Nanningbob 4h sistema de comercio ver 5 0

Nanningbob 4h sistema de comercio ver 5 0

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Das System beinhaltet EAs, diese werden aber & quot; manuell & quot; Gestartet, deswegen habe ich unter & quot; Strategien & quot; Gepostet Ich bin begeistert von dem System, vietnam tradición de ja noch jemand danach. Por favor Inicie sesión o Regístrese para ver este Contenido Ocultado Fecha y hora de envío: Ich trade aber mit SL y nicht nach dem Recuperación de Prinzip, también SL habe ich aktuell 100 Pips eingegeben. Gefällt mir Gefällt mir nicht mehr PriNova 29 jun 2011 Ich manejar ein kleine abwandlung davon. Nutze zumindest den sexto indio y un par de indios. Aber alles als MTF versión und auch alles manuell Gefällt mir Gefällt mir nicht mehr Marty 29 jun 2011 Ich manejar ein kleine abwandlung davon. Nutze zumindest den sexto indio y un par de indios. Aber alles als MTF versión und auch alles manuell Das habs sofort gedacht als ich das El sistema ha sido diseñado para ser usado en el sistema de Trittbret de Pri.También ha sido diseñado por Deine Erfolgskurve sehe. Gefällt mir Gefällt mir nicht mehr Marty 29 jun 2011 Hier mal ein El comercio de la heute, habe die Kerzencharts wegen der besseren Sichtbarkeit ausgeschalten. Gut für 45 Pips. El hombre de hierro y el hombre con la rueda de arrastre, más de dos veces más cerca. Dateianhang Gefällt mir Gefällt mir nicht mehr MANDL2007 07 Ago 2011 Sombrero de Mittlerweile No se ha encontrado ninguna información sobre el sistema en FF.com al. NB 10.0. Der NB 60x90 sombrero dabei gar ein gewisses comeback erfahren. Den Stand der Dinge sombrero er kurz en el puesto # 4362 hier en seinem Hilo & quot; Nanningbob 4h sistema de comercio ver. 5.0 & quot; zusammengefasst: Por favor Inicie sesión o Regístrese para ver este Contenido Ocultado Wer sich im einzelnen mit der Materie von NB & # 039; s Estrategia en el trabajo con el brazo y la cabeza 3 temas de NB: Por favor Inicie sesión o Regístrese para ver este Contenido Ocultado Por favor Inicie sesión o Regístrese para ver este Contenido Ocultado Por favor Inicie sesión o Regístrese para ver este Contenido Ocultado departamento de estado de los Estados Unidos Centro de información DTrade DTrade es un sistema totalmente electrónico de licencias de exportación de defensa. DDTC está preparado para recibir y adjudicar las solicitudes de autorización de exportación de defensa debidamente presentadas por cualquier persona estadounidense que sea un registrante comercial de defensa y desee exportar artículos de defensa sin clasificar a través del Formulario DSP-5, O exportar temporalmente artículos de defensa sin clasificar a través del Formulario DSP-73. Basándose en la expansión prevista de las capacidades de procesamiento electrónico, DDTC anticipa, con pocas excepciones, la mayoría de las solicitudes de licencias de exportación a través de DTrade en un futuro próximo. DTrade Avisos: Industria Aviso: Nuevas formas & ndash; Para respaldar las actualizaciones de la fecha de vencimiento del formulario OMB, se han actualizado los siguientes formularios DSP -5, -6, -61, -62, -73, -74, -83, -85, -94 y -119. A partir del jueves, 26 de noviembre de 2015, los usuarios de DTrade deben usar la versión 9.1 para los formularios DSP-5, -6, -61, -62, -73 y -74. Además, debe utilizarse la versión 3.1 del DSP-85 y la versión 2.0 del DSP-83, -94, -119. Las versiones anteriores de estos formularios serán rechazadas por el sistema a partir del 26 de noviembre de 2015. Para acceder a los nuevos Formularios DTrade, consulte a continuación. (11.10.15) Nuevas formas y esquemas de lotes: Tenga en cuenta que estos formularios no serán aceptados en DTrade hasta el 26 de noviembre de 2015, a menos que se notifique lo contrario. Formularios de DTrade: DSP-5 v9.1: (XFDL, 362KB) Solicitud de Exportación Permanente de Artículos de Defensa no Clasificados, Datos Técnicos Relacionados y Servicios de Defensa DSP-6 v9.1: (XFDL, 280KB) Solicitud de enmienda a una licencia DSP-5 DSP-61 v9.1: (XFDL, 319KB) Solicitud / Licencia para la importación temporal de artículos de defensa no clasificados DSP-62 v9.1: (XFDL, 286KB) Solicitud de enmienda a una licencia DSP-61 DSP-73 v9.1: (XFDL, 342KB) Solicitud / Licencia para la exportación temporal de artículos de defensa no clasificados DSP-74 v9.1: (XFDL, 290KB) Solicitud de enmienda a una licencia DSP-73 "Data-hash-target =" "data-df-text-module =" container "data-scroll-nav =" "data-scroll-nav-title =" "> El Mitsubishi Pajero ha sido parte de Australia ¡¯ s grandes aventuras desde 1983. Su tecnología revolucionaria ha sido probado para triunfar una y otra vez en las condiciones más agotadoras en el Rally Dakar. Lo que pongas delante de Pajero, prevalecerá. Audaz, elegante, resistente y confiable, usted tendrá la confianza para asumir el mundo. SISTEMA DE SONIDO DE DISEÑO ACÚSTICO ROCKFORD El sistema de sonido premium de Pajero Exceed†™ s Rockford Acoustic Designâ € ™ will convertirá su cabina en una sala de conciertos. Este sistema ofrece un impresionante 860 vatios, con 12 altavoces de sonido envolvente y un subwoofer integrado de 10 pulgadas. Tiene HDMI y dos entradas USB junto con radio AM / FM / DAB para realmente amplificar su experiencia de conducción. RUEDA DE DIRECCION DE CUERO CON CONTROLES DE CRUCEROS Y AUDIO El volante de cuero de cuatro radios con control de crucero, teléfono y controles de audio proporcionan libertad sin esfuerzo para una conducción más suave CONTROL CLIMATICO AUTOMATICO CON CONTROLES DE ASIENTO TRASERO El control automático del clima con los controles del asiento trasero permite que los pasajeros de los asientos de la segunda fila establezcan tanto la velocidad de flujo de aire como la temperatura para la sección trasera, proporcionando un paseo más cómodo para todos. SILLAS DELANTERAS ELÉCTRICAS Los asientos de Exceed†™ son ergonómicamente diseñados y cuentan con revestimientos de cuero suave. Los asientos delanteros delanteros con calefacción ofrecen esa pieza extra de indulgencia. UN PASO DE LUJO, CONFORTABLE El lujoso interior de Pajero está muy lejos del terreno que está diseñado para conquistar. Controles ergonómicamente diseñados, envueltos en cuero y medidores de alto contraste esperan su comando. Los revestimientos de asientos de cuero suave de Exceed†™, asientos delanteros eléctricos con calefacción, pedales deportivos, volante de cuatro radios de madera y cuero y el sistema de audio premium de Rockford Acoustic Design ™ le dan todas las razones para relajarse y seguir conduciendo. VERSÁTIL INTERIOR Y FUERA El espacio de Pajero y la flexibilidad de los asientos permiten que los asientos de la tercera fila se acomoden fácilmente debajo del piso de carga para crear un espacio de almacenamiento ancho y plano o retirarlo completamente para proporcionarle un práctico compartimento bajo el suelo. Los asientos de segunda fila también se pueden plegar para proporcionar espacio para casi cualquier cosa que desee traer para el viaje. SUELO ELÉCTRICO Con Pajero Supera el cielo el límite con un techo solar eléctrico con una función de inclinación y deslizamiento que invita en toda la luz, el espacio y la experiencia del aire libre. 2H (2WD High Range) se utiliza mejor para las condiciones normales de la carretera y para el consumo de combustible *. * El avanzado Super II de Pajero le permite cambiar entre los modos 2H, 4H y 4HLC a velocidades de hasta 100kph. 4H - Tiempo completo 4WD 4H (tiempo completo 4WD) es ideal para caminos ásperos y condiciones peligrosas *. * El avanzado Super II de Pajero le permite cambiar entre los modos 2H, 4H y 4HLC a velocidades de hasta 100kph. 4HLC - 4WD High Range con diferencial central bloqueado 4HLC (4WD High Range con diferencial central bloqueado) se utiliza cuando se conduce en terreno accidentado con superficies de agarre bajo *. * El avanzado Super II de Pajero le permite cambiar entre los modos 2H, 4H y 4HLC a velocidades de hasta 100kph. 4LLC - gama baja 4WD con diferencial central bloqueado 4LLC (4WD Low Range con diferencial central bloqueado) proporciona tracción máxima para colinas escarpadas, arena y nieve profunda. COMBUSTIBLE POTENTE COMBUSTIBLE COMÚN MOTOR TURBO DIESEL Como piloto de Mitsubishi Pajero usted espera un motor de respuesta y confiabilidad con suficiente fuerza y ​​fuerza para conquistar el terreno más castigador. El avanzado motor Diesel de inyección directa Common Rail de 3.2 litros (DiD) le da la potencia, de la manera más eficiente de combustible, para ir a cualquier lugar rápidamente, sin problemas y silenciosamente, ofreciendo 147kW de potencia y 441Nm de par. SUSPENSION TRASERA INDEPENDIENTE Mitsubishi Pajero rally-demostrado doble brazo oscilante y suspensiones traseras multi-link utilizan muelles helicoidales y barras estabilizadoras para asegurar que cada rueda se mueve independientemente a la rueda en el lado opuesto del eje. El resultado es un manejo impresionante de la carretera y una gran estabilidad incluso en las condiciones más duras de todo terreno. IVECS II CON MODO DEPORTIVO El Sistema de Control Electrónico de Vehículos (IVECS II) inteligente e innovador es la caja de cambios automática de cinco velocidades, lisa y inteligente, de Pajero. Cuando se activa el modo deportivo, la transmisión ofrece la emoción de un cambio manual con un rendimiento dinámico, dinámico y sensible que ofrece una aceleración y un adelantamiento superiores con el toque de la palanca de cambios. 3 TONNE REMOLQUE Remolcar su barco, caravana o remolque es una brisa con la potencia impresionante de Pajero y par proporcionar una capacidad de remolque de 3.000 kg * cómodo. * Sujeto a las regulaciones estatales y diseños de remolque. Se recomienda un enganche de distribución de peso (WDH) para descargas de remolque superior a 135 kg. Para obtener más información, consulte el manual del propietario de Pajero. NUEVO AmiBroker 6.00 versión oficial Standard & amp; Professional Editions, Configuración completa con programa, ayuda y archivos de ejemplo. EXE autoextraíble. Este instalador universal soporta: Este archivo de instalación está firmado digitalmente con autenticación de Microsoft para garantizar su integridad y autenticidad. AVISO DE ACTUALIZACIÓN: La versión 6.00 es una actualización gratuita sólo para usuarios que se registraron después del 31 de mayo de 2013. Para más detalles, haga clic aquí. Nota: las versiones de 32 bits y 64 bits son SEPARADAS. Se instalan en carpetas diferentes y requieren diferentes claves de registro. En caso de duda, utilice la versión de 32 bits, ya que funciona en todas partes. AmiBroker 6.00 versión oficial de 64 bits Programa de cartografía y análisis de stocks, versión de 64 bits. Funciona sólo en Windows de 64 bits. Versión sólo para profesionales. La licencia estándar NO funciona con 64 bits. NUEVO AmiBroker 6.00 versión oficial Professional Edition, configuración completa con el programa, ayuda y archivos de ejemplo. EXE autoextraíble. Este instalador universal soporta: IMPORTANTE: la versión de 64 bits NO funciona con FastTrack o TC2000, ya que estos son programas de sólo 32 bits. La versión de 64 bits tampoco funciona con complementos de terceros de 32 bits. Para obtener más información, consulte nota de compatibilidad de 64 bits. Si utiliza FastTrack o TC2K o plugins de terceros necesita utilizar la versión de 32 bits de AmiBroker. AVISO DE ACTUALIZACIÓN: La versión 6.00 es una actualización gratuita sólo para usuarios que se registraron después del 31 de mayo de 2013. Para más detalles, haga clic aquí. Nota: las versiones de 32 bits y 64 bits son SEPARADAS. Se instalan en carpetas diferentes y requieren diferentes claves de registro. En caso de duda, utilice la versión de 32 bits, ya que funciona en todas partes. ¡NUEVO! Complemento de interfaz de intercambio automatizado para Interactive Brokers (1.3.8 BETA) Interfaz de comercio automatizado para corredores interactivos y AmiBroker 4.80 o superior, SOFTWARE GRATUITO. Versión de 32 bits de Windows. Este software es un complemento de AmiBroker (ver arriba) Guía del usuario de AmiBroker en formato PDF: IMPORTANTE: La Guía del usuario actualizada está incluida en el paquete de instalación completa en el formato de Ayuda HTML. Se puede acceder pulsando la tecla F1 (Ayuda) en AmiBroker. Es navegable y tiene una búsqueda e índice características. Debe utilizar ese archivo de ayuda, no el PDF a continuación. Para el único propósito de la impresión (si necesita una copia impresa por alguna razón), la versión convertida PDF se proporciona aquí: NUEVO AmiBroker 6.00 Guía del usuario en formato PDF 7 890 264 bytes = 7.8MB (formato de libro de 1344 páginas) (haga clic con el botón derecho del ratón y seleccione & quot; Guardar destino como. & Quot; para guardar el archivo en el disco duro) El AmiBroker Developlent Kit (ADK) es un paquete para desarrolladores de C / C ++ que permite desarrollar el propio indicador y / o DLL de complementos de datos. IObit Fundada en 2004, IObit es un líder reconocido en la industria de optimización de PC y herramientas de software de seguridad que permiten a los usuarios afinar sus sistemas operativos y programas para un rendimiento óptimo. Con más de 100 premios y 200 millones de descargas en todo el mundo, IObit está dispuesto a proteger a sus usuarios de los problemas de PC, al tiempo que aumenta el rendimiento y la seguridad de su computadora. Resultados estrechos Por precio Por categoria Utilidades & amp; Sistemas operativos (11) Software De Seguridad (5) Mejoras del escritorio (2) ITunes & amp; Software para iPod (1) Por sistema operativo Windows Vista (15) Mac OS X 10.10 (2) Windows Server 2008 (2) Android 2.3.3 - Android 2.3.7 (1) Mac OS X 10.11 (1) Sitio web http://www.iobit.com Sitio web de soporte No proporcionado E-mail de soporte [email protected] Teléfono de asistencia No proporcionado Acelere una PC lenta, acorte el tiempo de inicio y proteja la privacidad en línea. Introducción a Unity 5 Introducción a Unity 5 En esta serie de tutoriales de Unity, descubriremos cómo usar las características principales del software mientras creamos nuestro primer juego. Comenzaremos aprendiendo a crear un nuevo proyecto y cómo administrar nuestros activos de juego. A partir de ahí, vamos a crear un nivel completo utilizando las herramientas de terreno y también aprenderemos sobre el aderezo. ¡Ahora aquí es donde comienzan las cosas divertidas super impresionantes! Vamos a aprender cómo configurar el personaje del jugador y conseguirlo moviéndose y animando en nuestro nivel. Después de eso continuaremos implementando sistemas como los enemigos, pastillas de energía y la nave madre. Entonces comenzaremos a terminar el curso aprendiendo cómo crear un HUD usando las nuevas herramientas de interfaz de usuario. Así que al final de este entrenamiento de Unity no sólo habrás creado un juego completo que podrás compartir con tus amigos, sino que tendrás todo el conocimiento que necesitas para comenzar tu gran aventura con Unity. Lecciones en este tutorial Tweet 20 de noviembre de 2011, 17:40 Dawno dawno temu, en el foro de ForexFactory pojawił się osobnik naningbob. Osobnik ten był przekorny i nic sobie nie robił z frazesów ¡la tendencia es tu amigo! & Quot; I uparcie twierdził, że nigdy nie wiadomo czy a już tendencia, czy jego początek czy koniec, natomiast pewnym jest, że nie ważne gdzie cena idzie, ważne i pewne jest a, że ​​na pewno kiedyś zawróci. Niewątpliwie rację miał a racje została przekuta na sistema Nanningbob 4h sistema de comercio ver. 5.0. Kluczowe w tym systemie było tzw sextos, czyli podzielenie ekranu 6 horyzontalnymi liniami na 8 równych części. Linie były & quot; przywiązane & quot; Hacer miejsca na ekranie. I w żaden sposob nie związane z ceną. Nie zmienia to faktu, že granie na odbicie od skrajnych linii (najwyższej i najniższej) podpierając się kilkoma wskaźnikami było dochodowe. W oparciu o samo sexto powstało kilka strategii. En la parte inferior de la página, se puede ver la página de la página y ver el texto que aparece en la parte inferior de la página. I tak dzięki użytkownikowi Max powstały średnie ilość świeczek (dalej zwane BarCount), dla każdej pary osobno. Po prostu siadł. I policzył. Dolna i górna La sexta parte de la segunda fase de la votación, la segunda parte de la primera fase de la convocatoria. ChaserL es un programa que se basa en un proyecto de ley, una co najważniejsze potrafił ir wcielić w życie i stworzył funkcję opierającą si o CCI, która dynamicznie liczyła odpowiedni BarCount. Kto jest ciekawy znajdzie w kodzie. W przeciągu całego tego czasu En el caso de las zapatillas, las zapatillas de mano, las zapatillas de deporte, las zapatillas de deporte y las zapatillas. Tak powstał La Bestia http://www.forexfactory.com/showthread.php?t=263253 Najdłuższy temat o Robocie na chyba największym forexowym foro en la lista. Długi czas zarabiałem, oraz wiele innych osób zarabiało dzięki niemu prawdziwe pieniądze u prawdziwego brokera. Projekt z racji braku pomysłów został zarzucony jakiś czas temu, jednak wiele osób dalej korzysta z jego owoców. Para tyle tytułem wstępu. Jako wieli fan Bestii, nie mogłem się oprzeć, por jej nie przepisać od podstaw, pozbywając się wielu błędów. I zapewne tworząc jeszcze więcej nowych. Haga clic para mostrar el resultado de "wiwaliłem" Długo por opisywać, jak a dokładnie działało, jak działa teraz, un jak chcę por działało. A opiszę chętnie, jeśli tylko chętni por słuchać się pojawią. Takiem Dużo w kodzie jest rzeczy zbędnych, niepotrzebnych i niewykorzystywanych. Tak samo w dużo zbędnych ustawień w samym robocie, które wpływ na wynik mają żaden. Robota a jednak nie koniec jeszcze. Nazwijmy a wersją beta ^ Aaa I por nie wyskawiłał błąd potrzebny jest wskaźnik. Dosłownie jest potrzebny tylko po a por. Nie wyskakiwał błąd. Na razie ¿Un robot jak zarabia? Backtest z użyciem TickData Ducascopy. Test od 2011.02.01 do 2011.09.01 El Antiguo Bestial Tester Gráfico. 0,01 Lote Beneficio total: 442 DD: 255 = 19,29% Total operaciones: 68 El Nuevo Gráfico del Probador de Bestia. 0,01 Lote. Moja prywatna bestia. Beneficio total: 1055 DD: 215 - 11% Total de operaciones: 125 El Nuevo Gráfico de Probador de Bestia. 0,01 Lote por 300 $. Moja bestia ze zmiennym Lotem. Beneficio total: 20307 DD: 7201 - 67% Total de operaciones: 125 Zapraszam do testowania. Zmieniania, myślenia i dzielenia się uwagami. Sin embargo, si es necesario, hay que tener en cuenta que hay un problema. 09 jun 2011, 17:23 Ribelo pisze: Długo por opisywać, jak a dokładnie działało, jak działa teraz, un jak chcę por działało. A opiszę chętnie, jeśli tylko chętni por słuchać się pojawią. Wydawalo mi si, ze chetnie bym poczytal. Wrzucilem jednak hacer testera i po paru testach juz mi sie odechcialo. Dodam, ze na EURUSD wyglada a podobnie. Testowalem biezacy rok. EA otwiera 2 dlugie pozycje en przelomie sierpnia y wrzesnia, ktore koncza en poczatku pazdziernika wyzerowaniem konta (1000 pips straty na kazdej pozycji). Ustawienia do testow z conjunto de pliku. Dziala a podobnie jak te wszystkie martyngaly bez SL. Jak dla mnie a EA a smiec. No umie tylko jeden miesiac MC, na dwa lata. Ale o jeden miesiac za duzo, brak SL a jego najwieksza bolączka Jeżeli będziesz uparty, prawdopodobnie częściej, odniesiesz sukces, niż doznasz porażki. Bal des Conscrits de Besse En vos proponéis de venir con vosotros el tiempo de una velada, que os dejáis de hacer una pausa de suspensión de vuestros réplicas, de un sufridor después de los exámenes, o simplemente de un pasajero (bis) una buena soirée con nosotros. ;) Por lo tanto, el 30 MAI a la SALLE POLYVALENTE de BESSE La musique sera assistida por Extremusic Disco-móvil y la Buvette sera au rendez-vous évidement;) En un anuncio que se destina a una gran parte de nuestro negocio en SERA en modo "descompresión" y en SERA en GRANDE, muy GRANDE FORME. Lee mas 81 han marcado este evento. Su viaje comienza ahora. Recuperar contraseña. ¿Qué es Myfxbook? Myfxbook es una herramienta analítica automatizada en línea para su cuenta de trading forex y una comunidad de forex social de su clase. Actualmente apoya * más de 100 corredores, lo que le permite rastrear, comparar, analizar y compartir su actividad comercial. ¿Cómo puede Myfxbook ayudarle? Éstos son sólo algunos ejemplos de lo que puede obtener al utilizar Myfxbook: Analice su cuenta con nuestro análisis estadístico avanzado y comprenda sus hábitos comerciales, de adentro hacia afuera. Utilice nuestro tablero de instrumentos innovador para mantenerse al día con los mercados. Como administrador de dinero en busca de nuevos clientes, utilice su página del sistema público como un resumen de sus habilidades de negociación. Aprende, compara y mejora tus habilidades comerciales con la ayuda de nuestra comunidad. Publique su estado de cuenta. Si todavía no está convencido de que Myfxbook puede ayudarle, haga clic aquí para obtener más información. ¿Como funciona? No hay archivos, instalaciones o configuraciones complicadas. Debido a que la seguridad de su cuenta es nuestra primera prioridad, nunca le pediremos sus datos de acceso a su cuenta comercial. Todo lo que necesitamos es un acceso de sólo lectura a su cuenta de operaciones (Haga clic aquí para aprender cómo). ¿Hemos mencionado que es absolutamente gratis? * Las plataformas actualmente soportadas son: cTrader, MetaTrader 4, MetaTrader 5, fxTrade / fxTrade Práctica, FXCM Trading Station y Strategy Trader. Todos los eventos San José (2 días) Día del Equinoccio Vernal (2 días) Llegadas de visitantes (año a día) (2 días) Encuesta de consumidores de Westpac (1 día) Tipo de interés (9h 21min) Tipo de interés (9h 21min) Todas las noticias Bullard de Fed: Prudente a las tasas de borde más altas (47 minutos) Wall St Semana Ahead-Ojos en el dólar con st. (Hace 46 minutos) MERCADOS GLOBALES-Las acciones en la racha más larga en. (Hace 44 minutos) Bund: La caza de la duración continúa - TDS (hace 41 minutos) ACTUALIZACIÓN 1-El banco central mexicano mantiene las tasas ste. (Hace 6 horas) ACTUALIZACIÓN 1-El banco central mexicano mantiene la tasa. (Hace 6 horas) & Copy; 2014 Myfxbook Ltd. Todos los derechos reservados. ALTO RIESGO ADVERTENCIA: El comercio de divisas conlleva un alto nivel de riesgo que puede no ser adecuado para todos los inversores. El apalancamiento crea un riesgo adicional y una exposición de pérdidas. Antes de decidir intercambiar divisas, considere cuidadosamente sus objetivos de inversión, nivel de experiencia y tolerancia al riesgo. Usted podría perder parte o la totalidad de su inversión inicial; No invierta dinero que no puede permitirse perder. Infórmese sobre los riesgos asociados con el comercio de divisas y busque asesoramiento de un asesor financiero o fiscal independiente si tiene alguna pregunta. Todos los datos e información se proporcionan "tal cual" con fines exclusivamente informativos y no se destinan a fines de negociación ni asesoramiento. Este indicador BrainTrend2 particular examinado a través de mí personalmente dentro de tf m1, así como h1 esto realmente no repinta sin embargo los resultados no es grande con este particular indi. No estoy hablando más que el indicador BrainTrend2 actual. Esto generalmente necesita indicadores alternativos, lo que significa que no puede imprimir 2 flechas consecutivas dirigidas dentro del mismo camino. Obviamente era evidente hacia la atención desnuda simplemente echando un vistazo a los gráficos reales. Haga clic aquí para descargar una nueva herramienta de comercio y estrategia GRATIS Las ideas primarias en la parte posterior de las flechas reales pueden ser la siguiente: Impresión de la transmisión de compra en el caso de que presente mayor es en realidad más grande que el más barato anterior superior + LWATR. La impresión de la transmisión del MERCADO en el caso de que el presente reducido sea más sombría comparada con la mayor reducción anterior. LWATR. A través de LWATR estoy hablando de lineal ponderada típica variedad precisa. El tiempo empleado para la información es en realidad 7. Esencialmente esto realmente es casi todo lo que hay que entender en relación con este indicador. El ideea primario es realmente muy simple sin embargo me requirió personalmente un rato para comprender esto en la parte posterior de la cual mql señal. Las respuestas de rendimiento general en particular están totalmente en línea con lo que se habló anteriormente. El único método para probar este programa de guía en particular había sido producir una buena EA junto con una guía bastante simple. La directriz real es en realidad cesar, así como el programa de cambio para intentar objetivamente el rendimiento general real. Consultas populares: Estrategia de forex ach15 Bob volman mediafire EA - Forex Setka Trader Zigzag_H1 TMA_M5 2014 V1 5 Forex no repaint sistemas H1 Forex zigzag strategie m1 H1 MBFX No repint H1 indicador de comercio Indicador de no pintar h4 Apk Buscador Herramientas de comercio de divisas 1.0 APK para Android "Las herramientas de comercio de divisas" es otra gran aplicación por favor, que ofrece el mejor análisis diario de forex, futuros, y los índices utilizando la previsión de la onda de Elliott, de Fibonacci, estocástico y el MACD. Esta aplicación trae las herramientas y los aparatos más completos para estar en la última de los últimos mercados mundiales 'técnica de análisis, eventos y noticias. También, se puede vislumbrar en los muchos servicios de onda de Elliott provistos de una membresía en proelliottwave.com. Esta es una versión lite. Si usted quiere tener la versión completa que incluye la onda de Elliott, instale la "teoría de las ondas de Elliott" o "proeliottwave" características apps.included: * notificación de nuestras últimas previsiones y análisis actualizado * ola elliott educativa vídeos # # * De divisas, de futuros y de los puntos principales de los índices de pivote, de las cotizaciones y de los gráficos * rang diarios clasificables, de la volatilidad del mercado, y de la correlación gráficos * del índice mt5 y de SWFX sentimiento * hora del mercado mundial * De temporizador mercados mundiales '* forex en tiempo real se extiende * Términos y definiciones de la divisa * Tipo de cambio * calendarios de vacaciones económicos y bancarios * mayores tasas de interés en todo el mundo * etc proelliottwave.com servicios para los miembros: en la función del nivel de miembros que proporcionamos. * Análisis elliott diario gráfico de onda y la previsión de divisas actualizaciones de 15 min y 1 h gráficos * actualizaciones elliott análisis quincenal tabla de ondas y la previsión de 4 h, gráficos diarios y semanales * vídeo miércoles onda de Elliott el análisis y la previsión de * Fin de semana (por Domingo pst mediodía) análisis de video de onda de Elliott y pronóstico * onda de Elliott boletín semanal - cubriendo todos los más más destacados de la semana anterior y las previsiones de los principales movimientos y acontecimientos de la próxima Semana * webinars onda de Elliott educativa - que cubre la onda de Elliott teoría y las estrategias comerciales * Ondas de Elliott en vivo salas de tesorería - por lo general comienza alrededor de las 10:30 pm PST - 02 am pst - que cubre la apertura De los mercados europeos. Estamos trabajando en la adición de otro cubriendo los EE.UU. Apertura de los mercados * Análisis gráfico de onda de Elliott diaria del oro, s y p, oro, y el índice dólar. 15 min a semanal * los símbolos de división incluyen en este nivel de membresía. EURUSD, EURJPY, USDJPY, GBPUSD y USDCHF. # Herramientas de comercio de divisas Novedades en herramientas de comercio de divisas 1.0 Herramientas de comercio de divisas Buscar cuentas en el dispositivo: permite que la aplicación obtenga la lista de cuentas conocida por el dispositivo. Esto puede incluir cualquier cuenta creada por las aplicaciones que haya instalado. Ubicación aproximada (basada en red): permite que la aplicación obtenga su ubicación aproximada. Esta ubicación se deriva de los servicios de ubicación que utilizan fuentes de ubicación de red, como torres de celulares y Wi-Fi. Estos servicios de ubicación deben estar activados y disponibles para su dispositivo para que la aplicación los utilice. Las aplicaciones pueden utilizar esto para determinar aproximadamente dónde se encuentra. Ubicación precisa (GPS y basada en red): permite que la aplicación obtenga su ubicación exacta con el sistema de posicionamiento global (GPS) o fuentes de ubicación de red, como torres de celulares y Wi-Fi. Estos servicios de ubicación deben estar activados y disponibles para su dispositivo para que la aplicación los utilice. Las aplicaciones pueden utilizarlo para determinar dónde se encuentra y puede consumir energía adicional de la batería. Modificar o eliminar el contenido de su almacenamiento USB: Permite que la aplicación escriba en el almacenamiento USB. Lea el contenido de su almacenamiento USB: le permite a la aplicación leer el contenido de su almacenamiento USB. Cómo tomar fotografías y videos: permite que la aplicación tome fotografías y vídeos con la cámara. Este permiso permite a la aplicación utilizar la cámara en cualquier momento sin su confirmación. Grabar audio: permite que la aplicación grabe audio con el micrófono. Este permiso permite a la aplicación grabar audio en cualquier momento sin su confirmación. Leer el estado y la identidad del teléfono: permite que la aplicación acceda a las funciones del teléfono del dispositivo. Este permiso permite a la aplicación determinar el número de teléfono y los ID de dispositivo, si una llamada está activa y el número remoto conectado mediante una llamada. Acceso completo a la red: Permite que la aplicación cree sockets de red y utilice protocolos de red personalizados. El navegador y otras aplicaciones proporcionan medios para enviar datos a Internet, por lo que este permiso no es necesario para enviar datos a Internet. Ver conexiones de red: permite que la aplicación vea información sobre las conexiones de red, como las redes que existen y están conectadas. Recibir datos de Internet: permite que las aplicaciones acepten mensajes de la nube a los dispositivos enviados por el servicio de la aplicación. El uso de este servicio implicará el uso de datos. Las aplicaciones malintencionadas podrían provocar un exceso de uso de datos. Generador de estrategias para AMIBROKER Cruce de tiempo múltiple SetChartOptions (0, chartShowArrows | chartShowDates); Bc = ParamColor ( "Bacground Color", colorGrey40); SetChartBkColor (bc); DayH = TimeFrameGetPrice ( "H", inDaily, 0); DayL = TimeFrameGetPrice ( "L", inDaily, 0); DayC = TimeFrameGetPrice ( "C", inDaily, 0); DayO = TimeFrameGetPrice ( "O", inDaily, 0); PDayC = TimeFrameGetPrice ( "C", inDaily, -1); Pi = (DayH + DayL + DayC + DayO) / 4; If (ParamToggle ( "Plot current day Pivot", "No | Yes", 0)) Trama (pi, "\ nPiv.", ParamColor ( "Color", colorBlack), ParamStyle ( "Estilo")); % = \ N "="% =% g, \ n Lo = & gt;% g, \ n Cl = & gt;% g, \ n " + EncodeColor (colorBlue) + "Pi = & gt;% g>", O, H, L, C, pi)); Function GetSecondNum () Time = Ahora (4); Segundos = int (Tiempo% 100); Minutos = int (Tiempo / 100% 100); Horas = int (Tiempo / 10000% 100); SecondNum = int (Horas * 60 * 60 + Minutos * 60 + Segundos); Return SecondNum; > RequestTimedRefresh (1); TimeFrame = Interval (); SecNumber = GetSecondNum (); Newperiod = SecNumber% TimeFrame == 0; SecsLeft = SecNumber - int (SecNumber / TimeFrame) * TimeFrame; SecsToGo = TimeFrame - SecsLeft; GfxSelectSolidBrush (ColorRGB (230, 230, 230)); GfxSelectPen (ColorRGB (230, 230, 230), 2); If (NewPeriod) GfxSelectSolidBrush (colorYellow); GfxSelectPen (colorYellow, 2); > GfxRoundRect (x + 75, y + 17, x - 3, y - 2, 0, 0); GfxSetBkMode (1); GfxSelectFont ( "Arial", 12, 700, Falso); GfxSetTextColor (colorBlack); GfxTextOut ( "" + SecsToGo + "/" + NumToStr (TimeFrame, 1.0), x, y); FS = Param ( "Tamaño de Fuente", 15,11,100,1); GfxSelectFont ( "Callibri", FS 700, True); GfxSetBkMode (colorWhite); GfxSetTextColor (colorBlack); Hor1 = Param ( "Posición Horizontal 1", 820,1, 1200,1); Ver1 = Param ( "Posición Vertical1", 1,1,830,1); GfxTextOut ( "" + C, Hor1, Ver1); GfxSetTextColor (colorGrey50); GfxTextOut ( "PC:" + pDayC, 700, Ver1); GfxSetTextColor (colorBlue); GfxTextOut ( "C:" + DayC, 600, Ver1); GfxSetTextColor (colorRed); GfxTextOut ( "L:" + DayL, 500, Ver1); GfxSetTextColor (colorBrightGreen); GfxTextOut ( "H:" + DayH, 400, Ver1); GfxSetTextColor (colorLightBlue); GfxTextOut ( "O:" + DayO, 300, Ver1); DD = Prec (C - pDayC, 2); Xx = Prec ((DD / pDayC) * 100,2); GfxSelectFont ( "Times New Roman", 11, 700, True); GfxSetBkMode (colorBlack); GfxSetTextColor (colorBlack); GfxTextOut ( "" + DD + "(" + xx + "%)", Hor1, Ver1 + 45); Trama (C, "close", colorBlack, styleCandle); (EMA (C, 5) & gt; EMA (C, 13) O EMA (C, 5) ec2 = WriteIf , 5) & gt; EMA (C, 20), "On", "x"); ec3 = WriteIf (EMA (C, 5) / 5m TimeFrameSet (in5Minute) EMA (C, 13); e20 = EMA (C, 20); TimeFrameRestore (); E5x5 = TimeFrameExpand (e5, in5Minute, expandLast); E5x13 = TimeFrameExpand (e13, in5Minute, expandLast); E5x20 = TimeFrameExpand (e20, in5Minute, expandLast); E5c = WriteIf (e5x5 & gt; e5x13 OR e5x5e5c2 = WriteIf (e5x5 & gt; e5x13 AND e5x5 & gt; e5x20, "On", "x"); e5c3 = WriteIf (e5x5 E15x5 = TimeFrameExpand (e15, in15Minute, expandLast); E15x13 = TimeFrameExpand (e113, in15Minute, expandLast); E15x20 = TimeFrameExpand (e120, in15Minute, expandLast); E15c = WriteIf (e15x5 e15x13 OR e15x5e15c2 = WriteIf (e15x5 & eps; e15x13 y e15x5 & eps; e15x20, "On", "x"); e15c3 = WriteIf (e15x5 // 1h TimeFrameSet (inHourly) E131 = EMA (C, 13); e201 = EMA (C, 20); TimeFrameRestore (); Ehx5 = TimeFrameExpand (e51, inHourly, expandLast); Ehx13 = TimeFrameExpand (e131, inHourly, expandLast); Ehx20 = TimeFrameExpand (e201, inHourly, expandLast); Ehc = WriteIf (ehx5 & gt; ehx13 O ehx5ehc2 = WriteIf (ehx5 & gt; ehx13 Y ehx5 & gt; ehx20, "On", "x"); ehc3 = WriteIf (ehx5 / 4h TimeFrameSet (inHourly * 5), eh131 = EMA (C, 13); eh201 = EMA (C, 20); TimeFrameRestore (); Eh4x5 = TimeFrameExpand (eh51, inHourly * 4, expandLast); Eh4x13 = TimeFrameExpand (eh131, inHourly * 4, expandLast); Eh4x20 = TimeFrameExpand (eh201, inHourly * 4, expandLast); E4hc = WriteIf (eh4x5 & gt; eh4x13 OR eh4x5e4hc2 = WriteIf (eh4x5 & gt; eh4x13 AND eh4x5 & gt; eh4x20, "On", "x"); e4hc3 = WriteIf (eh4x5 // d TimeFrameSet (inDaily) Ed13 = EMA (C, 13); ed20 = EMA (C, 20); TimeFrameRestore (); Edx5 = TimeFrameExpand (ed5, inDaily, expandLast); Edx13 = TimeFrameExpand (ed13, inDaily, expandLast); Edx20 = TimeFrameExpand (ed20, inDaily, expandLast); Edc = WriteIf (edx5 & gt; edx13 O edx5edc2 = WriteIf (edx5 & edd13 y edx5 & gt; edx20, "On", "x"); edc3 = WriteIf (edx5 Hor = Param ( "Posición Horizontal", 600,1,1200,1); Ver = Param ( "Posición Vertical", 35,30,1000,1); /// 1 GfxSelectFont ( "Callibri", 10. 700, Verdadero); GfxSetBkMode (colorWhite); GfxSetTextColor (colorBlack); GfxTextOut ( "EMA Sig", Hor, Ver); GfxSetTextColor (colorBlack); GfxTextOut ( "1 M", Hor + 72, Ver-15); If (ec == "One") GfxSelectSolidBrush (colorGold); If (ec2 == "On") GfxSelectSolidBrush (colorBrightGreen); If (ec3 == "Oe") GfxSelectSolidBrush (colorRed); GfxSelectPen (colorBlack, 1); // más amplio color GfxRectangle (Hor + 70, Ver + 5, Hor + 100, Ver + 15); /// 2 GfxSetTextColor (colorBlack); GfxTextOut ( "5 M", Hor + 112, Ver-15); If (e5c == "One") GfxSelectSolidBrush (colorGold); if(e5c2=="On") GfxSelectSolidBrush(colorBrightGreen); if(e5c3=="Oe") GfxSelectSolidBrush(colorRed); GfxRectangle( Hor+110,Ver+5,Hor+140,Ver+15 ); ///3 GfxSetTextColor( colorBlack ); GfxTextOut("15 M ",Hor+150, Ver-15); if(e15c=="One") GfxSelectSolidBrush(colorGold); if(e15c2=="On") GfxSelectSolidBrush(colorBrightGreen); if(e15c3=="Oe") GfxSelectSolidBrush(colorRed); GfxRectangle( Hor+150,Ver+5,Hor+180,Ver+15 ); ///4 GfxSetTextColor( colorBlack ); GfxTextOut("1 H ",Hor+193, Ver-15); if(ehc=="One") GfxSelectSolidBrush(colorGold); if(ehc2=="On") GfxSelectSolidBrush(colorBrightGreen); if(ehc3=="Oe") GfxSelectSolidBrush(colorRed); GfxRectangle( Hor+190,Ver+5,Hor+220,Ver+15 ); //5 GfxSetTextColor( colorBlack ); GfxTextOut("4 H ",Hor+233, Ver-15); if(e4hc=="One") GfxSelectSolidBrush(colorGold); if(e4hc2=="On") GfxSelectSolidBrush(colorBrightGreen); if(e4hc3=="Oe") GfxSelectSolidBrush(colorRed); GfxRectangle( Hor+230,Ver+5,Hor+260,Ver+15 ); //6 GfxSetTextColor( colorBlack ); GfxTextOut("D ",Hor+280, Ver-15); if(edc=="One") GfxSelectSolidBrush(colorGold); if(edc2=="On") GfxSelectSolidBrush(colorBrightGreen); if(edc3=="Oe") GfxSelectSolidBrush(colorRed); GfxRectangle( Hor+270,Ver+5,Hor+300,Ver+15 ); _SECTION_BEGIN("ema"); Lk = EMA(Close,22); Plot (lk," ",colorBrightGreen,styleDots); GfxSelectFont("tohomabold", Status("pxheight")/16); GfxSetTextAlign( 6 ); GfxSetTextColor(ColorRGB(10,250,250)); GfxSetBkMode(0); GfxTextOut( Name(), Status("pxwidth")/2, Status("pxheight")/10 ); cx=Param("cxposn",1085,0,1200,1); cy=Param("cyposn",16,0,1000,1); GfxSetBkColor(ColorRGB(200,50,100)); GfxSelectFont( "tohomabold",20,98, False); GfxSetTextColor( colorYellow); GfxSetTextColor( ColorHSB( 100, 10, 400) ); GfxTextOut("LTP. "+C+" ", cx, cy ); DDayO = TimeFrameGetPrice("O", inDaily); DHiDay = TimeFrameGetPrice("H", inDaily); DLoDay = TimeFrameGetPrice("L", inDaily); gfr = TimeFrameGetPrice("C", inDaily, -1);//close Title = EncodeColor(colorWhite)+" * AR TRADING SYSTEM * "+EncodeColor(ColorRGB(220,10,150)) +" "+ Interval(2) + " " + Date() + EncodeColor(ColorRGB(200,150,120)) + " \n Open " + O + ", High. " + H + ", Low. " + L+ EncodeColor(colorGreen) + " * Prevvious Day Close. " + EncodeColor(colorGreen) + gfr +EncodeColor(colorYellow)+ "\n ToDay Open. " +DDayO + " High. " +DHiDay + " Low. "+ DLoDay; _SECTION_END(); Col_cci = IIf(CCI(8) > 5, colorBrightGreen,IIf(CCI(8) Ref(CCI(8),-1),colorBrightGreen,colorDarkRed))); HaClose =EMA((O+H+L+L+C)/5,3); HaOpen = AMA( Ref( HaClose, -1 ), 0.5 ); HaHigh = Max( H, Max( HaClose, HaOpen ) ); HaLow = Min( L, Min( HaClose, HaOpen ) ); PlotOHLC( HaOpen, HaHigh, HaLow, HaClose,"". Col_cci, styleCandle| styleNoLabel ); BKswitch = ParamToggle("Background Color","On,Off"); OUTcolor = ParamColor("Outer Panel Color",colorBlack); INUPcolor = ParamColor("Inner Panel Upper",colorGrey40); INDNcolor = ParamColor("Inner Panel Lower",colorBlack); TitleColor = ParamColor("Title Color ",colorBlack); if (NOT BKswitch) SetChartBkColor(OUTcolor); // color of outer border SetChartBkGradientFill(INUPcolor,INDNcolor,TitleColor); // color of inner panel > _SECTION_END(); _SECTION_BEGIN(""); ea = EMA (C,10); eb = EMA (C,20); SetBarFillColor( IIf( ea > eb, colorGreen, colorRed ) ); Buy = ea > eb AND TimeNum() > 092000 AND TimeNum() < 150000; Sell = eb > ea OR TimeNum() > 150000; Short = 0; Cover = 0; Buy = ExRem(Buy,Sell); Sell = ExRem(Sell,Buy); Short = ExRem(Short,Cover); Cover = ExRem(Cover,Short); for (i = 1; i TrendUp[i] = Null; TrendDown[i] = Null; if (Close[i]>Up[i-1]) trend[i]=1; if (trend[i-1] == -1) changeOfTrend = 1; > else if (Close[i]trend[i]=-1; if (trend[i-1] == 1) changeOfTrend = 1; > else if (trend[i-1]==1) trend[i]=1; changeOfTrend = 0; > else if (trend[i-1]==-1) trend[i]=-1; changeOfTrend = 0; > if (trend[i]>0 && trend[i-1]flagh=1; > else flagh=0; > if (trend[i]>0 && Dn[i]Dn[i]=Dn[i-1]; > PlotShapes(IIf(Buy, shapeSquare, shapeNone),colorGreen, 0, L, Offset=-40); PlotShapes(IIf(Buy, shapeSquare, shapeNone),colorLime, 0,L, Offset=-50); PlotShapes(IIf(Buy, shapeUpArrow, shapeNone),colorWhite, 0,L, Offset=-45); PlotShapes(IIf(Short, shapeSquare, shapeNone),colorRed, 0, H, Offset=40); PlotShapes(IIf(Short, shapeSquare, shapeNone),colorOrange, 0,H, Offset=50); PlotShapes(IIf(Short, shapeDownArrow, shapeNone),colorWhite, 0,H, Offset=-45); for(i=BarCount-1;i>1;i--) if(Buy[i] == 1) entry = C[i]; sig = "BUY"; sl = TrendSL[i]; tar1 = entry + (entry * .0050); tar2 = entry + (entry * .0092); tar3 = entry + (entry * .0179); bars = i; i = 0; > if(Sell[i] == 1) sig = "SELL"; entry = C[i]; sl = TrendSL[i]; tar1 = entry - (entry * .0050); tar2 = entry - (entry * .0112); tar3 = entry - (entry * .0212); bars = i; i = 0; > > Offset = 20; Clr = IIf(sig == "BUY", colorLime, colorRed); ssl = IIf(bars == BarCount-1, TrendSL[BarCount-1], Ref(TrendSL, -1)); sl = ssl[BarCount-1]; Plot(LineArray(bars-Offset, tar1, BarCount, tar1,1), "", Clr, styleLine|styleDots, Null, Null, Offset); Plot(LineArray(bars-Offset, tar2, BarCount, tar2,1), "", Clr, styleLine|styleDots, Null, Null, Offset); Plot(LineArray(bars-Offset, tar3, BarCount, tar3,1), "", Clr, styleLine|styleDots, Null, Null, Offset); Plot(LineArray(bars-Offset, sl, BarCount, sl,1), "", colorDarkRed, styleLine|styleLine, Null, Null, Offset); //Plot(LineArray(bars-Offset, entry, BarCount, entry,1), "", colorGreen, styleLine|styleLine, Null, Null, Offset); for (i=bars; i //PlotText(""+sig+"@"+entry, BarCount+1,entry,Null,colorBlue); PlotText("[email protected]"+tar1,BarCount+3,tar1,Null,Clr);PlotText("[email protected]"+tar2,BarCount+3,tar2,Null,Clr);PlotText ("[email protected]"+tar3,BarCount+3,tar3,Null,Clr); messageboard = ParamToggle("Message Board","Show|Hide",1); if (messageboard == 1 ) GfxSelectFont( "Tahoma", 13, 100 ); GfxSetBkMode( 1 ); GfxSetTextColor( colorWhite ); if ( sig =="BUY") GfxSelectSolidBrush( colorGreen ); // this is the box background color > else GfxSelectSolidBrush( colorRed ); // this is the box background color > pxHeight = Status( "pxchartheight" ) ; xx = Status( "pxchartwidth"); Left = 1100; width = 310; x = 5; x2 = 290; GfxSelectPen( colorWhite, 4); // broader color GfxRoundRect( x, y - 165, x2, y. 160, 90 ) ; GfxTextOut( ( "* AR TRADING SYSTEM * "),141,y-160); GfxTextOut( (" "),130,y-160); GfxTextOut( ("Last " + sig + " Signal came " + (BarCount-bars-1) * Interval()/60 + " mins ago"), 148, y-140) ; // The text format location