accordingly, here is the excel derived Chart with candle # 149 ( 6DC period ended on 19/05/2015)  & last candle in progress to terminate on 27/05/2015.

The most important single concept about the Elliott Oscillator is that the highest/lowest point of the Oscillator is connected to the bullish/bearish Wave 3 of the swing.  Related concepts are that Wave 4 crosses the zero line in the opposite direction of the trend. 

Nifty TF 225 Minutes for the Period ending on 8th May 2015

I had been looking at Nifty chart with time frame 75 minutes lately. It covers 30 days of moves with 150 candles. Latest Chart is being shared :

However, last week's moves could not be seen with earlier similar price range with in 150 candles. Here is a broad view , however, with candles exceeding 150, E W Oscillators are not  "appropriate" .

A TF225 minutes cover 3 days moves with 5 candles ; as such a chart of 150 candles cover 90 days with proper  &  "appropriate"  Macd . Chart is being shared (please note that last candle in progress to end at 11:45 Monday ) 
 . 

Bi-Monthly CNX Nifty with Elliot Wave Oscillators : A review for PE April 2015

Up dated version of Excel incorporating Bi-Monthly OHLC ( being Open of range, Highest of range, Lowest of range, and Close of range ) may be accessed :

https://excel.office.live.com/x/ExcelView.aspx?FBsrc=https%3A%2F%2Fwww.facebook.com%2Fattachments%2Ffile_preview.php%3Fid%3D302478353209742%26time%3D1430622879%26metadata&access_token=1835286898%3AAVKCq7AnsaHYbT2fee5uuAYFseY-S1jnsRgNS_oBaPqICg&title=CNX+NIFTY_BiMonthly_Public-2015.xlsx


While Nifty index is being compiled since 03/07/1990, it is being based on OHLC basis with effect from 03/11/1995. Here in, I had created a Bi-Monthly Data aided by excel  & sharing my observations. First, Chart based on the Data :

Macd (5,34,5) were then calculated on usual basis and resultant chart is :

Based on my understanding of EW Oscillators, Nifty is in 5th wave of high degree wave starting in April 2003. It is essential that current Macd does NOT cross the earlier high.

Highest Histogram (419) is based on closing value of 5201 (December 2009). On hypothetical closing as on 30/06/2015 of 10300 (a figure being talked of - near parallel of a TL October 2008), it shall be 280 ; similarly based on highest closing (8902) & closing =Highest (9119), it shall be 22 & 62 respectively. However, if closing is  8781 or lower , it shall turn NEGATIVE & if Vipani's suggested value (7936) be closing , it shall be (156)