Measuring Cycle Highs

There are some examples where cycles are best drawn across cycle highs.

An example of this is in the Euro, both against the Dollar and the Japanese Yen. Historically the Euro is an offspring of the group of currencies that formed the Euro-zone and prior to January 1st 1999 the European currencies were priced as currency per Dollar. However, on creation of the Euro the quoting method changed to Dollars per Euro.

Thus, when looking at the historical data series including the synthetic history created by measuring a trade weighted contribution by each previous currency pair, clearly the price highs in the Euro used to be price lows when the individual currencies were quoted as currency per Dollar.

This means that the chart has effectively inverted and as such we need a method of applying cycles to math highs. The cycle drawing tool in Dealbook is designed to measure cycle/price lows. What I have done to overcome this is created an "inverted chart" in Chart Studio as an indicator which can then be inserted into a chart. Since it is impossible to create an indicator that looks like a bar I have had to take the close of each bar only. This is done very simply in Chart Studio thus:

Indicator Inverse_Chart ;
Draw LastPrice("Close") ;
Begin
LastPrice := Close * (-1) ;
end.

Following this select "Build" and select "Verify Module" from the top menu bar
You will be prompted to enter a name for this analysis technique. Write in "Inverse Chart".
The Select "Build" again and this time you should see this succeed in the output window at the bottom of the studio.
Then select "Build" again but this time choose "Install Module"
The module will be installed into the User Modules.

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