GfxTextOut( ("" + WriteIf(sig =="BUY",sig + " @ ",sig + " @") + ". " + entry), 130, y-120); GfxTextOut( ("STOP LOSS. " + sl + " (" + WriteVal(IIf(sig == "SELL",entry-sl,sl-entry), 2.2) + ")"), 130, y-100); GfxTextOut( ("TGT:1. " + tar1), 130, y -80); GfxTextOut( ("TGT:2. " + tar2), 130,y-60); GfxTextOut( ("TGT:3. " + tar3), 130,y-40); GfxTextOut( ("Current P/L *. " + WriteVal(IIf(sig == "BUY",(C-entry),(entry-C)),2.2)), 130, y-22);; Buy = ExRem(Buy, Sell); Sell = ExRem(Sell, Buy); shape = Buy * shapeUpArrow + Sell * shapeDownArrow ; PlotShapes(IIf(Buy, shapeSquare, shapeNone),colorGreen, 0, L, Offset=-40); PlotShapes(IIf(Buy, shapeSquare, shapeNone),colorLime, 0,L, Offset=-50); PlotShapes(IIf(Buy, shapeUpArrow, shapeNone),colorWhite, 0,L, Offset=-45); PlotShapes(IIf(Sell, shapeSquare, shapeNone),colorRed, 0, H, Offset=40); PlotShapes(IIf(Sell, shapeSquare, shapeNone),colorOrange, 0,H, Offset=50); PlotShapes(IIf(Sell, shapeDownArrow, shapeNone),colorWhite, 0,H, Offset=-45); //PlotShapes( shape, IIf( Buy, colorGreen, colorRed ),0, IIf( Buy, Low, High ) ); dist = 2.5*ATR(5); for( i = 0; i < BarCount; i++ ) if( Buy[i] ) PlotText( "Buy\[email protected]" + Close[i], i, Low[i] - dist[i], colorWhite ); if( Sell[i] ) PlotText( "sell\[email protected]" + Close[i], i, Low[i] + dist[i], colorWhite ); > _SECTION_BEGIN("ema"); P = ParamField("Field"); Type = ParamList("Type", "Weighted,Simple,Exponential,Double Exponential,Tripple Exponential,Wilders"); Periods89 = Param("Periods180", 180, 2, 300 ); Displacement2 = Param("Displacement2", 2, -50, 50 ); Plot( EMA( P, Periods89 ), _DEFAULT_NAME(), colorWhite, styleDots, 0, 0, Displacement2 ); for( i = 0; i < BarCount; i++ ) if( bve[i] ) PlotText( "AB\n". i, L[ i ]-dist[i], colorWhite,colorDarkBlue ); if( rfw[i] ) PlotText( "AS\n". i, H[ i ]+dist[i], colorWhite, colorRed ); > _SECTION_BEGIN("day"); TimeFrameSet( inDaily ); // switch now to dayily TimeFrameRestore(); // restore time frame to original Plot( TimeFrameExpand( Oo, inDaily),"", colorYellow,10+30+4| styleNoLabel); cx = Param("cxposn",476,0,1200,1); cy = Param("cyposn", 500,0,1000,10 ); GfxSelectFont( " Arial ", 14, 98, False ); GfxSetTextColor(ColorRGB(10,250,250)); GfxTextOut("Volume. " +Volume+ "", cx +20,cy +50); _SECTION_BEGIN("tom"); function GetSecondNum() Time = Now( 4); Seconds = int( Time % 100 ); Minutes = int( Time / 100 % 100 ); Hours = int( Time / 10000 % 100 ); SecondNum = int( Hours * 60 * 60 + Minutes * 60 + Seconds ); return SecondNum; > RequestTimedRefresh( 1 ); TimeFrame = Interval(); SecNumber = GetSecondNum(); Newperiod = SecNumber % TimeFrame == 0; SecsLeft = SecNumber - int( SecNumber / TimeFrame ) * TimeFrame; SecsToGo = TimeFrame - SecsLeft; x=Param("xposn",99,0,1000,1); y=Param("yposn",40,0,1000,1); //GfxRoundRect( x+615, y+530, x+738, y+499, 0,0 ); //GfxSelectSolidBrush( ColorRGB( 230, 230, 230 ) ); //GfxSelectPen( ColorRGB( 203, 25, 23 ), 3 ); if ( NewPeriod ) //GfxSelectSolidBrush( colorYellow ); //GfxSelectPen( colorYellow, 2 ); //Say( "New period" ); > GfxSetBkMode(1); GfxSelectFont( "Arial", 13, 800, False ); GfxSetTextColor(ColorRGB(220,10,150) ); GfxTextOut( "Timeleft"+". "+NumToStr( SecsToGo, 1.0 ), x+674, y+507 ); GfxSetTextColor(ColorRGB(10,250,250)); GfxTextOut( ( " Develop By "),1150,y-45); GfxSetTextColor(ColorRGB(10,250,250)); GfxTextOut( ( "*AR Trading SYSTEM * "),1150,y-25); _SECTION_BEGIN("Ribbon"); uptrend=PDI()>MDI()AND Signal()downtrend=MDI()>PDI()AND Signal()>MACD(); Plot( 1, /*efines the height of the ribbon in percent of pane width */"ribbon", IIf( uptrend, colorLime, IIf( downtrend, colorRed,IIf(Signal()styleOwnScale|styleArea|styleNoLabel, -.05,50 ); _SECTION_END(); KK 9 EMA Trend reversal stratagy: pr = Param( "EMA Periods", 9, 1, 200, 1 ); Plot(C,"",colorBlack,styleCandle); base=EMA(C,pr); del=base - Ref(base,-1); Buy= del>0 AND del>= (C*-0.006); Sell= del<0 AND del<= (C*0.006); PlotShapes(Buy*shapeSmallCircle, colorBrightGreen, 0, C); PlotShapes(Sell*shapeSmallCircle, colorRed, 0, C); First hour Pivots _N(Title = StrFormat(" > -"+ EncodeColor(colorBlue)+""+ EncodeColor(colorBlue)+" > "+ EncodeColor(colorWhite)+" > \n Op=> %g, \n Hi=> %g, \n Lo=> %g, \n Cl=> %g, \n >", O, H, L, C)); Plot( C, "", ParamColor("Color", colorBlack ), ParamStyle("Style",styleCandle,maskAll) ); i=Interval(0); a=IIf(i==3600,1,IIf(i==900,4,IIf(i==300,12,IIf(i==60,60,i/60)))); Hh=ValueWhen(TimeNum()==101500,HHV(H,a)); Ll=ValueWhen(TimeNum()==101500,LLV(L,a)); Cc=ValueWhen(TimeNum()==101500,C ); P = (Hh + Ll + Cc)/3; R2 = P + (Hh-Ll); R1 = (P*2) - Ll; S1 = (P*2) - Hh; S2 = P - (Hh-Ll); Plot( p," \nPiv. ", ParamColor( "Piv Color", colorYellow ), ParamStyle("piv Style", styleDashed) ); if( ParamToggle("Plot S1 - R1", "No|Yes", 0)); Plot( R1," \nR1. ", ParamColor( "R1 Color", colorPaleGreen ), ParamStyle("R1 Style",styleLine | styleDashed) ); Plot( S1," \nS1. ", ParamColor( "S1 Color", colorOrange), ParamStyle("S1 Style",styleLine | styleDashed) ); > if( ParamToggle("Plot S2 - R2", "No|Yes", 0)); Plot( R2," \nR2. ", ParamColor( "R2 Color", colorBrightGreen ), ParamStyle("R2 Style",styleLine | styleDashed) ); Plot( S2," \nS2. ", ParamColor( "S2 Color", colorRed), ParamStyle("S2 Style",styleLine | styleDashed) ); > _SECTION_BEGIN("Price"); SetChartOptions(0,chartShowArrows|chartShowDates); _N(Title = StrFormat(" > - > > Open %g, Hi %g, Lo %g, Close %g (%.1f%%) Vol " +WriteVal( V, 1.0 ) +" >", O, H, L, C, SelectedValue( ROC( C, 1 )) )); trendup = IIf(MACD(12,26) > 0 AND MACD(12,26) > Signal(12,26,9), colorGreen, colorYellow); trendcolor = IIf(MACD(12,26) < 0 AND MACD(12,26) < Signal(12,26,9), colorRed, trendup); Plot( C, "Close", trendcolor, styleBar | styleThick ); //RSIup = RSI(7) > 70; //RSIdown = RSI(7) < 30; sp = Param( "RSI Period", 7, 1, 100 ); r = RSI( sp ); RSIup = r > 65; RSIdown = r < 30; shape = RSIup * shapeSmallUpTriangle + RSIdown * shapeSmallDownTriangle; PlotShapes(shape, IIf( RSIup, colorGreen, colorRed ), 0, IIf( RSIup, Low, High ) ); if( ParamToggle("Tooltip shows", "All Values | Only Prices" ) ) ToolTip=StrFormat("Open: %g\nHigh: %g\nLow: %g\nClose: %g (%.1f%%)\nVolume: "+NumToStr( V, 1 ), O, H, L, C, SelectedValue( ROC( C, 1 ))); > _SECTION_END(); _SECTION_BEGIN("BBands"); P = ParamField("Price field",-1); Periods = Param("Periods", 12, 2, 100, 1 ); Width = Param("Width", 2, 0, 10, 0.05 ); Color = ParamColor("Color", colorLightGrey ); Style = ParamStyle("Style") | styleNoRescale; Plot( BBandTop( P, Periods, Width ), "BBTop" + _PARAM_VALUES(), Color, Style ); Plot( BBandBot( P, Periods, Width ), "BBBot" + _PARAM_VALUES(), Color, Style ); // calcul average daily range pe ultimele 7 zile HD1 = TimeFrameGetPrice("H", inDaily, -1); LD1 = TimeFrameGetPrice("L", inDaily, -1); M1 = HD1 - LD1; HD2 = TimeFrameGetPrice("H", inDaily, -2); LD2 = TimeFrameGetPrice("L", inDaily, -2); M2 = HD2 - LD2; HD3 = TimeFrameGetPrice("H", inDaily, -3); LD3 = TimeFrameGetPrice("L", inDaily, -3); M3 = HD3 - LD3; HD4 = TimeFrameGetPrice("H", inDaily, -4); LD4 = TimeFrameGetPrice("L", inDaily, -4); M4 = HD4 - LD4; HD5 = TimeFrameGetPrice("H", inDaily, -5); LD5 = TimeFrameGetPrice("L", inDaily, -5); M5 = HD5 - LD5; HD6 = TimeFrameGetPrice("H", inDaily, -6); LD6 = TimeFrameGetPrice("L", inDaily, -6); M6 = HD6 - LD6; HD7 = TimeFrameGetPrice("H", inDaily, -7); LD7 = TimeFrameGetPrice("L", inDaily, -7); M7 = HD7 - LD7; //ADR = MA(High - Low,7); ADR = (M1+M2+M3+M4+M5+M6+M7)/7; tp = ADR*0.3; sl = ADR*0.15; //TimeFrameRestore(); Plot(ADR, "\nADR", colorBlue, styleNoLine | styleNoRescale | styleNoLabel); Plot(tp, "TP", colorBlue, styleNoLine | styleNoRescale | styleNoLabel); Plot(sl, "SL", colorBlue, styleNoLine | styleNoRescale | styleNoLabel); _SECTION_BEGIN("Price"); SetChartOptions(0,chartShowArrows|chartShowDates); _N(Title = StrFormat(" > - > > Open %g, Hi %g, Lo %g, Close %g (%.1f%%) Vol " +WriteVal( V, 1.0 ) +" >", O, H, L, C, SelectedValue( ROC( C, 1 )) )); trendup = IIf(MACD(12,26) > 0 AND MACD(12,26) > Signal(12,26,9), colorGreen, colorBlack); trendcolor = IIf(MACD(12,26) < 0 AND MACD(12,26) < Signal(12,26,9), colorRed, trendup); Plot( C, "Close", trendcolor, styleBar | styleThick ); //RSIup = RSI(7) > 70; //RSIdown = RSI(7) < 30; sp = Param( "RSI Period", 7, 1, 100 ); r = RSI( sp ); RSIup = r > 70; RSIdown = r < 30; shape = RSIup * shapeSmallUpTriangle + RSIdown * shapeSmallDownTriangle; PlotShapes(shape, IIf( RSIup, colorGreen, colorRed ), 0, IIf( RSIup, Low, High ) ); if( ParamToggle("Tooltip shows", "All Values | Only Prices" ) ) ToolTip=StrFormat("Open: %g\nHigh: %g\nLow: %g\nClose: %g (%.1f%%)\nVolume: "+NumToStr( V, 1 ), O, H, L, C, SelectedValue( ROC( C, 1 ))); > _SECTION_END(); _SECTION_BEGIN("SAR"); acc = Param("Acceleration", 0.02, 0, 1, 0.001 ); accm = Param("Max. acceleration", 0.2, 0, 1, 0.001 ); Plot( SAR( acc, accm ), _DEFAULT_NAME(), ParamColor( "Color", colorCycle ), ParamStyle("Style", styleDots | styleNoLine, maskDefault | styleDots | styleNoLine ) ); _SECTION_END(); its for u pls chk below Afl _SECTION_BEGIN("Haiken-Ashi"); messageboard = ParamToggle("Message Board","Show|Hide",1); OUTcolor = ParamColor("Outer Panel Color",colorDarkRed); SetChartBkColor(OUTcolor); // color of outer border GraphXSpace = Param( "GraphXSpace", 8, 2, 200, 1 ); HaClose =EMA((O+H+L+C)/4,3); // Woodie HaOpen = AMA( Ref( HaClose, -1 ), 0.5 ); HaHigh = Max( H, Max( HaClose, HaOpen ) ); HaLow = Min( L, Min( HaClose, HaOpen ) ); Temp = Max(High, HaOpen); Temp = Min(Low,HaOpen); //THE QUEST FOR RELIABLE CROSSOVERS //LISTING 1 function ZeroLagTEMA( array, period ) TMA1 = TEMA( array, period ); TMA2 = TEMA( TMA1, period ); Diff = TMA1 - TMA2; return TMA1 + Diff ; > haClose = ( haClose + haOpen + haHigh + haLow )/4; period = Param("Avg. TEMA period", 55, 1, 100 ); ZLHa = ZeroLagTEMA( haClose, period ); ZLTyp = ZeroLagTEMA( Avg, period ); //Plot( ZLHa, "ZLTema(Ha,"+period+")", colorRed ); //Plot( ZLTyp, "ZLTema(Typ,"+period+")", colorGreen ); TMBuy = Cross( ZLTyp, ZLHa ); TMSell = Cross( ZLHa, ZLTyp ); TMBuy1= ZLTyp> ZLHa ; TMSell1=ZLHa> ZLTyp ; Show_color = ParamToggle("Display CandleColor", "No|Yes", 0); r1 = Param( "ColorFast avg", 5, 2, 200, 1 ); r2 = Param( "ColorSlow avg", 10, 2, 200, 1 ); r3 = Param( "ColorSignal avg", 5, 2, 200, 1 ); Prd1=Param("ATR Period",5,1,20,1); Prd2=Param("Look Back",5,1,20,1); green = HHV(LLV(L,Prd1)+ATR(Prd1),Prd2); red = LLV(HHV(H,Prd1)-ATR(Prd1),Prd2); HaClose =EMA((O+H+L+C)/4,3); // Woodie HaOpen = AMA( Ref( HaClose, -1 ), 0.5 ); HaHigh = Max( H, Max( HaClose, HaOpen ) ); HaLow = Min( L, Min( HaClose, HaOpen ) ); Temp = Max(High, HaOpen); Temp = Min(Low,HaOpen); //5 Year New High-New Low pdyear = Param("6-Month Back",1300,65,2600,65); pdyear1=pdyear/260; HI3 = High > Ref(HHV(High,pdyear),-1); LI3 = Low < Ref(LLV(Low,pdyear),-1); HIV3= Ref(HHV(High,pdyear),-1); LIV3=Ref(LLV(Low,pdyear),-1); //HI=H>HIV1; //LI=L<LIV1; //Long-term Price Trend(LTPT) rc= C > EMA (C,50) AND C < EMA(C,200) AND EMA(C,50) < EMA(C,200); ac= C > EMA (C,50) AND C > EMA(C,200) AND EMA(C,50) < EMA(C,200); bl= C > EMA (C,50) AND C > EMA(C,200) AND EMA(C,50) > EMA(C,200); wr= C < EMA (C,50) AND C > EMA(C,200) AND EMA(C,50) > EMA(C,200); ds= C < EMA (C,50) AND C < EMA(C,200) AND EMA(C,50) > EMA(C,200); br= C < EMA (C,50) AND C < EMA(C,200) AND EMA(C,50) < EMA(C,200); //------------------------ //Wad: Larry Williams Acc/Distribution Status TRH = IIf(Ref(C, -1) > H, Ref(C, -1), H); TRL = IIf(Ref(C, -1) < L, Ref(C, -1), L); ad = IIf(C > Ref(C, -1), C - TRL, IIf(C < Ref(C, -1), C - TRH, 0)); WAD = Cum(ad); wu = wad > Ref(wad,-1); wd = wad < Ref(wad,-1); //wad_status= WriteIf(wu, "Rising", WriteIf(wd, "Falling", "Neutral")); //30 Week New High-New Low HI2 = High > Ref(HHV(High,130),-1); LI2 = Low < Ref(LLV(Low,130),-1); HIV2=Ref(HHV(High,130),-1); LIV2=Ref(LLV(Low,130),-1); //52 Week New High-New Low HI = High > Ref(HHV(High,260),-1); LI = Low < Ref(LLV(Low,260),-1); HIV1= Ref(HHV(High,260),-1); LIV1=Ref(LLV(Low,260),-1); //HI=H>HIV1; //LI=L<LIV1; ///////////////// _SECTION_BEGIN("Line"); a = Param("Average Pds", 5, 1, 10, 1 ); n = Param("Short Pds", 8, 5, 21, 1 ); m = Param("Long Pds", 60, 0, 90, 1 ); Var4 =(Low+High+2*Close)/4; OP = EMA(Var4,a); res1 = HHV(OP,n); res2 =HHV(OP,m); sup2 =LLV(OP,m); sup1 =LLV(OP,n); Plot(Cal,"",Linecolor ,ParamStyle("styleLine 1",styleLine|styleThick,maskAll)); positive= Cross(HaClose,Cal); negative=Cross(Cal,HaClose); PlotShapes( IIf( positive, shapeHollowSmallCircle, shapeNone ), colorBrightGreen, layer = 0, yposition = HaLow, offset = -4); PlotShapes( IIf( negative, shapeHollowSmallCircle, shapeNone ), colorRed, layer = 0, yposition = HaHigh, offset = 4); > Ovos = ParamToggle("Display_OVOS", "No|Yes", 0); OBSetting=Param("Setting",40,1,500,1); Bline = StochD(OBSetting); Oversold=Bline<=30; Overbought=Bline>=85; if(Ovos) PlotShapes (IIf(Oversold, shapeHollowSmallCircle, shapeNone) ,38, layer = 0, yposition = haLow, offset = -8 ); PlotShapes (IIf(Overbought, shapeHollowSmallCircle, shapeNone) ,colorBrown, layer = 0, yposition = haHigh, offset = 7 ); > _SECTION_END(); _SECTION_BEGIN("TSKPPIVOT"); CHiPr = 0; CLoPr = 9999999; blsLong = 0; PrevCOBar = 0; NumBars = 0; PrePP = 0; PrevLowVal = 9999999; BuySig = 0; blsShort = 0; PrevHiVal = 0; blsNewCO = 0; BarDif = 0; KPA900Val = MA(Close,15); KPAutoStopVal =IIf(High,Low,Close); sctotal = 0; // -- Create 0-initialized arrays the size of barcount aHPivs = haHigh - haHigh; aLPivs = haLow - haLow; aHiVal = haHigh - haHigh; aLoVal = haLow - haLow; for (curBar=0; curBar < BarCount-1; curBar++) if ( curBar == 0 ) CHiPr = haHigh[curBar]; CHiBar = curBar; CLoPr = haLow[curBar]; CLoBar = curBar; blsLong = 0; blsShort = 0; blsNewCO = 0; PrePP = 0; PrevCOBar = 0; PrevHiVal = haHigh[curBar]; PrevLowVal = haLow[curBar]; BuySig = 0; SellSig = 0; blsLL = 0; > if (haHigh[CurBar] >= CHiPr) CHiPr = haHigh[CurBar]; ChiBar = CurBar; > if (haLow[CurBar] <= CLoPr) CLoPr = haLow[CurBar]; CLoBar = CurBar; > if ( (KPA900Val[curBar] >= KPAutoStopVal[curbar]) AND (PrePP != -1) AND (blsLong != 1) ) BarDif = CurBar - PrevCOBar; if (BarDif >= NumBars) blsLong = 1; blsShort = 0; blsNewCO = 1; PrevCOBar = CurBar; >> if ( (KPA900Val[curBar] <= KPAutoStopVal[curbar]) AND (PrePP != 1) AND (blsShort != 1) ) BarDif = CurBar - PrevCOBar; if (BarDif >= NumBars) blsLong = 0; blsShort = 1; blsNewCO = 1; PrevCOBar = CurBar; >> if ( (blsNewCO == 1) AND (sctotal[CurBar] >= 5) AND (blsLong == 1) ) LVal = CurBar - CLoBar; for (j= CLoBar-1; j <= CLoBar+1; j++) if (j >=0) aLPivs[j] = 1; aLoVal[j] = CLoPr; > > PrePP = -1; blsNewCO = 0; CHiPr = haHigh[CurBar]; CHiBar = CurBar; CLoPr = haLow[Curbar]; CLoBar = CurBar; > else if ((blsNewCO == 1) AND (sctotal[CurBar] <= -5) AND (blsShort == 1) ) HVal = CurBar - CHiBar; for (j= CHiBar-1; j <= CHiBar+1; j++) if (j >=0) aHPivs[j] = 1; aHiVal[j] = CHiPr; > > PrePP = 1; blsNewCO = 0; CHiPr = haHigh[CurBar]; CHiBar = CurBar; CLoPr = haLow[Curbar]; CLoBar = CurBar; >> PlotShapes(IIf(aHPivs == 1, shapeHollowSmallSquare,shapeNone), 25,0, aHiVal+0.05,Offset = 6); PlotShapes(IIf(aLPivs == 1, shapeHollowSmallSquare,shapeNone), colorCustom11,0, aLoVal-0.05, Offset = -6); blsLong = 0; tskp_triggerline=MA(C,25); ahigh=IIf(Low,Close,Volume); bhigh=IIf(Low,Close,Volume); //E_TSKPFAST3=IIf(MA(C,5)); tskp_fast2val1=MA(C,15); KPStopLine = IIf(High,Low,Close); // tskp_upsell, tskp_triggerline, tskp_triggerlinevma sw =IIf(Open,High,ahigh); KPTriggerLine = tskp_triggerline; KPFast3Val = IIf((IIf(Open,High,bhigh)> 0),1, -1); //tskp_fast2val1, tskp_fast2val2 dummy =IIf(Open,High,bhigh); KPFast2Val = IIf ((tskp_fast2val1 > 0),1,-1); Ctmpl = IIf(Open,High,ahigh); sctotal = 0; // tskp_mediumma,tskp_mediumup,tskp_mediumdown dummy = MA(Close,5); tskp_mediumup = MA(Close,15); tskp_mediumdown= MA(Close,10); tskp_mediumma=MA(Close,45); KPMediumUP = tskp_mediumup; KPMediumDwn = tskp_mediumdown; KPMediumMA = tskp_mediumma; // -- Create 0-initialized arrays the size of barcount aHPivs = H - H; aLPivs = L - L; aHiVal = H - H; aLoVal = L - L; for (curBar=5; curBar < BarCount-1; curBar++) if( (blsLong == -1) OR (blsLong == 0)) if ((sctotal[CurBar] >= 5) AND (KPMediumUP[CurBar] > KPMediumMA[CurBar] ) AND (KPFast3Val[CurBar] == 1) AND (KPFast2Val[CurBar] == 1) AND (KPTriggerLine[CurBar] >= KPStopLine[CurBar] )) blsLong = 1; aLPivs[CurBar] = 1; aLoVal[CurBar] = Low[CurBar]; >> if( (blsLong == 1) OR (blsLong == 0)) if ((sctotal[CurBar] <= -5) AND (KPMediumDwn[CurBar] < KPMediumMA[CurBar] ) AND (KPFast3Val[CurBar] == -1) AND (KPFast2Val[CurBar] == -1) AND (KPTriggerLine[CurBar] <= KPStopLine[CurBar] )) blsLong = -1; aHPivs[Curbar] = 1; aHiVal[Curbar] = High[Curbar]; >> if ((blsLong == 1) AND ((sctotal[CurBar] < 5) OR (KPMediumUP[CurBar] < KPMediumMA[CurBar] ) OR (KPFast2Val[CurBar] < 1) OR (KPFast3Val[CurBar] < 1) OR (KPTriggerLine[CurBar] < KPStopLine[CurBar] )) ) blsLong= 0; > if ((blsLong == -1) AND ((sctotal[CurBar] > -5) OR (KPMediumDwn[CurBar] > KPMediumMA[CurBar] ) OR (KPFast2Val[CurBar] > -1) OR (KPFast3Val[CurBar] > -1) OR (KPTriggerLine[CurBar] > KPStopLine[CurBar] )) ) blsLong = 0; >> PlotShapes (IIf(aHPivs == 1, shapeSmallCircle, shapeNone) ,colorOrange, layer = 0, yposition = haHigh, offset = 7 ); PlotShapes (IIf(aLPivs == 1, shapeSmallCircle, shapeNone) ,10, layer = 0, yposition = haLow, offset = -8 ); _SECTION_BEGIN("Beta Adjusted Trailing Stops-P.Kaufman& Bullkowski "); mp = Param("Multiplier",2,0.25,5,0.25); Sumdifml=(Sumdif*1); Sumdifml2=(Sumdif*1.5); Sumdifml3=(Sumdif*mp); Betastops=HHV(C,22) - Sumdifml; Betastops2=HHV(C,22) - Sumdifml2; Betastops3=HHV(C,22) - Sumdifml3; //Plot(Betastops3, "BATS", ParamColor( "Color2", colorGold ),ParamStyle("Style2",styleThick,maskAll)); //---------------------------------------------------------------------------------------- // Find Short Term Reversals - Closing Price, Hook, Island, Key, Open-Close // and Pivot Point Reversals using automatic analysis /*Closing Price Reversals Automatic Analysis by Larry Lovrencic*/ CPRbuy=O<(L+0.2*(H-L)) AND C>(H-0.2*(H-L)) AND H<Ref(H,-1) AND L<Ref(L,-1) AND C>Ref(C,-1); CPRsell=O>(L+0.8*(H-L)) AND C<(H-0.8*(H-L)) AND H>Ref(H,-1) AND L>Ref(L,-1) AND C<Ref(C,-1); /*Hook Reversals Automatic Analysis by Larry Lovrencic*/ HRbuy=O<(L+0.2*(H-L)) AND C>(H-0.2*(H-L)) AND H<Ref(H,-1) AND L>Ref(L,-1); HRsell=O>(L+0.8*(H-L)) AND C<(H-0.8*(H-L)) AND H<Ref(H,-1) AND L>Ref(L,-1); /*Island Reversals Automatic Analysis by Larry Lovrencic*/ IRbuy=Ref(L,-2)>Ref(H,-1) AND L>Ref(H,-1); IRsell=Ref(H,-2)<Ref(L,-1) AND H<Ref(L,-1); /*Key Reversals Automatic Analysis by Larry Lovrencic*/ KRbuy=O<Ref(C,-1) AND L<Ref(L,-1) AND C>Ref(H,-1); KRsell=O>Ref(C,-1) AND H>Ref(H,-1) AND C<Ref(L,-1); /*Open/Close Reversals Automatic Analysis by Larry Lovrencic*/ OCRbuy=O<(L+0.2*(H-L)) AND C>(H-0.2*(H-L)) AND H<Ref(H,-1) AND L<Ref(L,-1) AND C<Ref(C,-1); OCRsell=O>(L+0.8*(H-L)) AND C<(H-0.8*(H-L)) AND H>Ref(H,-1) AND L>Ref(L,-1) AND C>Ref(C,-1); /*Pivot Point Reversals Automatic Analysis by Larry Lovrencic*/ PPRbuy=Ref(L,-1)<Ref(L,-2) AND Ref(L,-1)<L AND C>Ref(H,-1); PPRsell=Ref(H,-1)>Ref(H,-2) AND Ref(H,-1)>H AND C<Ref(L,-1); Buyr=Cover=CPRbuy OR HRbuy OR IRbuy OR KRbuy OR OCRbuy OR PPRbuy; Sellr=Short=CPRsell OR HRsell OR IRsell OR KRsell OR OCRsell OR PPRsell; Buyr=ExRem(Buyr,Sellr); Sellr=ExRem(Sellr,Buyr); Short=ExRem(Short,Cover); Cover=ExRem(Cover,Short); Filter= CPRbuy OR CPRsell OR HRbuy OR HRsell OR IRbuy OR IRsell OR KRbuy OR KRsell OR OCRbuy OR OCRsell OR PPRbuy OR PPRsell; Filter=Buyr OR Sellr OR Short OR Cover; _SECTION_BEGIN("VSA by Mr.Karthik"); numDays = Pp1; dwWideSpread = 1.8; dwNarrowSpread = 0.8; dwSpreadMiddle = 0.5; dwHighClose = 0.7; dwLowClose = 0.3; upBar = C > Ref(C,-1); downBar = C < Ref(C,-1); spread = H-L; avgRange = Sum(spread, numDays) / numDays; wideRange = spread >= (dwWideSpread * avgRange); narrowRange = spread <= (dwNarrowSpread * avgRange); testHighClose = L + (spread * dwHighClose); testLowClose = L + (spread * dwLowClose); testCloseMiddle = L + (spread * dwSpreadMiddle); upClose = C > testHighClose; downClose = C < testLowClose; middleClose = C >= testLowClose AND C <= testHighClose; avgVolume = EMA(V, volNumDays); highVolume = V > (avgVolume * dwHighVol); moderateVol= V > (avgVolume * dwmoderateVol); veryHighVolume = V > (avgVolume * dwVeryHighVol); ultraHighVolume = V > (avgVolume * dwUltraHighVol); LowVolume = V < (avgVolume * dwLowVol); upThrustBar = downClose AND H > Ref(H,-1) AND (C == L) AND downClose AND (NOT narrowRange); noDemandBar = narrowRange AND LowVolume AND upBar AND (NOT upClose); //noDemandBar = narrowRange AND LowVolume AND upBar AND (V < Ref(V,-1)) AND (V < Ref(V,-2)); noSupplyBar = narrowRange AND LowVolume AND downBar AND (V < Ref(V,-1)) AND (V < Ref(V,-2)); absorption = Ref(downbar, -1) AND Ref(highVolume, -1) AND upBar; support = Ref(downBar,-1) AND (NOT Ref(downClose,-1)) AND Ref(highVolume,-1) AND upBar; stoppingVolume = Ref(downBar,-1) AND Ref(highVolume,-1) AND C > testCloseMiddle AND (NOT downBar); bullishsign=moderateVol+UpThrustBar;//OR moderateVol+upBar; //rallyEnd = (Ref(highVolume,-1) AND Ref(upBar,-1) AND wideRange AND downBar) OR // (narrowRange AND highVolume AND H > Ref(HHV(H, 250), -1)); weakness = upThrustBar OR noDemandBar OR (narrowRange AND (H > Ref(H,-1)) AND highVolume) OR (Ref(highVolume,-1) AND Ref(upBar,-1) AND downBar AND (H < Ref(H,-1))); test = TEMA ( High. Prd1 ) ; PK = test > Ref(test,-1) AND Ref(test,1) < High;//Peak PKV0 = ValueWhen(PK,haHigh,0);//PeakValue0 PKV1 = ValueWhen(PK,haHigh,1);//PeakValue1 PKV2 = ValueWhen(PK,haHigh,2);//PeakValue2 MPK = PKV2 < PKV1 AND PKV1 > PKV0 ;//MajorPeak MPKV = ValueWhen(Ref(MPK,-1) == 0 AND MPK == 1, PKV1,1); //MajorPeakValue MPKD = ValueWhen(Ref(MPK,-1) == 0 AND MPK == 1, DateNum(),1); //MajorPeakDate SD = IIf(DateNum() < LastValue(MPKD,lastmode = True ), Null, LastValue(MPKV,Lastmode = True));//SelectedDate Plot(SD, "Resist1", colorDarkOliveGreen,ParamStyle("ResStyle1",styleLine|styleNoTitle,maskAll)); MPKV2 = ValueWhen(Ref(MPK,-1) == 0 AND MPK == 1, PKV1,2); //MajorPeakValue MPKD2 = ValueWhen(Ref(MPK,-1) == 0 AND MPK == 1, DateNum(),2); //MajorPeakDate SD2 = IIf(DateNum() < LastValue(MPKD2,lastmode = True ), Null, LastValue(MPKV2,Lastmode = True));//SelectedDate Plot(SD2, "Resist2", colorDarkOliveGreen,ParamStyle("ResStyle2",styleLine|styleNoTitle,maskAll)); MPKV3 = ValueWhen(Ref(MPK,-1) == 0 AND MPK == 1, PKV1,3); //MajorPeakValue MPKD3 = ValueWhen(Ref(MPK,-1) == 0 AND MPK == 1, DateNum(),3); //MajorPeakDate SD3 = IIf(DateNum() < LastValue(MPKD3,lastmode = True ), Null, LastValue(MPKV3,Lastmode = True));//SelectedDate Plot(SD3, "Resist3", colorDarkOliveGreen,ParamStyle("ResStyle3",styleLine|styleNoTitle,maskAll)); MPKV4 = ValueWhen(Ref(MPK,-1) == 0 AND MPK == 1, PKV1,4); //MajorPeakValue MPKD4 = ValueWhen(Ref(MPK,-1) == 0 AND MPK == 1, DateNum(),4); //MajorPeakDate SD4 = IIf(DateNum() < LastValue(MPKD4,lastmode = True ), Null, LastValue(MPKV4,Lastmode = True));//SelectedDate Plot(SD4, "Resist4", colorDarkOliveGreen,ParamStyle("ResStyle4",styleLine|styleNoTitle,maskAll)); MPKV5 = ValueWhen(Ref(MPK,-1) == 0 AND MPK == 1, PKV1,5); //MajorPeakValue MPKD5 = ValueWhen(Ref(MPK,-1) == 0 AND MPK == 1, DateNum(),5); //MajorPeakDate SD5 = IIf(DateNum() < LastValue(MPKD5,lastmode = True ), Null, LastValue(MPKV5,Lastmode = True));//SelectedDate Plot(SD5, "Resist5", colorDarkOliveGreen,ParamStyle("ResStyle5",styleLine|styleNoTitle,maskAll)); MPKV6 = ValueWhen(Ref(MPK,-1) == 0 AND MPK == 1, PKV1,6); //MajorPeakValue MPKD6 = ValueWhen(Ref(MPK,-1) == 0 AND MPK == 1, DateNum(),6); //MajorPeakDate SD6 = IIf(DateNum() < LastValue(MPKD6,lastmode = True ), Null, LastValue(MPKV6,Lastmode = True));//SelectedDate Plot(SD6, "Resist6", colorDarkOliveGreen ,ParamStyle("ResStyle6",styleLine|styleNoTitle,maskAll)); _SECTION_BEGIN("Support"); //SP=L > Ref(L,-1) AND Ref(L,1) < L;//Peak test2 = TEMA ( Low. Prd2 ) ; SP = Ref(test2,1) > Low AND test2 < Ref(test2,-1);//Peak SPV0 = ValueWhen(SP,haLow,0);//PeakValue0 SPV1 = ValueWhen(SP,haLow,1);//PeakValue1 SPV2 = ValueWhen(SP,haLow,2);//PeakValue2 //PKV5 = ValueWhen(PK,haHigh,5);//PeakValue5 //PKV6 = ValueWhen(PK,haHigh,6);//PeakValue6 MSP = SPV2 > SPV1 AND SPV1 < SPV0 ;//MajorPeak MSPV = ValueWhen(Ref(MSP,-1) == 0 AND MSP == 1, SPV1,1); MSPD = ValueWhen(Ref(MSP,-1) == 0 AND MSP == 1, DateNum(),1); SD = IIf(DateNum() < LastValue(MSPD,lastmode = True ), Null, LastValue(MSPV,Lastmode = True)); Plot(SD,"Support1", colorPlum,ParamStyle("SupportLine1",styleLine|styleNoTitle,maskAll)); MSPV2 = ValueWhen(Ref(MSP,-1) == 0 AND MSP == 1, SPV1,2); MSPD2 = ValueWhen(Ref(MSP,-1) == 0 AND MSP == 1, DateNum(),2); SD2 = IIf(DateNum() < LastValue(MSPD2,lastmode = True ), Null, LastValue(MSPV2,Lastmode = True)); Plot(SD2,"Support2", colorPlum,ParamStyle("SupportLine2",styleLine|styleNoTitle,maskAll)); MSPV3 = ValueWhen(Ref(MSP,-1) == 0 AND MSP == 1, SPV1,3); MSPD3 = ValueWhen(Ref(MSP,-1) == 0 AND MSP == 1, DateNum(),3); SD3 = IIf(DateNum() < LastValue(MSPD3,lastmode = True ), Null, LastValue(MSPV3,Lastmode = True)); Plot(SD3,"Support3", colorPlum,ParamStyle("SupportLine3",styleLine|styleNoTitle,maskAll)); MSPV4 = ValueWhen(Ref(MSP,-1) == 0 AND MSP == 1, SPV1,4); MSPD4 = ValueWhen(Ref(MSP,-1) == 0 AND MSP == 1, DateNum(),4); SD4 = IIf(DateNum() < LastValue(MSPD4,lastmode = True ), Null, LastValue(MSPV4,Lastmode = True)); Plot(SD4,"Support4", colorPlum,ParamStyle("SupportLine4",styleLine|styleNoTitle,maskAll)); MSPV5 = ValueWhen(Ref(MSP,-1) == 0 AND MSP == 1, SPV1,5); MSPD5 = ValueWhen(Ref(MSP,-1) == 0 AND MSP == 1, DateNum(),5); SD5 = IIf(DateNum() < LastValue(MSPD5,lastmode = True ), Null, LastValue(MSPV5,Lastmode = True)); Plot(SD5,"Support5", colorPlum,ParamStyle("SupportLine5",styleLine|styleNoTitle,maskAll)); MSPV6 = ValueWhen(Ref(MSP,-1) == 0 AND MSP == 1, SPV1,6); MSPD6 = ValueWhen(Ref(MSP,-1) == 0 AND MSP == 1, DateNum(),6); SD6 = IIf(DateNum() < LastValue(MSPD6,lastmode = True ), Null, LastValue(MSPV6,Lastmode = True)); Plot(SD6,"Support6", colorPlum,ParamStyle("SupportLine6",styleLine|stylehidden|styleNoTitle,maskAll)); //AddColumn(ROC(V,1), "ROC Volume", 1.2, IIf(ROC(V,1) > 0, colorGreen, colorRed)); //ROC(V,1); //IIf(ROC(V,1) > 0, colorGreen, colorRed); Vol=(ROC(V,1)); CP=(ROC(C,1)); _SECTION_BEGIN("Bull vs Bear Volume"); C1 = Ref(C, -1); uc = C > C1; dc = C <= C1; ud = C > O; dd = C <= O; green = 1; blue = 2; yellow = 3; red = 4; white = 5; VType = IIf(ud, IIf(uc, green, yellow), IIf(dd, IIf(dc, red, blue), white)); /* green volume: up-day and up-close*/ gv = IIf(VType == green, V, 0); /* yellow volume: up-day but down-close */ yv = IIf(VType == yellow, V, 0); /* red volume: down-day and down-close */ rv = IIf(VType == red, V, 0); /* blue volume: down-day but up-close */ bv = IIf(VType == blue, V, 0); uv = gv + bv; uv1 = Ref(uv, -1); /* up volume */ dv = rv + yv; dv1 = Ref(dv, -1); /* down volume */ /* create moving average period parameters */ VolPer = Param("Adjust Vol. MA per.", 34, 1, 255, 1); ConvPer = Param("Adjust Conv. MA per.", 9, 1, 255, 1); /* create triple exponential moving avearges of separate up and down volume moving averages */ MAuv = TEMA(uv, VolPer ); mauv1 = Ref(mauv, -1); MAdv = TEMA(dv, VolPer ); madv1 = Ref(madv, -1); MAtv = TEMA(V, VolPer );//total volume /* Switch for Horizontal lines indicating current level of positive and negative volume for ease in comparing to past highs/lows - toggle via parmameter window */ OscillatorOnly = Param("Show Oscillator Only", 0, 0, 1, 1); CompareBullVolume = Param("Show Bull Level", 1, 0, 1, 1); if(CompareBullvolume AND !OscillatorOnly) //Plot(SelectedValue(MAuv), "", colorGreen, styleLine); > CompareBearVolume = Param("Show Bear Level", 1, 0, 1, 1); if(CompareBearVolume AND !OscillatorOnly) //Plot(SelectedValue(MAdv), "", colorRed, styleLine); > /* Volume Segment Switches - toggle via parameter window */ bullvolume = Param("Show Bull Volume", 1, 0, 1, 1); bearvolume = Param("Show Bear Volume", 1, 0, 1, 1); totalvolume = Param("Show Total Volume", 1, 0, 1, 1); /* plot volume lines and histograms if toggled on: */ bearToFront = Param("Show Bear Vol in Front", 0, 0, 1, 1); if(bearToFront AND !OscillatorOnly) //Plot(MAdv, "", colorRed, styleHistogram|styleNoLabel); > if(bullvolume AND !OscillatorOnly) //Plot(MAuv, "Average Bull Volume", colorGreen, styleHistogram|styleNoLabel); > if(bearvolume AND !OscillatorOnly) //Plot(MAdv, "Average Bear Volume", colorRed, styleHistogram|styleNoLabel); > if(totalVolume AND !OscillatorOnly) //Plot(MAtv, "Total Volume", colorWhite, styleHistogram|styleNoLabel); //Plot(MAtv, "", colorWhite, styleLine); > if(bullvolume AND !OscillatorOnly) //Plot(MAuv, "", colorGreen, styleLine); > if(bearvolume AND !OscillatorOnly) //Plot(MAdv, "", colorRed, styleLine); > /* better visibility of zero line: */ //Plot(0, "", colorBlue, 1); /* Rise/Fall Convergence variables: */ Converge = (TEMA(MAuv - MAdv, ConvPer)); Converge1 = Ref(Converge, -1); ConvergeUp = Converge > Converge1; ConvergeOver = Converge > 0; rising = ConvergeUp AND ConvergeOver; falling = !ConvergeUp AND ConvergeOver; /* Rise/Fall Convergence Oscillator Switch - toggle via parameter window - (provides a better view of resulting combination of battling bull/bear volume forces) */ convergenceOscillator = Param("Show Oscillator", 0, 0, 1, 1); if(convergenceOscillator OR OscillatorOnly) //Plot(Converge, "Bull/Bear Volume Convergence/Divergence", colorViolet,1|styleLeftAxisScale|styleNoLabel|styleThick); //Plot(0,"", colorYellow, 1|styleLeftAxisScale|styleNoLabel); > (provides a more easily visible display of rising and falling bull/bear volume convergence) - toggle via parameter window -posiitive Volume exceeding negative Volume: Light shadow -negative volume exceeding positive volume: dark shadow -if you use standard gray background - best shadows are: -my greys: 14 = (216, 216, 216); 15 = (168, 168, 168)); -best substitute? using AB color constants? -light: colorpalegreen; dark: colorRose;? -(depends on your color scheme - customize to your tastes) **********************************************************/ /* uncomment if you use my custom color greys: */ riseFallColor = IIf(rising, 14,15); //my custom shadow greys /* comment out if you use my custom color gray shadows: */ /* riseFallColor = IIf(rising, colorPaleGreen,colorRose); unesdoc.unesco.org unesdoc.unesco.org /* Rise/Fall Convergence Plot Switch - toggle via parameter window */ riseFallShadows = Param("Show RiseFallShadows", 0, 0, 1, 1); if(riseFallShadows) //Plot(IIf(rising OR falling, 1, 0), "", riseFallColor,styleHistogram|styleArea|styleOwnScale|styleNoLabel); > _SECTION_END(); DTL=Param("Linear regression period",60,10,100,10); wbf=Param("WRB factor",1.5,1.3,2.5,.1); nbf=Param("NRB factor",0.7,0.3,0.9,0.1); TL=LinRegSlope(MA(C, DTL),2); Vlp=Param("Volume lookback period",30,20,300,10); Vrg=MA(V,Vlp); St = StDev(Vrg,Vlp); Vp3 = Vrg + 3*st; Vp2 = Vrg + 2*st;; Vp1 = Vrg + 1*st;; Vn1 = Vrg -1*st; Vn2 = Vrg -2*st; rg=(H-L); arg=Wilders(rg,30); wrb=rg>(wbf*arg); nrb=rg<(nbf*arg); Vl=V<Ref(V,-1) AND V<Ref(V,-2); upbar=C>Ref(C,-1); dnbar=C<Ref(C,-1); Vh=V>Ref(V,-1) AND Ref(V,-1)>Ref(V,-2); Cloc=C-L; x=rg/Cloc; x1=IIf(Cloc==0,arg,x); Vb=V>Vrg OR V>Ref(V,-1); ucls=x1<2; dcls=x1>2; mcls=x1<2.2 AND x1>1.8 ; Vlcls=x1>4; Vhcls=x1<1.35; j=MA(C,5); TLL=LinRegSlope(j,40) ; Tlm=LinRegSlope(j,15) ; tls=LinRegSlope(j,5); mp=(H+L)/2; _SECTION_END(); // Trend Detection function Rise( Pd, perd, Pl, perl ) MAD = DEMA(Pd,perd); MAL = LinearReg(Pl,perl); CondR = ROC(MAD,1)>0 AND ROC(MAL,1)>0; CondF = ROC(MAD,1)<0 AND ROC(MAL,1)<0; R[0] = C[0]>(H[0]+L[0])/2; PrD = C; PrL = H/2+L/2; PrdD = PrdL = PrdM = Param("Prd",12,2,40,1); Rs = IIf( BarIndex()<permax, 0, Rise(PrD, PrdD, PrL, PrdL) ); Fs = IIf( BarIndex()<permax, 0, 1-Rs ); function DirBar( dr, df ) B[0] = 0; Select = Rs AND Ref(Fs,-1); Caution = Fs AND Ref(Rs,-1); Chg=Ref(C,-1); Cg = Foreign("00DSEGEN", "C"); Cgo= Ref(Cg,-1); //Longterm Bullish or Bearish Bullg = Cg > WMA(Cg,200); Bearg= Cg <WMA(Cg,200); //Midterm Bullish or Bearish mBullg = Cg >WMA(Cg,50); mBearg= Cg <WMA(Cg,50); //Shortterm Bullish or Bearish sBullg = Cg >WMA(Cg,15); sBearg= Cg <WMA(Cg,15); //////////////////////////////// xChange1=Cg - Ref(Cg,-1); Change1 = StrFormat("%1.2f% ",xChange1); barche1= xChange1>=0; Comche1= xChange1<0; xperchange1 = xChange1/100; perchange1 = StrFormat("%1.2f% ",xperchange1); positivechange1 = xperchange1>0; negativechange1 = xperchange1<0; Prd1=Param("Weekly_Period1",3,1,200,1); Prd2=Param("Weekly_Period2",5,1,200,1); TimeFrameSet (inWeekly); function T3(price,periods) s = 0.84; e1=EMA(price,periods); e2=EMA(e1,Periods); e3=EMA(e2,Periods); e4=EMA(e3,Periods); e5=EMA(e4,Periods); e6=EMA(e5,Periods); c1=-s*s*s; c2=3*s*s+3*s*s*s; c3=-6*s*s-3*s-3*s*s*s; c4=1+3*s+s*s*s+3*s*s; Ti3=c1*e6+c2*e5+c3*e4+c4*e3; return ti3; > TM = T3 ( Close. Prd1 ) ; TM2 = T3 ( Close. Prd2 ) ; UTM = IIf(Close>TM AND Close<TM2,8, IIf(Close>TM AND Close>TM2,5, IIf(Close<TM AND Close>TM2,13, IIf(Close<TM AND Close<TM2,4,2)))); //Pivot Cal Pp = ((High +Low + Close) / 3); R1 = (Pp * 2) - Low; R2 = (Pp + High) - Low; R3 = R1 +(High-Low); S1 = (Pp * 2) - High; S2 = (Pp - High) + Low; S3 = S1 - (High-Low); //up=Close>TM AND Close<TM2; wup=Close>TM AND Close>TM2; wflat=Close<TM AND Close>TM2; wdown=Close<TM AND Close<TM2; TimeFrameRestore(); //Longterm Bullish or Bearish //Bull = C > T3(C,233); //Bear= C < T3(C,233); Bull = C > WMA(C,200); Bear= C <WMA(C,200); //Midterm Bullish or Bearish //mBull = C > T3(C,55); //mBear= C < T3(C,55); mBull = C >WMA(C,50); mBear= C <WMA(C,50); //Shortterm Bullish or Bearish //sBull = C > T3(C,15); //sBear= C < T3(C,15); sBull = C >WMA(C,15); sBear= C <WMA(C,15); // Plots a 20 period Donchian channel pds=5; exitpds=5; DonchianUpper =HHV(Ref(H,-1),pds); DonchianLower = LLV(Ref(L,-1),exitpds); //DonchianMiddle = (DonchianUpper+DonchianLower)/2; a1=H>=DonchianUpper; a2=C<=DonchianLower; // Plots a 55 period Donchian channel pds2=15; exitpds2=15; DonchianUpper2 =HHV(Ref(H,-1),pds2); DonchianLower2 = LLV(Ref(L,-1),exitpds2); d1=H>=DonchianUpper2; d2=C<=DonchianLower2; //PlotShapes( IIf( a1, shapeHollowSmallCircle, shapeNone ), 11, layer = 0, yposition = Hahigh, offset = 6); //PlotShapes( IIf( d1, shapeHollowSmallSquare, shapeNone ), colorBrightGreen, layer = 0, yposition = Hahigh, offset = -6); //Price Volume Breakout: close greater than last close and volume at least twice as much 50-day MA HIV = C > Ref (C,-1) AND V > (MA(V,15)*2); LIV = C < Ref (C,-1) AND V < (MA(V,15)*2); //Initial Buy Signal Ibuy = Cross(RSI(14), EMA(RSI(14),9)); Isell = Cross(EMA(RSI(14),9), RSI(14)); Ibuy = ExRem(Ibuy, ISell); Isell = ExRem(ISell, Ibuy); BlRSI = RSI(14) > EMA(RSI(14),9); BrRSI = RSI(14) < EMA(RSI(14),9); //Price Smoothing -T3 TBuy = Cross (T3(C,3), T3(C,5)); TSell = Cross (T3(C,5), T3(C,3)); TBuy = ExRem(TBuy, TSell); TSell = ExRem(TSell, TBuy); T33 = T3(C,3) > T3(C,5); T333 = T3(C,3) < T3(C,5); //Tillson's Part (RSI Smoothing) TillsonBuy = Cross (t3(RSI(9),3), t3(RSI(9),5)); TillsonSell = Cross (t3(RSI(9),5), t3(RSI(9),3)); TB = t3(RSI(9),3)> t3(RSI(9),5); TS = t3(RSI(9),3)< t3(RSI(9),5); //ZerolagEMA & T-3 Crosses P = ParamField("Price field",-1); Periods = Param("Periods", 4, 2, 200, 1, 10 ); EMA1=EMA(P,Periods); EMA2=EMA(EMA1,Periods); Difference=EMA1-EMA2; ZerolagEMA=EMA1+Difference; ebuy = Cross(ZerolagEma, t3(ZerolagEma,3)); esell = Cross(t3(ZerolagEma,3), ZerolagEma); ebuy1 = ZerolagEma > t3(ZerolagEma,3); esell1= t3(ZerolagEma,3)>ZerolagEma; //Stochastics Part //StochBuy = Cross(StochK(9,3), StochD(9,3,3)); //StochSell = Cross (StochD(9,3,3), StochK(9,3)); //StBuy=StochK(9,3)>StochD(9,3,3); //StSell=StochK(9,3)<StochD(9,3,3); StochKval = StochK(10,5); StochDval = StochD(10,5,5); StochBuy = Cross(StochK(10,5), StochD(10,5,5)); StochSell = Cross (StochD(10,5,5), StochK(10,5)); //Filter = Buy OR Sell; //Stochbuy_status= WriteIf(StochBuy, "Buy", WriteIf(StochSell, "Sell", "No Signal")); //Stoch_Col=IIf(StochBuy, colorGreen, IIf(StochSell, colorRed, colorLightGrey)); //PlotShapes( IIf( StochBuy, shapeSmallCircle, shapeNone ), 7, layer = 0, yposition = 0, offset = 0); //PlotShapes(IIf(StochBuy AND StochKval<26,35,shapeNone),colorBrightGreen,layer = 0, yposition = 0, offset = -30); //PlotShapes(IIf(StochBuy AND StochKval > 26,33,shapeNone),colorPaleBlue,layer = 0, yposition = 0, offset = -30); //PlotShapes(IIf(StochSell AND StochKval>67,37,shapeNone),colorRed,layer = 0, yposition = 0, offset = 0); //_SECTION_BEGIN("ZL W%R"); R = ((HHV(H,14) - C) /(HHV (H,14) -LLV (L,14))) *-100; MaxGraph=10; Period= 10; EMA1= EMA(R,Period); EMA2= EMA(EMA1,5); Difference= EMA1 - EMA2; ZeroLagEMA= EMA1 + Difference; PR=100-abs(ZeroLagEMA); MoveAvg=MA(PR,5); ZBuy = Cross(PR,moveAvg) AND PR<30; ZSell = Cross(moveAvg,PR) AND PR>70; ZBuy1= PR>= MoveAvg AND PR>= Ref(PR,-1) ; ZSell1=(PR < MoveAvg) OR PR>= MoveAvg AND PR< Ref(PR,-1) ; _SECTION_END(); _SECTION_BEGIN("Mabiuts-Mr.Karthik"); mabBuy=EMA(C,13)>EMA(EMA(C,13),9) AND Cross (C,Peak(C,5,1)); mabSell=Cross (EMA(EMA(C,13),9),EMA(C,13)); mabBuy1= EMA(C,13)>EMA(EMA(C,13),9) AND C>Peak(C,2,1); mabSell1 =EMA(C,13)>EMA(EMA(C,13),9) AND C<Peak(C,2,1); range=Param( "Length ", 9, 0, 500); aup = MA(C,range) > 0; adown = MA(C,range) < 0; achoppy = MA(C,range) < DEMA(C,range) AND MA(C,range) < DEMA(C,range); adxBuy = Cross(DEMA(C,range), MA(C,range)); adxSell = Cross(MA(C,range), DEMA(C,range)); adxBuy = ExRem(adxBuy, adxSell); adxSell = ExRem(adxSell, adxBuy); adxbuy1 = DEMA(C,range) > MA(C,range); adxsell1 = MA(C,range)> DEMA(C,range); //Plot( JSB_JDMXplus( Close, Length), "JDMXplus", colorGreen, styleLine); //Plot( JSB_JDMXminus( Close, Length), "JDMXminus", colorRed, styleLine); //Plot( JSB_JDMX( Close, Length), "JDMX", colorBlue, styleLine | styleOwnScale); _SECTION_END(); //MACD Signal Crosses MB= Cross (MACD(), Signal()); MS = Cross( Signal(), MACD()); MB = ExRem(MB, MS); MS = ExRem(MS, MB); MB1= MACD() > Signal(); MS1= MACD() < Signal(); //_SECTION_BEGIN("MA-T3 Setting"); // Probable MA-T3 Cross-Oracle p=Param("Cross Period 1",4,1,20,1); //4 MAp=T3(C,p); k=Param("Cross Period 2",5,1,20,1);//6 MAk=T3(C,k); y=p*T3(C,p)-(p-1)*Ref(T3(C,p-1),-1); tClose=(p*(k-1)*T3(C,k-1)-k*(p-1)*T3(C,p-1))/(k-p); DescCrossPrediction=Cross(tClose,C); AscCrossPrediction=Cross(C,tClose); ExpectMAcross=DescCrossPrediction OR AscCrossPrediction; Confirmed=Cross(MAk,MAp) OR Cross(MAp,MAk); UR=2*Highest(ROC(C,1));LR=2*Lowest(ROC(C,1)); Ucoeff=1+UR/100;Lcoeff=1+LR/100; Filter=tClose<Lcoeff*C OR tClose>Ucoeff*C; AddColumn(MAp,"MAp"); AddColumn(MAk,"MAk"); //Plot(C,"",7*Filter+1,64); //No. '64' designates price chart as candle //Plot(MAp,"",7,1); //Red Line - The No. '4' designates the red color & No. '1' //Plot(MAk,"",2,1); //Green Line - - The No. '4' designates the red color & No. '1' bars=BarsSince(Cross(MAp,MAk) OR Cross(MAk,MAp)); expect=NOT(Filter); orBuy=AscCrossPrediction; orSell=DescCrossPrediction; orBuy1=(C>tClose); orSell1=(tClose>C); _SECTION_END(); _SECTION_BEGIN("Breakout Setting"); Buyperiods=Param("Breakout periods",5,1,100,1,1); BuyBreakout= C>Ref(HHV(H,Buyperiods),-1); Buyperiods2=Param("2 Breakout periods",17,1,100,1,1); BuyBreakout2= Cross( C, Ref( HHV(H,Buyperiods2), -1 ) ); _SECTION_END(); _SECTION_BEGIN("Pivot Box"); Show_color = ParamToggle("Display CandleColor", "No|Yes", 1); r1 = Param( "ColorFast avg", 5, 2, 200, 1 ); r2 = Param( "ColorSlow avg", 10, 2, 200, 1 ); r3 = Param( "ColorSignal avg", 5, 2, 200, 1 ); Prd1=Param("ATR Period",4,1,20,1); Prd2=Param("Look Back",7,1,20,1); green = HHV(LLV(L,Prd1)+ATR(Prd1),Prd2); red = LLV(HHV(H,Prd1)-ATR(Prd1),Prd2); m1=MACD(r1,r2); s1=Signal(r1,r2,r3); mycolor=IIf(m1<0 AND m1>s1, ColorRGB(230,230,0),IIf(m1>0 AND m1>s1,ColorRGB(0,0,100),IIf(m1>0 AND m1<s1,colorOrange,colorDarkRed))); ColorHighliter = myColor; SetBarFillColor( ColorHighliter ); > ////////// m1=MACD(r1,r2); s1=Signal(r1,r2,r3); mycolor=IIf(m1<0 AND m1>s1, ColorRGB(230,230,0),IIf(m1>0 AND m1>s1,ColorRGB(0,0,100),IIf(m1>0 AND m1<s1,colorOrange,colorDarkRed))); if(Show_color) ColorHighliter = mycolor; SetBarFillColor( ColorHighliter ); > barColor=IIf(C>Green ,colorBlue,IIf(C < RED,colorRed,colorYellow)); barColor2=IIf(Close > Open, colorWhite, colorRed); if( ParamToggle("Plot Normal Candle", "No,Yes", 1 ) ) PlotOHLC( HaOpen, Hahigh, Halow, HaClose, " ". barcolor, styleCandle | styleThick ); else PlotOHLC( Open, High, Low, Close, " ". barcolor2, styleCandle | styleThick ); threshold = 5; uptrend = StochK(39,3) > StochD(39,3,3); downtrend =StochK(39,3) < StochD(39,3,3); Buy = uptrend AND H >= Ref(H,-1) + threshold; BuyPrice = Max(O,Ref(H,-1) + threshold); Sell = downtrend AND L <= Ref(L,-1) - threshold; SellPrice = Min(O,Ref(L,-1) - threshold); Buy = ExRem(Buy,Sell); Sell = ExRem(Sell,Buy); SetChartOptions(0, chartShowDates); //Plot(C,"\nC",colorWhite,64); PlotShapes(IIf(Buy,shapeUpArrow,shapeNone),colorGreen,0,L,-15); //PlotShapes(IIf(Buy,shapeHollowUpArrow,shapeNone),c olorWhite,0,L,-15); PlotShapes(IIf(Buy,shapeHollowSmallCircle,shapeNone),colorWhite,0,BuyPrice,0); PlotShapes(IIf(Sell,shapeDownArrow,shapeNone),colorRed,0,H,-15); //PlotShapes(IIf(Sell,shapeHollowDownArrow,shapeNone ),colorWhite,0,H,-15); PlotShapes(IIf(Sell,shapeHollowSmallCircle,shapeNone),colorWhite,0,SellPrice,0); MYcolor = IIf( uptrend, colorBrightGreen, IIf(downtrend. colorRed, colorBlue)); _SECTION_END(); _SECTION_BEGIN("Pivot"); nBars = Param("Number of bars", 12, 3, 40); LP=Param("LookBack Period",150,1,500,1); bShowTCZ = Param("Show TCZ", 0, 0, 1); nExploreBarIdx = 0; nExploreDate = 0; nCurDateNum = 0; DN = DateNum(); DT = DateTime(); bTCZLong = False; bTCZShort = False; nAnchorPivIdx = 0; ADX8 = ADX(8); if(Status("action")==1) bDraw = True; bUseLastVis = 1; > else bDraw = False; bUseLastVis = False; bTrace = 1; nExploreDate = Status("rangetodate"); for (i=LastValue(BarIndex());i>=0;i--) nCurDateNum = DN[i]; if (nCurDateNum == nExploreDate) nExploreBarIdx = i; > > > if (bDraw) > aHPivs = HaHigh - HaHigh; aLPivs = HaLow - HaLow; aHPivHighs = HaHigh - HaHigh; aLPivLows = HaLow - HaLow; aHPivIdxs = HaHigh - HaHigh; aLPivIdxs = HaLow - HaLow; aAddedHPivs = HaHigh - HaHigh; aAddedLPivs = HaLow - HaLow; aLegVol = HaHigh - HaHigh; aRetrcVol = HaHigh - HaHigh; nHPivs = 0; nLPivs = 0; lastHPIdx = 0; lastLPIdx = 0; lastHPH = 0; lastLPL = 0; curPivBarIdx = 0; aHHVBars = HHVBars(HaHigh, nBars); aLLVBars = LLVBars(HaLow, nBars); aHHV = HHV(HaHigh, nBars); aLLV = LLV(HaLow, nBars); nLastVisBar = LastValue( Highest(IIf(Status("barvisible"), BarIndex(), 0))); curBar = IIf(nlastVisBar > 0 AND bUseLastVis, nlastVisBar, IIf(Status("action")==4 AND nExploreBarIdx > 0, nExploreBarIdx, LastValue(BarIndex()))); curTrend = ""; if (aLLVBars[curBar] < aHHVBars[curBar]) curTrend = "D"; else curTrend = "U"; if (curBar >= LP) for (i=0; i<LP; i++) curBar = IIf(nlastVisBar > 0 AND bUseLastVis, nlastVisBar-i, IIf(Status("action")==4 AND nExploreBarIdx > 0, nExploreBarIdx-i, LastValue(BarIndex())-i)); if (aLLVBars[curBar] < aHHVBars[curBar]) if (curTrend == "U") curTrend = "D"; curPivBarIdx = curBar - aLLVBars[curBar]; aLPivs[curPivBarIdx] = 1; aLPivLows[nLPivs] = HaLow[curPivBarIdx]; aLPivIdxs[nLPivs] = curPivBarIdx; nLPivs++; > > else if (curTrend == "D") curTrend = "U"; curPivBarIdx = curBar - aHHVBars[curBar]; aHPivs[curPivBarIdx] = 1; aHPivHighs[nHPivs] = HaHigh[curPivBarIdx]; aHPivIdxs[nHPivs] = curPivBarIdx; nHPivs++; > > > > curBar = IIf(nlastVisBar > 0 AND bUseLastVis, nlastVisBar, IIf(Status("action")==4 AND nExploreBarIdx > 0, nExploreBarIdx, LastValue(BarIndex())) ); if (nHPivs >= 2 AND nLPivs >= 2) lastLPIdx = aLPivIdxs[0]; lastLPL = aLPivLows[0]; lastHPIdx = aHPivIdxs[0]; lastHPH = aHPivHighs[0]; nLastHOrLPivIdx = Max(lastLPIdx, lastHPIdx); nAddPivsRng = curBar - nLastHOrLPivIdx; aLLVAfterLastPiv = LLV(HaLow, nAddPivsRng); nLLVAfterLastPiv = aLLVAfterLastPiv[curBar]; aLLVIdxAfterLastPiv = LLVBars(HaLow, nAddPivsRng); nLLVIdxAfterLastPiv = curBar - aLLVIdxAfterLastPiv[curBar]; aHHVAfterLastPiv = HHV(HaHigh, nAddPivsRng); nHHVAfterLastPiv = aHHVAfterLastPiv[curBar]; aHHVIdxAfterLastPiv = HHVBars(HaHigh, nAddPivsRng); nHHVIdxAfterLastPiv = curBar - aHHVIdxAfterLastPiv[curBar]; if (lastHPIdx > lastLPIdx) if (aHPivHighs[0] < aHPivHighs[1]) if (nLLVAfterLastPiv < aLPivLows[0] AND (nLLVIdxAfterLastPiv - lastHPIdx - 1) >= 1 AND nLLVIdxAfterLastPiv != curBar ) // -- OK, we'll add this as a pivot. // Mark it for plotting. aLPivs[nLLVIdxAfterLastPiv] = 1; aAddedLPivs[nLLVIdxAfterLastPiv] = 1; //. and then rearrange elements in the // pivot information arrays for (j=0; j<nLPivs; j++) aLPivLows[nLPivs-j] = aLPivLows[nLPivs-(j+1)]; aLPivIdxs[nLPivs-j] = aLPivIdxs[nLPivs-(j+1)]; > aLPivLows[0] = nLLVAfterLastPiv; aLPivIdxs[0] = nLLVIdxAfterLastPiv; nLPivs++; // -- Test whether to add piv given last piv is high // AND we have lower highs > // -- Here, the last piv is a high piv, and we have // higher-highs. The most likely addition is a // Low piv that is a retracement. > else if (nLLVAfterLastPiv > aLPivLows[0] AND (nLLVIdxAfterLastPiv - lastHPIdx - 1) >= 1 AND nLLVIdxAfterLastPiv != curBar ) // -- OK, we'll add this as a pivot. // Mark it for plotting. aLPivs[nLLVIdxAfterLastPiv] = 1; aAddedLPivs[nLLVIdxAfterLastPiv] = 1; //. and then rearrange elements in the // pivot information arrays for (j=0; j<nLPivs; j++) aLPivLows[nLPivs-j] = aLPivLows[nLPivs-(j+1)]; aLPivIdxs[nLPivs-j] = aLPivIdxs[nLPivs-(j+1)]; > aLPivLows[0] = nLLVAfterLastPiv; aLPivIdxs[0] = nLLVIdxAfterLastPiv; nLPivs++; // -- Test whether to add piv given last piv is high // AND we have lower highs > // -- The last piv is a high and we have higher highs // OR lower highs > // -- First case, lower highs if (aHPivHighs[0] < aHPivHighs[1]) if (nHHVAfterLastPiv < aHPivHighs[0] AND (nHHVIdxAfterLastPiv - lastLPIdx - 1) >= 1 AND nHHVIdxAfterLastPiv != curBar ) // -- OK, we'll add this as a pivot. // Mark that for plotting aHPivs[nHHVIdxAfterLastPiv] = 1; aAddedHPivs[nHHVIdxAfterLastPiv] = 1; //. and then rearrange elements in the // pivot information arrays for (j=0; j<nHPivs; j++) aHPivHighs[nHPivs-j] = aHPivHighs[nHPivs-(j+1)]; aHPivIdxs[nHPivs-j] = aHPivIdxs[nhPivs-(j+1)]; > aHPivHighs[0] = nHHVAfterLastPiv; aHPivIdxs[0] = nHHVIdxAfterLastPiv; nHPivs++; // -- Test whether to add piv given last piv is high // AND we have lower highs > // -- Second case when last piv is a low piv, higher highs // Most likely addition is high piv that is a retracement. // Considering adding a high piv as long as it is higher > else // -- Where I have higher highs, if (nHHVAfterLastPiv > aHPivHighs[0] AND (nHHVIdxAfterLastPiv - lastLPIdx - 1) >= 1 AND nHHVIdxAfterLastPiv != curBar ) _SECTION_BEGIN("spiker"); C1 = Ref(C, -1); uc = C > C1; dc = C <= C1; ud = C > O; dd = C <= O; green = 1; blue = 2; yellow = 3; red = 4; white = 5; VType = IIf(ud, IIf(uc, green, yellow), IIf(dd, IIf(dc, red, blue), white)); /* green volume: up-day and up-close*/ gv = IIf(VType == green, V, 0); /* yellow volume: up-day but down-close */ yv = IIf(VType == yellow, V, 0); /* red volume: down-day and down-close */ rv = IIf(VType == red, V, 0); /* blue volume: down-day but up-close */ bv = IIf(VType == blue, V, 0); uv = gv + bv; uv1 = Ref(uv, -1); /* up volume */ dv = rv + yv; dv1 = Ref(dv, -1); /* down volume */ VolPer = Param("Adjust Vol. MA per.", 10, 1, 255, 1); ConvPer = Param("Adjust Conv. MA per.", 4, 1, 255, 1); MAuv = TEMA(uv, VolPer ); mauv1 = Ref(mauv, -1); MAdv = TEMA(dv, VolPer ); madv1 = Ref(madv, -1); MAtv = TEMA(V, VolPer );//total volume Converge = (TEMA(MAuv - MAdv, ConvPer)); Converge1 = Ref(Converge, -1); ConvergeUp = Converge > Converge1; ConvergeOver = Converge > 0; rising = ConvergeUp AND ConvergeOver; falling = !ConvergeUp AND ConvergeOver; _SECTION_END(); _SECTION_BEGIN("vol30"); rsiup=rising; rsidn=falling; down=Converge > 0; rsiresult1 = WriteIf( rsiup,"ab", ""); rsiresult2 = WriteIf( rsidn,"cd", ""); rsiresult3 = WriteIf( down,"ef", ""); RequestTimedRefresh( 0 ); if ( rsiresult1 =="ab") GfxSelectSolidBrush( ColorRGB(0,147,0) ); GfxSelectFont( "Arial", 10, 100 ); GfxSetBkMode( 1 ); GfxSetTextColor( colorGreen ); GfxSelectPen( colorGreen, 1 ); > else if ( rsiresult2 =="cd") GfxSelectSolidBrush( ColorRGB(0,85,0) ); GfxSelectFont( "Arial", 10, 100 ); GfxSetBkMode( 1 ); GfxSetTextColor( colorDarkGreen ); GfxSelectPen( colorDarkGreen, 1 ); GfxSelectSolidBrush( ColorRGB(255,0,0) ); GfxSelectFont( "Arial", 10, 100 ); GfxSetBkMode( 1 ); GfxSetTextColor( colorRed ); GfxSelectPen( colorRed, 1 ); _SECTION_END(); _SECTION_BEGIN("vol31"); rsiup=rising; rsidn=falling; down=Converge > 0; rsiresult1 = WriteIf( rsiup,"ab", ""); rsiresult2 = WriteIf( rsidn,"cd", ""); rsiresult3 = WriteIf( down,"ef", ""); RequestTimedRefresh( 0 ); if ( rsiresult1 =="ab") GfxSelectSolidBrush( ColorRGB(0,147,0) ); GfxSelectFont( "Arial", 10, 100 ); GfxSetBkMode( 1 ); GfxSetTextColor( colorGreen ); GfxSelectPen( colorGreen, 1 ); > else if ( rsiresult2 =="cd") GfxSelectSolidBrush( ColorRGB(0,85,0) ); GfxSelectFont( "Arial", 10, 100 ); GfxSetBkMode( 1 ); GfxSetTextColor( colorDarkGreen ); GfxSelectPen( colorDarkGreen, 1 ); GfxSelectSolidBrush( ColorRGB(255,0,0) ); GfxSelectFont( "Arial", 10, 100 ); GfxSetBkMode( 1 ); GfxSetTextColor( colorRed ); GfxSelectPen( colorRed, 1 ); _SECTION_BEGIN("Average 0"); //Average_switch = ParamToggle("Candle On/off", "Off|On"); P = HaClose; Type = ParamList("Type", "Weighted,Lagless-21,Hull-26,Linear Regression-45,Exponential,Double Exponential,Tripple Exponential,Wilders,Simple"); Periods = Param("Periods", 20, 2, 200 ); Displacement = Param("Displacement", 1, -50, 50 ); m = 0; if( Type == "Weighted" ) m= WMA( P, Periods ); if( Type == "Lagless-21" ) m= 2*EMA(P, Periods)-EMA(EMA(P, Periods), Periods); if( Type == "Hull-26" ) m= WMA(2*(WMA(P, Periods/2))-WMA(P, Periods) ,4 ); if( Type == "Linear Regression-45" ) m= LinearReg( P, Periods ); if( Type == "Exponential" ) m = EMA( P, Periods ); if( Type == "Double Exponential" ) m = DEMA( P, Periods ); if( Type == "Tripple Exponential" ) m = TEMA( P, Periods ); if( Type == "Wilders" ) m = Wilders( P, Periods ); if( Type == "Simple" ) m = MA( P, Periods ); Plot( m, _DEFAULT_NAME(), ParamColor("Color", colorLightGrey),ParamStyle("Style",styleLine |styleThick|styleNoTitle ,maskAll),Displacement ); _SECTION_BEGIN("Average 1"); //Average_switch = ParamToggle("Candle On/off", "Off|On"); P = HaClose; Type = ParamList("Type", "Weighted,Lagless-21,Hull-26,Linear Regression-45,Exponential,Double Exponential,Tripple Exponential,Wilders,Simple"); Periods = Param("Periods", 60, 2, 200 ); Displacement = Param("Displacement", 1, -50, 50 ); m = 0; if( Type == "Weighted" ) m= WMA( P, Periods ); if( Type == "Lagless-21" ) m= 2*EMA(P, Periods)-EMA(EMA(P, Periods), Periods); if( Type == "Hull-26" ) m= WMA(2*(WMA(P, Periods/2))-WMA(P, Periods) ,4 ); if( Type == "Linear Regression-45" ) m= LinearReg( P, Periods ); if( Type == "Exponential" ) m = EMA( P, Periods ); if( Type == "Double Exponential" ) m = DEMA( P, Periods ); if( Type == "Tripple Exponential" ) m = TEMA( P, Periods ); if( Type == "Wilders" ) m = Wilders( P, Periods ); if( Type == "Simple" ) m = MA( P, Periods ); Plot( m, _DEFAULT_NAME(), ParamColor("Color", colorGrey50),ParamStyle("Style",styleLine |styleNoTitle ,maskAll),Displacement ); _SECTION_BEGIN("Average 5"); P = HaClose; Type = ParamList("Type", "Weighted,Lagless-21,Hull-26,Linear Regression-45,Exponential,Double Exponential,Tripple Exponential,Wilders,Simple"); Periods = Param("Periods", 120 ,2, 200 ); Displacement = Param("Displacement", 1, -50, 50 ); m = 0; if( Type == "Weighted" ) m= WMA( P, Periods ); if( Type == "Lagless-21" ) m= 2*EMA(P, Periods)-EMA(EMA(P, Periods), Periods); if( Type == "Hull-26" ) m= WMA(2*(WMA(P, Periods/2))-WMA(P, Periods) ,4 ); if( Type == "Linear Regression-45" ) m= LinearReg( P, Periods ); if( Type == "Exponential" ) m = EMA( P, Periods ); if( Type == "Double Exponential" ) m = DEMA( P, Periods ); if( Type == "Tripple Exponential" ) m = TEMA( P, Periods ); if( Type == "Wilders" ) m = Wilders( P, Periods ); if( Type == "Simple" ) m = MA( P, Periods ); Plot( m, _DEFAULT_NAME(), ParamColor("Color", colorGrey40),ParamStyle("Style",styleLine |styleNoTitle ,maskAll),Displacement ); _SECTION_END(); _SECTION_BEGIN("Sell Average 3"); P = HaClose; Type = ParamList("Type", "Weighted,Lagless-21,Hull-26,Linear Regression-45,Exponential,Double Exponential,Tripple Exponential,Wilders,Simple"); Periods = Param("Periods", 180, 2, 800 ); Displacement = Param("Displacement", 1, -50, 50 ); m = 0; if( Type == "Weighted" ) m= WMA( P, Periods ); if( Type == "Lagless-21" ) m= 2*EMA(P, Periods)-EMA(EMA(P, Periods), Periods); if( Type == "Hull-26" ) m= WMA(2*(WMA(P, Periods/2))-WMA(P, Periods) ,4 ); if( Type == "Linear Regression-45" ) m= LinearReg( P, Periods ); if( Type == "Exponential" ) m = EMA( P, Periods ); if( Type == "Double Exponential" ) m = DEMA( P, Periods ); if( Type == "Tripple Exponential" ) m = TEMA( P, Periods ); if( Type == "Wilders" ) m = Wilders( P, Periods ); if( Type == "Simple" ) m = MA( P, Periods ); Plot( m, _DEFAULT_NAME(), ParamColor("Color", ColorRGB(40,40,40)),ParamStyle("Style",styleLine |styleNoTitle ,maskAll),Displacement ); _SECTION_END(); _SECTION_BEGIN("trendline"); farback=Param("How Far back to go",100,50,5000,10); nBars = Param("Number of bars", 12, 5, 40); aHPivs = H - H;aLPivs = L - L; aHPivHighs = H - H;aLPivLows = L - L;aHPivIdxs = H - H;aLPivIdxs = L - L; nHPivs = 0;nLPivs = 0;lastHPIdx = 0;lastLPIdx = 0;lastHPH = 0;lastLPL = 0; curPivBarIdx = 0; aHHVBars = HHVBars(H, nBars);aLLVBars = LLVBars(L, nBars); aHHV = HHV(H, nBars);aLLV = LLV(L, nBars); aVisBars = Status("barvisible");nLastVisBar = LastValue(Highest(IIf(aVisBars, BarIndex(), 0))); _TRACE("Last visible bar: " + nLastVisBar); curBar = (BarCount-1);curTrend = "";if (aLLVBars[curBar] < aHHVBars[curBar]) curTrend = "D";>else for (i=0; i<farback; i++) if (aLLVBars[curBar] < aHHVBars[curBar]) if (curTrend == "U") curPivBarIdx = curBar - aLLVBars[curBar];aLPivs[curPivBarIdx] = 1;aLPivLows[nLPivs] = L[curPivBarIdx]; aLPivIdxs[nLPivs] = curPivBarIdx;nLPivs++;> > else aHPivs[curPivBarIdx] = 1;aHPivHighs[nHPivs] = H[curPivBarIdx]; aHPivIdxs[nHPivs] = curPivBarIdx;nHPivs++;>> > curBar = (BarCount-1);candIdx = 0;candPrc = 0;lastLPIdx = aLPivIdxs[0];lastLPL = aLPivLows[0]; lastHPIdx = aHPivIdxs[0];lastHPH = aHPivHighs[0];if (lastLPIdx > lastHPIdx) candIdx = curBar - aHHVBars[curBar];candPrc = aHHV[curBar]; if (lastHPH < candPrc AND candIdx > lastLPIdx AND candIdx < curBar) aHPivs[candIdx] = 1; for (j=0; j<nHPivs; j++) aHPivIdxs[nHPivs-j] = aHPivIdxs[nHPivs-(j+1)];>aHPivHighs[0] = candPrc ; aHPivIdxs[0] = candIdx;nHPivs++;>> else candIdx = curBar - aLLVBars[curBar];candPrc = aLLV[curBar];if (lastLPL > candPrc AND candIdx > lastHPIdx AND candIdx < curBar) aLPivs[candIdx] = 1; for (j=0; j<nLPivs; j++) aLPivIdxs[nLPivs-j] = aLPivIdxs[nLPivs-(j+1)];>aLPivLows[0] = candPrc; aLPivIdxs[0] = candIdx;nLPivs++;>> for (k=0; k<nHPivs; k++) + " at barindex: " + aHPivIdxs[k] + ", " + WriteVal(ValueWhen(BarIndex()==aHPivIdxs[k], DateTime(), 1), formatDateTime)+ ", " + aHPivHighs[k]);> a1=ahpivs==1;a2=alpivs==1; x = Cum(1);s1=L;s11=H;pS = a2 == 1; endt= SelectedValue(ValueWhen( pS, x, 1 )); startt=SelectedValue(ValueWhen( pS, x, 2 ));dtS =endt-startt; endS = SelectedValue(ValueWhen( pS, s1, 1 ) ); startS = SelectedValue( ValueWhen( pS, s1, 2 ));aS = (endS-startS)/dtS; bS = endS;trendlineS = aS * ( x -endt ) + bS; g3= IIf(x>startt-10,trendlineS,-1e10); pR = a1== 1;endt1= SelectedValue(ValueWhen( pR, x, 1 )); startt1=SelectedValue(ValueWhen( pR, x, 2 )); dtR =endt1-startt1;endR = SelectedValue(ValueWhen( pR, s11, 1 ) ); startR = SelectedValue( ValueWhen( pR, s11, 2 )); aR = (endR-startR)/dtR;bR = endR; trendlineR = aR * ( x -endt1 ) + bR; g4= IIf(x>startT1-10,trendlineR,-1e10); _SECTION_END(); _SECTION_BEGIN("trendlineA"); dn=g3>C; up=g3<C; bbresult1 = WriteIf( dn,"dn", ""); bbresult2 = WriteIf( up,"up", ""); RequestTimedRefresh( 0 ); if ( bbresult1 =="dn") GfxSelectSolidBrush( ColorRGB(255,0,0) ); if ( bbresult2 =="up") GfxSelectFont( "Arial", 10, 100 ); GfxSetBkMode( 1 ); GfxSetTextColor( colorWhite ); GfxSelectPen( colorWhite, 1 ); GfxCircle( 30,229,8 ); _SECTION_END(); _SECTION_BEGIN("trendlineA"); dn=g3>C; up=g3<C; bbresult1 = WriteIf( dn,"dn", ""); bbresult2 = WriteIf( up,"up", ""); RequestTimedRefresh( 0 ); if ( bbresult1 =="dn") GfxSelectSolidBrush( ColorRGB(255,0,0) ); if ( bbresult2 =="up") GfxSelectFont( "Arial", 10, 100 ); GfxSetBkMode( 1 ); GfxSetTextColor( colorWhite ); GfxSelectPen( colorWhite, 1 ); GfxCircle( 168,367,8 ); _SECTION_END(); _SECTION_BEGIN("TRENDLINEline"); GfxSelectFont( "Arial", 10, 100 ); GfxSetBkMode( 1 ); GfxSetTextColor( colorWhite ); GfxSelectPen( colorWhite, 1 ); GfxMoveTo( 35,234 ); GfxLineTo( 163, 362 ); _SECTION_END(); function vstop_func(trBull,trBear) trailArray[ 0 ] = C[ 0 ]; // initialize for( i = 1; i < BarCount; i++ ) prev = trailArray[ i - 1 ]; if (C[ i ] > prev AND C[ i - 1 ] > prev) trailArray[ i ] = Max(prev,C[ i ] - trBull[ i ]); > else if (C[ i ] < prev AND C[ i - 1 ] < prev) trailArray[ i ] = Min(prev,C[ i ] + trBear[ i ]); > else if (C[ i ] > prev) trailArray[ i ] = C[ i ] - trBull[ i ]; > else trailArray[ i ] = C[ i ] + trBear[ i ]; > > return trailArray; > per = Param("per",20, 1, 150, 1); multBull = Param("multBull",2, 1, 4, 0.05); multBear = Param("multBear",2, 1, 4, 0.05); trBull = multBull * ATR(per); trBear = multBear * ATR(per); s1= s0 > C ; s2= s0 <C ; ccresult1 = WriteIf( s1,"cu", ""); ccresult2 = WriteIf( s2,"cd", ""); GfxSelectFont("arial", 13, 700 ); GfxSetBkMode( colorRed); GfxSetTextColor( ParamColor("Color",colorRed) ); Hor=Param("Horizontal Position",30,10,1200,1); Ver=Param("Vertical Position",185,100,50,50); if ( ccresult1 =="cu") GfxSelectFont("arial", 13, 700 ); GfxSetBkMode( colorGreen ); GfxSetTextColor( ParamColor("Color",colorGreen) ); Hor=Param("Horizontal Position",75,10,1200,1); Ver=Param("Vertical Position",185,100,50,50); GfxTextOut(""+s0,Hor. Ver ); > _SECTION_END(); s1= s0 > C ; s2= s0 <C ; ccresult1 = WriteIf( s1,"cu", ""); ccresult2 = WriteIf( s2,"cd", ""); GfxSelectFont("arial", 13, 700 ); GfxSetBkMode( colorBrightGreen ); GfxSetTextColor( ParamColor("Color",colorBrightGreen) ); Hor=Param("Horizontal Position",30,10,1200,1); Ver=Param("Vertical Position",185,100,50,50); if ( ccresult2 =="cd") GfxSelectFont("arial", 13, 700 ); GfxSetBkMode( colorWhite ); GfxSetTextColor( ParamColor("Color",colorWhite) ); Hor=Param("Horizontal Position",75,10,1200,1); Ver=Param("Vertical Position",185,100,50,50); _SECTION_BEGIN("CMP"); GfxSelectFont("arial", 13, 700 ); GfxSetBkMode( colorWhite ); GfxSetTextColor( ParamColor("Color",colorWhite) ); Hor=Param("Horizontal Position",120,10,1200,1); Ver=Param("Vertical Position",185,100,50,50); GfxTextOut(""+C,Hor. Ver ); _SECTION_END(); _SECTION_BEGIN("buycircle"); GfxSelectFont( "Arial", 10, 100 ); GfxSetBkMode( 1 ); GfxSetTextColor( colorBlue ); GfxSelectPen( colorBlue, 1 ); if ( ccresult2 =="cd") GfxSelectSolidBrush( ColorRGB(0,255,0) ); > else GfxSelectSolidBrush( ColorRGB(0,0,94) ); > GfxCircle( 20,40,7 ); _SECTION_END(); _SECTION_BEGIN("sellcircle"); GfxSelectFont( "Arial", 10, 100 ); GfxSetBkMode( 1 ); GfxSetTextColor( colorBlue ); GfxSelectPen( colorBlue, 1 ); if ( ccresult1 =="cu") GfxSelectSolidBrush( ColorRGB(255,0,0) ); > else GfxSelectSolidBrush( ColorRGB(0,0,94) ); > GfxCircle( 180,40,7 ); _SECTION_END(); New version MTF EMA Crossover. V 1.1 Here u can change the values of emas SetChartOptions(0,chartShowArrows|chartShowDates); bc=ParamColor("Bacground Color",colorGrey40 ); SetChartBkColor( bc); pe1 = Param( "EMA I Periods", 5, 1, 2000, 1 ); pe2 = Param( "EMA II Periods", 13, 1, 2000, 1 ); pe3 = Param( "EMA III Periods", 20, 1, 2000, 1 ); DayH = TimeFrameGetPrice("H", inDaily, 0); DayL = TimeFrameGetPrice("L", inDaily, 0); DayC = TimeFrameGetPrice("C", inDaily, 0); DayO = TimeFrameGetPrice("O", inDaily, 0); pDayC = TimeFrameGetPrice("C", inDaily, -1); pi= (DayH + DayL +DayC+DayO)/4; if( ParamToggle("Plot current day Pivot", "No|Yes", 0)) Plot( pi," \nPiv. ", ParamColor( "Color", colorBlack ), ParamStyle("Style") ); _N(Title = StrFormat(" > - > > \n Op=> %g, \n Hi=> %g, \n Lo=> %g, \n Cl=> %g, \n "+ EncodeColor(colorBlue)+"Pi=> %g >", O, H, L, C, pi )); function GetSecondNum() Time = Now( 4 ); Seconds = int( Time % 100 ); Minutes = int( Time / 100 % 100 ); Hours = int( Time / 10000 % 100 ); SecondNum = int( Hours * 60 * 60 + Minutes * 60 + Seconds ); return SecondNum; > RequestTimedRefresh( 1 ); TimeFrame = Interval(); SecNumber = GetSecondNum(); Newperiod = SecNumber % TimeFrame == 0; SecsLeft = SecNumber - int( SecNumber / TimeFrame ) * TimeFrame; SecsToGo = TimeFrame - SecsLeft; GfxSelectSolidBrush( ColorRGB( 230, 230, 230 ) ); GfxSelectPen( ColorRGB( 230, 230, 230 ), 2 ); if ( NewPeriod ) GfxSelectSolidBrush( colorYellow ); GfxSelectPen( colorYellow, 2 ); > GfxRoundRect( x+75, y+17, x-3, y-2, 0, 0 ); GfxSetBkMode(1); GfxSelectFont( "Arial", 12, 700, False ); GfxSetTextColor( colorBlack ); GfxTextOut( ""+SecsToGo+" / "+NumToStr( TimeFrame, 1.0 ), x, y ); FS=Param("Font Size",15,11,100,1); GfxSelectFont("Callibri", FS. 700, True ); GfxSetBkMode( colorWhite ); GfxSetTextColor( colorBlack ); Hor1=Param("Horizontal Position1",820,1,1200,1); Ver1=Param("Vertical Position1",1,1,830,1); GfxTextOut(""+C, Hor1, Ver1); GfxSetTextColor( colorGrey50 ); GfxTextOut("PC:"+pDayC,700, Ver1); GfxSetTextColor( colorBlue ); GfxTextOut("C:"+DayC, 600, Ver1); GfxSetTextColor(colorRed ); GfxTextOut("L:"+DayL,500, Ver1); GfxSetTextColor(colorBrightGreen ); GfxTextOut("H:"+DayH,400, Ver1); GfxSetTextColor( colorLightBlue ); GfxTextOut("O:"+DayO,300, Ver1); DD=Prec(C-pDayC ,2); xx=Prec((DD/pDayC )*100,2); GfxSelectFont("Times New Roman", 11, 700, True ); GfxSetBkMode( colorBlack ); GfxSetTextColor(colorBlack ); GfxTextOut(""+DD+" ("+xx+"%)", Hor1, Ver1+ 45 ); Plot(C,"close",colorBlack,styleCandle); //1m ec=WriteIf(EMA(C,pe1)>EMA(C,pe2) OR EMA(C,pe1)<EMA(C,pe2),"One","x"); ec2=WriteIf(EMA(C,pe1)>EMA(C,pe2) AND EMA(C,pe1)>EMA(C,pe3),"On","x"); ec3=WriteIf(EMA(C,pe1)<EMA(C,pe2) AND EMA(C,pe1)<EMA(C,pe3),"Oe","x"); //5m TimeFrameSet(in5Minute); e5=EMA(C,pe1); e13=EMA(C,pe2); e20=EMA(C,pe3); TimeFrameRestore(); e5x5=TimeFrameExpand( e5, in5Minute,expandLast ); e5x13=TimeFrameExpand( e13, in5Minute,expandLast ); e5x20=TimeFrameExpand( e20, in5Minute,expandLast ); e5c=WriteIf(e5x5>e5x13 OR e5x5<e5x13,"One","x"); e5c2=WriteIf(e5x5>e5x13 AND e5x5>e5x20,"On","x"); e5c3=WriteIf(e5x5<e5x13 AND e5x5<e5x20,"Oe","x"); e15x5=TimeFrameExpand( e15, in15Minute,expandLast ); e15x13=TimeFrameExpand( e113, in15Minute,expandLast ); e15x20=TimeFrameExpand( e120, in15Minute,expandLast ); e15c=WriteIf(e15x5>e15x13 OR e15x5<e15x13,"One","x"); e15c2=WriteIf(e15x5>e15x13 AND e15x5>e15x20,"On","x"); e15c3=WriteIf(e15x5<e15x13 AND e15x5<e15x20,"Oe","x"); //1h TimeFrameSet(inHourly); e51=EMA(C,pe1); e131=EMA(C,pe2); e201=EMA(C,pe3); TimeFrameRestore(); ehx5=TimeFrameExpand( e51, inHourly,expandLast ); ehx13=TimeFrameExpand( e131, inHourly,expandLast ); ehx20=TimeFrameExpand( e201, inHourly,expandLast ); ehc=WriteIf(ehx5>ehx13 OR ehx5<ehx13,"One","x"); ehc2=WriteIf(ehx5>ehx13 AND ehx5>ehx20,"On","x"); ehc3=WriteIf(ehx5<ehx13 AND ehx5<ehx20,"Oe","x"); //4h TimeFrameSet(inHourly*4); eh51=EMA(C,pe1); eh131=EMA(C,pe2); eh201=EMA(C,pe3); TimeFrameRestore(); eh4x5=TimeFrameExpand( eh51, inHourly*4,expandLast ); eh4x13=TimeFrameExpand( eh131, inHourly*4,expandLast ); eh4x20=TimeFrameExpand( eh201, inHourly*4,expandLast ); e4hc=WriteIf(eh4x5>eh4x13 OR eh4x5<eh4x13,"One","x"); e4hc2=WriteIf(eh4x5>eh4x13 AND eh4x5>eh4x20,"On","x"); e4hc3=WriteIf(eh4x5<eh4x13 AND eh4x5<eh4x20,"Oe","x"); //d TimeFrameSet(inDaily); ed5=EMA(C,pe1); ed13=EMA(C,pe2); ed20=EMA(C,pe3); TimeFrameRestore(); edx5=TimeFrameExpand( ed5, inDaily,expandLast ); edx13=TimeFrameExpand( ed13, inDaily,expandLast ); edx20=TimeFrameExpand( ed20, inDaily,expandLast ); edc=WriteIf(edx5>edx13 OR edx5<edx13,"One","x"); edc2=WriteIf(edx5>edx13 AND edx5>edx20,"On","x"); edc3=WriteIf(edx5<edx13 AND edx5<edx20,"Oe","x"); Hor=Param("Horizontal Position",600,1,1200,1); Ver=Param("Vertical Position",35,30,1000,1); ///1 GfxSelectFont("Callibri", 10. 700, True ); GfxSetBkMode( colorWhite ); GfxSetTextColor( colorBlack ); GfxTextOut("EMA Sig ",Hor, Ver); GfxSetTextColor( colorBlack ); GfxTextOut("1 M ",Hor+72, Ver-15); if(ec=="One") GfxSelectSolidBrush(colorGold); if(ec2=="On") GfxSelectSolidBrush(colorBrightGreen); if(ec3=="Oe") GfxSelectSolidBrush(colorRed); GfxSelectPen( colorBlack, 1 ); // broader color GfxRectangle( Hor+70,Ver+5,Hor+100,Ver+15 ); ///2 GfxSetTextColor( colorBlack ); GfxTextOut("5 M ",Hor+112, Ver-15); if(e5c=="One") GfxSelectSolidBrush(colorGold); if(e5c2=="On") GfxSelectSolidBrush(colorBrightGreen); if(e5c3=="Oe") GfxSelectSolidBrush(colorRed); GfxRectangle( Hor+110,Ver+5,Hor+140,Ver+15 ); ///3 GfxSetTextColor( colorBlack ); GfxTextOut("15 M ",Hor+150, Ver-15); if(e15c=="One") GfxSelectSolidBrush(colorGold); if(e15c2=="On") GfxSelectSolidBrush(colorBrightGreen); if(e15c3=="Oe") GfxSelectSolidBrush(colorRed); GfxRectangle( Hor+150,Ver+5,Hor+180,Ver+15 ); ///4 GfxSetTextColor( colorBlack ); GfxTextOut("1 H ",Hor+193, Ver-15); if(ehc=="One") GfxSelectSolidBrush(colorGold); if(ehc2=="On") GfxSelectSolidBrush(colorBrightGreen); if(ehc3=="Oe") GfxSelectSolidBrush(colorRed); GfxRectangle( Hor+190,Ver+5,Hor+220,Ver+15 ); //5 GfxSetTextColor( colorBlack ); GfxTextOut("4 H ",Hor+233, Ver-15); if(e4hc=="One") GfxSelectSolidBrush(colorGold); if(e4hc2=="On") GfxSelectSolidBrush(colorBrightGreen); if(e4hc3=="Oe") GfxSelectSolidBrush(colorRed); GfxRectangle( Hor+230,Ver+5,Hor+260,Ver+15 ); //6 GfxSetTextColor( colorBlack ); GfxTextOut("D ",Hor+280, Ver-15); if(edc=="One") GfxSelectSolidBrush(colorGold); if(edc2=="On") GfxSelectSolidBrush(colorBrightGreen); if(edc3=="Oe") GfxSelectSolidBrush(colorRed); GfxRectangle( Hor+270,Ver+5,Hor+300,Ver+15 ); This is an indicator which totally based on RSI. The reason to amend this indicator is knowing the strength of a currency. Pending Order is an order that will be executed if the price touches a point that we specify, in other words open pending order means ordering to open a position at a certain price level. So if price hits a predetermined level, then automatically we have an open trading positions. This indicator shows MACD in the main chart. The indicator shows the current possibilities for getting buy, sell, or exit positions. No need to attach 6 indicators at a time. The indicator is for seasonal trade. Very good rate reductions with regards to Little payment Master Products Mfg. Co. 24050 Mobile 2-Shelf Steel Printer Stand, 17-7/8w x 17-7/8d x 8-1/2h, Platinum web store, Get discounted in demand virtually any Master Products Mfg. Co. 24050 Mobile 2-Shelf Steel Printer Stand, 17-7/8w x 17-7/8d x 8-1/2h, Platinum of money. Long before Procure Get Master Products Mfg. 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Co. 24050 Mobile 2-Shelf Steel Printer Stand, 17-7/8w x 17-7/8d x 8-1/2h, Platinum . Details Sales Rank: #204020 in Home Size: 2 Shelf Color: Silver Brand: Master Products Mfg. Co. Model: 24050 Published on: 2010-08-31 Platform: Windows Number of items: 1 Dimensions: 15.00 h x 16.00 w x 18.00 l,7.88 pounds Features Stores printer under desk to free up valuable desktop space. Designed to accommodate most laser or inkjet printers. Heavy-gauge, static-dissipating steel construction. Cable management controls cords and wires. Two power strip (not included) holders provide convenient access to electrical outlets. 100% recyclable material 100% static dissipating steel construciton Accepts most sizes of laser and inkjet printers, up to 18w x 18d Casters allow unit to pull out to give easy access to cable connections Frees up valuable desktop space by storing the printer under the desk More Information (Master Products Mfg. Co. 24050 Mobile 2-Shelf Steel Printer Stand, 17-7/8w x 17-7/8d x 8-1/2h, Platinum) Master Manufacturing Company - Office, Safety & Ergonomic Chair caster problems? Comfort Issues? Need furniture or floor protection? Organization solutions? See Master Mfg's extensive line of unique products American Made Inicio | Master Manufacturing Agricultural Sprayers Master Manufacturing Agricultural Sprayers and Universal Accessories Visit our site for information on where to purchase our full line of products Locks, Padlocks and Security Products from Master Lock Master Lock is recognized around the world as the authentic, enduring name in locks, combination padlocks and security products Learn more about our locker and RL FloMaster - Root-Lowell. 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Co. 24050 Mobile 2-Shelf Steel Printer Stand, 17-7/8w x 17-7/8d x 8-1/2h, Platinum in advance of consider to shop for from any specific store. Description Stores printer under desk to free up valuable desktop space. Designed to accommodate most laser or inkjet printers. Heavy-gauge, static-dissipating steel construction. Cable management controls cords and wires. Two power strip (not included) holders provide convenient access to electrical outlets. Stand Type: Printer; Width: 17 7/8 in; Width Range: N\\A. A Glossary of Survival and Preparedness Acronyms/Terms Copyright 2005-2014. All Rights Reserved by James Wesley, Rawles – www.SurvivalBlog.com ™ 000: The Australian equivalent of the U.S. 911 emergency phone system. Australians ”dial Triple O.“ 0311: The U.S. Marine Corps MOS for Rifleman. Spoken: “Oh Three Eleven” See also: 11B and MOS. 10/.22. A semi-automatic .22 rimfire rifle made by Ruger 10 Meter. The 28.000-to-29.700 MHz Amateur radio band is approximately 10 meters in wavelength so it is called the 10 Meter band. The 10 meter band is adjacent to the Citizen’s Band (27 MHz, or 11 meters), so it has been common practice to modify older 23 channel CB radio to operate in the 10 meter band. See also: CB and Free Band. 100LL. See Avgas . 112. The European equivalent of the U.S. 911 emergency phone system. 11-3-11. The Japanese 9.1 earthquake and tsunami of March 11, 2011 11B or “Eleven Bravo”. The U.S. Army’s MOS for Infantryman. See also: MOS and 0311(USMC equivalen MOSt.) 1911. See M1911 . 24×7. 24 hours a day, 7 days a week 24x7x360. 24 hours a day, 7 days a week, 360 degrees 2A. The Second Amendment 2 Meter or 2M. The 144-to-148 MHz Amateur radio band is approximately 2 meters in wavelength so it is called the 2 Meter band.| 2R. Second Realm. 2WD. Two Wheel Drive 4GW. Fourth Generation War(fare) 4H. 4H is a youth club administered by the Cooperative State Research, Education, and Extension Service (CSREES) of the United States Department of Agriculture (USDA) with the mission of “engaging youth to reach their fullest potential while advancing the field of youth development.” The four “H”s stand for Head, Heart, Hands, and Health. 4WD. Four Wheel Drive 4X4. Four Wheel Drive 401(k) :One form of retirement savings account used in the US. See also: IRA 4473. The ubiquitous “yellow form” that is kept on file permanently when a modern firearm is sold by a FFL holder. 5 Series. U.S. Army Engineer manuals start with a 5 prefix, and 5 is also the prefix for US Army Engineer branch MOSes. 550 Cord. See Paracord. 6 Meter. A VHF amateur radio band from 50 to 54 MHz–approximately 6 meters in wavelength, so it is called the 6 Meter band. 90% Silver. See: Junk Silver. 9/11/01. See 9-11. 9-11. The radical Islamic terrorist attacks of 9/11/2001 that took 3,000+ American lives. See also: OBL and WTC 911. The standard US telephone emergency number that connects to police and fire department dispatching. See also: 112. 922(r). The US Code section that requires seven American -made parts to be included when assembling a semi-auto-rifle on an American-made receiver, with an imported parts kit. 999: The British equivalent of the U.S. 911 emergency phone system. Los comentarios están cerrados. Please let others know they too can trust SurvivalBlog for the most reliable and practical survival information by voting for SurvivalBlog on topprepperwebsites.com SHOCK AND SCRATCH PROTECTION PanzerGlass is made to protect the LCD from damages and scratches with specially processed glass that has been reinforced to increase shock absorbency. The entire surface of the PanzerGlass is also transparent. When installed, there are no gaps between the LCD and the PanzerGlass which means the touch screen’s sensitivity is not affected. PanzerGlass is only 0.4 mm thin. Completely transparent. Hardness of PanzerGlass is 9 times stronger than regular glass. Even sharp objects such as knives and keys will not scratch the PanzerGlass. Oleophobic Coating. PanzerGlass has an oleophobic coating that prevents fingerprints and other contaminants and makes the glass easy to clean. Delicate Touch. PanzerGlass is coated on the back with a strong silicon adhesive that makes installation easy and attaches the glass firmly so as to not affect the touch screen’s sensitivity. Anti-Shatter Film. If broken, PanzerGlass breaks into small unsharp pieces, which adheres to the anti-shatter film, making it safer than other glass products. WARRANTY COVERAGE The warranty covers manufacturing defects only, and entitles the holder to a PanzerGlass replacement. PanzerGlass is nine times stronger than standard glass, and is constructed in order to protect your smartphone and tablet screen against daily wear and scratches. PanzerGlass is only 0.4 mm thin, so it is not unbreakable, but in most daily cases it will protect the screen on your phone or tablet from unfortunate incidents – even from a drop at breast height to a stone floor (iPhone test video documentation. Note: do not attempt this kind of tests yourself, because precision engineering inside the phone/device is at risk of breaking). If the PanzerGlass breaks, it is most likely because it has absorbed a severe impact and thereby protected the mobile device from damage, which will save you much time and repair costs – just replace the PanzerGlass in seconds. No guarantee is provided for damages that are inflicted on the PanzerGlass or the telephone/tablet. Commodity Channel Index (CCI) Commodity Channel Index (CCI) is a hugely popular indicator among traders. Although novice traders tend to pay little attention to CCI in the beginning of their lerning curve, later they return to discover amazing potential and beautiful simplicity of the CCI indicator. There is a variety of CCI indicators, just by looking at the screenshot below with various CCI versions, it becomes understandable - there is huge package of trading methods behind each simple and custom CCI indicator. CCI download box CCI.mq4 CCI_Histogram.mq4 CCI_Divergence.mq4 Real_Woodie_CCI.mq4 FX_Snipers_T3_CCI.mq4 FX_Snipers_Ergodic_CCI_Trigger.mq4 FX_Snipers_Ergodic_CCI_Trigger_Signals.mq4 CCI_Email_Alerts.mq4 Indicators built around CCI: Forex_Freeway_2.mq4 MTF_Forex_Freedom_Bar.mq4 Additional CCI reading: WoodiesCCI.pdf Trading-Woodies-CCI-System.pdf Fundamentals of trading with CCI indicator Developed by Donald Lambert, original CCI consists of a single line which oscillates between +/-200. CCI indicator was created to identify bullish and bearish market cycles as well as to define market turning points, market strongest and weakest periods. Designed for commodities, CCI has quickly found its application in other markets including Forex. The author advises to use CCI for entries and exits once CCI reaches +/-100. It goes as follows: When CCI moves above +100, there is a strong uptrend confirmed, therefore traders should open a Buy position. The trade is held as long as CCI trades above +100. Exits will be made when CCI goes back below +100. Opposite true for downtrends and readings below -100. Since 1980 when CCI indicator was first introduces, traders have found lots of ways to interpret CCI and expand trading rules. all those methods and views will be cover here. CCI and its Zero line An aggressive way to enter the market is to react to CCI's line crossing its zero level. When CCI moves above Zero, traders would Buy the currency expecting a newly changed trend to hold. Vice versa, when CCI falls below zero, traders would Sell looking to benefit from early signals of an emerging downtrend. Simple rule: Above zero - Buyers' territory, below zero - Sellers' territory; unless, we have reached an oversold/oversold zone. CCI overbought & oversold zones With CCI we can separate indicator readings to 3 zones: 1. Already known, a zone above Zero (bullish) and a Zone below zero (bearish). Trading rules: when price crosses zero line, Buy/Sell depending on the direction of a crossover. 2. An overbought zone - CCI reading above +100, an oversold zone - CCI reading below -100 Once price moves higher above +100, a strong uptrend has been established. Hold on to a Long position, but prepare to exit as soon as beautiful tall candlesticks yield place to smaller reversal candles with long shadows and small bodies. 3. An extremely overbought zone - CCI reading above +200, and an extremely oversold zone - CCI reading below -200. Take profit & close trades. Prepare for a price reversal. Summary: CCI indicator signals Bonus: CCI trading walkthrough With what we know so far, we can already read and trade with CCI indicator. Let's walk through the numbers on the screenshot below: 1 - CCI is in an overbought zone. The moment it entered there, we could have placed a Buy order, since we know that a strong uptrend has been established. 2 - CCI rises to an extremely oversold level, this is where we know that the reversal is near, so the measures are to tighten our stop loss and either exit as we spot a reversal pin bar candlestick or wait till CCI exits below 200. 3 - The moment CCI exits +200 zone we should close all remaining Long trades and look to Sell. With CCI exiting from an extremely overbought zone is a perfect opportunity to initiate our first Short trade. At the same time, should we never witness CCI above 200, we'll be still holding our Buy position open, because CCI continues to trade inside an overbought zone. (So, the difference is whether there was a rise above 200 or not. If we erase #2 event from the chart, we're trading in an overbought zone and continue to hold out Long position). 4 - As price exits from an overbought zone, we close all Long positions and can immediately open Short positions / add to existing Short trades opened at point 3. 5 - CCI crosses its Zero line and now is on Seller's territory. We can open yet another Short trade. 6 - Price enters an oversold zone (below -100), which tells us that a downtrend is already running strong. We can add up to a Short trade and hold till we find that CCI rises back above -100. Copyright y copia; Forex-indicators.net Comentarios NEW System Mechanic ® 15.5 System Mechanic® 15.5 is a critical update from iolo technologies. Microsoft Ends Windows 8 Support—What This Means and How to Keep Your PC Secure An upgrade to a newer version of Windows is strongly recommended. 4 Quick and Easy Ways to Customize Your PC to Your Needs As user needs change and develop, there are many ways to maintain optimal PC performance. 6 Quick Tips for Better Digital Privacy Digital privacy can be tricky, but there are a ways users can reduce online vulnerability. Making Secure Passwords Essential for a Clean PC Hacking is an everyday phenomenon that can affect PC users as much as big businesses. How to Keep Your PC Fast and Healthy PCs require intelligent automated solutions to ensure performance runs at optimal capacity. What's new in System Mechanic System Mechanic continues to push the boundaries of what your PC can do for you. You can’t do the “impossible” without breaking a few myths Experience a new level of PC responsiveness that keeps up with your needs, even during heavy multitasking efforts. Programs Hoard RAM: What Can You Do About It? Take back trapped memory with RAMJet, a real-time system memory enhancer found only in System Mechanic. Speed Up Your PC With More Processor Power Your PC is hiding full processor power from you. See how PowerSense in System Mechanic solves the problem. A co-evolutionary analysis of longevity: Pakhoed and its predecessors Article: Upper Echelons and Executive Profiles in the Construction Value Chain: Evidence from Italy [Show abstract] [Hide abstract] ABSTRACT: Which executive profiles currently govern the construction value chain? Addressing this lively research question is the key point of our article and it appears central to scholars, practitioners, and policymakers interested in project management in general, and construction and real estate in particular. For this reason, we draw from Upper Echelons Theory in studying the executive profiles of 109 important firms currently active in Italy. Our statistical analysis shows that, although homogeneity substantially regards the executive's gender, age, and level of education, heterogeneity is associated more with his or her functional background. We thus prospect some conceptual and methodological avenues for further analyses in this challenging area of research. No preview · Article · Jan 2016 · Project Management Journal Los datos proporcionados son sólo informativos. Aunque han sido recopilados con cuidado, no se puede garantizar la precisión. The impact factor represents a rough estimation of the journal's impact factor and does not reflect the actual current impact factor. Las condiciones del editor son proporcionadas por RoMEO. Differing provisions from the publisher's actual policy or licence agreement may be applicable. Thi s art i cl e w as dow nl oaded by: [Erasm us Uni versi t y] On: 20 Jul y 2015, At. 06:47 Publ i sher: Rout l edge Inf orm a Lt d Regi st ered i n Engl and and W al es Regi st ered Num ber: 1072954 Regi st ered of f i ce: 5 How i ck Pl ace, London, SW 1P 1W G Click for updates Busi ness Hi st ory Publ i cat i on det ai l s, i ncl udi ng i nst r uct i ons f or aut hor s and subscr i pt i on i nf or m at i on: ht t p: //www. t andf onl i ne. com /l oi /f bsh20 A co- evol ut i onary anal ysi s of l ongevi t y: Pakhoed and i t s predecessors Hugo van Dr i ela, Henk W. Vol ber daa, Sj oer d Ei kel boomb & El i ne Kam er beekc a Rot t er dam of School of Managem ent. Er asm us Uni ver si t y , Rot t er dam. t he Net her l ands b For m er Seni or Vi ce Pr esi dent of Royal Pakhoed c Mast er Gr aduat e, Rot t er dam of School of Managem ent. Er asm us Uni ver si t y. Rot t er dam. t he Net her l ands Publ i shed onl i ne: 27 May 2015. To ci t e t hi s art i cl e: Hugo van Dr i el. Henk W. Vol ber da, Sj oer d Ei kel boom & El i ne Kam er beek ( 2015). A co- evol ut i onar y anal ysi s of l ongevi t y: Pakhoed and i t s pr edecessor s, Busi ness Hi st or y. DOI : 10. 1080/00076791. 2015. 1026261 To l i nk t o t hi s art i cl e: ht t p: //dx. doi. or g/10. 1080/00076791. 2015. 1026261 PLEASE SCROLL DOW N FOR ARTICLE Tayl or & Franci s m akes every ef f ort t o ensure t he accuracy of al l t he i nf orm at i on (t he “Cont ent ”) cont ai ned i n t he publ i cat i ons on our pl at f orm. How ever. Tayl or & Franci s, our agent s, and our l i censors m ake no represent at i ons or w arrant i es w hat soever as t o t he accuracy, com pl et eness, or sui t abi l i t y f or any purpose of t he Cont ent. Any opi ni ons and vi ew s expressed i n t hi s publ i cat i on are t he opi ni ons and vi ew s of t he aut hors, and are not t he vi ew s of or endorsed by Tayl or & Franci s. The accuracy of t he Cont ent shoul d not be rel i ed upon and shoul d be i ndependent l y veri f i ed w i t h pri m ary sources of i nf orm at i on. Tayl or and Franci s shal l not be l i abl e f or any l osses, act i ons, cl ai m s, proceedi ngs, dem ands, cost s, expenses, dam ages, and ot her l i abi l i t i es w hat soever or how soever caused ari si ng di rect l y or i ndi rect l y i n connect i on w i t h, i n rel at i on t o or ari si ng out of t he use of t he Cont ent . Thi s art i cl e m ay be used f or research, t eachi ng, and pri vat e st udy purposes. Any subst ant i al or syst em at i c reproduct i on, redi st ri but i on, resel l i ng, l oan, sub-l i censi ng, syst em at i c suppl y, or di st ri but i on i n any f orm t o anyone i s expressl y f orbi dden. Term s & Condi t i ons of access and use can be f ound at ht t p://w w w. t andf onl i ne. com /page/t erm s- and-condi t i ons Downloaded by [Erasmus University] at 06:47 20 July 2015 A co-evolutionary analysis of longevity: Pakhoed and its predecessors Hugo van Driela*, Henk W. Volberdaa, Sjoerd Eikelboomband Eline Kamerbeekc aRotterdam of School of Management, Erasmus University, Rotterdam, the Netherlands;bFormer Senior Vice President of Royal Pakhoed;cMaster Graduate, Rotterdam of School of Management, Erasmus University, Rotterdam, the Netherlands In this study of the warehousing company Pakhoed and its predecessors over a period of 200 years, we analyse the configuration of environmental forces, exploitation and exploration, and three firm-level longevity factors: a tolerant management style and decentralised structure; a strong sense of identity; and a conservative financial policy. The idiosyncratic set-up of Pakhoed’s forerunners enabled their long-term survival through co-evolution with an environment that both compelled them to be responsive and provided them with scarce resources. In the most recent period, failed explorations helped Pakhoed to strengthen its sense of identity and to focus on a well-chosen field of exploitation. Keywords: longevity; co-evolution; exploration; exploitation; configurations; ware- housing; tank storage; ports 1.Introduction In recent decades, many management scholars have written about the foundations of long-term business success. Among them, Collins and Porras’s book on ‘visionary companies’ and that of de Geus on ‘the living company’ have attracted wide attention.1 These two publications belong to the small number of studies which at least to some extent distinguish longevity from persistent superior financial performance of firms.2We equate longevity with survival and not necessarily with superior performance. Longevity is then the sustained existence of a certain business entity, including the continuation of its activities after it has merged with another firm on an equal basis (whereas by contrast a firm no longer existswhenit is taken overand integrated into the acquirer’s organisation or continued as a subsidiary).3We aim to explore what value insights from the management literature on longevity can provide for business history by developing a case study of one long-lived company, focusing on the interrelationships between the factors that supposedly foster long-term survival. Long-lived firms are the exceptions to the rule. In 2005 the average age of publicly listed firms in Europe was 28 years.4Most firms are selected out and their longevity seems to be declining. For instance, while the average lifespan of the Standard & Poor 500 firms in 1958 was 61 years, by 2011 it had dropped to only 18 years.5Still, some companies seem to defy the ravages of time and continuously influence and adapt to the ever- changing environment. For example, firms such as the Swedish company Stora (founded in the thirteenth century), the Canadian firm Hudson’s Bay Company (1670) and the Dutch q 2015 Taylor & Francis *Email: [email protected] Business History, 2015 http://dx.doi.org/10.1080/00076791.2015.1026261 Downloaded by [Erasmus University] at 06:47 20 July 2015 company Royal Ten Cate (1704) have survived for hundreds of years.6How do these corporate diehards survive? So far management research in the area of longevity has suggested that certain time- invariant organisational characteristics enhance the organisation’s capacity to adapt and thus increase its chances of survival (naı ¨ve adaptation). On the other hand, naı ¨ve selection perspectives hold that firms are structurally inert and follow similar strategies of exploiting existing core competencies. This article adopts a broader, co-evolutionary perspective focusing on ‘joint outcomes of managerial adaptation and environmental selection’.7 Against the background of environmental forces, we investigate the interaction of three firm-level longevity factors: a tolerant management style and decentralised structure, a strong sense of identity, and a conservative financial policy. Together these enable firms to strike a balance between exploitation and exploration. Our case concerns Royal Pakhoed and its various predecessors, consolidated into Pakhoed in 1967, which operated warehousing in the Dutch seaports of Rotterdam and Amsterdam (currently Europe’s largest and the fourth largest ports respectively). Pakhoed and its forerunners form a rare case of firm longevity: very few Dutch warehousing companies have survived for centuries. In 1999, Pakhoed joined with the Rotterdam-based Van Ommeren to form Vopak, currently the world’s largest independent tank storage company, which clearly represents the continuation of Pakhoed. Of the 80 or more warehousing companies that were active in the Rotterdam port area from the nineteenth century onwards, only one other firm that is still independent has reached an age of more than 100,8so we suspect that some internal firm dynamics may have been at play in terms of longevity. First of all, taking a co-evolutionary perspective we develop a conceptual framework that connects firm longevity factors to environmental selection dynamics. To illustrate this framework of firm longevity, we investigate the ongoing co-evolution between Pakhoed and its predecessors’ longevity factors and the various competitive regimes through time. Our study has several key findings. First, the environment compelled the firms to be responsive and at the same time provided them with legitimacy and scarce material resources. Second, a particular configuration of longevity factors derived from the firms’ legacy was in force over a long period and successful strategic adaptations were dependent on them to a significant extent. Third, over time exploration has changed the firm-level longevity factors. In the most recent period, an over-tolerant management style resulted in several ill-advised explorations. On the other hand, these failures enabled Pakhoed to discover its core identity and to focus on a well-defined field of exploitation. 2.Firm longevity: a co-evolutionary framework Managerial theories often consider strategic renewal for survival purely from the perspective of either selection or adaptation.9According to selection perspectives, which include population ecology, institutional theory, evolutionary theory, and resource-based theory, firms are highly constrained by their environment. For instance, population ecologists argue that due to resource scarcity and competition the survival of organisations is mainly a matter of environmental selection. To attain reliability and accountability organisations become structurally inert, which signals their legitimacy, so that managerial adaptation even tends to lower the chances of survival.10Adaptation perspectives, on the other hand, suggest that firms are willing and able to renew themselves and adopt different strategies, fitting the firm ‘more particularly for existence under the conditions of its changing environment’.11Adaptation may both be reactive and anticipative.12Dynamic 2 H. van Driel et al. Downloaded by [Erasmus University] at 06:47 20 July 2015 capability theory, behavioural theory of the firm, learning theories, and strategic choice theories all take the adaptation perspective. The concept of dynamic capabilities may serve as an example. Dynamic capabilities are about ‘how an organisation extends its capabilities, synchronises them with the business environment, and/or shapes the business environment in its favour’.13Chandler’s ‘three-pronged investments’ in production, marketing and distribution, and management by which firms achieve economies of scale and scope are a well-known application of the concept of dynamic capabilities to business history.14 The majority of longevity studies seem to embrace the adaptation perspective. In his review of 24 empirical studies on corporate longevity and superior (financial) performance, Forster laments their pretentious claims to have found the ‘secrets of business success’.15The publications identify a bewildering number of success factors, sometimes flatly contradicting each other – for instance, on the wisdom of diversification. Moreover, they focus narrowly on internal firm characteristics and ignore the effects of the business environment on corporate longevity. In our co-evolutionary conceptual framework for analysing firm longevity, we consider the interaction between the evolution of the firm and its competitive environment.16The environment encompasses the institutional environment (regulation, rule-making, educational system, capital markets, employment relationships, governance structures), the extra-institutional environment (macro-economic, technological, social, political), and the competitive dynamics.17Environmental forces may include (changes in) the strength and the number of competitors, the nature and preferences of (would-be) customers, dominant management philosophies, sources of supply, market growth or decline, labour relations, governmental intervention, law-making and regulation, as well as technological breakthroughs, economic crises and political upheaval. Firms do not passively undergo environmental selection pressures. An organisation that is optimally equipped for long-term survival is likely to be one that is adaptive and that maintains a dynamic fit with its changing selection environment. To derive a framework for studying longevity, we will now discuss four central studies that identify firm-level longevity factors which enable dynamic adaptation.18These four studies – based upon multi-case analyses or on a survey – point to a selective set of longevity-enhancing factors concerning structure, management style, culture and financial policy, which connect to basic concepts from management science as well as to the results of other empirical studies. The general thrust of the key longevity studies is that firms need to strike a balance between change and stability or, in March’s terminology, between exploration and exploitation.19Using different terms again, Burgelman and Grove have called for similar balance between autonomous and induced strategy-making.20 Exploration activities involving distant search, experimentation and risk expand the repertoire of the organisation’s range of activities and competencies; they create new paths or alter existing paths, and are radical and discontinuous.21Exploitation activities involving local search, improvement and efficiency gains increase the focus on the current range of activities and include ‘expanding existing markets, improving existing competencies, and initiating rationalised activities such as closure, consolidation, or downscoping’.22Drawing on an unpublished literature review by Shell of 27 long-lived firms, de Geus points out that long-lived companies have found a perfect balance between allowing internal experiments and maverick behaviour on the one hand, and a coherent organisation and strong sense of identity on the other. This insight connects to the findings of Collins and Porras in their study of 18 ‘visionary companies’ that boast an average life span of hundred years. These authors stress the importance of both a relentless drive for Business History3 Downloaded by [Erasmus University] at 06:47 20 July 2015 progress and sticking to a core ideology. Similarly, in his survey of CEOs from 57 British firms established before 1800, Hall finds support for the notion that long-lived companies are ‘living’ ones which can adapt and learn, but which also adhere to a core ideology. Finally, from his systematic research into 18 long-lived European firms, Stadler calls both for developing learning mechanisms and for a ‘culturally sensitive’ (conservative) approach to organisational change. Regarding the ‘drive for progress’, Collins and Porras prescribe a high level of action and experimentation and continuous self-improvement, the latter being similar to Stadler’s recommendation that firms need to learn from their mistakes. De Geus emphasises that a long-lived organisation has to be sensitive or what we may call ‘open’ to the environment. He considers a tolerant or decentralised structure to be essential in this respect. Already in 1961, Burns and Stalker underlined the need for a decentralised and flexible (‘organic’) structure in order to operate successfully in a changing environment, and this was confirmed by the equally classic study by Lawrence and Lorsch, published in 1967.23Hall ascribes the high tolerance mentioned by de Geus to an ‘evolutionary’ management style. Such a management style allows for ambiguity, positive feedback and the renewal of mental models, in this way enabling non-conforming behaviour and data that drive change.24On this basis, we take the first firm-level longevity factor to be a ‘tolerant management style and decentralised structure’. Berghoff’s analysis of the post-war history of the family firm Bertelsmann reveals how a decentralised structure that leaves lower managers with considerable freedom can be vital to avoid inertia.25Similarly, in line with March’s thoughts on exploration and exploitation, Burgelman and Groves conclude from their study of Intel that for adequate autonomous strategy-making (tantamount to exploration) ‘looseness in control’ is required.26 Counterbalancing to some extent the emphasis on continuous change and innovation, the four longevity studies identify a strong sense of identity (de Geus), an outspoken self- identity or core ideology (Collins and Porras; the latter term is also used by Hall), or high sensitivity by the firm to its own culture when undertaking change (Stadler) as vital for survival. As our second firm-level longevityfactor, a strong sense of identity provides both direction to the firm and engenders a high level of commitment among its employees. Appropriately, Albert, Ashfort, and Dutton describe a clear sense of identity as ‘an internalised cognitive structure of what the organisation stands for and where it intends to go’, and suggest that this then serves ‘as a rudder for navigating difficult waters’.27While Collins and Porras characterise long-lived firms as having cult-like cultures, de Geus emphasises that members of long-lived firms consider the perpetuation of the firm as a community to be a central aim in itself. A strong, emotional commitment to the firm as an entity may be particularly significant in fostering the longevity of family firms.28Such a strong zeal for ensuring the company’s survival might spur ‘bold moves’ on some occasions, but a strong sense of identity will also limit the scope and speed of change and thus reduce the risks associated with exploration. Our third and final firm-level longevity factor is financial conservatism, which implies that firms have zero or low debts and/or are cash-rich.29Financially conservative firms forego profit maximisation: superior financial performance is not a prerequisite for firm survival, as Meyer and Zucker demonstrate.30They found that this could be explained by the fact that, due to multiple interests and motivations, dependent actors as well as owners sometimes prioritise the preservation of the organisation over objectives such as efficiency. Hall also underlines that the firms he researched were not focused primarily on profitability. Instead, 81% of his respondents saw financial strength as priority number one. Likewise, Stadler emphasises financial conservatism as an important factor, whereas 4H. van Driel et al. Downloaded by [Erasmus University] at 06:47 20 July 2015 de Geus shows that long-lived companies display financially risk-averse behaviour. Collins and Porras calculate that pay-outs of profits made by their visionary companies to the shareholders were on average lower than those paid out by the comparator companies.31There are other quantitative empirical studies supporting this observation. One of them identifies a policy of low indebtedness as being the key to the longevity of Spanish (and other European) family firms in the cotton industry between 1884 and 1935; maximising short-term profitability was sacrificed for survival under family control,32thus confirming the general picture of family firms being financially conservative.33A case study of the manufacturing firm GKN, founded in 1759 and presently the only survivor as an independent firm among the top 50 of UK firms drawn from 1905, also points to the financial conservatism accompanying the firm’s diversification and internalisation strategies as a key factor explaining its longevity.34According to the studyof Intel referred to above, exploration demands ‘a sufficient level of uncommitted resources’.35The need for ‘organisational slack’, both as a buffer in relatively bad times and to allow scope to act upon opportunities for growth, was already recognised by Cyert and March in their classic book published in 1963.36In general one might argue that a conservative financial policy results in an element of slack that provides more security, leeway and flexibility than is the case in firms that are aiming for short-term maximisation of profits or growth, with all the risks involved. In sum, the literature on longevity suggests that long-lived firms need to have a tolerant management style and a decentralised structure, have a strong sense of identity, and should follow a conservative financial policy that will enable them to strike a balance between exploring new opportunities and exploiting existing activities in their changing selection environment. For example, Piao’s longitudinal study of the hard disk drive industry, in which she analysed data from 1980 to 1999, shows that for endured longevity, firms need to maintain a moderate level of temporal overlap between exploration and exploitation activities.37While a tolerant management style and decentralised structure will induce exploration, a strong sense of identity will guide and channel innovation and ensure that exploitation activity is not infringed upon too much. In addition, financial conservatism both serves as a buffer in bad times and provides the slack needed for exploration. The conceptual model (see Figure 1) suggests that environmental forces and three firm-level factors (management style and structure, sense of identity, and financial policy) together determine the balance between exploitation and exploration and thus the Longevity Exploitation and Exploration Environmental Forces Tolerant management style/ decentralised structure Strong sense of identity Financial conservatism Firm-level longevity factors Figure 1. Co-evolutionary framework of firm longevity. Business History5 Downloaded by [Erasmus University] at 06:47 20 July 2015 longevity of firms. But co-evolution embraces more than this. Of special relevance for a historical study is that exploitation and exploration have a cumulative effect, reflected in the firm’s legacy.38Legacy can refer to many different aspects – for instance, relationships with customers, reputation, human capital, and research and development capabilities – all of which potentially enhance the firm’s chances of survival. This implies that through their exploitation and exploration activities firms can influence their environment, and their longevity resulting in a strong reputation can provide protection from environmental selection forces. Extending the scope of legacy, we may also expect exploitation and exploration to feed back into the firm-level longevity factors, making the relationship two-directional, while environmental forces may also leave their imprint on the firm-level longevity factors. It should be noted that legacy can also contribute to inertia; longevity as such will tend to preserve existing firm-level longevity factors. Environment, technology, structure, strategy, and leadership and culture may form an organisational configuration as they have important intrinsic complementarities.39Rather than being designed functionally, complementarity of this kind is likely to flow from a historical process, in which alignment between various factors may not be ideal and constant adaptation is therefore required.40The central questions for this historical case- analysis are therefore whether the longevity factors have common origins and how they interact over time. 3. Methodology, structure and sources Our case study concerns a genealogy of independent firms. Pakhoed came into being through a series of mergers of long-established companies (see Figure 2). Founded in Amsterdam around 1600, both Blaauwhoedenveem and Vriesseveem survived for three centuries before merging in 1917, finally taking the name Blaauwhoed. Pakhuismeesteren began operations in Rotterdam in 1818 and merged with Blaauwhoed in 1967 to become Pakhoed. In its turn, in 1999 Pakhoed merged with Van Ommeren into Vopak. Van Vriesseveem (c.,1600) Pakhuismeesteren van de Thee (1818) Pakhuismeesteren (1850) Blauwhoedenveem-Vriesseveem (1917) Blaauwhoed (1954) Pakhoed (1967) Blaauwhoedenveem (c.,1600) Renamed Renamed Figure 2.Genealogy of Pakhoed. 6 H. van Driel et al. Downloaded by [Erasmus University] at 06:47 20 July 2015 Ommeren had been founded back in 1839, but for much of its lifetime its main activities centred around shipping rather than storage. Apart from the limitations of space, this is the main reason for not dwelling in detail here on the history of Vopak. We undertook a single historical case study to assess to what extent and in what ways the supposed longevity factors may develop into a certain configuration. Most studies of longevity focus on common characteristics that are assumed to be constant over time. Obviously, the longevity factors will differ in impact depending upon the historical context. Therefore, we have subdivided the empirical part into four periods, characterised by different environmental selection regimes in combination with specific firm strategies: the birth of the independent warehousing business (1818–1865); the move of the warehousing companies to the deep waterfront in response to the arrival of petroleum in Europe and the transport revolution (1865–1940); the post-war oil boom and the partial decline of warehousing of dry cargo (1945–1967); and diversification and the return to the core (1967–2000). As Pakhoed’s earliest forerunners were not in third-party warehousing during the first two centuries of their existence in Amsterdam, we will not discuss this period separately. We will show, however, that their early history had a crucial influence on the longevity factors when they changed over to third-party warehousing. In analysing the successive periods, we relate the pattern of exploitation and exploration, the environmental forces, and the firm-level longevity factors to each other in order to show the co-evolution of these constituting parts of our framework, and we do this separately for each forerunner firm in the first three periods. The balance of the exploitation and exploration activities of the firms under study is measured by the extent to which the firms adhered to existing activities rather than engaging in product and geographical diversification. When describing the environmental conditions, we focus mainly – but not exclusively – on changes in demand, position and strategies of customers, the nature of competition, and regulation. When discussing the management style and structure we map the general degree of centralisation and the sources of new initiatives. To assess the sense of identity, we look at how managers understood the nature of their firm and search for signs of the intensity of the commitment to survival of the firm. Finally, in addition to qualitative information, we use two quantitative indices to measure the degree of financial conservatism: (1) interest coverage, i.e. the ratio of net profits to paid interest (the higher the interest coverage, the more financially conservative);41and (2) the pay-out ratio of net profits to the owners (the lower the pay-out ratio, the more financially conservative). Unless indicated otherwise, the empirical data are derived from two general studies on Pakhoed and its predecessors.42Alongside secondary literature, these studies are based upon the archives of the companies involved, other archives, and interviews. 4.The birth of the warehousing business (1818–1865) 4.1Pakhuismeesteren: building upon the past to gain early mover advantages In the early modern period, international traders arranged the storage of their wares themselves, often on their own premises. During the nineteenth century, as the merchants became more and more specialised in their business, separate firms began carrying out storage and allied activities in and around their own dedicated facilities. The traders still dominated these service providers, who were dependent on consignments arriving in the port in a fairly irregular and unpredictable fashion. Yet, several companies were able to acquire a strong position in port warehousing by drawing upon both material and intangible assets dating back to the Dutch golden age of the seventeenth century, when Business History7 Downloaded by [Erasmus University] at 06:47 20 July 2015 Amsterdam occupied a central position in world trade and Rotterdam also flourished. The pioneers in exploring third party warehousing in the ports were two distinct companies founded in Rotterdam and Amsterdam in 1818, both called Pakhuismeesteren van de Thee (‘Warehouse Masters of the Tea’). As their name suggests,these establishments started out by handling and processing one specific product, tea. The Rotterdam Pakhuismeesteren van de Thee, hereafter called Pakhuismeesteren, was to become one of the two constituents of Pakhoed. The initiators of the tea establishments were former ‘warehouse masters’ from the famous Dutch East Indies Company (VOC), founded in 1602 and discontinued in 1799. Operating from the ex-VOC warehouses, the new ventures derived their commercial identity from the (apparent) continuation of the VOC’s services to the trade. Building upon an old VOC service, the new tea establishments began issuing warehouse warrants. By handing over warrants, parties could trade goods without physically moving the cargo. At least equally importantly, warrants issued by third parties provided a guarantee that the goods stored would not be shipped without the warrant holder’s consent. The warrant could thus serve as collateral for loans to be obtained by traders from banks or other providers of financial means. The warrants were a crucial innovation, providing warehousing companies with a unique selling point vis-a `-vis traders who were not in the position to issue warrants of their own that had equal commercial credibility. Control of scarce material resources helped Pakhuismeesteren to acquire a monopoly position in Rotterdam tea warehousing. It could continue to use a part of the VOC’s warehouse at the Boompjes, where ships could berth nearby. These premises with their dry lofts were a scarce resource and a preferred locality for storing tea (and later also other goods). Thus by gaining control of crucial resources, early-mover Pakhuismeesteren created its own protected environment. The use of warehouse warrants was extended to the trade in coffee and other raw tropical products such as tobacco and sugar, whose imports rose significantly after the first depressed years of the post-Napoleonic period. This growth of a more varied flow of warrantable goods through the port invited diversification by the warehousing companies using their existing assets. While tea remained an important part of their exploitation activities, from 1850 onwards Pakhuismeesteren in Rotterdam diversified into processing and warehousing goods other than tea (the extension ‘van de Thee’ was then dropped). Pakhuismeesteren’s idiosyncratic open management structure probably contributed to this successful exploration. One of the two former Rotterdam VOC warehouse masters died a few days after their plans to establish Pakhuismeesteren were announced; the commission agent H.C. Voorhoeve and the Dutch gin manufacturer E.P. de Monchy then took over and were the actual founders. In parallel to their Pakhuismeesteren partnership, the founders and their successors (mainly their sons) remained involved in other commercial activities in their separate firms, making Pakhuismeesteren’s management structure ‘open’ in a typical sense. Next to their involvement in grain trade connected to their beer brewing and gin manufacturing, the De Monchys began to trade regularly in various products from the Baltic, and – on at least three occasions in the three years leading up to 1850 – also in colonial goods (sugar, coffee, and rice).43This reveals a broad business orientation which probably made their warehousing firm open to exploration outside the initial domain of tea. The policy of partner succession also provided Pakhuismeesteren with the basic identity of a family firm. In line with the customary approach of family firms, the Pakhuismeesteren policy can be described as financially conservative. Formally, the profits were distributed in full to the partners each year. However, the partners deposited 8 H. van Driel et al. Downloaded by [Erasmus University] at 06:47 20 July 2015 these profits in their private accounts at Pakhuismeesteren, which in fact represented retained earnings as they only withdrew small amounts from these accounts. Furthermore, only in 1895 did Pakhuismeesteren start to pay more interest than it received. 4.2 identity and structure to warehousing The vemen: transferring an age-old legitimacy, In Amsterdam, several cooperative ventures called ‘vemen’ (singular: ‘veem’) took control of most of the emerging warehousing business, among them Blaauwhoedenveem (Blue Hats Cooperative) and Vriesseveem (Frisian Cooperative) which together form the other constituent part of Pakhoed. One would expect smaller traders in particular to outsource their warehousing activities. Paradoxically, however, it was a large trading body that played a crucial role in enabling some of the vemen to establish themselves in the warehousing business. In 1824, the Nederlandsche Handel-Maatschappij (Dutch Trading Company) or NHM was founded. The government gave NHM the monopoly on the commission trade with the resource-rich Dutch East Indies. Intended more or less as a reincarnation of the VOC, NHM had as one of its most important aims the revival of the Dutch so-called ‘staple market’ for raw tropical goods such as tea, coffee, tobacco, and sugar. This included the farming out of transport and warehousing activities to third parties. Around 1858, NHM decided to outsource virtually all of its warehousing work to several combinations of vemen, two of them led by Blaauwhoedenveem and Vriesseveem respectively. The vemengained astakein third-partywarehousing bybuilding upontheir reputation, which stretched back to the Dutch golden age, as well-regarded servants to the trade. Around1600,approximately20vemenwere foundedinAmsterdamassubdivisionswithin the weigh-house porters guild. This guild had obtained from the municipality exclusive rights over the local transport of the large variety of goods that were subject to a weigh- house tax. In 1827 this protective shield was finally lifted. Nevertheless, almost all existing vemen remained active in local transport for decades. Moreover, several of them used their existing reputation and customer relationships to transform their business and adapted to the new environment by successfully exploring a new field of activity. The outsourcing by NHM was the culmination of a gradual change of emphasis in the activities of Blaauwhoedenveem, Vriesseveem and some other vemen; whereas previously they had been involved only in local transport and related storage work at the merchants’ warehousing, they now began to provide third-party warehousing. What remained distinctiveaboutthe vemen’s strongsenseofidentity wasboththeir cooperativenature and thepersonalised,dedicatedandsubservientway(‘withcapsdoffed’)theyservedthetraders, who traditionally occupied a much higher place than the vemen in the social hierarchy. From 1855, the issuing of warehouse warrants that were accepted by the Dutch National Bank (DNB) became the new symbol of the companies’ identity as (supposedly) trustworthy firms. Starting with the ‘recognition’ of Blaauwhoedenveem warrants in 1855, DNB developed a system of accreditation for a selected group of warehousing companies which was designed to meet specific requirements for handling of goods and warrants.44 As DNB only accepted the warrants of accredited companies as collateral, accredited companies gained a reputational advantage over non-accredited companies, a strengthening of their external legitimacy which significantly contributed to their survival. DNB required those vemen that were asking for accreditation to adopt the legal form of partnership firm, but the vemen’s historical origins in the Dutch golden age not only added to their legitimacy as warehousing companies but also continued to shape their Business History9 Downloaded by [Erasmus University] at 06:47 20 July 2015 internal management structure. Because of their cooperative beginnings the vemen remained essentially egalitarian institutions, with all members having an equal say in strategic decisions even after a change of legal form to a partnership firm. There was no elaborate administrative apparatus, so member recruitment from outside was the rule (replacements might happen quite often as both Blaauwhoedenveem and Vriesseveem had around 10 members). This openness to the outside world enabled new initiatives to be undertaken at crucial points. For instance, Vriesseveem’s transformation into a warehouse company took place at the same time as the arrival in 1855 of a new member, a certain Eilers, who already possessed or controlled several warehouses. In this way, the cooperative nature of the vemen stemming from the age of the guilds not only provided their members with a particular strong sense of identity, making them highly committed to the organisation, but also with an open structure enabling exploration. The financial policy of the vemen was also derived from their original cooperative structure, again even after they adopted the legal form of partnership from the mid-1850s. All the money earned by the members was put into one ‘purse’ from which each was paid an equal amount periodically. A pay-out of 100% seems the opposite of financial conservatism, but it also implied that the financial risks were transferred to the individual veem members. Both Blaauwhoedenveem and Vriesseveem used no debt. If needed, the members raised capital themselves – for instance, for the substantial guarantee that had to be deposited at DNB in order to acquire accreditation. Both Pakhuismeesteren and the vemen were highly dependent on traders’ consignments, which arrived in an irregular fashion, but on the other hand – because they represented continuity with the Dutch golden age – they were able to build a sheltered environment for themselves in port warehousing. They derived not only their commercial identity and legitimacy from the early modern era, but also scarce material assets (Pakhuismeesteren) and, in the case of the vemen, the legacy of a cooperative creed that was typical of the guilds’ way of thinking. For the vemen, this legacy brought with it a strong sense of identity, an ‘open’ management structure, and, in some senses, a financially conservative policy. Pakhuismeesteren’s nature as a family firm and the partners’ involvement in other businesses also provided the firm with a blend of tolerance of new activities, high commitment to the firm, and conservatism in finance. In the next period, these relatively tight configurations began to come apart. 5.The move to the waterfront (1865–1940) 5.1Pakhuismeesteren: crucial sustained diversification into tank storage The spread of industrialisation on the European continent and the transport revolution fundamentally changed the environment in which the warehousing companies operated. The warehousing companies profited indirectly from the strong growth in the production and trade of finished goods. To enjoy these profits, they needed to change their location within the port, a move which involved significant investment but which might also strengthen their competitive position. The arrival of a new type of cargo – petroleum – prompted the move tothe waterfront by the Rotterdam warehousing companies that had up till then concentrated their activities in city warehouses on the north bank of the river Meuse. This initial move was driven mainly by concerns about the fire hazard of petroleum. In 1865, Pakhuismeesteren started receiving, storing and delivering petroleum at a succession of sites directly on the waterfront on the south bank of the river, away from the city. Tank ships made their appearance, and in 1887–1888 Pakhuismeesteren built six tanks at its site at Charlois, which it had obtained on long lease for 50 years from the 10H. van Driel et al. Downloaded by [Erasmus University] at 06:47 20 July 2015 municipality in 1876. Almost from the very beginning, tank storage thus became a major part of Pakhuismeesteren’s income, and within a few years it represented the lion’s share. During the first decades, this crucial diversification into petroleum storage was sustained by the open nature of its management structure. Two of the Pakhuismeesteren partners also owned and managed the trading company M. & R. de Monchy. This second firm gained such importance in the Rotterdam petroleum trade that in a letter to the editor of Rotterdam’s leading newspaper in June 1884 an anonymous writer emphatically referred to the personal union between the two firms, thereby initiating a public discussion about Pakhuismeesteren’s monopoly over oil storage.45 From the late 1880s, however, as they fought for the control over the distribution of oil products to the European hinterland, oil producers and traders embarked on a strategy of vertical integration.46From the beginning, Pakhuismeesteren had rented out its first six tanks to one user, the Rotterdam trader Horstmann & Co. When that company was absorbed by the American Petroleum Company (APC, 51% owned by Standard Oil) in 1891, APC bought the six tanks from Pakhuismeesteren. Pakhuismeesteren thus lost half of its rented space.47By 1929, the Pakhuismeesteren partners seriously doubted whether they would follow the example of the oil companies and move their tank installations from Charlois – now reclaimed by the local government for other purposes – to the new petroleum harbour of Pernis. Pakhuismeesteren took into account the possibility that Margarine Unie (merged into Unilever in that year) might internalise tank storage in Rotterdam,48which could lead Pakhuismeesteren to lose a significant part of the edible oils it had begun to handle in 1920. These episodes illustrate how precarious the custom for their services could be for the warehousing companies, stuck as they were to fixed locations in the port. Yet Pakhuismeesteren did in fact move its tanks to Pernis in 1935 and profited from the continuing growth in mineral oil traffic from 1933 onwards. Apparently, Pakhuismeesteren acted as an ‘overflow’ terminal for the oil majors: Shell, Esso and BP supplied at least 61% of the c. 145,000 tons of mineral oils that Pakhuismeesteren handled at Pernis both in 1937 and 1938.49This represented only a small fraction of the incoming flow of mineral oils in Rotterdam which totalled 2.5 and 2.8 million tons in those two years,50yet this scale of exploitation was enough for Pakhuismeesteren to maintain profitable operations throughout the depression of the 1930s. Building tank parks as well as large warehouses at the deep waterfront (see below) implied significant investment, with tanks being specialised assets which represented a larger risk of under-utilisation than warehouses for dry cargo. Nevertheless, the Pakhuismeesteren partners were able to maintain their conservative financial policy until the 1930s. A partial explanation for this is that the investment in new premises was sometimes financed by the partners acting as private investors. These premises were not transferred to the company until much later on. Only in the 1930s did Pakhuismeesteren’s interest coverage, which had previously been so high, decline sharply due to falling profits and a steep rise in interest paid from 1935 – probably stemming from the heavy investment in the new tank storage establishment at Pernis (see Figure 3). 5.2 Amsterdam waterfront Blaauwhoedenveem and Vriesseveem: exploration of the Rotterdam and It was only during the 1930s that mineral oils started to become more important in terms of volume than the traditional warehousing commodities of coffee, tea, tobacco, sugar, rubber, cotton, and all kinds of (edible) oils, seeds and fats. The inflow of these raw tropical materials in Rotterdam rose fourfold between 1880 and 1913.51In contrast to the Business History11 Downloaded by [Erasmus University] at 06:47 20 July 2015 petroleum business, in the trade in dry tropical cargoes de-concentration became apparent, as NHM began to lose its prominent position in this trade segment after 1870. NHM had been vital when the vemen were establishing themselves in port warehousing, but this environmental change made no impact on the now firmly established position of Pakhoed’s forerunners in port warehousing. The advent of steam shipping, combined with the creation of rail connections to the port, spurred the warehousing companies to site themselves at the intersection of these new modes of transportation on the deep waterfront. In this process of co-evolution, in 1871 and 1876 respectively, Vriesseveem and Blaauwhoedenveem diversified geographically into the port of Rotterdam, when their members entered into partnerships with local firms or individuals. In this way, the open egalitarian structure of the two vemen continued to stimulate their exploration activities and made them frontrunners: only in the early 1890s further accredited warehousing companies appeared in the port of Rotterdam,52which had by then clearly outstripped Amsterdam. Similarly, from 1883, it was a newcomer to Blaauwhoedenveem, G.J.P. la Bastide, a former manager of a ship agency business, who urged the firm to be the first of the vemen to establish itself at the newly built Handelskade (Trade Wharf) at the Amsterdam deep waterfront. Although their membership overlapped in part, the Amsterdam and Rotterdam partnership firms acted almost completely autonomously, in keeping with the age-old egalitarian set-up of the vemen. Eventually, however, the move to the waterfront spurred the members of both Blaauwhoedenveem (1886) and Vriesseveem (1891) to consolidate their Amsterdam and Rotterdam interests into a single limited company. This finally led to a split between ownership and management and the building of a formal management hierarchy within the vemen. At the management board level, however, the decentralised structure which had come into being over time persisted. In the case of Blaauwhoedenveem and Vriesseveem, which themselves merged in 1917, internal competition between Amsterdam and Rotterdam managers for priority of their expansion plans seems to have stimulated the exploration of further growth opportunities. The change in legal form had much more impact on the vemen’s sense of identity. Around 1900, the core identity of the vemen as cooperative business ventures had faded 0 100 200 300 1891 1895189919031907 19111915 19191923 19271931 19351939 Pakhuismeesteren –5 0 5 10 15 20 25 1891 1894189719001903 1906 1909 1912 1915 1918 1921 19241927 193019331936 1939 Blaauwhoed Pakhuismeesteren Figure 3. Source and clarification: calculated from VOA, Pakhuismeesteren balance accounts 1895–1939, and Blaauwhoedenveem/Blaauwhoedenveem-Vriesseveem, Jaarverslagen 1902–1939. The net gains are dependent on the companies’ policyregarding depreciations inparticular. Depreciations were not identifiable in the Pakhuismeesteren data before 1934 (probably they were either very low or not present at all). For clarity purposes, three outliers were excluded from the figure. Interest coverage of Pakhuismeesteren and Blaauwhoed and its forerunners, 1891–1939. 12H. van Driel et al. Downloaded by [Erasmus University] at 06:47 20 July 2015 away after their move to limited company status, which brought a more stratified management structure and eventually a dispersed share of ownership. With the long-held initial structure of the vemen now gone, their financial policy also became less consistently conservative. Despite repeated large investments in new warehouses, after the shift to a limited company almost all of profits of Blaauwhoedenveem/Blaauwhoedenveem-Vriesseveem were paid out every year until 1930 to share owners and managers (see Table 1 and Figure 3 for financial data). This was in line with the prevailing practice in Netherlands (and other European countries), where public limited companies were seen as contracts between a group of owners in order to collectively gain profits.53Blaauwhoedenveem began to use debt only in 1891, whereafter the debt coverage showed a fluctuating pattern. In contrast to Pakhuismeesteren, Blaauwhoedenveem-Vriesseveem, which did not have the same opportunities for growth in tank storage, became very conservative in its financial policy; after 1930, the company – diverging from the general trend among listed companies – virtually stopped paying out dividends (see Table 1). Deep-water space held on long lease from the municipality, combined with a warehouse immediately or at some distance behind the quay area, remained a relatively scarce resource in the ports. However, during the depression of the 1930s, the warehousing companies began to experience increasing competition from shipping companies and stevedoring firms trying to acquire cargo to fill their under- utilised sheds, and this indicates the limits of the warehousing companies’ sheltered position in exploiting the dry cargo segment. Here, consolidation was the best they could manage in the interwar period, which was characterised by stagnating or even declining cargo flows. Table 1. forerunners, 1887–1994. Pay-out of dividends and bonuses to directors as a percentage of net gains of Pakhoed and Period Blaauwhoedenveem/ Blaauwhoedenveem -Vriesseveem/ BlaauwhoedPakhoed All firms quoted on the Dutch stock exchange 1887–1910 1911–1913 1914–1916 1917–1922 1923–1929 1930–1935 1936–1939 1947–1949 1950–1959 1960–1969 1970–1979 1980–1984 1985–1989 1990–1994 93% 94% 91% 89% 100% 17% 33% 47% 51% 51%* n/a 80% n/a n/a 72% 140% 74% 62% 64% 51% 45% 38% 46% 58% 43%** 32% 41% 34% 37% Note:*1960–1961; **1967–1969. Source and clarification: Blaauwhoedenveem/Blaauwhoedenveem-Vriesseveem/Blaauwhoed: calculated from their Jaarverslagen 1902–1961. For 1887–1916 (Blaauwhoedenveem), bonuses calculated on the basis of the company rules. The period 1930–1935 include several years with net losses; Pakhoed: calculated from Reports and accounts 1974, 1983, 1984, 1989 and 1994 (overviews). Data for Blaauwhoed from 1962 and Pakhoed from 1994 are not compatible with earlier figures and are therefore not included in the table; all Dutch listed firms: van Zanden, Een Klein Land, 68. Business History13 Downloaded by [Erasmus University] at 06:47 20 July 2015 The typical tolerant management style and decentralised structure of both constituent parts of Pakhoed further enabled the product and geographical diversification triggered by fundamental environmental changes in international trade and transport. In retrospect, Pakhuismeesteren’s early exploration into oil storage, despite being dependent on only a few large customers that were inclined to vertical integration, helped it to survive the depressed 1930s more easily than Blaauwhoedenveem-Vriesseveem. Unlike Pakhuis- meesteren, the vemen lost an important part of their traditional sense of identity due to exploration, as warehousing at the deep waterfront eventually resulted in the demise of the cooperative set-up. The same exploration process indirectly brought with it the loss of another part of the vemens’ configuration – namely, their traditional financial conservatism, which finally also made itself felt at Pakhuismeesteren. This partial disintegration of the initial tight configuration did not hurt the latter’s chance of survival since it would profit enormously from the oil boom after the Second World War. 6. The oil boom and partial decline in dry cargo (1945–1967) 6.1 in tank storage and exploration of dry cargo Pakhuismeesteren: sustained lucrative exploitation After the Second World War an explosive growth of oil traffic represented a fundamental environmental change for the warehousing companies. In the port of Rotterdam, a dramatic, virtually uninterrupted, boom in mineral oil arrivals took place, from a few million tons per year just after 1945 to 60 million tons in 1967. The consistent increase in oil consumption in Europe made investment in additional tank capacity a seemingly risk- free venture.54Tank terminal space remained a scarce resource. Its established position in the port helped Pakhuismeesteren to obtain new tank terminal sites; its partners were long- term members of the influential institutions such as the committee advising the municipal council on port matters.55In addition, the considerable investment required for each terminal in terms of tanks and jetties functioned as an important barrier to entry.56Only a few newcomers joined Pakhuismeesteren and Matex (Van Ommeren) in independent tank storage in Rotterdam in this period. The new entrants were Nederlandse Opslag Maatschappij (NOM) in 1947 and Broere in 1967 – both had relatively small terminals and NOM was later acquired by Pakhuismeesteren (1965). Pakhuismeesteren continued to run a very profitable tank business based largely on dealing with the overflows of the major oil companies. Several of those companies built new refineries and accompanying tank parks in Rotterdam from 1950 onwards. Furthermore, by 1961 contracts with customers normally guaranteed Pakhuismeesteren a minimum income from moving certain volumes of oil in and out of the tanks throughout the year.57Despite the dependence on a sometimes strongly fluctuating demand of powerful customers, the tank storage business thus represented a sustainable and lucrative field of exploitation. Pakhuismeesteren accumulated a lot of debt to finance its continued expansion, keeping its interest coverage low (see Figure 4), which does not suggest a financially conservative policy. Given the seemingly assured income from tank storage, however, Pakhuismeesteren’s principal bank Mees & Zonen (merged with Hope & Co. in 1962) did not consider the rising debt as too risky. The bank accepted a steady increase in the liquidity deficit from 4 million guilders in 1956 to 34 million in 1965. Nevertheless, for Pakhuismeesteren the merger with Blaauwhoed in 1967 (see below) was a way of reaching a more solid-looking balance sheet. The incoming flow of dry commodities suitable for warehousing also increased in Rotterdam, reaching 3.2 million tons by 1967 (compared to an average of c.,1.6 million 14H. van Driel et al. Downloaded by [Erasmus University] at 06:47 20 July 2015 tons between 1924 and 1938).58Pakhuismeesteren profited from the growth in the dry cargo business in a wider sense, as from the late 1940s it diversified from warehousing into the adjacent fields of stevedoring (partly sharing premises with the warehousing department) and ship agency and, on a smaller scale, Rhine shipping and road transport. Pakhuismeesteren was the only post-war newcomer to acquire a significant position in the Rotterdam ship agency and break-bulk stevedoring business. It capitalised on a specific environmentalchange,thatis,theriseofshippingcompaniesfromthecommunistcountries Soviet Union, Eastern Germany and China. The company obtained what was a near- monopoly on serving these customers who were new to the port of Rotterdam. This explorationwasfacilitatedbyatolerantmanagementstyleembodiedbytwopartnersnewly recruited by Pakhuismeesteren in 1949. Both R.A. de Monchy and H.J.E. van Beuningen (a non-family member) gained a reputation for the freedom they gave managers lower down the organisation to take new initiatives. After the takeover in 1965, the employees of NOM, a tank storage company that had been led in a very authoritarian way, experienced a strong contrast in the open and egalitarian management style of its new parent Pakhuismeesteren.59This management style enabled the successful explorative move into stevedoring and ship agency in Rotterdam, which Blaauwhoed could not emulate. 6.2Blaauwhoed: exploration of real estate to offset decline in warehousing Despite the sustained growth of cargo volumes in Rotterdam, after the Second World War there was a feeling that the traditional dry warehousing business had had its day. A structural decline of the flow of tropical materials from the former Dutch colony of 0 2 4 6 8 10 12 14 195019531956195919621965196819711974197719801983 1986 19891992 Pakhuismeesteren Blaauwhoed Pakhoed All publically quoted Dutch firms Figure 4. calculated from VOA, Accountants’ Reports Pakhuismeesteren 1950–1964 and printed annual reports 1965–1966 (non-consolidated figures); Blaauwhoed, Jaarverslagen 1950–1961; Pakhoed, Reports and accounts 1975–1994; CBS, Statistiek van Balans 1975–1994. Both the Pakhoed ratio and the general Dutch average is calculated by dividing profit before interest and taxes (including extraordinary profits and expenses) with interest paid. If one takes the balance of interest paid and received, the average Dutch ratio is then one or two points higher in most of the years. Interest coverage of Pakhoed and forerunners, 1950–1994. Source and clarification: Business History15 Downloaded by [Erasmus University] at 06:47 20 July 2015 Indonesia was particularly damaging to Amsterdam’s ‘staple market’. More generally, more frequent arrivals of cargo and improved communication were increasingly enabling industrial companies to import their raw materials without intermediation by traders. To the warehousing companies this might imply a loss of work, as this new type of customer was inclined to keep the stocks in the ports as low as possible and was less interested in having the commodities processed in the port or receiving warehouse warrants (whose external accreditation lost salience for all but a few commodities in this period60). In 1954, hit particularly by the decline in Amsterdam’s traditional business, Blaauwhoedenveem-Vriesseveem started to rent out under-utilised warehouses to trading or manufacturing companies which were active there. In this exploration, Blaauwhoed (as the company was renamed that year) even went as far as to take over several warehousing companies, just in order to acquire their premises, and in 1963 it began constructing or buying buildings itself as a property developer. The real estate business began to form the bulk of Blaauwhoed’s profits in the 1960s, so the exploitation of warehousing activities lost significance and even suffered from the transfer of warehouses to other purposes. Its traditionally decentralised management board structure facilitated this crucial exploration at Blaauwhoed after the war. In 1946, H.J.W. Brouwer was promoted to the company’s Amsterdam management board and in 1954 he began experimenting with real estate activities there. This exploration subsequently triggered a change in the structure and management style of the company. Brouwer steered the company towards centralisation in a bid to overcome the resistance of the Rotterdam managers and persuade them to convert warehouse premises in the city into business accommodation as well. In 1962 he succeeded: Blaauwhoed became a holding company registered in Amsterdam, while its port companies in Amsterdam and Rotterdam were reduced to the status of subsidiaries. In order to realise sustained diversification, the company thus dispensed with its long-standing decentralised management structure. Due to this exploration, the firm’s existing sense of identity also lost its strength. An academically trained economist, Brouwer coolly analysed the situation in Amsterdam, with its many empty warehouses, and concluded that the traditional warehousing business would eventually vanish. Dropping the suffix veem in the company name in 1954 was symbolic of the fact that warehousing no longer played such an important part in the firm’s identity for the Amsterdam top management, which was now far removed from the personalised and deferential service to customers that continued to characterise warehousing in this period.61 The new business which Blaauwhoed entered in 1954 – real estate – is an intrinsically speculative one, so in a financial sense this exploration was also a break with the past. However, Blaauwhoed’s ratios suggest that the company remained relatively financially conservative during the 1950s (see Table 1 and Figure 4). This was probably out of necessity: Blaauwhoed had had far more difficulties than Pakhuismeesteren in financing its rebuilding scheme after the war and the exploratory move into a new field. But one could also doubt whether the ratios actually reflected the risk level of the new main activity. Just as in the previous period, Pakhuismeesteren’s configuration remained more intact than that of its later merger partner Blaauwhoed and not only because of sustained exploitation of tank storage in very advantageous environmental conditions. A tolerant management style made it possible for Pakhuismeesteren to go ahead with successful exploration within dry cargo, whereas for Blaauwhoed a (perceived) decline in dry cargo warehousing, which fed the firm’s wish to continue exploring the real estate business, 16H. van Driel et al. Downloaded by [Erasmus University] at 06:47 20 July 2015 resulted in the loss of its traditional decentralised structure and a crumbling away of its sense of identity as a warehousing company. And while keeping up with the oil boom was financed in what only appeared to be a non-conservative way by Pakhuismeesteren, Blaauwhoed’s exploration of real estate was more risky than the financial ratios suggested. Nevertheless, although they were exploring in different directions, under pressure of a general environmental change the two firms came together in 1967. 7. extended core (1967–2000) Pakhoed: short-lived explorations and the return to an In 1967, in a general climate of merger mania in the port where ‘everybody talked with everybody else’,62Pakhuismeesteren and Blaauwhoed merged to form Pakhoed. This put an end to their mutual competition and created a more diversified business. However, in 1969 and 1970, Pakhoed divested a large part of its dry cargo warehousing, reflecting a lack of confidence by CEO Brouwer (formerly at Blauwhoed) in the prospects of this business which had become largely loss-making for Pakhoed.63Between 1970 and 1979, the two former Pakhuismeesteren partners and two other top managers related to them by marriage left Pakhoed prematurely, mainly because they disagreed with the Brouwer- inspired financially oriented approach that had gained the upper hand after the merger.64 Pakhuismeesteren’s earlier key identity as a family firm, when the de Monchy partners had been known among the employees as ‘Mister Jan’ and ‘Mister Rene ´’,65thus faded away. Nevertheless, a strong sense of identity continued to characterise Pakhoed. Like Brouwer (1967–1974), the later long-tenured CEOs H. Crijns (1977–1992), an engineer and former director of a real estate company, and N.J. Westdijk (1992–1999), a former consultant, gave the impression of judging business opportunities in a distanced manner, but they shared a deep interest into Pakhoed’s long history. Commitment among employees to Pakhoed remained high until the merger with Van Ommeren, according to at least five of 12 Pakhoed managers interviewed.66In this respect not much seems to have changed since 1970, when someone joining the firm was surprised by the long working days of his new colleagues at the office of Paktank (Pakhoed’s tank storage division).67 However, this continued high commitment to the firm was not enough for the firm to easily find an appropriate balance between exploitation and exploration. In 1978, the company sold the major part of its real property possessions at the top of the market and at the same time decided to expand its development of real estate. In 1985, after several years in which it lost tens of millions of guilders per year mainly due to a crisis in the housing market, Pakhoed decided to phase out its real estate development business completely. Initially developed by Blaauwhoed as a route out of the (supposedly) declining warehousing business, real estate was finally considered by the Pakhoed management as too risky a business to prolong. Repeated heavy losses were unimaginable in the tank storage business, which was indisputably Pakhoed’s main field of exploitation. After the first oil crisis oil arrivals in Rotterdam dropped from a peak of 156 million tons in 1973 to 90 to 95 million tons in the mid-1980s. The oil majors’ refinery business contracted, and they sharply reduced their cargo flows through the independent tank terminals. Paktank could, however, compensate for this loss of custom from the oil majors with a series of deals with large trading companies, some of which emerged on the scene very suddenly.68In the 1980s and 1990s, Paktank also found important new – and relatively stable – custom among European governments which were expanding their ‘strategic oil reserve’ and oil companies from OPEC countries which were shifting their oil stocks nearer to the European market. Business History17 Downloaded by [Erasmus University] at 06:47 20 July 2015 Prolonged uncertainty in the oil business around available supply and prices, rather than growth in oil traffic as such, was now fuelling the market for tank storage. Put simply, co- evolution implied that at almost any time when Paktanksuffered from a substantial decline in work (in terms of a certain customer group and/or product market), it would soon find a substitute to fill the tanks. For instance, a boom in the storage of gasoline in the 1980s, involving a lot of blending activities, was followed unexpectedly by huge amounts of fuel oils in the 1990s. Typically, by 1996 the market for oil storage, which had seen large fluctuations since the mid-1970s, was judged by the company to be completely unpredictable: ‘The nature of the involved activities means that the timing of a recovery cannot be predicted with any assurance.’69In other words, the Pakhoed management felt it had to follow the dictates of the market in its core business. Five out of 12 former Pakhoed managers interviewed in 2000 explicitly emphasised the dependence of storage companies on the development of the market, which had led Pakhoed to follow a reactive rather than a proactive strategy in its co-evolution with the environment.70 Although Pakhoed’s financial ratios do not suggest a consistently financially conservative policy (see Figure 4 and Table 1), the company tried to reduce its dependence on the volatile tank storage business, however lucrative its exploitation usually turned out to be each year. In order to spread risk through diversification, the Pakhoed management kept on searching for an extra ‘pillar’ to support its business. Pakhoed turned to exploration in the transport business outside tank storage simply because this varied field offered ample scope for diversification. Pakhoed acquired the largest French trucking firm Onatra (which specialised in dry and liquid chemical transport) in 1975 and in 1983 the air freight forwarding company Pandair. Both acquisitions increased the turnover of its complete transport division by around 50%. The two firms were sold off, however, after three and four (mainly loss-making) years respectively. The acquisition in 1990 of Furness, a relatively small Rotterdam-based conglomerate of stevedoring firms, transportation firms and auto dealers, once more increased Pakhoed’s exposure to the (dry) transportation sector, which was at best only marginally profitable. In 1996 this part of the business was also sold; from then on Pakhoed’s activities were almost completely confined to the storage and shipping (inland and coastal) of liquid cargo. A very tolerant management style paved the way for these repeated, but usually short- lived, explorations. In a kind of reversal of Blauwhoed’s centralisation introduced in 1962, soon after the merger –and with Brouwer as CEO – Pakhoed adopted an ‘open’ holding structure with three divisions: Paktank, Paktrans (dry warehousing, stevedoring, ship agency, transport), and Blauwhoed/Polyzathe (real estate business). The holding management granted the divisions much freedom in their decisions. Compared to tank storage, it was hard to reconcile this ‘hands-off’ style with the business approach needed for a transport activity such as Pandair’s air freight. In airfreight, where they were running a large number of establishments, the Pakhoed top management underestimated the importance of building a global network, because it tended to think according to the dominant logic in tank storage business where stand-alone establishments in a few strategic locations sufficed. More enduring, however, was Pakhoed’s exploration of fields allied to its core activity of tank storage of oil – that is, the storage and distribution of chemicals. In particular, as the company expanded its tank storage business internationally (by 1998, 31% of its tank storage capacity was located outside Europe and 42% outside the Netherlands), more and more chemicals were stored at the Pakhoed terminals. Major takeovers were the Houston- based Robertson Distribution Systems (RDS) in 1976, and the Dutch firm Broere and the British Tees Storage Company (50%), both acquired in 1988. 18H. van Driel et al. Downloaded by [Erasmus University] at 06:47 20 July 2015 Capitalising on a (supposedly) growing interest among customers in an integrated logistics service rather than in separate activities, Pakhoed also explored chemical distribution by acquiring a 35% stake in the US–Canadian Univar Corporation in 1986, taking over the French company Lambert Rivie `re in 1994, and then in 1996 gaining full ownership of Univar. This last consolidation made Pakhoed the largest chemical distribution firm in the world. Far more than chemical storage, which took place at Pakhoed’s large seaport terminals where some types of oil tanks could also be used by or refitted for chemicals (or vice versa), chemical distribution represented a new field of business for Pakhoed.71Operations were more spatially dispersed there, with a large number of products being distributed from numerous inland depots in relatively small consignments to many customers. Chemical distribution was also distinctive in that it involved trading in products. This seemed, however, a low-risk business that rested on stable demand from a stable group of customers. In an identity sense the diversification into chemical distribution thus remained relatively close to the culture prevailing at Pakhoed’s existing tank terminals, which had a strong local focus as people were proud of their way of operating and of their equipment.72 Typically, the exploration was driven by Pakhoed’s wish to reduce risk: ‘Chemical distribution is characterised by high sales and low margins. The gross margin is stable, however’.73Ironically, though, in 2001 chemical distributionproved notto be immune to a downturn in the chemical industry while tank storage had a good year, and due to the acquisition of the British chemical distribution company Ellis & Everard in particular, Vopak accumulated a level of debt considered too high by the management. This low solvency was one of the main reasons why it split off the entire chemical distribution division (named Univar) the following year.74The new Vopak CEO appointed directly after that decision, Carel van den Driest (former CEO of van Ommeren), stated that it served mainly to restore a ‘steady course’ for Vopak.75 All in all, during these explorations which came about because of a sustained wish to spread risk and were helped by a very tolerant style of management, Pakhoed and its successor firm Vopak discovered – more by accident than by design – that the company’s primary identity was very much that of a terminal company. This regained sense of identity finally helped the company to limit the scope of its explorations, but – given the uncertainty created by major fluctuations in demand and changes in the customer base in the oil business – it has only in retrospect become clear that tank storage (which by 2000 included a fair share of chemicals) has proved to be the best bet. 8.Discussion and conclusion Our case study shows the degree to which different longevity factors may form a configuration that will foster long-time survival and throws light on how this may happen (see the summary of main empirical findings in Table 2). The effect of the environmental forces on the warehousing companies in the study has been ambivalent from the beginning. Operating in fixed locations, these companies were always sensitive to exogenous factors, namely the cargo flows going through the port and the strategies of their customers, to which they stood in an unequal relationship. This dependency forced the companies to co-evolve with the environment, and to ‘move’ with a demand which changed in nature and became increasingly diversified in terms of product coverage, but which – crucially – remained concentrated in the geographical locations of these particular companies. Changes in the size, nature and strategies of the customers were relatively unimportant for the companies’ longevity, particularly in what was by far the Business History19 Downloaded by [Erasmus University] at 06:47 20 July 2015 Table 2. Main empirical findings. The birth of warehousing The move to the waterfront The oil boom Diversification and return to the core Balance between exploration andexploitation Exploration Start of third-party warehousing in tea, diversification into other (dry) cargo Start of third-party warehousing in various goods Move to the deep waterfront; diversification geographically and into tank storage Diversification beyond warehousing Short-lived explorations in transport; diversification within tank storage Exploitation Tea remains an important source of income Tank storage continues to be a core source of income Tank storage remains core Continuation of local transport Consolidation in dry cargo in interwar years Divestment of drywarehousing inAmsterdam Divestment of dry cargo and real estate External longevity factors Environmental forces Vertical disintegration of traders; new large trade body; growth cargo flows Introduction of petroleum, transportrevolution, growth cargo flows, vertical integration (oil) and de- concentration (dry cargo) in trade Oil boom New types of customers in tank storage Growth and decline and loss of traditional customers in dry cargo Scarcity of first-class warehouses in Rotterdam Scarcity of deep-water terminal space, in tank storage during the whole period Carry-over of legitimacy from early modern era External accreditation of issuing warrants by the Dutch national bank External accreditation of issuing warrants loses salience 20H. van Driel et al. Downloaded by [Erasmus University] at 06:47 20 July 2015 Table 2. (Continued). The birth of warehousing The move to the waterfront The oil boom Diversification and return to the core Firm-level longevity factors Tolerant management style and decentralised structure Link with affiliated company probably stimulates diversification outside tea Link with affiliated company helps to continue oil storage A largely decentralised structure and tolerant management style Egalitarian structure Decentralised board structure Strong sense of identity Identity of a family business Continued high commitment to the firm Co-operative nature of the vemen Disappearing identity of the vemen as a co-operative Identity as a warehousing company loses salience Identity of being a terminal company becomes dominant High integrity in serving the customers Accredited warehousing company Personalised service to the customers Financial conservatism Low effective pay-out, low debt From high to lower interest coverage Low interest coverage/ illiquidity Relatively low pay-out; fluctuating interest coverage; aiming at risk reduction Full pay-out; partners incur risk; no debt High pay-out until 1930; low pay-out and declining interest coverage in the 1930s Low pay-out; high interest coverage; move in high risk business Note: Plain text refers to Pakhoed and all its forerunners; italic text refers to Pakhuismeesteren; and underlined text refers to Blauwhoed and its forerunners (vemen). Business History 21 Downloaded by [Erasmus University] at 06:47 20 July 2015 most important branch of their industry: tank storage. Therefore, surprisingly perhaps, a central takeaway from our study is that a high level of dependency on changing but geographically concentrated demand may foster the longevity of firms in that it compels them to co-evolve with the environment.At the same time, an environment of this kind can also enable firms to find protection from selection forces by drawing upon unique resources, both material and non-material. In our case, these resources took several forms: the legitimacy derived from the vemen having survived for centuries – with government protection – as helpers to the trade before moving into third-party warehousing; the perceived continuation by Pakhuismeesteren of the famous Dutch East Indies Company’s operations; external accreditation from the 1850s onwards; and the capacity to obtain a scarce but vital factor of production, namely locations in the port on the deep water front (in tank storage this represented a truly scarce resource in the long run). The last factor in particular is indicative of how firms may be able to shape their own competitive environment. The geographical peculiarity of the warehousing industry limits the generalisation of these key findings, but high dependency on customers combined with legitimacy and reputation derived from sustained provision of personalised services might enhance the longevity of firms in other industries, too. To remain in the maritime sphere: possible examples might include not only other port industries such as stevedoring, but also businesses such as dredging that are not tied to a specific location. This second example is an industry where the activities are project-based, and this is also characteristic of other sectors, such as utility construction. To return to our case, profiting above all from the sustained growth of the Rotterdam port traffic from the late nineteenth century, after their first crucial explorations Pakhoed and forerunners were able to survive mainly through exploitation rather than exploration. This is not to say that company behaviour was completely reactive. In particular, the crucial decision during the depression years of the 1930s to remain in tank storage was not self-evident, given the potential threat of vertical integration by powerful customers. The various diversifications (a few enduring, but several of them short-lived) and divestments we have discussed were often the result of a deliberate strategy. The unique resources in warehousing possessed by Pakhoed’s forerunners were mainly – either directly or indirectly – a legacy from an earlier period, showing how a previous environment can have an enduring influence on firm longevity. In addition, several firm-level longevity factors were intrinsically connected to the historical shaping and distinctive nature of the firms that eventually came together to form Pakhoed. The cooperative nature of the vemen dating back to the era of the guilds brought with it an egalitarian open structure, with managers regularly recruited from outside, so enabling new initiatives. This was crucial for those vemen which managed to transform themselves in the nineteenth century into deep-water-located and geographically diversified warehousing companies. The decentralised dual management board structure they typically adopted allowed parallel expansion in the Amsterdam and Rotterdam ports and Blaauwhoed’s exploration into real estate in Amsterdam. The particular cooperative set-up also provided the vemen with a strong sense of identity and thus commitment to the organisation and, in some senses, brought with it a financially conservative approach. Being a family firm also nurtured Pakhuismeesteren’s strong sense of identity and its financial conservatism. Furthermore, its structure was in a sense open, due to the peculiar fact that the partners, building upon activities started before Pakhuismeesteren was founded in 1818, also got involved in trading in a range of commodities broader than Pakhuismeesteren’s initial focus in warehousing. These other entrepreneurial activities by 22H. van Driel et al. Downloaded by [Erasmus University] at 06:47 20 July 2015 the partners enhanced Pakhuismeesteren’s exploration. In addition, the fact that Pakhoed’s forerunners were regarded as a continuation of institutions from the Dutch golden age not only conferred on them considerable legitimacy, but also shaped their sense of identity as reputable and committed servants of the trade. The initial basic characteristics of companies may thus have a far-reaching and sustained influence on their longevity, and in this case they brought with them an open, decentralised structure, a clearly defined sense of identity, and a financially conservative approach. This initial configuration enabled the firms to acquire first mover advantage in their business on several occasions, so that exploitation and exploration were shaping the competitive environment and not only the other way round. It shows how some form of legacy from the period before the actual window of study may be potentially important in explaining longevity. What it also generally indicates is that longevity itself, because it plays a part in establishing a strong reputation and legitimacy for a firm, may help to alleviate the pressures from environmental selection forces. However, one should warn against an account that is too determinative and that suggests a perpetually tight-knit configuration of elements. First of all, underlying factors may disappear: in our case, when they started to explore warehousing at the deep waterfront around 1900, the vemen lost the cooperative set-up that had shaped their identity, and with Pakhuismeesteren the notion of being a family business fadedaway after the company was merged into Pakhoed in 1967. Moreover, as time progresses, the supposed longevity factors can become less tightly connected and more subject to the preferences of individual managers. For instance, Blaauwhoed’s dominant manager put an end to the company’s traditional decentralised board structure in 1962 in order to enable further diversification into real estate development. These are major examples of how exploration in general may – eventually – undermine existing firm-level longevity factors. But exploration may in the end also strengthen these factors. After the formation of Pakhoed in 1967, the company’s wish to reduce risk through further diversification became an autonomous driving force within a newly created decentralised organisational structure which was very tolerant for new activities. This over-tolerance led to many short- lived explorations, failures which in their turn strengthened the company’s sense of identity. That identity was now being shaped mainly by being a tank terminal company and in the end this helped to constrain the scope of exploration. Finally, during the twentieth century, financial ratios no longer indicated an approach that was consistently financially conservative. However, sufficient financial strength came from what was, in retrospect, a good bet on tank storage; here early exploration paid off for more than a century afterwards. Put in general terms, when a configuration starts to become looser, there can still be the first mover advantages which that configuration has initially helped to bring about – another example of how the legacy of a firm can contribute to its longevity. In sum, the idiosyncratic set-up of the forerunner firms of Pakhoed brought with it a configuration of longevity factors which enabled their long-term survival through co- evolution with an environment that both compelled them to be responsive and provided them with legitimacy and scarce material resources. A crucial outcome of exploration was that it enabled the companies to gain an early foothold in the warehousing industry – in particular the tank storage segment – which then gave them a source of income such that they could survive for centuries. Over time the initial configuration disappeared, mainly as a result of exploration. In the most recent period, an over-tolerant management style resulted in several short-lived explorations, but, on the other hand, these failures helped Pakhoed to strengthen its sense of identity and focus on a carefully defined field of exploitation. To generally conclude, because of common historical origins longevity Business History23 Downloaded by [Erasmus University] at 06:47 20 July 2015 factors may align into tight-knit configurations, but can also balance one another in a looser way. Acknowledgements We thank Marten Boon, Evert de Haan (archivist of Royal Vopak) and the interviewees for their help and we gratefully acknowledge comments by two anonymous reviewers. The authors claim full responsibility for the contents of the article. Disclosure statement No potential conflict of interest was reported by the authors. Notes 1.Collins and Porras, Built to Last; de Geus, The Living Company. According to Google Scholar, these books have been cited 5065 and 2049 times respectively (www.scholar.google.com; accessed February 24, 2015). For studies focusing on long-term superior firm performance, see overviews in Foster, “Exposing”; Raynor and Ahmed, The Three Rules, Appendix B. This is in line with understanding the longevity of an enterprise as independent of its ownership structure, which thus distinguishes longevity from survival as a family firm (see Colli, “Contextualizing Performances”), and also with the definition of firm exit used in the population ecology literature (see Freeman, Carroll, and Hannan, “The Liability”). Stadler, Enduring Success, 5. Innosight. Creative Destruction. De Geus, Living Company; Kwee, Investigating. Volberda and Lewin, “Co-evolutionary Dynamics,” 2114; see also Lewin and Volberda, “Prolegomena”. This concerns Handelsveem, founded in 1895, which since 1973 has controlled Hollands Veem, itself dating from 1898. All the other warehousing companies in Rotterdam today made their entry into the port after 1975. See Kuilman and Van Driel, “‘You too, Brutus?’,” Tables A1 and A2, for an overview of entries since 1818, which include a few non-third party warehousing companies, name changes and double-counts of companies merged on an equal basis into Vopak and forerunners (all not included in the estimated 80 entries). The list excludes some non-accredited companies. Volberda, Baden-Fuller, and Van den Bosch, “Mastering.” Hannan and Freeman. “Structural Inertia.” Chakravarthy, “Adaptation,” 35. Chakravarthy, “Adaptation.” Teece, Dynamic Capabilities, ix. Chandler, Scale and Scope and “Organizational Capabilities.” Foster, “Exposing.” It should be repeated that, unlike the perspective taken in our article, many of these studies search for sources of sustained superior (financial) performance and not of mere survival. Kwee, Van den Bosch, and Volberda, “The Influence.” Lewin, Long, and Carroll, “The Coevolution”. Collins and Porras, Built to Last; de Geus, Living Company; Hall, “Long Term Survivors”; Stadler, Enduring Success. For Collins and Porras ‘visionary’ means more than long-lived (the latter also applies to their comparison firms, whose stocks in the long-term performed worse than those of the visionary companies), but they emphasise that to visionary companies the organisation itself is more important than the products made or the profits generated. Stadler’s study centres on differentiating superior performing companies from other long-lives ones, but as four of his nine comparison companies lost their independence, and given his stress on the merits of a generally cautious approach in business, his findings seem to concern the sources of longevity in general, too. March, “Exploration and Exploitation.” 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 24 H. van Driel et al. Downloaded by [Erasmus University] at 06:47 20 July 2015 20. 21. Burgelman and Grove, “Let Chaos Reign.” March, “Exploration and Exploitation”; Kwee et al. “The Influence”’ Agarwal and Helfat, “Strategic Renewal”; Uotila, Maula, Keill, and Zahra, “Exploration.” Kwee et al. “The Influence,” 987. Burns and Stalker, The Management; Lawrence and Lorsch, Organization. It should be noted, however, that in Hall’s research population only slightly more firms adopted an ‘evolutionary’ management style (45%) than adhered to a ‘command and control’ style (41%). Berghoff, “Blending.” Burgelman and Grove, “Let Chaos Reign,” 978. Albert, Ashfort, and Dutton, “Organizational Identity,” 13. Zahra, Hayton, Neubaum, Dibrell, and Craig, “Culture.” Bigelli, Martı ´n-Ugedo, and Sa ´nchez-Vidal, “Financial Conservatism.” Meyer and Zucker, Permanently Failing Organizations. Collins and Porras, Built to Last, 304. Ferna ´ndez-Roca, “The Strategies.” See Welsh and Zellweger, “Can We Afford it,” for references and a nuanced view on this. Carr and Lorenz, “Robust Strategies,” Burgelman and Grove, “Let Chaos Reign,” 978. Cyert and March, A Behavioral Theory, 36–38. Piao, “Thriving.” Lewin et al. “The Coevolution,” 537–538. Miller, “Organizational Configurations.” For an application of configurations to explain the failures of initially very successful companies, see Miller, The Icarus Paradox. This is inspired by Ho ¨pner’s insights on institutional complementarity (Ho ¨pner, “What Connects?”). On the importance of a dynamic approach of configurations, see Miller, “Configurations Revisited.” This solvency measure is used here in the absence of reliable balance sheet data for Pakhuismeesteren until well into the twentieth century. Van Driel, “De Ontwikkeling,” for the period until the merger of 1967, and Eikelboom, Bedrijven for the period thereafter. For the trading activities of the De Monchy-partners during the nineteenth century, see Bruggeman, “Familie De Monchy” and Verhoog,Je suis Monchy. The data on the goods traded are derived from online research looking at Dutch newspapers via www.delpher.nl, using the search term ‘E.P. de Monchy’ (the name then used by the trading firm) for the years 1820– 1849. The coverage of cargo lists thus obtained is far from complete. Kuilman and van Driel, “‘You too Brutus?’.” Loohuis, Rotterdam, 86–89. De Goey, “Henri Deterding”; Schenk and Boon, “Trading Places.” Nieuws van de Dag, December 30, 1892. Vopak Archives (VOA). Minutes of the meeting of the board of managing directors of Blaauwhoedenveem-Vriesseveem on September 9, 1929 (all documents from this archive referred to are in Dutch, including annual reports). VOA, file Al, specification of vegetable, animal and mineral oils stored in bulk at the tank installation in Pernis in 1937 and 1938. We thank Marten Boon for assessing the identity of the customers; the remaining 39% could not be identified, so the 61% represents a minimum. For the data on cargo flows through Rotterdam referred here and elsewhere in the article, see http://persistent-identifier.nl/urn:nbn:nl:ui:13-n6w-g4s (data files/origi/period 1880–1914/ sheet3 and /1914–1995/sheet 10). The volume of sea-borne incoming cargo is used as a crude yardstick for the total possible market for tank storage in this article; it should be noted that the flow of outgoing cargo originating from the European continent could also be relevant and that the general level of market uncertainty, expectations regarding the supply of and demand for oil and the (expected) price differentials may be much more important in terms of local demand for storage than the mere volume of cargo flows involved. The volume of raw tropical goods consists of gums, wool, cotton, raw sugar, oilseeds, and other luxury foods and food preparations. Kuilman and van Driel, “‘You too, Brutus?’.” Van Zanden, Een klein land, 67. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. Business History25 Downloaded by [Erasmus University] at 06:47 20 July 2015 54.VOA, file 28.01.73, reports by S.D. Eikelboom of interviews with M. Cook and J. de Beus, former directors of the tank business of Pakhuismeesteren and Pakhoed, around 2000; interview by first author with J. Brouwer (April 9, 2013) who served in several management functions at Paktank (International) between 1970 and 1999 (interview Brouwer [1]). Interview by first author with H. J. E. van Beuningen, partner/managing director of Pakhuismeesteren/Pakhoed between 1949 and 1970, on March 6, 2013. Interview by first author with J. Brouwer, on April 16, 2013 (interview Brouwer [2]). VOA, Pakhuismeesteren, Annual report 1961, p. 7. Unlike the data on traditional warehousing commodities presented for the period 1880–1913, these figures exclude edible oils, but include non-ferrous metals which gained in importance as dry warehousing commodities after World War II. Van Ommen, NOM, 56, 59, 61. Kuilman and Van Driel, “‘You too, Brutus?’.” Interview van Beuningen. Van Driel, Samenwerking, 203. Financial and market data relevant to acquisitions and divestments discussed in this section are obtained from Pakhoed, Annual Reports 1967–1970; Reports and accounts 1971–1998. Interview van Beuningen and De Telegraaf, 5 March 1977. VOA, Memorieboek Pakhuismeesteren IV, speech by H.J.E. van Beuningen, remembering the deceased J.A. de Monchy, December 12, 1957; Van Ommen, NOM, 57. VOA, file 28.01.73, Report of interviews by Eline Kamerbeek, July 2000; Kamerbeek, Dynamic Analysis, 58–59. Interview Brouwer (1). This and the following is based upon interviews with Brouwer (1) and (2). See also Pakhoed, Reports and accounts 1980–1998. Pakhoed, Report and accounts 1995, 11. VOA, file 28.01.73, Report of interviews by Eline Kamerbeek, July 2000. This and the following are based on interview Brouwer (2). Van Ommen, NOM; VOA, file 28.01.73, Report of interviews by Eline Kamerbeek, July 2000. Pakhoed, Report and accounts 1986, 7. Vopak, Annual Report 2001, 14. Vopak, Annual Report 2002, 10. Algemeen Dagblad, June 22, 2002; De Telegraaf, August 13, 2002. The English translation of the Dutch phrase used is derived from Vopak, Annual Report 2002, 10. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. Notes on contributors Hugo van Driel is an Assistant Professor of Business History at the Rotterdam School of Management, Erasmus University. He wrote several books and articles on the history of port business and recently co-authored (with Abe de Jong and David Michael Higgins) a methodological article entitled “Towards a new business history?” published in Business History. Henk W. Volberda is Professor of Strategic Management and Business Policy and Director Knowledge Transfer at the Rotterdam School of Management, Erasmus University. He is also a Scientific Director of the top institute INSCOPE: Research for Innovation. He has been a visiting scholar at the Wharton School at the University of Pennsylvania and Cass Business School, London. His research on strategic flexibility and renewal received many awards, including the Igor Ansoff Strategic Management Award and the SAP Strategy Award. His work on strategic renewal, coevolution of firms and industries, knowledge flows, new organizational forms and innovation has been published in many high-impact journals such as Academy of Management Journal, Management Science, Organization Science, and Strategic Management Journal. In 2014 he was listed in the “The World’s Most Influential Scientific Minds” and selected as Thompson Reuters Highly Cited Researcher. His book Building the Flexible Firm: How to Remain Competitive (1998) published by Oxford University Press received wide acclaim and has been translated in many languages. His international textbook Strategic Management: Competitiveness and Globalization (Cengage, 2011) is used at many European Business Schools. Sjoerd Eikelboom holds a PhD in Economics from the Erasmus University Rotterdam and is a former senior vice president of Royal Pakhoed. 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Een Klein Land in de 20eEeuw. Economische Geschiedenis van Nederland 1914–1995. Utrecht: Het Spectrum, 1997. Verhoog, Jeroen. Je suis Monchy: Vier Eeuwen Familiegeschiedenis De Monchy, Stichting Familiefonds De Monchy 2003. Volberda, Henk, and Arie Lewin. “Co-evolutionary Dynamics Within and Between Firms: From Evolution to Co-evolution.” Journal of Management Studies 40, no. 8 (2003): 2111–2136. Volberda, Henk, Charles Baden-Fuller, and Frans van den Bosch. “Mastering Strategic Renewal – Mobilising Renewal Journeys in Multi-unit Firms.” Long Range Planning 34, no. 2 (2001): 159–178. Welsh, Dianne, and Thomas Zellweger. “Can We Afford It? Investment Decisions of Family and Nonfamily Owners.” Academy of Entrepreneurship Journal 16, no. 2 (2010): 21–41. 28H. van Driel et al. Downloaded by [Erasmus University] at 06:47 20 July 2015 Zahra, Shaker A. James C. Hayton, Donald O. Neubaum, Clay Dibrell, and Justin Craig. “Culture of Family Commitment and Strategic Flexibility: The Moderating Effect of Stewardship.” Entrepreneurship Theory and Practice 32, no. 6 (2008): 1035–1054. Periodical Sources Blaauwhoedenveem. Jaarverslagen 1902–1916 (annual reports). Blaauwhoedenveem-Vriesseveem/Blaauwhoed. Jaarverslagen 1917–1966 (annual reports). Centraal Bureau voor de Statistiek (CBS). Statistiek van balans en resultaten beurs N.V.’s 1975– 1994. Pakhoed. Annual Report 1967–1970; Reports and Accounts 1971–1998. Archives Vopak Archives (VOA). Rotterdam. Business History 29 Downloaded by [Erasmus University] at 06:47 20 July 2015 Full-text (2 Sources) MarketFeeder Pro is a betting app for BetFair with unlimited skills in automated trading. It combines all the usual tools a BetFair bettor needs with unique applications for scheduled, preprogrammed tasks. 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Learn how to operate it Triggers The shortest way to learn how to write your own triggers FAQ We've answered a lot of questions that you might ask Articles Detailed explanation of some useful techniques Help file in PDF Download for offline use Time Machine The unique way to speed up your testing Forum users online communicate with traders like you Finding out an order's margin requirement Return to task introduction Step 6. The margin requirement for the order is displayed. Step 5. On the Preview screen, click the 'Confirm' button. Step 4. Enter the order's type, price and quantity. Click 'Continue' when done. Step 3. Select the exchange, instrument and lookup the stock's symbol Step 2. Select 'Sell' from the Buy/Sell drop down field Step 1. Click on the 'Continue' button Step 5. On the Preview screen, click the 'Confirm' button. Beginner's Guide To Tradestation Trading Software: Getting Started TradeStation is an online brokerage firm and trading platform. TradeStation Group, Inc. through its principal operating subsidiaries, TradeStation Securities, Inc. and TradeStation Forex, Inc. offers the TradeStation analysis and trading platform to active and institutional traders. The TradeStation platform, the company's flagship product first introduced in 1991, offers electronic order execution and allows users to design, test, optimize, monitor and automate their own strategies for equities, options, futures and foreign exchange markets. & # 13; Figure 1: TradeStation icon TradeStation can be downloaded on multiple computers (i.e. desktop and laptop), but only one application can be used at a time. Equities and futures clients who trade with more than one platform logged in at one time (for example, when trading with a partner) may get additional linked account service fees waived by meeting certain requirements. Software pricing varies depending on account status, trading activity, and if the trader is considered a professional or non-professional. TradeStation Securities, Inc (Member NYSE, FINRA, SIPC, NSCC, DTC, OCC and NFA) is a licensed securities broker-dealer and a registered futures commission merchant, and a member of the Boston Options Exchange, Chicago Board Options Exchange, Chicago Stock Exchange, international Securities Exchange and NASDAQ OMX. Software Installation Traders must have an account with TradeStation in order to download the platform. Once an account has been established, traders must use the "Client Login" on the TradeStation website to access the download links. Enter the username and password of the account and click "Login." & # 13; Figure 2: Login From the TradeStation Client Center, click on the "Download Software" tab, and then select the appropriate version of TradeStation. The most recent version will be at the top of the download list. Next to each version is a "What's New" link that provides information regarding each version of the platform. Read about the changes, if desired, and then click "Download" to begin the download process. & # 13; Figure 3: Download Tradestation A pop-up will appear prompting the user to "Run" or "Save" the file. The general recommendation is to save the file to the computer's desktop. However, users may also choose to run the file. Depending on the speed of the Internet connection, this step in the process may take more than one hour. Click "Run" when prompted, and allow the system to install the latest version of Microsoft .NET if prompted (TradeStation requires the latest version of Microsoft .NET Framework to be installed). & # 13; Figure 5: Setup popup After Microsoft .NET is installed, the TradeStation platform installation will begin. Choose a Destination Location to save the file, or use the default location. & # 13; Figure 6: Choose destination location Accept or decline the Desktop Customization Selections (allows the user to choose how TradeStation is accessed, such as on the Desktop or Quick Launch Bar), and proceed with the installation. The TradeStation Setup Wizard will display a green bar indicating the installation status. & # 13; Figure 7: Install status Once the Wizard finished the installation, the program will automatically check for any updates. Open the program by double-clicking on the icon that now appears on the desktop, in the Quick Launch Bar, or in the Programs header of the Start Menu. La tasa de rendimiento de una propiedad de inversión de bienes raíces sobre la base de los ingresos que la propiedad se espera que genere. Una relación de deuda y rentabilidad utilizada para determinar la facilidad con que una empresa puede pagar intereses sobre la deuda pendiente. 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Only lack of technology, major process incompatibility, or physically running out of real estate have seemed valid excuses for taking a. The Hot Chips conference for 2015 has come and gone, leaving us with a snapshot of some of the best contemporary thinking on silicon architectures. And while the scope of this year’s conference was. Perhaps you could call it a tipping point. For years the increasing density of flash memory chips has meant more room for media on smart phones, cameras, and media players. And far more powerful. With quiet efficiency the robots are taking over—and it is already too late to stop them. No, this isn’t another scary story about the robot apocalypse. It is about a threat to the hardware budget. Many embedded designs absolutely have to work right. A malfunction could do unacceptable harm to persons or property. Until recently, this requirement has been addressed through careful design and. 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I immediately got an e-mail and the reason for the decline was: "Your overall debt with other creditors listed in your credit bureau report and the credit limits on your American Express Cards is high in relation to your reported income." I am in law school, so I've racked up a good amount of student debt in the amount of $35k. But with my summer associate position and working during the school year, I still have an income of 44.5k. So I am really puzzled as to why I was denied, or at least not given a counteroffer. Should I have perhaps requested an amount less than 12k (the 3x amount)? Or would it not have mattered? Any tips on what I can do to hopefully fix this? Do I need to wait 6 months or 90 days to submit another request? I've heard conflicting statements on this. I've put roughly $300 on the card the first two month and PIF. Util sitting at 6% across the board on all my cards. Edit: Woops, sorry if I put this in the wrong forum! EQ FICO: 750 (3 INQ) | TU FICO: 743 (5 INQ) | EX FICO: 722 (6 INQ) | (2/12/15) ScarletFever wrote:I would try calling and doing a recon. $33, 000 SL debt on $44,500 is not so bad. Seems like you are doing things right with a. 6% util. Just make sure if you do that, They don't do a hp, unless, you don't care. I would however, wait and see what others have experienced regarding this issue, I haven't gone through this yet.. Amex is not very apt to change anything on a recon. and they are going off their last soft pull on your credit, so keep that in mind. Has there been a significant change? If not, wait your 90 days. My Wallet:WalMart: ||15k|| USAA Platinum MC: ||26k|| BCE: ||9k|| Chase Freedom Siggy: ||10k|| Discover it: ||6.5k|| SG Visa: ||11k||USAA World MC: ||23k|| US Bank Cash+ Siggy: ||7.5k|| Citi TYP World MC: ||12k|| Barclays Arrival World MC: ||13k||Citi Double Cash World MC ||25k||Sallie Mae World MC ||18.8k||Fico Scores (3 Fico Monitoring): EQ 751,TU 749, EX 743. Last app: 9-12-14 Sallie RELEVANCY SCORE 3.33 DB:3.33:Amex 3x Cli Approval z3 Just submitted my request for Amex 3X cli at the 6mos mark and got an approval from 6k to 18k for those who are interested. Just did it online. only took 3 minutes DB:3.17:Usb Host Problem: Macbook Pro - Bootcamp - Windows 7 64 Bit - 64 Bit Vm c7 I'm working on a totally clean, 64-bit Windows 7 Professional install on a freshly BootCamped MacBook Pro 2010, with the Apple-supplied drivers installed. I've installed 64-bit VMware Workstation 7.0.1 build-227600. There's almost nothing else installed on the new machine, and no external USB devices have been plugged in except for a single USB wireless mouse. When I start a VM, I get the notification of "Host USB device connections disabled" due to failure to connect to the USB Arbitration Service. I've read up on this service and understand the problems others have seen with software incompatibilities. When I try to start the USB Arbitration Service manually through the Services panel, Windows pops a dialog saying "Error 2: The system cannot find the file specified." In the Device Manager, I've checked the drivers for the two listed USB Root Hubs. Both are running Microsoft drivers 6.1.7600.16385 from 6/21/2006. There is no "Roll Back Driver" opción. Every other USB device listed (3x Generic USB Hub, 3x USB Composite Device, 1x USB Mass Storage Device) is also using a Microsoft drive, except the two Intel(R) 5 Series/3400 Series Chipset Family USB Enhanced Host Controllers. These are running Intel drivers from 6/4/2009 and DO have a Roll Back Have you seen this problem before? Is it the same problem other people have seen with the Sony -- and other -- drivers? I don't want to roll back the official drivers on these USB Host Controllers unless I have to, since everything else seems to be working fine. The "Error 2" seems very different from the "Error 31" that other people have been encountering. ¡Gracias por adelantado! vesposit, thanks for taking the time to post such a detailed solution, and for spending the cash to bump this up as a vmware development priority. I haven't tried the fix, as I decided instead to run all my existing VMs under MacOS using Fusion 3. So far, it's working well (with 3D acceleration turned off). RELEVANCY SCORE 3.17 DB:2.98:Grammar For Polynomials m3 I am supposed to write a grammar for polynomials of the form 3x^2+7y-4 assuming that the variables in the polynomials must be asingle characters and that any numbers (inc coeff and powers) are only a single digit. Polynomial - numvaropnumopnumvaropnum num - 1|2|3|4|5|6|7|8|9|0 var - a|b|c|d|e|f|g|h|i|j|k|l|m|n|o|p|q|r|s|t|u|v|w|x|y|z op - +|-|*|/|^ Polynomial - 3varopnumopnumvaropnum - 3xopnumopnumvaropnum - 3x^numopnumvaropnum - 3x^2opnumvaropnum - 3x^2+numvaropnum - 3x^2+7varopnum - 3x^2+7yopnum - 3x^2+7y-num - 3x^2+7y-4 I have no idea, but do you think this is what they're looking for? A polynomial is a sum of monomials. Now, how would you make a grammar for monomials? Once you have that, how would you make a grammar for a sum of monomials? RELEVANCY SCORE 2.92 DB:2.92:Returned Checks? 7x While attempting to clean up my reports, I had a couple of returned checks which were listed on there for collections. One of these did settle for a PFD. however, another is asking for payment in full and threatening legal action if I don't take action by the end of the month. In Nevada (where I am), they are legally allowed to seek 3x the amount in damages for a returned check and I don't want to face this. should I just face the facts and pay this off in full to avoid any potential action? Sí. just get PFD. RELEVANCY SCORE 2.92 DB:2.92:Helpful Threads jc In an effort to consolidate the number of floated threads, I have created this thread as a quick reference to some of our most helpful threads regarding Credit Cards. Check them out!Credit and CommunityCredit Scoring 101 - Tuscani (Please read this first!)Guide to Common Abbreviations - BarryCredit Repair Discussion Guidelines - Barry CRA Phone and Fax Numbers- ScampCredit CardsVeni, Vidi, Vinci, Visa or How to Master Your MasterCard - TheNewWorldManBK Friendly Credit Cards Listed - BruiserClosing Credit Cards- Fused Backdoor Numbers- Scamp / CommunityThe Definitive Amex 3X CLI guide- MustangSalukiRevision history:1/13/2009 - Raine, initial post3/12/2014 - Revelate, sticky consolidation In an effort to consolidate the number of floated threads, I have created this thread as a quick reference to some of our most helpful threads regarding Credit Cards. Check them out!Credit and CommunityCredit Scoring 101 - Tuscani (Please read this first!)Guide to Common Abbreviations - BarryCredit Repair Discussion Guidelines - Barry CRA Phone and Fax Numbers- ScampCredit CardsVeni, Vidi, Vinci, Visa or How to Master Your MasterCard - TheNewWorldManBK Friendly Credit Cards Listed - BruiserClosing Credit Cards- Fused Backdoor Numbers- Scamp / CommunityThe Definitive Amex 3X CLI guide- MustangSalukiRevision history:1/13/2009 - Raine, initial post3/12/2014 - Revelate, sticky consolidation RELEVANCY SCORE 2.92 DB:2.92:Chase Sapphire Cards - 3x For 1st Friday Dining Today jk Drawarms wrote: So what do you all think? 24k or 25k!? Go for $25k, see if you get a counter or request for more info. I've heard if one reaches that limit ($25k) there is no penalty to back it off to $24.5k, as part of the negotiation.AMEX is happy either way. If you want more CL, and they ask, you just have to provide more details so they get happy at the higher level, as noted earlier in the thread. 10/31/2014 Starting: EQ 722 TU 727 EX 727. Total CC Bal $46k, 32% Util, $140k Open CLCC $CL %APR: AX DL Gold 9k 19%, DC Pr $20k 13%, Ch Marriott VS 6k 16%, Ch Hyatt VS 12k 16%, Disc CB+ 5k 18%, PenFd Sec 0.5k 14%,BA AX 15.7k 8%, BA MC 8.8k 11%, Cap1 QS WMC 10k 11%, Ch Slate 11.2k 17%, Ch Freed 1.5k 13%, Citi DP MC 1k 18%,USBk [Cash+ VS 12.5k 19%, Visa 14k 15%, FM Visa 10k 19%]Goals: Decr Bal, Incr FICO, APR 14% max. FICO Simulator: $20k balances = 812 FICO. RELEVANCY SCORE 2.90 DB:2.90:Last Chance To Earn 3x Dining With Cs Or Csp fj Don't forget to dine out tonight using your CSP or CS for 3x dining. Also, if you book through Open Table you have the opportunity to earn an extra 1% for future dining! Closing Credit CardsThe Definitive Amex 3X CLI GuideFrequently Requested Threads longtimelurker wrote:09Lexie wrote: Don't forget to dine out tonight using your CSP or CS for 3x dining. Also, if you book through Open Table you have the opportunity to earn an extra 1% for future dining! Or rather: IF you plan to dine out tonight, use your CS or CSP. Or save and eat at home! I'm sure no-one wants to encourage unnecessary spending. Your frugal conscience. LOL. My frugal conscience told me it would be more of a headache to cook a dinner for everyone, then the dishes, then cleaning. So, since we all still needed toeat, going out tonightseemed optimal and we enjoyed a nice seafood fest. The cost was comparable if we had stayed home, but just a few dollars. RELEVANCY SCORE 2.90 DB:2.90:Left Mouse Button Broken. Need To Replace Chassis Top Cover? Part Number Probs. p3 I'm assuming since the left mouse button is loose and not functioning properly on my HP Pavilion DV6t-1200 notebook (pn FV161AV)that I will need to replace the Chassis top cover? Chatted with HP Parts Dept and they gave me Part # 511888-001. Looked it up and my pc product number isnot listed as compatible with this part. I ended up chatting 3x with the parts dept and they said to call tech support. Part is not available on parts listing for my p/n number either. Any help would be much appreciated. Did you ever find the right part number? Both of my mouse buttons are broken. DB:2.90:Is Amex Prg 3x On All Travel Or Just Airfare? c3 I feel like I've seen conflicting things on Amex's website about this. I take a lot of cabs, and the occasional bus ride, so it being 3x for travel overall would be helpful. Currently the promotion page just says airfare, but I could swear I've seen travel listed before. Chase Sapphire Preferred - 5.6k (3/13) | Amex Premier Rewards Gold - NPSL (1/13) | Chase United MileagePlus Explorer Visa Signature - 9k (1/13) | Amex Delta Gold - 6k (9/12) | Citi Forward Visa - 10k (10/12) | Discover It - 2k (2/12) | Chase +1 Visa - $300 (2/11) CSP seems like a good option for you. Chase Sapphire is 2x category and UR points is worth more. than Amex MR points. Chase Sapphire Preferred is the ability to earn 2x the points on all travel expenses. Besides the obvious travel expenses like airline and hotels, think EZ-Pass, rail/bus expenses, or when you are a tourist paying for mass transit. Even Tolls, cabs, and parking meters are included. And The best part, is you already have one =) total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758 RELEVANCY SCORE 2.90 Hi suser1234, To assign/check the default template: Transaction SPRO SAP NetWeaver Business Intelligence BEx Web Set Standard Web Template. The following objects refer to the default templates pattern (most commonly used ones). Go to RSA1 Meta Data Repository. The following objects would be available in either Activated Objects or Business Content. If you need to edit them customize according to your requirements; like say you need to work on 0ANALYSIS_PATTERN web template, edit it using Web Application Designer. You may check out this [link |/thread/1151337 [original link is broken];also for your reference. Object type Valuation Description (short) Description (long) Technical name 0 Analysis Analysis 0ANALYSIS_PATTERN 0 Analysis Pattern Exp Analysis Pattern Export 0ANALYSIS_PATTERN_EXPORT 0 Special Analysis Pat Special Analysis Pattern Export 0ANALYSIS_PATTERN_EXPORT_SPEC 0 Analysis Pattern - F Analysis Pattern - Filter Information 0ANALYSIS_PATTERN_FILTER 0 Special Analysis Pat Special Analysis Pattern - Filter Information 0ANALYSIS_PATTERN_FILTER_SPEC 0 Footer Web Template Footer Web Template for SAP Standard Templates 0ANALYSIS_PATTERN_FOOTER 0 Header Web Template Header Web Template for SAP Standard Templates 0ANALYSIS_PATTERN_HEADER 0 Analysis Pattern for Analysis Pattern for ICP 0ANALYSIS_PATTERN_ICP 0 Special Analysis Pat Special Analysis Pattern for ICP 0ANALYSIS_PATTERN_ICP_SPECIAL 0 Analysis Pattern: In Analysis Pattern: Information 0ANALYSIS_PATTERN_INFO 0 Special Analysis Pat Special Analysis Pattern: Information 0ANALYSIS_PATTERN_INFO_SPECIAL 0 Analysis Pattern - S Analysis Pattern - Special Variant 0ANALYSIS_PATTERN_SPECIAL RELEVANCY SCORE 2.90 DB:2.90:How To Make My Crossfire Work With 3x 3870 1z Is there any driver that can make my 3x EAH3870 run in crossfire? Here is more specified date for the driver which you need: February 06, 2008 AMD’s graphics units will allow enthusiasts to run three and four graphics cards in their system with the release of the Catalyst 8.3 driver package, which will be released in March. The next Catalyst release, however, will be version 8.2, which will be available on Wednesday, February 13, according to our sources. This version will be the last driver version not to support triple and quad-GPUs, which will become the next graphics battleground for AMD and Nvidia. Version 8.3 will surface, as the number indicates, in mid-March, but this release is actually not in line with other Catalyst revisions, since it was in heavy testing and coding for the past couple of months. Catalyst 8.3 is an important milestone for AMD in 2008 and might mean much more than just another driver. Catalyst 8.3 is finally going to deliver support for up to four GPUs within one system and we will be able to see whether multi-GPU setups have a future or whether this is just another a marketing bubble. You have wait for Cat. 8.3 version expected to come in a middle of March. RELEVANCY SCORE 2.90 DB:2.90:Need K9a2 Platinum V2 - 1.7 Beta 3x ca i Need K9A2 Platinum v2 - 1.7 beta 3x could any one give me download link. gracias por adelantado Till now i didnt get any errors. System is stable running on 1066 with Memory voltage 2.1 V, for last 3 ,4 days continously. not a single BSOD happened. i think it works good. RELEVANCY SCORE 2.90 DB:2.90:Amex 3x Cli Denied 8a Approved for BCE on June 26, activated on July 6. Attempted 3x CLI over phone yesterday. Initial CL is $3500, asked for $10,000, DENIED no counteroffer. I ran about $1500 through card, made couple payments in one cycle. Balance was zero when tried for the CLI. Have a NFCU cc at $12.5k and LOC $10k. Overall util under 20%. Experian FICO was 732. Called Amex they stated high internal risk score. Reasons were debt with other creditors, short account history with them. Wondering if I actually waited the correct 61 days. Will wait for letter and post all reasons listed. Bummed right now. TNTransplant wrote:bichonmom wrote: In feb, I got Zync and Costco. In April, called for CLI. It went from $2k to $6k. My bal had not been over $400 on either card. My overall util was very low. I don't recall exactly, but well under 10%. One thing I've noticed from all of the posts I've read here is that balances make Amex (and Barclays) nervous. 20% overall util isn't high, but it isn't low, either. (were talking total util, and not util on a single card.) it really kind of depends in your CLs. I'd try to get your overall util lower and try again in 6mos. I've read on here that you can try again (if declined) after 90 days, and don't have to wait the full 6 months. Can anyone confirm if this is true? this post refers to 6 mos.http://ficoforums.myfico.com/t5/Credit-Cards/AMEX-CLI-Denied/td-p/1392046 What did the recording say? When I cli'd, before I confirmed that I wanted to do it, the recording said something like, " you won't be eligible to request anothe CLI for 6 mos." I remember thinking that if I was denied, I'd have towait that long before I could try again. However, maybe Amex has changed theirpolicies. Ipad doesn't play nice with the forum! Grrr! RELEVANCY SCORE 2.90 DB:2.90:Edge Detecta Que Spam Esta Listado Atraves De Ip Block List Providers Mas No Barra Spam ad Boa Noite!Estou com a seguinte situação, o Edge não tem barrado uma quantidade enorme de SPAMs. Na tentativa de minimizar esse incomodo configurei cerca de 30 listas no IP Block List Providers mas aparenta não estar funcionando.Alguns SPAMs chegam a ter a seguinte mensagem inserida no cabeçalho porem não é barrado:X-Warning: 98.220.146.120 is listed at sbl-xbl.spamhaus.org (127.0.0.4: http://www.spamhaus.org/query/bl?ip=98.220.146.120)Alguem tem ideia do que pode estar ocorrendo? Segue cabeçalho completo abaixo:Received: from mail01.dominio.com.br (10.150.22.75) by MAIL02.dominio.com.br (10.150.22.76) with Microsoft SMTP Server (TLS) id 8.1.358.0; Tue, 14 Jul 2009 09:13:05 -0300Received: from antivirus.dominio.com.br (10.150.22.88) by mail.dominio.com.br (10.150.22.79) with Microsoft SMTP Server id 8.1.358.0; Tue, 14 Jul 2009 09:13:23 -0300Received: from c-98-220-146-120.hsd1.in.comcast.net ([98.220.146.120] helo=c-98-220-127-41.hsd1.in.comcast.net) by antivirus.dominio.com.br with esmtp (Exim 4.69) (envelope-from [email protected]) id 1MQgp5-0002ho-8Q; Tue, 14 Jul 2009 09:09:27 -0300Date: Tue, 14 Jul 2009 08:12:20 -0500From: greetingcard.org [email protected]: You've received a greeting ecard To: [email protected]: [email protected]: 1.0X-MIMEOLE: Produced By Microsoft MimeOLE V6.0.6001.18049X-Mailer: Microsoft Windows Mail 6.0.6001.18000Content-Type: text/plain; format=flowed; charset=iso-8859-1; reply-type=originalContent-Transfer-Encoding: 7bitX-Priority: 3X-MSMail-Priority: NormalX-Warning: 98.220.146.120 is listed at sbl-xbl.spamhaus.org (127.0.0.4: http://www.spamhaus.org/query/bl?ip=98.220.146.120)Return-Path: [email protected]: skrine.czReceived-SPF: None (mail01.dominio.com.br: [email protected] does not designate permitted sender hosts)X-MS-Exchange-Organization-PCL: 2X-MS-Exchange-Organization-Antispam-Report: DV:3.3.7913.600;SV:3.3.7914.513;SID:SenderIDStatus None;OrigIP:10.150.22.88X-MS-Exchange-Organization-SCL: 3X-MS-Exchange-Organization-SenderIdResult: NONE Olá Anderson,Então, deixei somente o ze.spamhaus.org habilitado, rodei o get-transportagent e tambem mostra todos os agents habilitados.Rodando o get-agentlog não aparece nada bloqueado pelo IP Blocklist Providers e realmente continuo recebendo e-mails que informam terem sido identificados na Blacklist porem não são bloqueados. RELEVANCY SCORE 2.85 DB:2.74:3x Error: Failed To Add Markers To Movie: -2014 1s Hey I'm using FCP studio 2 on a macpro. i was doing an export using compressor to create a movie with the h.264 codec, and it's listed in it's status as 100% complete, and i've watched it and it looks good, and is complete..but it gave me this error. i had markers set as none. I don't like getting errors i don't understand. Any thoughts, or help appreciated. wow, i just updated on thursday of last week, and there even more in there now, i will update my software again, and then try once more. thanks, i'll let you know RELEVANCY SCORE 2.74 DB:2.74:New Build Need Ram. Dominator Latency Question x1 I am currently building a new pc. I will be running an evga 3x sli le mobo, i7 930, and evga 480gtx. it will be liquid cooled and probably overclocked a little. however i am unsure of what ram i would like to get. the three i am looking at are listed below: RELEVANCY SCORE 2.74 DB:2.74:Serious Question - Amex 3x Cli xx If the starting limit is 19k, should I really request that my limit be $57k? Is there a cap? Recommendations? With a request like that they will surely ask for a signed 4506-T. However, assuming that you don't mind submitting one and your income supports it, feel free to go for it Guide to travel cards RELEVANCY SCORE 2.74 DB:2.74:Amex 3x Cli cs Sí. Lo sé. another 3x CLI thread. But I'm very happy. Applied for my Amex BCP on November 24th 2014 and was instant approved for $5,000 limit. Today I requested the 3x CLI for an increase to $15,000 and was again instant approved. no counter offer or anything. Very excited . Equifax - 773 FICOTrans Union - 765 FICOExperian - 769 FICOAmerican Express BCP - $15,000 | Citi Diamond Preferred - $5,600 Starting Score: 8/17/2014 EQ 569 TU 531 EX 535Current Score: 4/05/2015 EQ 709 TU 764 EX 744Goal Score: 760+ across all three bureausTake the myFICO Fitness ChallengeTrying to stay in the garden! RELEVANCY SCORE 2.74 DB:2.74:Ongeldige Productcode, Meer Dan 3x Geactiveerd Wat Nu sf Heb office 2007 Home and studen ( 3 user licentie) 3x geinstalleerd op computers van de kids. Nu alle drie een nieuwe computer. maar tgv ongeldige productcode kan ik office niet meer installeren. Oplossing?? I principe moet dat mogelijk zijn. RELEVANCY SCORE 2.74 DB:2.74:Sm Relisted 3x-Need Help! k1 I apologize, but I added this discussion on the Technical board not realizing there was this board. I just relisted items thru Selling Manager and everything relisted 3 times. ¿Hay algo que pueda hacer? I listed around 150 items, and now it states 450? I don't even have 3 of each item. Someone please help! ¡¡Gracias!! This happen to me and this is the email that I received from eBay with the solution: Thank you for writing! I am happy to help you in any way that I can! I was asked to take a closer look at the problem you are having with duplicate items being relisted in Selling Manager. I wanted to let you know that I was able to go through all of your items listed/relisted in the last 30 days and identified 9 exact duplicates. Those items will be credited as soon as possible. The total will come to $4.05. You can verify this by viewing your account status page by following the steps below: 1. Click the "My eBay" link at the top of any eBay page. You may be asked to log in. 2. On your "My eBay" page, click the "Accounts" lengüeta. 3. On the "Accounts" page, click the "View Account Status" link in the "My eBay Seller Account" caja. I have included some information here that will help you to avoid this problem in the future, although, this is an issue we are currently trying to fix on our end. First, when you do a bulk relist you may not want want to do all of the items in your Unsold View at the same time. You may want to try 25 at a time. Second, another more cumbersome process is to relist your items one at a time. I know that this will take quite a bit more time, however. We are working on this problem as we speak and hope to have it fixed as soon as possible. In the future, please go ahead and end any and all duplicates you find, or contact me immediately about the problem and I will have them ended for you. If you do end the items on your own, please send me an email afterwards so that I can issue credit for the items. I have also attached a Notepad file with the item numbers that were removed and credited. Also, any listings that were currently running on the site will be ended as soon as possible by our Trust and Safety department as a courtesy. I appreciate your patience. Let me know if you have any other questions. Good luck and happy trading! Crystal J. M. eBay Listing Tools Support Sherry SmithOwner of Scrunchies by Sherry ebay Storehttp://stores.ebay.com/Scrunchies-by-SherryGet your Disney Theme Parks items here, don't let the name fool you. DB:2.74:Esxi5 Raid On Xserve 3,2 f7 i'm completely new to esxi and hope to find some help here. I just installed ESXi5 as a replacement for my XServe running OSX Server and Fusion - to get some more performance out of my vms. The server is listed compatible in the vmware compatiblity guide: http://www.vmware.com/resources/compatibility/detail.php?deviceCategory=serverproductid=20234deviceCategory=serverpartner=269releases=76page=1display_interval=10sortColumn=PartnersortOrder=Asc The installation succeeded and i installed the esxi on my internal ssd. I've an additional apple raid card installed and 3x 2TB discs attached to it. Unfortunately, when trying to create a new datastore the wizard does not find neither my raid card nor any drive. Is there a way to install the needed drivers? Google gave me some official driver disks, but the apple raid was not listed at all. ¿Algunas ideas? Thanks, Florian Vmware accepted drivers for the hardware will be there in the below link As its a apple raid you can check in vendor website, if they have specifically released any driver to support with vmware vsphere5. There lot of raid controller supporting vsphere 5 you can check that in vmware HCL site. Award points for the helpful and correct answer by clicking the below tab RELEVANCY SCORE 2.74 DB:2.74:3x 64gb Sandstone Invites - Expire In 3 Days kc I have 3x 64GB Sandstone invites that expire in 3 days to give out. Tell me why you need them and they are yours. RELEVANCY SCORE 2.74 DB:2.74:Fcs 6 Compressor / Qmaster Issue (With Quickcluster) 9k I currently have a Mac Pro on the bench running OSX 10.5.8 and FCS 6. All current updates installed. Qmaster is set up with a QuickCluster, using 8 instances for all 4 cores on both CPUs. 4 GB of RAM. Using droplet to compress MOV files.After dropping MOV file into droplet for compression, Qmaster status shows that certain instances are not connecting (by indicating red next to listed instance), followed by the infamous 3x crash service down error message. Has been an ongoing issue for several weeks.I have attempted troubleshooting by recreating droplets, reinstalling Qmaster and Compressor, reinstalling FCS 6, and finally reinstalling OSX and starting from scratch. I'm at a loss on what to do next.Has anyone else had a similar issue. and how did you manage to get it resolved? I'm at the point of pulling my hair out. and I don't have much left at this point. -P I pulled the hard drive, and put it in a known working machine, to see if I could recreate the issue. Qmaster did the exact same thing on the other machine, which now leads me to believe that this is a software issue between Qmaster and Compressor.I've copied the log from the Batch Monitor on my latest attempt, to see if anyone recognizes anything going wrong:?xml version="1.0" encoding="UTF-8" standalone="yes"?services service address="tcp://172.16.170.101:50028" type="requestprocessor:com.apple.qmaster.contentcontroller" hostName="administrators-mac-pro.local" displayName="NP Edit Bay 3" logs tmt="05/11/2011 11:08:46.024" pnm="unknown" tms="326819326.024" mrk tms="326819399.127" tmt="05/11/2011 11:09:59.127" pid="237" kind="begin" what="service-request" req-id="493DE98F-3B31-45D8-9A85-EA432234E119:1" msg="Preprocessing job."/mrk log tms="326819399.283" tmt="05/11/2011 11:09:59.283" pid="237" msg="Source file is local - we will try hard-linking."/ log tms="326819399.284" tmt="05/11/2011 11:09:59.284" pid="237" msg="Hard-linked source file to cluster storage."/ mrk tms="326819399.287" tmt="05/11/2011 11:09:59.287" pid="237" kind="end" what="service-request" req-id="493DE98F-3B31-45D8-9A85-EA432234E119:1" msg="Preprocessing job request end."/mrk mrk tms="326819399.326" tmt="05/11/2011 11:09:59.326" pid="237" kind="begin" what="service-request" req-id="1FF9A6BE-5F95-49AF-AE68-82B0A576B968:1" msg="Preprocessing."/mrk mrk tms="326819399.332" tmt="05/11/2011 11:09:59.332" pid="237" kind="end" what="service-request" req-id="1FF9A6BE-5F95-49AF-AE68-82B0A576B968:1" msg="Preprocessing service request end."/mrk /logs /service service address="tcp://172.16.170.101:50942" type="servicecontroller:com.apple.stomp.transcoder" hostName="administrators-mac-pro.local" displayName="NP Edit Bay 3 3" logs tmt="05/11/2011 11:10:24.731" pnm="unknown" tms="326819424.731" log tms="326819424.731" tmt="05/11/2011 11:10:24.731" pid="228" kind="mrk" sub="error" what="get-log" avail="false" msg="Service is down."/ /logs /service service address="tcp://172.16.170.101:50973" type="servicecontroller:com.apple.stomp.transcoder" hostName="administrators-mac-pro.local" displayName="NP Edit Bay 3 6" logs tmt="05/11/2011 11:10:24.734" pnm="unknown" tms="326819424.734" log tms="326819424.734" tmt="05/11/2011 11:10:24.734" pid="228" kind="mrk" sub="error" what="get-log" avail="false" msg="Service is down."/ /logs /service/servicesAny help anyone could offer would be greatly appreciated. ¡Gracias! RELEVANCY SCORE 2.74 DB:2.74:K7t266pro2 Ms6380 Boot Problems s3 i received this board nov '02 from msi rma(new), i used it as a backup machine, i'm just getting around to building it now, using the exact same equipment as before. PROBLEM. on boot there is a long pause (3-4 sec) then 2 short beeps, short pause, 1 beep. looked all over the web for beep codes and this one simply is not listed. I Have: reseated RAM tried RAM from other machine tried in different slots disconnected everything except video(did disconnect but got the standard 8 beeps) cleared CMOS 3x w/and w/out removing battery changed psu to 400w all returning same result. going to wait for reply before taking out cpu. PLEASE HELP. K7T266PRO2 V2.0 MS 6380 ATHLON XP 1700+ 2x256mb pc2100 ddr diamond viper 770u WD 40GB ANTEC 300W psu One short beep when displaying logo No error during post Long beeps in an endless loop No dram installed or disabled One long beep followed by three short beeps Video card not found or video card memory bad High frequency beeps when system is working cpu overheated or running at a lower frequency RELEVANCY SCORE 2.73 DB:2.73:Error Code05 By Createfile Command z1 Hi, I have anAP to run in Startup with WinXP and it will open/close COM port every 40 msand it willrepeatit100 times. It maybe OK to repeat open/close COM port over 100 times in reboot without error. Sometimesitmay haveerror code-5 (access is denied)at 3x or 7x times inreboot. It's clearly thatserial port driver has beend hookedsinceAP opend COM portsuccessfully before error code-5. More test results are listed belwo-- 1. It's OK to run this AP in Startup with WinXP on different PCB (different CPU, chipsets. ) 2. It's helpful by diablingLAN driver but it's unacceptable to me. Anyone knowsthe root cause. Is it possible to fix it by not modifying AP?? Anysuggestion is appreciated. Hi, I have anAP to run in Startup with WinXP and it will open/close COM port every 40 msand it willrepeatit100 times. It maybe OK to repeat open/close COM port over 100 times in reboot without error. Sometimesitmay haveerror code-5 (access is denied)at 3x or 7x times inreboot. It's clearly thatserial port driver has beend hookedsinceAP opend COM portsuccessfully before error code-5. More test results are listed belwo-- 1. It's OK to run this AP in Startup with WinXP on different PCB (different CPU, chipsets. ) 2. It's helpful by diablingLAN driver but it's unacceptable to me. Anyone knowsthe root cause. Is it possible to fix it by not modifying AP?? Anysuggestion is appreciated. RELEVANCY SCORE 2.73 DB:2.73:How To Upgrade Datasources From 3x To 7x Versions j1 How to Upgrade datasources from 3x to 7x versions. I am planning to upgrade exisisting 3x data sources which are used in data loading are there any risks involved in upgrade When you migrate a 3.x DataSource (R3TR ISFS) in an original system, the system generates a DataSource (R3TR RSDS) with a transport connection. The 3.x DataSource is deleted, along with the 3.x metadata object mapping (R3TR ISMP) and transfer structure (R3TR ISTS), which are dependent on it. If a PSA and InfoPackages (R3TR ISIP) already exist for the 3.x DataSource, they are transferred to the migrated DataSource, along with the requests that have already been loaded. After migration, only the specifications about how data is loaded into the PSA are used in the InfoPackage. You can export the 3.x objects, 3.x DataSource, mapping and transfer structure during the migration so that these objects can be restored. The collected and serialized objects are stored in a local table (RSDSEXPORT). You can now transport the migration into the target system. When you import the transport into the target system in the after-import, the system migrates the 3.x DataSource (R3TR ISFS) (as long as it is available in the target system) to a local DataSource (R3TR RSDS), without exporting the objects that are to be deleted. The 3.x DataSource, mapping (R3TR ISMP) and transfer structure (R3TR ISTS) objects are deleted and the related InfoPackages are migrated. The data in the DataSource (R3TR RSDS) is transferred to the PSA. RELEVANCY SCORE 2.73 DB:2.73:3x Points Not Received For 10/28/14 Purchase - Best Buy: Unboxed 38 I am looking over my Reward Zone account and noticed that the 3x Points coupon on used on the purchase of an iPad Air 2 did no apply. I see the coupon listed but it does not show any value next to it. Is there any way to recover the poitns that are missing? That's quite a few points to be missing. That is why I am here. DB:2.73:Unable To Scan mf I've have an HP J5780 for which I have uninstalled and reinstalled the software 3X today in an attempt to get access to the scan feature. There are no scan options or scan to destinations listed and the how do i menu is not accessible - there's a message that the computer is not connected. There's also a message to refer to the device documentation but I don't see anything in the manual that helps me. Can anyone point me in the right direction. Thanks inadvance. What version of "HP Solution Center" software are you using? You might Try upgrading to a newer version. RELEVANCY SCORE 2.73 DB:2.73:P6t Deluxe And 3x Tw3x4g1600c9dhxnv 8a Today i saw the QVL for P6T Deuxe and i saw that according to Asus we can run this Motherboard with 3x TW3X4G1600C9DHXNV. It is possible that the memory will run at a lower Voltage however it would not be supported or suggested and with this MB and or chipset I would strongly suggest using the memory that was made for the MB. RELEVANCY SCORE 2.73 Emails on my Curve 8520 aren't coming thru -- but txt is phone works. Emails only come thru if I take out the battery 2-3x, every other day. Hi and Welcome to the Community!With a strong carrier network signal (e.g. not merely WiFi), I suggest the following steps, in order, even if they seem redundant to what you have already tried (steps 1 and 2 each should result in a message coming to your BB. please wait for that before proceeding to the next step):1) Register HRT KB00510 How to register a BlackBerry smartphone with the wireless network Please wait for one "registration" message to arrive to your Messages app 2) Delete and Resend Service Books KB05000Delete the service book for the BlackBerry Internet Service email account from the BlackBerry smartphone If you have no CMIME entry, then skip the deletion KB02830 Send the service books for the BlackBerry Internet Service Please wait for "Activation" Messages, one per already configured email account, to arrive in your Messages. If you have no already configured email accounts, please wait 1 hour. With power ON, remove the back cover and pull out the battery. Wait about a minute then replace the battery and cover. Power up and wait patiently through the long reboot -- 5 minutos. See if things have returned to good operation. Like all computing devices, BB's suffer from memory leaks and such. with a hard reboot being the best cure. Hopefully that will get things going again for you! If not, then you should try deleting and re-adding your configurations for the affected email accounts. Otherwise, you should contact your mobile service provider for formal support.Good luck! Occam's Razor nearly always applies when troubleshooting technology issues!If anyone has been helpful to you, please show your appreciation by clicking the button inside of their post. Please click here and read, along with the threads to which it links, for helpful information to guide you as you proceed. I always recommend that you treat your BlackBerry like any other computing device, including using a regular backup schedule. click here for an article with instructions.Join our BBM ChannelsBSCF General ChannelPIN: C0001B7B4Display/Scan Bar CodeKnowledge Base UpdatesPIN: C0005A9AADisplay/Scan Bar Code RELEVANCY SCORE 2.73 DB:2.73:Nba Blackout Screen 9x I've had this happen more than once, and it's so frustrating. I have the NBA package and at least 2 to 3x per season, when I record a game I go back to watch it and the screen is black. I understand there might be blackout games, but this is different. I watch parts of these games and return an hour or two later, or the next day to finish watching the program only to find that the program is now gone and in it's place is nothing but a black screen. The program is still listed as being recorded, but the actual program is gone. WTH? So irritating. First thing to try is resetting your DVR/Receiver using the red button behind the front panel access card door. See if that helps. DB:2.72:Hp Officejet J5780 Scan Feature Won't Connect pj I have an HP J5780 connected (USB) to a Dell Dimension 4500 using Windows XP SP3. I am unable to get the scan function to activate at all despite uninstalling and reinstalling the software 3X. There are no scan options or scan to destinations listed and the “how do I” menu is not accessible - there's a message that the computer is not connected. There's also a message to refer to the device documentation but I don't see anything in the manual that helps me. Can anyone point me in the right direction? Thanks inadvance. alkymst I have an HP J5780 connected (USB) to a Dell Dimension 4500 using Windows XP SP3. I am unable to get the scan function to activate at all despite uninstalling and reinstalling the software 3X. There are no scan options or scan to destinations listed and the “how do I” menu is not accessible - there's a message that the computer is not connected. There's also a message to refer to the device documentation but I don't see anything in the manual that helps me. Can anyone point me in the right direction? Thanks inadvance. alkymst RELEVANCY SCORE 2.72 DB:2.72:Cme 7.1 And Fxo: No Caller Id On The Phones! xk we have a CME 7.1 on a Cisco 2811 (the IOS is c2800nm-spservicesk9-mz.124-24.T.bin). Furthermore, we have a VIC2-2FXO mounted on the CME; the FXO lines are "routed" to a DN configured on the phones by the command "connection plar XX". We have this issue: even if we have "caller-id enable" configured under the "voice-port X/X/X" of the FXOs, when we receive a call from one of them, we don't see the caller ID on the phones; in particular, we don't see the calling number, even if we see it on the output of the command "debug vpm signal" (below it's hidden with a series of X): May 8 10:16:10.255: [0/1/1] htsp_stop_caller_id_rx. message length 17htsp_setup_ind May 8 10:16:10.255: [0/1/1] get_fxo_caller_id:Caller ID received. Message type=128 length=17 checksum=E6 May 8 10:16:10.255: [0/1/1] Caller ID String 80 0E 02 0C 3X 3X 3X 3X 3X 3X 3X 3X 3X 3X 3X 3X E6 May 8 10:16:10.255: [0/1/1] get_fxo_caller_id calling num=XXXXXXXXXXXX calling name= calling time=05/08 12:16 TIA and regards. anoyone can help me? Gracias y saludos. RELEVANCY SCORE 2.72 DB:2.72:Amex 3x Cli 7k I'm still waiting for amex to SP me. Do they only sp EX. all the SP I've gotten from them were from Ex . On my 2nd month AX did SP EQ for me..so not only EX but mainly EX Move the mouse over the cards for detailed view! FICO® EQ 797 (as of today) - TU 773 (03/28) - EX 781 (04/03). ¦. Fako EX 770 (04/03 - CS)Vantage score 3.0 TU 770 - EQ 793 (CK 04/03). ¦. AAoA 3yrs9mts. ¦. INQ EQ (2) TU (5) EX (2) RELEVANCY SCORE 2.72 DB:2.72:Can't Delete Saved Searched Channel kk Hi -I have a list of recent searched shows and channels and I can easily delete shows but cannot delete channels. In the process of trying to do it I inadvertently added BRAVO in 2 more times! Now I have it listed 3x. I now have to scroll thru more just to get to the next screen of recent shows )b/c it is in alphabetical order). UGH! driving me crazy! Why no option to delete channels just like I can shows. -/Any way to do this?thanks! Hi -I have a list of recent searched shows and channels and I can easily delete shows but cannot delete channels. In the process of trying to do it I inadvertently added BRAVO in 2 more times! Now I have it listed 3x. I now have to scroll thru more just to get to the next screen of recent shows )b/c it is in alphabetical order). UGH! driving me crazy! Why no option to delete channels just like I can shows. -/Any way to do this?thanks! RELEVANCY SCORE 2.72 DB:2.72:B-Acd With Cme-As-Srst In Cme 8 Ios 15.1 df Running UCCX with a Remote Site that has local PRI. Duirng a WAN outage I want to provide some sort of basic queing. So I am wondering if B-ACD is supported with CME-as-SRST? I only see references to SRST not CME-as-SRST, or should I just do some simple ephone-hunt out of .aef in CUE 8.0.1? Using IOS 15.0(1)XA3 which has telephony-service version 8.0, cme-bacd-3.0.0.2.tar, and also have a NME-CUE running 8.0.1 in same router. Anyone have some hands on experience and vouches this works for the newer 8x software versions listed? Most B-ACD info I find is from CME 3x/4x days. Yeah, you can use it - if it works for CME, and works for SRST, then it will work for CME-as-SRST (which is effectively CME with some auto provisioning features..). Latest ver appears to be 3.0.0.2 for 'CME 7.1 and later'. http://www.cisco.com/pcgi-bin/swsrch/SWSearch_results.cgi/SWSearch_results.cgi/SWSearch.txt?isChild=falsefile_delimiter=containssearchPhrase=cme-bacd Please rate helpful posts. RELEVANCY SCORE 2.72 DB:2.72:Sdram Not Working On Mpc8260a sd I work with specific board with MPC8260A (HiP4 Rev 14, Mask B.1 4K25A) and 128MB SDRAM (MT48LC32M16A2 ). I try to configure MODCK_H and I see following. When I set MODCK_H = 5 SDRAM is working, but in any other case I get many SDRAM errors. Why is this happening? There are plenty of ways to configure MODCK_H listed in the MPC8260AEC document. I can not configure MODCK_L, it usually has 111 value. My SDRAM has input clock 33.333 MHz. MPC8260 Clock Configuration - Bus-to-Core Mult 3x, VCO Div 2, 60x Bus Freq 33-100, Core Freq 100-300 - dfbrg 0, corecnf 0x08, busdf 3, cpmdf 1, plldf 0, pllmf 1, pcidf 3 - vco_out 133332000, scc_clk 33333000, brg_clk 33333000 - cpu_clk 99999000, cpm_clk 66666000, bus_clk 33333000 CPU: MPC8260 (HiP4 Rev 14, Mask B.1 4K25A) at 99.999 MHz The only obvious idea - SDRAM configuration error. This problem requires further debugging. RELEVANCY SCORE 2.72 DB:2.72:No Isync For Motorola Razr V3xx? cz Hi, I just picked up a Motorola RAZR v3xx from ATT after losing my original Razr. iSync is telling me it cannot connect to this device. (not via bluetooth or the usb connection) iSync worked perfectly with the older model. The 3xx configuration is not listed on the apple iSync support page. (The 3x model is listed.) Any ideas on why it wouldn't work or on how to make it work. I really don't want to have to re-enter data, that is just plain dumb in this digital world we live in. imacG5 Mac OS X (10.4.1) works perfectly now. gracias. RELEVANCY SCORE 2.72 DB:2.72:Amex Clis For Two Cards f7 Last Friday I applied for Amex's BCE card and was approved. Since I was already getting a hard pull from the application, I decided to go ahead and apply for the SPG as well. Initially that app was listed as 'In Progress' but I found out yesterday that I was approved for it. My question is: how should I best go about the Amex 3x CLI for both cards? Can I get CLIs for both cards within 61 days of opening the cards, or can I only get a CLI for one card at that time and a CLI for the other card six months after that? warmblankets wrote: Can I get CLIs for both cards within 61 days of opening the cards, or can I only get a CLI for one card at that time and a CLI for the other card six months after that? Definitely read the 3X CLI thread. This and many other matters are addressed in it. RELEVANCY SCORE 2.72 DB:2.72:3x October Points - Best Buy: Unboxed dz i recently usedthe 3x october bonus points coupon but is not shown on the transaction I can see that you went back to the store on Wednesday and processed a return/repurchase because the coupon was not displayed on the original receipt. The store does look to have issued the refund back to a Best Buy gift card rather than your credit card, so the new purchase would not qualify for points. The coupon is displayed on the new transaction though. I would still suggest that we allow the full 20 days to expire so that the new purchase can officially post to your My Best Buy™ account. While the new purchase may not qualify for points, I can see that you definitely tried to utilize the coupon; however, it was just not processed correctly. Please send me a private message after 20 days, by clicking on the blue button in my signature, and I will see what I can do help. Derek|Social Media Specialist | Best Buy® CorporatePrivate Message RELEVANCY SCORE 2.72 eBay Coupons Shop at eBay.com Now Prior to when you finalize your order, verify that your discount promotion was accepted and the anticipated price was included on your purchase. If you do not do this and don't end up with the discount you expected, we're not responsible. It is worth noting that internet specials can expire for any reason and without notice. In order to help us with the deletion of any expired coupon codes or deal offers that do not work, please contact us if we have any online deals or coupon codes that don't work as expected. Don't forget to return again next time you need discount online promos and discount code discounts. Browse coupons and discounts for other merchants in Home and Garden: At our web site, our desire is to offer the best savings and bargains available for all of the leading online merchants. As component of that commitment to greatness is the listings of specials and promotional codes you find on this web page. Thank you for saving with our website. We work hard to keep our website as fresh as possible. If you have any more online coupons or discount code deals, please email them in. Hot Coupons and Deals PCOS1 : COMMUNITY-BASED OUTCOMES RESEARCH INITIATIVE FOR CHRONIC RENAL DISEASES Sasahara E1, Iida E1, Tajima Y1, Terajima T1, Ogawa M2, Yoshida H3, Irie Y3, Yamagata S1, Satoh N1, Ueda S1, 1Chiba University Graduate School of Pharmaceutical Sciences, Chiba-shi, Chiba, Japan; 2Chiba University Graduate School of Medicine, Chiba-shi, Chiba, Japan; 3Sanai Memorial Hospital, Chiba-shi, Chiba, Japan OBJECTIVES: Despite enormous efforts to improve chronic renal diseases management, the lack of evidenced resources focusing on Japanese patients persists. In order to implement pharmacoeconomics and outcomes research contributing to daily healthcare, it is essential to review and quantify the series of consecutive cases at clinical levels. In collaboration with community hospitals in the Chiba area, we are currently developing a database to assess clinical outcomes, resource utilization and effectiveness in the fields of renal diseases. This presentation illustrates the framework and results of our pilot study. METHODS: At the first stage, our fieldwork team collected baseline data on medical records of 205 outpatients with chronic renal diseases at 5 hospitals. The data included patient profiles, drug history and clinical test history from September 1988 to April 2002. At the second stage, using the data and other resources, our pharmaceutical research team conducted retrospective approaches to assess the renal protective effects of angiotensin-converting-enzyme inhibitors (ACEIs). Those approaches included Meta-analysis, Survival-analysis and Regression-analysis. At the third stage, in collaboration with clinic physicians, our economic/managerial research team is reviewing the assessment to develop cost-effectiveness simulation scenarios for improvement in medical management. RESULTS: By using the slope of the regression line for the reciprocal serum creatinine, the median of a reprieve from chronic renal failure by ACEIs was estimated as 2.50 years regarding 7 cases. For example, in case of a 40-year-old man with the estimated reprieve of 2.19 years, the patient gained 2.37 years of really extended period. And follow-up interviews with the clinic physicians indicated that those reprieve estimates will contribute to their decisions in drug prescription and the medical management. CONCLUSIONS: The pilot study is not evidence-based and contains uncertainty regarding future decision-making in individual cases. However, to let Japanese people understand effectiveness of pharmacoeconomics and outcomes research, project initiative should be community-centric and get involved with multidisciplinary team from the beginning. PCOS2: DO CONTROLLED TRIALS OF ADHERENCE TO ANTIHYPERTENSIVE DRUGS GENERATE HIGHER RATES? EVIDENCE FROM THE LITERATURE Iskedjian M1, Piwko C1, Walker J2, Vicente C1, Einarson T3, 1PharmIdeas Research and Consulting Inc, Oakville, ON, Canada; 2Brock University, St. Catharines, ON, Canada; 3University of Toronto, Toronto, ON, Canada Controlled trials (CTs) of cardiovascular (CVS) therapies often report relatively high adherence rates, in the neighborhood of 80 - 95%. However, the compliance literature refers to lower rates. We suspect that the CT environment may provide conditions that result in artificially increased adherence rates. OBJECTIVE: The purpose of this study was to review the adherence literature both qualitatively and quantitatively to determine whether rates from noncomparative studies were lower than those from CTs. METHODS: We accepted all noncomparative studies that reported adherence rates to CVS drugs, including clinical trials, database studies, chart reviews, or observational cohort studies. There must have been a minimum of 25 patients under study, suffering from hypertension. Articles that reported interventions, to enhance compliance, and long-term persistence were excluded. Articles were identified and data were extracted by a single reviewer and verified independently by a second person. Data were combined using weighted-means for a series of mean adherence rates. Results were compared with those of CTs of the same types of patients, as reported in previous research. RESULTS: Of the 25 studies identified, we were able to use data from 16, which studied 57,406 patients. The overall weighted-mean adherence rate (range) was 74% (46 - 87%), which was 20% lower than the previously reported rate of 94% in 9436 patients in 6 RCTs. CONCLUSIONS: The rate of adherence reported in noncomparative studies was found to be 20% lower than that reported in CTs in the same types of patients. PCOS3: PATIENT SURVIVIAL AMONG PERITONEAL DIALYSIS PATIENTS IN THE UNITED STATES: A CLOSE LOOK AT THE 1999, 2000 AND 2001 INCIDENT COHORTS Guo A, Salim M, Baxter Healthcare Corporation, Deerfield, IL, USA Innovation and advances in peritoneal dialysis (PD) over time have resulted in significantly improved outcomes in end-stage renal disease (ESRD) patients. OBJECTIVES: To evaluate the current PD patient survival in the US and identify opportunities for improving PD patient care using recent available data. METHODS: Data was obtained from On-call Comparative Data Resource (Baxter Healthcare Corp. internal data), a program aimed at providing a comparative analysis of the reasons why patients enter or leave home dialysis. Over 30,000 incident patients who started peritoneal dialysis in 1999, 2000, and 2001 were included. Kaplan-Meier (KM) estimation was used to calculate the unadjusted actuarial patient survival. Adjusting for patients’ age, diabetic status, gender, center-size, and year of dialysis initiation, patient survival was also determined by Cox proportional hazard model. Censoring events in the analysis included switching to hemodialysis (HD), transplantation, death, and loss to follow-up, recovery of native renal function. RESULTS: One-year patient survival was 82%, 84%, and 86% respectively for 1999, 2000, and 2001 cohort, showing improvement over time. Two-year patient survival was also improved over time (69% in 1999, 72% in 2000, and 79% in 2001). The relative risk ratios of age, diabetes, and initial modality choice of CAPD (continuous ambulatory PD) vs. APD (automated PD) on patient survival were 1.038, 1.467 and 1.379 respectively. Dialysis center with less than 20 PD patients was not a significant risk factor for patient survival. The risk ratio of PD initiation year was 0.757, showing an improvement in patient survival over time. CONCLUSIONS: We found secular trend of improved outcomes as measured by patient survival of PD patients in the United States. The temporal profile of modality transfer from PD to HD could be used as a guide to practice optimization for PD patient care. PCOS4: HOW TO COMPARE THE SAFETY AND EFFICACY OF ANTIPYSCHOTIC THERAPIES, WITH A LACK OF HEAD TO HEAD TRIAL EVIDENCE; THE EXAMPLE OF OLANZAPINE VERSUS QUETIAPINE Montgomery W1, Mullen K1, Croker V1, Davey P2, 1Eli Lilly Australia Pty Ltd, West Ryde, NSW, Australia; 2M-TAG, Sydney, Australia OBJECTIVES: This meta-analysis compares effects directly of olanzapine and haloperidol and indirectly olanzapine and quetiapine via haloperidol in the treatment of schizophrenia. The indirect comparison provides a method to compare safety and efficacy of different medications in the absence of head to head studies. As many of the trials had fixed dosing regimes this analysis examines effect of varying the dose of all three antipsychotics on the results. METHODS: Trials of olanzapine or quetiapine versus haloperidol were identified. Each was compared using all doses of olanzapine, quetiapine and haloperidol. A second comparison analysed clinically relevant doses of these antipsychotics based upon their approved Product Information. RESULTS: The analyses with all doses of haloperidol and olanzapine and the clinically relevant dose analysis showed that for the efficacy and tolerability outcomes, olanzapine was statistically superior to haloperidol. When comparing olanzapine and quetiapine via haloperidol, the all dose analysis highlighting superior efficacy and safety of olanzapine include more dropouts due to lack of efficacy for quetiapine, greater change in PANSS total for olanzapine and better CGI severity score. The superior efficacy and safety of olanzapine when analysing trials using clinically relevant doses of olanzapine (10-15mg), quetiapine (300-450mg) and haloperidol (5-15mg), is shown by statistically more dropouts for any reason and lack of efficacy for quetiapine and a higher likelihood of response and a better improvement in PANSS total score for olanzapine. CONCLUSION: The analysis of clinically relevant doses is considered to be most informative as it looks at efficacy and safety in patients taking doses of drugs most likely to be used in clinical practice. In fixed dose trials sub or supra-therapeutic levels of the study drug can be used which could affect side effects and efficacy of therapy. PCOS5: EVIDENCE ON THE RELATIVE EFFECTIVENESS OF OLANZAPINE AND RISPERIDONE OVER TIME Davey P, FitzGerald P, Birinyi-Strachan L, M-TAG Pty Ltd, Chatswood, NSW, Australia OBJECTIVES: The atypical antipsychotic drugs are rapidly replacing the older typical therapies for the treatment of schizophrenia. The two most widely prescribed atypicals, olanzapine and risperidone, now account for $US4.9 billion in global health care sales per annum (2001) and hence analyses on their respective efficacies are important. METHODS: Several randomised controlled trials have compared these two drugs directly, but there is some inconsistency in the reported relative efficacy. The 8 week study by Conley and Mahmoud (2001) suggested that risperidone is more effective than olanzapine. By contrast, the 28-week trial by Tran et al. (1997) suggested that olanzapine is more effective than risperidone. Two smaller, medium- to long-term trials also showed significant improvements in a variety of efficacy rating scales for patients treated with olanzapine compared with those receiving risperidone (Purdon et al. 2000, Gureje et al. 2002). These trials ran for 52 and 30 weeks, respectively. In order to explore why there was a difference in the findings of the four trials, we examined the mean change in PANSS total score over time with olanzapine and with risperidone in the Tran et al. (1997) study. The original trial dataset was provided by the trial sponsor (Eli Lilly) and the mean change in PANSS total score was plotted for both study arms over the duration of the study. RESULTS: These results suggest that olanzapine and risperidone have similar efficacy in the short-term (up to about eight weeks), after which time olanzapine offers superior effectiveness to risperidone. This is an important finding, which may explain the different outcomes in the four comparative trials. CONCLUSIONS: Since schizophrenia is a chronic condition, understanding the long-term differences between antipsychotic treatments is critical both to the selection of appropriate therapy and to the allocation of antipsychotic drug budgets. PCOS6: THE BURDEN OF SLEEP DISTURBANCES AMONG JAPANESE GRADUATE STUDENTS Pallos H, Yamada N, Okawa M, Shiga University of Medical Science, Otsu, Shiga-ken, Japan OBJECTIVES: The socioeconomic impact and the burden of sleep disturbances have not yet been systematically investigated in Japan. We planned our study to describe the burden of sleep disturbances and estimate the proportion of graduate students to be associated with direct and indirect costs related to their sleep disturbances. METHODS: We conducted an exploratory epidemiological survey at 15 university graduate schools in Kyoto, Japan to estimate the prevalence of sleep disturbances and the burden related to them; the consultation rate for sleep difficulties and the hypnotic medication use rate. Two hundred nineteen graduate students (158 males and 61 females), aged 22-39 completed the self-reported Pittsburgh Sleep Quality Index questionnaire, together with specific questions designed for the purpose of the study. RESULTS: The overall rate of insomnia was 14.6%, while 10.5% had difficulty initiating sleep and 6.9% had difficulty maintaining their sleep. Excessive daytime sleepiness was present in 4.1% of the students. These rates were similar to the rates for the general young adult population, except for the lower rate of excessive daytime sleepiness. Meanwhile, 29.8% of them reported fatigue, 9.6% health problems, 5% absenteeism, and 3.2% accidents at universities as consequences of their sleep problems, occurring indirect costs; only 2.3% reported consultations with physicians and 0.9% had used hypnotic medication for their problems, occurring direct costs. CONCLUSIONS: Results suggest that the prevalence rates of consequences are higher for the general young adult population than for the less sleep deprived graduate students. Since the general young adult population is important part of the active work force, this indicates a significant loss of productivity. Despite the high prevalence rates of sleep disturbances and their consequences, the consultation rate for sleep problems was low. Increased awareness of preventive measures may decrease the prevalence rates of consequences of sleep problems. PCOS7: LIFE EXPECTANCY; WHAT IS IT AND CAN WE PREDICT IT? Wilson JRM1, MacDonagh R1, Ewings P1, O'Boyle C2, 1Taunton and Somerset Hospital, Taunton, Somerset, United Kingdom; 2Royal College of Surgeons of Ireland, Dublin, Ireland OBJECTIVES: To determine whether Consultant Urologists, Specialist Registrars and Oncologists can accurately predict the life expectancy (LE) of prostate cancer patients using a newly developed LE measure. Patients with prostrate cancer that are perceived by the clinician to have a greater than 10 year life expectancy would be considered for potentially curative treatments. Although in clinics the assessment of LE in is commonly random and inconsistent. METHODS: We are developing a measure for assessing LE using evidence based actuarial statistics centered on co-morbidities. A sum of an individual’s disease mortality ratios is produced; using this figure a co-morbidity attuned age for the patient is generated. A probability of surviving 10 years is then formed, which is very specific for each patient. In this study we generated 70 paper patients with credible past medical history scenarios and asked four consultants, four registrars and two oncologists what percent chance of living to ten years they felt the patients had. The clinician’s figures were compared to the score predicted by our measure using Bland-Atman plots. RESULTS: Our results show that all clinicians were variable in their ability to determine LE. Most were good at predicting LE when LE was good, but most were inconsistent when predicted survival was poor. Using statistical analysis we determined that clinicians significantly overestimate LE when LE was low and underestimate LE when it is high. CONCLUSIONS: In general the clinicians studies were not good at predicting the life expectancy. With our tool, we propose to produce simple computer software enabling clinicians in a clinic setting to generate a rapid, accurate estimate LE using patient demographics and co-morbidity data and thereby improve quality of patient care. PCOS8: ANALYSIS OF ASTHMA CARE AT PRIMARY CLINIC BASED ON NATIONAL INSURANCE DATABASE Lee S1, Lee EK2, Park EJ2, Bae EY2, 1Sookmyung University, Seoul, South Korea; 2Korea Institute for Health and Social Affairs, Seoul, South Korea OBJECTIVES: Asthma is a chronic inflammatory disease of the airway and the prevalence rate is increasing. As the burden of asthma to the society is significant due to the increasing hospital admissions and emergency visits, National Heart, Lung and Blood Institute (NHLBI, USA) and the World Health Organization (WHO) have developed comprehensive guidelines to help clinicians and patients make appropriate decisions about asthma care. The aim of study was to analyze the pattern of asthma prescriptions based on the national asthma guidelines for the patients visiting primary health care providers. METHODS: Prescription data for asthma were obtained from the Korean National Health Insurance claims database of January 2002. Ten percent of the primary health care providers were sampled based on their specialty areas, and 20% of the claim cases were randomly chosen. RESULTS: Study results showed that prescription rate for oral beta-2 agonists was 44.3%, and that for oral theophylline was 46.9%. Oral steroids were prescribed for the 28.2% of the claims. Utilization of inhalers was low for both bronchodilators (20.3%, inhaled beta-2 agonists), and steroids (8.4% inhaled steroids). Bronchodilators were more preferred to the long-term anti-inflammatory controllers among the primary health care providers. Prescription rate for antibiotics was 46.0% for asthmatic patients. Also gastrointestinal drugs were prescribed for 59.0%, antitussives 65.3%, antihistamines 25.3% and analgesics 29.4% respectively. CONCLUSION: This study presented that the prescribing pattern of the primary health care providers for the asthma was quite different from the national and international guidelines. More efforts need to be made to reduce the gap between the present pattern of asthma prescription and the guidelines. PCOS9: SCREENING AND TREATMENT OF HYPERLIPIDEMIA IN WOMEN WITH OR AT RISK FOR CORONARY HEART DISEASE Simonson JK1, Minta B2, 1Pfizer Inc, Astoria, NY, USA; 2Oxford Health Plan, White Plains, NY, USA OBJECTIVE: The purpose of this review was to examine the quality of lipid management in women with coronary heart disease (CHD) or at risk for CHD. More specifically, this review focused on cholesterol screening rates, treatment and LDL goal attainment in these high-risk patients. METHODS: Included for analysis were female patients enrolled in Oxford Health Plan with any of the following: 1) CHD; 2) other cardiovascular disease (CVD); 3) hypertension; and 4) age > 55 5) nicotine use. Patients were then reviewed for the presence of cholesterol screenings within the last 2 years, lipid panel results and whether or not they received cholesterol-lowering medications. RESULTS: There were 61,835 patients included for analysis; 23% had CHD, 9% had CVD, 42% had two or more CHD risk factors and 26% had only one CHD risk factor. Approximately 20-30% of patients lacked cholesterol screenings for the last 2 years, including patients with established heart disease, risk equivalents for CHD and risk factors for heart disease. Patients with target LDL levels <160 mg/dL and <130 mg/dL achieved goal at least two times more frequently than patients requiring LDL levels <100 mg/dL. Less than 25% of patients with CHD or CVD taking cholesterol- lowering therapy actually achieved LDL goal. For CHD/CVD patients not receiving cholesterol-lowering therapy, 40% were not at LDL goal. CONCLUSION: Overall, cholesterol screening rates, treatment and LDL goal attainment appeared to require improvement. Very few female patients requiring primary prevention for CHD reached LDL goal on cholesterol treatment indicating potential adherence deficiencies or a necessity to improve cholesterol-lowering regimens. Many high-risk patients were not at LDL goal nor on cholesterol therapy indicating a need to initiate cholesterol management in these patients. Currently, targeted strategies to improve cholesterol adherence, screening and prescribing practices are being examined at Oxford Health Plan. PCOS10: EVALUATION OF CLOPIDOGREL USE IN MEDICAL PATIENTS OF A GENERAL TEACHING HOSPITAL Lee VW, Lau CC, Lau CS, Mo CL, Chan TY, The Chinese University of Hong Kong, Shatin, Hong Kong OBJECTIVES: Clopidogrel is a new antiplatelet drug indicated for various cardiological and neurological conditions. However, its use is limited due to the high cost. In the year 2000/01, the total drug expenditure on clopidogrel (including both inpatient and outpatient uses) had risen from HK $300,000 (US$38,460) (1 US$=7.8 HK$) to HK$ 1 million (US$128,205) which was 0.5% of the total drug expenditure for 2002/03. The current study was conducted at the Prince of Wales Hospital (PWH), which is a local public teaching hospital in Hong Kong. The aims of the study were to examine the prescribing pattern of clopidogrel at PWH, to determine the side effect profile of clopidogrel in Chinese patients and to analyze its cost for outpatient uses. METHODS: It was a retrospective study performed in patients who were prescribed with clopidogrel from April 2000 to November 2002. Only discharge prescriptions from the cardiology and neurology wards and prescriptions from Specialty Out-Patient Clinic were studied. Data collected included demographic data, indications, dosage, treatment duration, treatment plan, and side effects. RESULTS: A random sample of 96 patients was studied. Approximately 94% of cases were found to be appropriately prescribed according to the guideline in PWH. Clopidogrel was prescribed to 88% of patients to whom percutaneous coronary intervention (PCI) was planned. Seven percent of the use was for secondary prevention of cerebral vascular accident (CVA). Nine percent of patients experienced side effects. Skin rash (3.6%) and minor bleeding (3.6%) were the most common ones. Most cost was attributed to patients who had undergone PCI (47.6%) and patients with CVA (46.5%). CONCLUSION: In this drug use evaluation, use of clopidogrel at PWH was in general appropriate. Clopidogrel was well tolerated. PCOS11: CHANGE IN CLINICAL STATUS AND FUNCTIONING OVER THE FIRST SIX MONTHS OF TREATMENT: RESULTS FROM THE SCHIZOPHRENIA OUTPATIENT HEALTH OUTCOMES (SOHO) STUDY Edgell ET1, Novick D1, Haro JM2, Wright P1, Ratcliffe M1, on behalf of the SOHO Study Group3, 1Eli Lilly and Company, Windlesham, UK; 2Centre De Salut Mental-Gavа, Sant Joan De Deu-SSM, Barcelona, Spain; 3Alonso J (ES), Gasquet I (FR), Kristensen H (DK), Jones PB (UK), Knapp M (UK), Lepine JP (FR), Mavreas V (GR), Murray D (IE), Naber D (DE), Pancheri P(IT), Slooff CJ(NL), Teixeira JM(PO) OBJECTIVE: To describe changes in clinical and functional status over the first six months of treatment across antipsychotics in outpatient settings. METHODS: SOHO is a 3-year, prospective, outpatient, Pan-European, observational study. Mean change in positive, negative, depressive, and overall symptoms from baseline to six months as measured using Clinical Global Impressions–Schizophrenia (CGI-SCH) scale was assessed for patients enrolled in the SOHO study. Change in functional status was examined by comparing the proportion of patients socializing with friends and family at baseline and 6 months. RESULTS: Mean change in positive symptoms on the CGI-SCH range from -0.68±1.40 for quetiapine patients to -1.71±1.55 for 2+ atypical antipsychotics (AP) patients. Mean change in negative symptoms was greater for clozapine (-1.10±1.21) and olanzapine (-1.04±1.22) patients than other cohorts (ranged from -0.51±1.07 for depot typical agents to -0.97±1.43 for 2+ APs). Social functioning improved across all cohorts with the biggest improvements seen in olanzapine and clozapine. CONCLUSIONS: Substantial improvements in clinical status were seen from baseline to six months across all antipsychotics. Quetiapine patients experienced the smallest reductions in positive symptoms. Olanzapine and clozapine patients experienced larger reductions in negative symptoms, which may explain the greater improvements in social functioning compared with other cohorts. PCOS12: THE TREATMENT OF SCHIZOPHRENIA ACROSS EUROPE: BETWEEN COUNTRY BASELINE DIFFERENCES IN SERVICE USE IN THE SCHIZOPHRENIA OUTPATIENT HEALTH OUTCOMES (SOHO) STUDY Haro JM1, Knapp M2, Fernandez J2, Novick D3, Edgell ET3, on behalf of the SOHO Advisory Board4, 1Centre de Salut Mental-Gavа, Sant Joan De Deu-SSM, Barcelona, Spain; 2Personal Social Services Research Unit, London School of Economics, Centre for the Economics of Mental Health, Institute of Psychiatry, London, UK; 3European Health Outcomes Research, Eli Lilly and Company, Windlesham, UK; 4Alonso J(ES), Gasquet I(FR), Kristensen H(DK), Jones PB(UK), Knapp M(UK), Lepine JP(FR), Mavreas V(GR), Murray D(IE), Naber D(DE), Pancheri P(IT), Slooff CJ(NL), Teixeira JM(PO) OBJECTIVE: SOHO is a 3-year, prospective observational study of health outcomes associated with antipsychotic treatment conducted across 10 European countries (Denmark, France, Germany, Greece, Ireland, Italy, the Netherlands, Portugal, Spain, and the United Kingdom). The aim of the study is to describe between country differences in service use for schizophrenia across Europe in the context of the Schizophrenia Outpatient Health Outcomes (SOHO) study. METHODS: Patients were enrolled in SOHO upon initiation of or change to a new antipsychotic in actual outpatient treatment settings. Service utilization patterns were examined within and between participating countries. The association of service use with a range of patient characteristics (age, gender, symptoms, quality of life, duration of illness, care history, etc.) was assessed. RESULTS: Total enrolment was 10,972 patients. Eight countries had sufficient enrolment for analyses. In the six-month period prior to the study, 33% of patients were admitted to hospital ranging from 17% in Greece to 40% in Germany. Day-hospital use was highest in Italy (39% of patients), and lowest in Greece (4%). The average number of outpatient visits in the 6 months prior to enrolment ranged from a mean of 4 visits in the United Kingdom to 13 visits in Germany. While strong associations between patient characteristics and utilization intensity were found, utilization differences among countries persisted after controlling for patient characteristics. CONCLUSION: European countries show important differences in patterns of care for schizophrenia. The reasons behind these differences as well as their impact on long-term outcomes require examination. Policy makers would benefit from a better understanding of the pattern of schizophrenia care in Europe in order to improve the access to current delivery arrangements. Comparative data on resource utilization is an important factor for any future research on access to health care provision. PCSA1: MEDICAL COSTS FOR CARE OF RHEUMATOID ARTHRITIS IN JAPAN Mithal A1, Yamanaka H2, Tanaka EI2, Nakajima A2, Kamatani N2, 1Institute for Clinical Outcomes Research and Education, Woodside, CA, USA; 2Tokyo Women's Medical University, Tokyo, Japan OBJECTIVES: Rheumatoid arthritis (RA) is among the most common rheumatic diseases in Japan. There are no large studies of costs of care of RA in Japan. We report results from the first and only large, long-term outcome study of RA in Japan. METHODS: J-ARAMIS is a prospective non-interventional observational cohort study of consecutively enrolled patients with rheumatoid arthritis seen at the Institute of Rheumatology in Tokyo. Physician and patient self-report data on outcomes, medication use, adverse events and satisfaction with care is collected using the validated J-HAQ. Outpatient costs of care are calculated from billing records of IOR. Costs for hospitalizations are estimated by using a per-day cost of JPY 20,970 (based on "Survey of Medical Care Activities Public Health Insurances", Ministry of Health, Labor and Welfare, Japan, 2000). RESULTS: The J-ARAMIS program has averaged patient response rates of over 98% to date. A total of 5,666 patients have been enrolled, with a total observation time of 8489.5 patients-years. The average age is 56.4 years (SEM 0.17), with mean disease duration of 9.6 years (SEM 0.12). The mean Body Mass Index is 21.5 (SEM 0.07) and the average disability index is 0.75 (SEM 0.01), both significantly below the numbers seen in the Western countries. The average direct cost of medical care in RA patients is JPY 417,134 per year (SEM JPY 32040). Medications account for 55.4% of these costs, with laboratory and radiology investigations accounting for 22.5%, hospitalizations 13.9%, physician visits 7.2% and rehabilitation 1%. CONCLUSIONS: The medical costs of care of RA patients in Japan are similar to the previously published estimates from the US, but the distribution of costs is significantly different from that seen in the US. RA patients in Japan also have lower levels of disability compared to patients with similar levels of disease duration in the US. PCSA2: MEDICAL COSTS ARE SIGNIFICANTLY ASSOCIATED WITH DISABILITY LEVELS IN RHEUMATOID ARTHRITIS IN JAPAN Yamanaka H1, Mithal A2, Tanaka EI1, Nakajima A1, Kamatani N1, 1Tokyo Women's Medical University, Tokyo, Japan; 2Institute for Clinical Outcomes Research and Education, Woodside, CA, USA OBJECTIVES: The costs of medical care of rheumatoid arthritis are likely to be a function of the disability level of the patient, since disability may be linked to more frequent utilization of health care resources. Aggressive early management of RA is likely to reduce disability and may produce significant costs savings. Yet, this relationship has not been adequately studied. METHODS: The J-ARAMIS program is a prospective non-interventional observational cohort study of consecutively enrolled patients with rheumatoid arthritis seen at the Institute of Rheumatology in Tokyo. Physician and patient self-report data is collected using the validated J-HAQ. Outpatient costs of care are calculated from billing records of IOR for each patient. Costs for hospitalizations are estimated by using a per-day cost of JPY 20,944 (based on "Survey of Medical Care Activities Public Health Insurances", Ministry of Health, Labor and Welfare, Japan, 2000). RESULTS: A total of 5666 patients (8489.5 patients-years of observation) have been enrolled in the J-ARAMIS program. The average age is 56.4 years (SEM 0.17), the disease duration 9.6 years (SEM 0.12). The mean Body Mass Index is 21.5 (SEM 0.07) and the average disability index is 0.75 (SEM 0.01), both significantly below the numbers seen in the Western countries. The average direct cost of medical care in RA patients is JPY 417,134 per year (JPY SEM 32040). After controlling for age, gender, disease duration and BMI, there was a strong association of total costs of care with the disability index (0 – 3, where 0 is no disability, 3 is completely disabled) (p<0.001). For every unit increase in Disability Index, the costs of care increased by over 33%. CONCLUSIONS: Disability level is a strong predictor of costs of care in patients with RA. A therapeutic agent which reduces disability substantially might prove less expensive over the long-term than an initially less expensive agent with little effect on disability levels. PCSA3: COST IMPACT OF USING SPECIFIC CYCLOOXYGENASE II INHIBITORS IN ORTHOPEDIC OUTPATIENTS AT LERDSIN HOSPITAL Phosri J, Kulsomboon V, Kiatying-Angsulee N, Chulalongkorn University, Bangkok, Thailand OBJECTIVE: The purposes of this study were to characterize the pattern of Specific Cyclo-oxygenase Inhibitors (C2I) use, and to determine cost impact of C2I use among patients who were at low risk for gastrointestinal adverse events compared with Non-steroidal anti-inflammatory drug (NSAIDs) use at Lerdsin Hospital, the Special Institution for Orthopedics of Ministry of Public Health, Bangkok, Thailand. METHODS: Retrospective data from medical charts of patient receiving C2I or NSAIDs when visiting orthopedic outpatient clinic were reviewed. Data were collected during November and December 2002. Sample size of patients receiving C2I and NSAIDs was calculated based on the proportion of high and low risk of gastrointestinal adverse events from our pilot study. The National Institute for Clinical Excellence of the United Kingdom Guidances for C2I use was employed to determine whether the patients receiving C2I were at high risk. Drug cost was calculated based on drug acquisition cost. RESULTS: Of the 1113 patient medical records, which were reviewed, 40.1 % of 519 patients receiving C2I and 19% of 594 patients receiving NSAIDs were considered to be at high risk. Of the patients receiving C2I, 112 (21.6%) received C2I alone and 159 (30.6%) received gastro-protective agents in addition to C2I. Prescribing C2I among low risk resulting in excessive expenditure were 2.4 million Baht/year compared with NSAIDs in actual practice. Compared with each of the three highest volumes of NSAIDs used in the hospital (diclofenac, Voltaren ®, and ibuprofen 400 mg), excessive expenditures were 3.4, 1.7, and 3.2 million Baht/year, respectively. CONCLUSION: Cost impact of C2I use among patients who were at low risk for gastrointestinal adverse events compared with NSAIDs at Lerdsin Hospital was 2.4 million Baht/year. Because of the high cost impact of C2I use, it is necessary to employ clinical practice guideline for prescribing restriction in low risk patients. PCSA4: COST-EFFECTIVENESS ANALYSIS OF SELF INJECTION VS AMBULATORY CARE OF ANTI-RHEUMATOID BIOLOGICS (ETANERCEPT) Igarashi A1, Tsutani K2, Fukuda T1, Miyasaka N3, 1University of Tokyo, Bunkyo, Tokyo, Japan; 2University of Tokyo, Bunkyo-ku, Japan; 3Tokyo Medical & Dental University, Tokyo, Japan OBJECTIVE: To compare economic value of two administration methods (self-injection and ambulatory care) of anti-rheumatoid biologics (etanercept) by application of cost-effectiveness analysis (CEA). METHODS: From societal perspective, we gathered cost data and outcome data. We developed decision tree model and applied Markov-model analysis. To estimate transitional probability, we used following data. Cost data: 1) direct cost: first visit fee and at-home care guidance fee (from health insurance fee schedule), drug costs (hypothetical costs - since etanercept is not admitted by Ministry of Health, Labor and Welfare (MHLW) yet), ambulatory cost (including transportation expenses. Data will be gained from "Rheumatoid tomonokai", RA patients organization in Japan) and teaching cost of self-injection. (To estimate teaching cost, we developed a questionnaire for health care provider); 2) indirect cost: productivity loss. (Gained from MHLW) Outcome data: ACR20 (gained from 3rd phase of clinical trial data of etanercept in the US) and safety issues subject to self-injection (delayed finding ADR, accidentally impale needles to other people, and so on. Data will be gained from case report form (CRF)) as this is short-time analysis, we did not apply discount rate. We applied sensitivity analysis on 1) incidence of ADR; 2) safety data; and 3) indirect costs. PCSC1: THE COST- EFFECTIVENESS ANALYSIS OF BONE MARROW TRANSPLANTATION COMPARED WITH CONVENTIONAL CHEMOTHERAPY IN JAPAN Nakahara N1, Yanagisawa S1, Kamae I1, Masaoka T2, 1Kobe University, Kobe, Japan; 2Osaka Medical Center for Cancer and Cardiovascular Diseases, Hospital, Osaka, Japan OBJECTIVE: To assess the cost-effectiveness of bone marrow transplant (BMT) compared with conventional chemotherapy on leukemia, malignant lymphoma, multiple myeloma, and children solid tumors in Japan. METHODS: We reviewed direct medical costs in 3 years for BMT undertaken in domestic clinical trials with 40 patients (26 adults and 14 children). Additional data for costs, including probabilities, were employed from published literature in Japan. A decision analytic model with decision trees was used to estimate the average direct medical cost in three years. Regarding therapeutic effectiveness, we used the Declining Exponential Approximation of Life Expectancy (DEALE) method to estimate the expected life years of survival. The cost estimation included the direct medical cost and the mortality cost. Sensitivity analyses were performed to test the results. RESULTS: As a result of review, the average costs in 3 months associated with the domestic clinical trials were estimated to be JPY\ 6,072,866 for adults and JPY\ 5,276,643 for children with respect to BMT. Consequently, the total costs in 3 years with the decision analytic model were estimated as JPY\ 26,760,804 per patient for BMT and JPY\ 23,296,564 per patient for chemotherapy. The life expectancies were 6.28 years per patient for BMT, whereas 4.25 years per patient for chemotherapy. The cost-effectiveness ratios (cost per life year gained) were JPY\ 4,261,274 for BMT in contrast with JPY\ 5,355,532 for chemotherapy. Since the incremental cost was JPY\ 3,464,240 comparing BMT with chemotherapy, the incremental cost-effectiveness ratio was eventually estimated to be JPY\ 1,794,943. CONCLUSION: The cost-effectiveness analysis was conducted based on the cost data in Japan. It is concluded that BMT was more cost-effective than conventional chemotherapy. PCSC2: THE COST OF ILLNESS OF HEPATOCELLULAR CARCINOMA IN TAIWAN Liu CY, Lin CY, National Health Research Institutes, Taipei, Taiwan OBJECTIVE: Hepatocellular carcinoma (or HCC, Hepatoma) has been the first leading causes of death in Taiwan for recent years. HCC patients need similar treatment options (e.g. chemotherapy, radiotherapy, surgery°Ketc.), and generally require long-term medical care. This study, based on the evidences of National Health Insurance (NHI) database, evaluates the cost of illness (CoI) of HCC in Taiwan. METHOD: We analyzed the 2001 NHI data whose ICD-9-CM codes equal to 155.0, which stand for primary liver carcinoma. We calculated the CoI of HCC from two main cost sources: outpatient and inpatient. We calculated the outpatient CoI from four cost sources (including the cost of drugs, treatment, diagnosis and drug services), and the inpatient CoI from 17 cost sources (including the cost of surgery, beds, diagnosis, drugs, administrations°Ketc.). Also, we applied Cochran-Mantel-Haenszel (CMH) test to test the independence between gender and ages on HCC CoI. RESULTS: From the contingency table between gender and ages on HCC CoI, we may see the males who are 50-54 years old, males who are 35-39 years old and males who are over 65 years are the first 3 high HCC CoI groups. According the CMH statistics, the gender and ages are independent on HCC CoI (CMH p-value<0.0001) and the HCC CoI of males is significantly higher than females. The HCC CoI occupied the Taiwanese GNP about 1.41% in 2001. CONCLUSION: The three high HCC CoI groups could be a reference for further HCC clinical research about high HCC risk objectives. The HCC CoI evaluation can be a good index to show the state of the art of HCC treatment in Taiwan. PCSC3: THE COST EFFECTIVENESS OF IMATINIB FOR THE TREATMENT OF PATIENTS WITH GASTROINTESTINAL STROMAL TUMOURS De Abreu Lourenco R, Wonder M, Novartis Pharmaceuticals Australia Pty Ltd, North Ryde, NSW, Australia OBJECTIVE: Imatinib is a novel targeted therapy that has shown high early efficacy in patients with unrespectable and/or metastatic malignant c-kit positive gastrointestinal stromal tumors (GIST). Allocation of health care resources to its use in this indication depends in part on its cost-effectiveness. We evaluated the cost-effectiveness of imatinib versus no active therapy for the treatment of patients with GIST. METHODS: Data on the use of imatinib in patients with GIST were drawn from an ongoing phase II study. Data for similar patients who received no active treatment were obtained from a separate retrospective review. A Markov modeling approach with monthly cycles for a period of ten years was used. Continuing treatment with imatinib depended on an absence of disease progression. Transition rates for death (both patient groups) and disease progression (imatinib group) were based on those observed for the two groups. Costs of treatment included drug therapy (imatinib group) and medical and hospice care (both groups) for surviving patients. Costs and benefits were discounted at 5% p.a. All costs were stated in AUS$ at 2003 prices. All analyses were conducted from the perspective of the Australian health care system. RESULTS: Reported median survival for untreated patients with advanced GIST is 18.9 months. After a median of 25 months of follow-up, 78% of patients treated with imatinib were still alive. It was estimated that treatment with imatinib offers, on average, an additional 3.0 years of survival (discounted), at an incremental lifetime cost of a $168,229 per patient. The cost per life year gained was estimated to be a $56,376 (discounted). CONCLUSION: The cost per life year gained of treatment with imatinib of patients with GIST is consistent with what has previously been accepted as cost-effective. Further analysis of imatinib’s cost-effectiveness is recommended as longer term survival data become available. PCSC4: COST EFFECTIVENESS ANALYSIS OF TESTING FOR HER2 OVEREXPRESSION USING FISH IN METASTATIC BREAST CANCER Nonaka A1, Fukuda T2, Ohashi Y1, 1University of Tokyo, Bunkyo-ku, Japan; 2University of Tokyo, Bunkyo, Tokyo, Japan OBJECTIVE: Two most commonly used tests for HER2 overexpression in metastatic breast cancer are immunohistochemistry(IHC) and flourescene in situ hybridization(FISH). For the proper use of trastuzumab, it would be ideal to analyze the level of HER2 expression by FISH. We performed an economic evaluation of using FISH for testing for the presence of HER2 overexpression in metastatic breast cancer patients, through cost effective analysis comparing the only-IHC, only-FISH, and combined IHC and FISH methods. METHODS: We compared costs and effectiveness in six scenarios by using the decision tree model; “Doing HER2 testing only by FISH” (scenario 1), “Doing HER2 testing only by IHC” (scenario 2) (“patients with IHC3+ are considered to have HER2 overexpression” (scenario 2-1), “patients with IHC3+/2+ are considered to have HER2 overexpression” (scenario 2-2)), “Doing HER2 testing by IHC, and for patients that were not found to have HER2 overexpression by IHC, doing HER2 testing by FISH” (scenario 3). (HER2 testing by FISH was done for the patients “that were scored as IHC2+” (scenario 3-1), “that were scored as IHC2+/1+” (scenario 3-2), “that were scored as IHC2+/1+/0” (scenario 3-3). For the six scenarios we estimated the expected cost, the expected effectiveness(median time to progression) and the incremental cost effectiveness ratio. RESULTS: The expected cost and expected effectiveness of scenario 1 were larger than those of scenario 2 and scenario 3. The incremental cost effective ratio of scenario 1 was higher than that of scenario 3-1 and that of scenario 3-2. CONCLUSION: It is suggested that HER2 testing by only FISH is not necessarily cost-effective at present. This information is considered to be beneficial on therapy selection for metastatic breast cancer patients. COST STUDIES - CARDIOVASCULAR DISEASE PCSCD1: COST-EFFECTIVENESS OF STATINS AFTER REVISION OF NCEP ATPIII: COMPARISON BETWEEN ATORVASTATIN AND SIMVASTATIN Cheng CW, You JH, The Chinese University of Hong Kong, Hong Kong, China The National Cholesterol Education Program Adult Treatment Panel III (NCEP ATPIII) was updated in 2002. The effects of the revised guidelines on lipid profile control in clinical setting are yet to be determined. OBJECTIVE: To investigate the cost-effectiveness of statins in patients with high risk for coronary heart disease (CHD) from the perspective of a public health organization. METHODS: A retrospective cohort study was conducted at the outpatient clinics of a teaching hospital in Hong Kong. Statins were only prescribed to those patients with a 10-year CHD risk > 20 % or CHD risk equivalent per hospital policy. Patients newly started on atorvastatin or simvastatin from 1 October to 31 December 2002; with documented baseline lipid profile and at least one lipid profile measurement done before March 31, 2003 were identified. Costs per member per month (PMPM) was estimated from the costs of drug, clinic visit and lipid profile tests. Clinical outcomes assessed were low-density lipoprotein (LDL) reduction and the rate of target LDL achieved per NCEP ATPIII. Cost-effectiveness ratios were calculated from PMPM and rate of target LDL achieved. RESULTS: The medical records of 56 patients were reviewed. Nineteen patients were started on atorvastatin while 37 patients were started on simvastatin. Mean PMPM cost of atorvastatin was HK$700 ± 199 (1 USD=7.8 HKD); and that of simvastatin was HK$856 ± 476 (p=0.092). Average LDL reduction by atorvastatin was 1.9 ± 0.8 mmol/L; and that by simvastatin was 1.3 ± 0.9 mmol/L (p=0.038). Rate of goal achieved was 68% for atorvastatin and 62% for simvastatin (p=0.651). The cost (per patient per month) per patient achieved target LDL for atorvastatin and simvastatin were HK$1023.78 and HK$1376.41, respectively. CONCLUSIONS: Atorvastatin appears to be more cost-effective than simvastatin as a lipid-lowering monotherapy in high CHD risk patients, with lower cost and improved outcomes. PCSCD2: ASSESSMENT OF THE INCIDENCE OF DVT IN ASIA FOLLOWING MAJOR ORTHOPAEDIC SURGERY (THE AIDA STUDY): COST OF MANAGEMENT IN 6 ASIAN COUNTRIES: AN INTERIM ANALYSIS Lee K, Piovella F, Turpie A, Planes A, Wang C, Lee W, Houshan L, Lee L, Perdriset G, Rouillon A, Nguyen T, Gallus A, The Chinese University of Hong Kong, Hong Kong, China OBJECTIVE: The incidence of post-operative venous thromboembolism (VTE) events - deep vein thrombosis (DVT) and pulmonary embolism (PE)- is traditionally thought to be low in Asia and the routine use of thromboprophylaxis remains controversial. The primary objective of the AIDA study was to assess the incidence of DVT after orthopedic surgery without prophylaxis. The pharmacoeconomic part aimed to estimate the cost of illness of VTE in the six Asian participating countries (Indonesia, Korea, Malaysia, Philippines, Taiwan and Thailand). METHODS: Patients who underwent major orthopedic surgery in 8 study hospitals had a post-operative bilateral venography. All direct medical costs associated with the management of DVT and/or PE including hospitalization, medications, laboratory tests, procedures and clinic visits were recorded and adjusted to 2002 USD. Costs were determined from the hospital perspective. RESULTS: A total of 407 patients were enrolled in the study. In the interim analysis, based on 103 patients who completed the 3-month follow-up, 47 patients had a radiological DVT according to the local evaluation. In Indonesia, Korea and Malaysia, hospitalization stay appeared to be the major cost driver constituting 37.2%, 63.7% and 63.1% of the overall cost, respectively. A higher percentage was spent on medications to treat DVT in the Philippines (77.7%) than in other countries. Four cases of PE were identified in Korea, Thailand and Taiwan. The cost of PE represented a major part of the overall VTE cost in Thailand and Taiwan, increasing by three-fold compared to DVT costs. CONCLUSION: Distribution of cost items amongst countries greatly varied depending on the healthcare system and medical care (no/no no). In some countries, significant amount of resources were consumed by patients who developed DVT or PE, the no-prophylaxis strategy therefore could have the potential of incurring extra healthcare cost. PCSCD3: COST-MINIMIZATION ANALYSIS IN HYPERTENSION WITH CORONARY ARTERY DISEASE BASED ON JAPAN MULTICENTER INVESTIGATION FOR CARDIOVASCULAR DISEASE DATA: NIFEDIPINE RETARD VERSUS ACE-INHIBITOR Fujikawa K1, Yui Y2, Kawai C2, Jmic B3, 1Bayer Yakuhin Ltd, Osaka, Osaka, Japan; 2Kyoto University Hospital, Kyoto, Kyoto, Japan; 3JMIC-B Investigators, Kyoto, Kyoto, Japan OBJECTIVES: The major objective in treating hypertension is to reduce the risk of cardiovascular complications. Despite increasing societal interest in the cost-effectiveness of hypertension therapy, no pharmacoeconomic analysis, based on large-scale clinical data, has been conducted in Japan. In this study, we conducted an economic analysis based on the results of the Japan Multicenter Investigation for Cardiovascular Diseases (JMIC) study, the first large-scale clinical trial in hypertensive Japanese patients with coronary artery disease, in which 1888 patients were randomly assigned to nifedipine retard or an angiotensin converting enzyme inhibitor (ACEI) for 3-years of follow up. METHODS: The results of the JMIC study demonstrated that the incidence of cardiac events, including cardiac mortality, did not differ significantly between nifedipine retard and ACEI therapy (Relative risk 1.05, 95% CI 0.81-1.37, p=0.70). Based on this result, we conducted a cost-minimization analysis by estimating the drug cost associated with hypertension treatment, from the perspective of insurers. RESULTS: The mean dose of nifedipine retard administered during the JMIC study period was 31.9> 10.7 mg (mean> standard deviation), while the ACEI used were enalapril (5.3> 2.5 mg), captopril (39.4> 17.9 mg), or lisinopril (9.9> 3.9 mg). The total cost to treat hypertension, including concomitant medications, was lower with nifedipine retard than with an ACEI (156,000 yen/patient/3 years, and JPY 174,000/patient/3 years, respectively). MonteCarlo simulation indicated that nifedipine retard therapy would be cost saving in 85% of cases, if used as the first line therapy. CONCLUSIONS: The results of this study indicate that hypertension treatment using nifedipine retard is cost-effective compared to ACEI, i.e. lower health care costs and similar effectiveness. Potential savings to the overall drug budget in Japan, from the wider use of nifedipine retard to manage hypertension with coronary artery disease, are more than JPY 10 billion over 3 years. PCSD4: THE COST-EFFECTIVENESS OF IRBESARTAN IN THE TREATMENT OF HYPERTENSIVE PATIENTS WITH TYPE 2 DIABETIC NEPHROPATHY IN CHINA AND TAIWAN RESEARCH Nguyen T1, Palmer A2, Yang WC3, Annemans L4, Hou C5, 1Sanofi, Gentilly, Paris, France; 2CORE Center for Outcomes Research, Basel, Switzerland; 3National Yang-Ming University, Taipei, NA, Taiwan; 4University of Ghent, Meise, Belgium; 5Sanofi, Shanghai, China OBJECTIVES: Macroalbuminuria is very common among hypertensive diabetic patients in Taiwan and China, with respective figures of 30% and 17%. In the Irbesartan in Diabetic Nephropathy Trial (IDNT), a 3-year treatment with irbesartan demonstrated a 23% and 20% reduction compared to amlodipine and control, respectively, in the combined endpoint of doubling of serum creatinine (DSC), end-stage renal disease (ESRD) or death in patients with type-2 diabetes, hypertension, and overt nephropathy (T2DHN). A Markov model was developed to project the health consequences and long-term costs of IDNT in Taiwan and China. METHODS: The model simulated progression from nephropathy to DSC, ESRD and death in T2DHN patients with baseline age 59 years (mean age in IDNT). Treatment-specific progression and mortality probabilities were derived from IDNT. Management and cost of ESRD were obtained from published local sources. A variable time horizon up to 20 years was used, discounting future costs and effects at 3% per year. Univariate and probabilistic sensitivity analyses were performed. RESULTS: In Taiwan, predicted improvements with irbesartan in life expectancy, on average per patient, were 0.421 years versus amlodipine and 0.573 years versus control after 20 years. In China, respective figures were 0.175 to 0.403, given lower reported mortality rates from ESRD. Irbesartan was associated with cost savings per patient of US$5,496 and US$1,166 in Taiwan, and US$19,385 and US$9,581 in China, versus amlodipine and control respectively. The larger savings in China are explained by the larger yearly cost of dialysis (US$31600 versus US$18300 in Taiwan). Break-even occurred respectively after 6 and 4 years in Taiwan and China. Results were robust under a wide range of assumptions, even with 20% less mortality and 20% reduced cost while on dialysis. CONCLUSIONS: Treating T2DHN patients with irbesartan is cost saving and extends life expectancy compared to amlodipine and control. PCSCD5: FACTORS ASSOCIATED WITH USE OF EMERGENCY DEPARTMENT SERVICES IN ELDERLY PATIENTS WITH CONGESTIVE HEART FAILURE Chen G, Teuschler H, Wake Forest University Health Sciences, Winston-Salem, NC, USA OBJECTIVE: Congestive heart failure (CHF) affects more than 4 million Americans with 550,000 new cases reported each year. It is a leading cause of death, morbidity, and use of acute care services among elderly patients. There are little studies that investigate use of emergency department (ED) in elderly patients with CHF. This study examines factors associated with use of emergency department in elderly patients with CHF. METHOD: Using claims data of Medicare Current Beneficiary Survey (1998), 1252 elderly patients aged 65 years or older with CHF (ICD-9-CM code=428.xx) were identified. The use of emergency department (ED) was measured by number of ED visits. The claim data were linked with MCBS survey data to get information on patient socio-demographic characteristics, self-perceived health status, co-existing medical conditions and other factors. A multivariate count regression model was used in the analysis. RESULTS: Of 1252 patients, 61% were female; 87% were white; and 59% were current smokers. The average number of ED visits was 0.27 per patient (SD=0.66). There were 20% of the patients who had at least one emergency department visits. The results from the multivariate regression model shows that patients who had higher ED use were current smokers, poor in self-perceived health status, living in non-urban area, with difficulties in activity of daily living, and having cardiovascular diseases. Gender, race, education, living arrangement, Medicaid insurance status were not significant factors to predict ED visits while controlling other factors. CONCLUSION: The study shows smoking cessation and improvement management of CHF patients in non-urban areas may reduce preventable ED visits. PCSD1: COST OF TYPE 2 DIABETES CARE IN AUSTRALIA – THE DIABCOST STUDY Davey P1, Colagiuri S2, Conway B3, Grainger D4, Colagiuri R5, Graham-Clarke P6, FitzGerald P1, Le Reun C7, Price N1, 1M-TAG Pty Ltd, Chatswood, NSW, Australia; 2Prince of Wales Hospital, Sydney, NSW, Australia; 3Diabetes Australia Ltd, Canberra, ACT, Australia; 4Eli Lilly Australia Pty Ltd, Sydney, NSW, Australia; 5Australian Center for Diabetes Strategies, Sydney, NSW, Australia; 6Eli Lilly Australia Pty Ltd, West Ryde, NSW, Australia; 7MTAG Pty Ltd, Chatswood, NSW, Australia OBJECTIVES: The primary objective of the DiabCost study was to determine the cost of type 2 diabetes in Australia. Additional objectives were to collect data on quality of life, health service use and indirect costs for people with type-2 diabetes, and to improve understanding of the burden on careers. METHODS: A paper-based questionnaire was used to collect cross-sectional survey data. Approximately 25,000 questionnaires were mailed to people from a national diabetes database and responses were received from 10,652 people. Respondents were asked to self-report three months’ retrospective data. Questions covered demographic information, health status (including history of microvascular and macrovascular complications), health service utilization, cost to people with diabetes, lost productivity and quality of life (using the EQ-5D instrument). A separate questionnaire filled in by careers covered carer burden. Costs were derived from numerous public sources such as government reimbursement schedules, hospital cost reports, drug price lists and government pension rates. RESULTS: The mean annual cost per individual with type-2 diabetes was a $7565. These comprised direct costs of AUS$5325 (including AUS$4261 in health care and AUS$1064 in non health care costs), self-reported indirect costs of AUS$94 (comprising AUS$32 in lost patient wages and AUS$62 in lost carer wages) and AUS$2146 in career costs. The overall cost of type-2 diabetes in Australia is predicted to be AUS$3.1 billion. CONCLUSIONS: type-2 diabetes impacts significantly on affected individuals and their careers. It also has a significant impact on Australia’s health care expenditure. PCSD2: ECONOMIC BURDEN OF TREATING TYPE 2 DIABETES AND ITS COMPLICATIONS IN URBAN CHINA Chen X1, Tang L1, Tan AW2, Zhao PL3, Hu S1, 1Fudan University, Shanghai, China; 2Glaxo SmithKline, Shanghai, China; 3ISIS Research Co, Shanghai, China OBJECTIVE: To evaluate the economic burden of treating T2DM and it’s complications in urban China in 2002. METHODS: A prospective study involving 200 endocrinologists filling 4000 diabetes patient diary forms and over 1000 direct patient interviews. The cost components included direct medical, direct non-medical and indirect costs per patient year leading to cost per capita income and household income. Patients were divided into four broad categories according to their diabetic complication; no complications, only microvascular complications, only macrovascular complications and both microvascular and macrovascular complications. RESULTS: The total medical cost was RMB 23.38 billion per year (US$2.83 billion), the direct medical cost is RMB 18.75 billion (3.94% of China healthcare expenditure), the direct non-medical cost is RMB 2.28 billion, the indirect cost is RMB 2.35 billion. Diabetes prevalence rate was 4.8% in urban China with only 30% are diagnosed of which 40% are being treated. 46.7% of patients had no complication, 53.3% had at least one complication, and with 13.3% having macrovascular only, 22.3% having microvascular only and 17.7% having both microvascular and macrovascular complications. The annual direct medical cost of patient with complications was 3.71 times compared to those without complications but increased by up to 10.35 times for patients with both complications. CONCLUSION: T2DM and its complications create a heavy economic burden on the patient and society. Diabetic complications account for approximately 80% of the total direct medical cost. Reducing diabetic complications is the key to reducing cost for treating T2DM. PCSID1: COST UTILITY ANALYSIS OF HEMODIALYSIS AND CONTINUOUS AMBULATORY PERITONEAL DIALYSIS IN END STAGE RENAL DISEASES PATIENTS IN THAILAND Cheawchanwattana A1, Limwattananon C1, Tangcharoensathien V2, Sirivongs D1, Pongskul C1, Limwattananon S1, 1Khon Kaen University, Khon Kaen, Thailand; 2International Health Policy Program, Thailand, Nonthaburi, Thailand OBJECTIVE: To determine lifetime costs and outcomes in term of quality-adjusted life-years (QALYs) for patients with end stage renal diseases who received renal replacement therapy either hemodialysis (HD) or continuous ambulatory peritoneal dialysis (CAPD). METHODS: Cost utility analysis of HD and CAPD used Markov model with one-year cycle. Data on direct medical costs and utilities were derived from results of the studies conducted in Thailand, and effectiveness was abstracted from the 2002 annual data reported by U.S. Renal Data System (USRDS). Both costs and outcomes occurring in the future were discounted at 3% per year. RESULTS: For HD and CAPD, lifetime costs per patient were Baht 4.54 million (US$106,619) and Baht 5.36 million (US$125,892); life expectancy was 3.16 and 3.59 years; and QALYs were 1.28 and 1.42 years, respectively. An incremental cost-effectiveness ratio (ICER) of CAPD as compared with HD was Baht 1.90 million (US$44,677) per life year saved and Baht 6.15 million (US$144,666) per QALY. By adding direct non-medical costs and indirect costs, ICER of CAPD decreased to Baht 1.00 million (US$23,553) per QALY. Adding costs associated with treatments due to complications, ICER increased Baht 1.31 million (US$30,780) per QALY for every Baht 10,000 (US$235) of the higher cost of CAPD. When the utility of HD was greater than CAPD by 0.10, CAPD became economically dominated by HD. CONCLUSION: CAPD was slightly more effective than HD in term of QALY, ICER of CAPD as compared with HD were beyond US$100,000 per QALY, which was considered not very cost-effective technology. PCSID2: COST-BENEFIT OF PARENTERAL-ORAL DRUG SWITCHING INTERVENTIONS FOR HOSPITALIZED PATIENTS Muenpa R1, Limwattananon C1, Limwattananon S1, Tangcharoensathien V2, 1Khon Kaen University, Khon Kaen, Thailand; 2International Health Policy Program, Thailand, Nonthaburi, Thailand OBJECTIVE: To determine the optimal weekly work schedule for pharmacist’s medication review on potential parenteral-oral drug switching that maximizes the net benefit per intervention. METHODS: Medication charts of patients over one year of age who were prescribed intravenous (IV) drugs in a tertiary care hospital were reviewed prospectively by two clinical pharmacists during a 14-day period in 2003. Candidates for the switching were identified for detailed drugs and dosage regimens used. Net benefits were calculated based on potential savings due to the difference in costs between IV and oral drugs minus the labor cost of pharmacist man-hours. Detailed daily cost information was used to simulate models for five patterns of weekly work schedule. RESULTS: Of a total of 8825 patient-days of medication chart reviews, 37.0% was prescribed for the targeted IV drugs. According to the switching guideline, 308 patients were identified as the candidates for parenteral-oral drug switching. The switching candidates accounted for 878 patient-days of prescribed drugs, which were 26.9% of the cases with IV drugs. The IV antimicrobials were prescribed most frequently (51.0%). The rest was antisecretory drugs, antiepileptics, and steroids. Most switching candidates were admitted to surgery wards (45.1%) and medical wards (26.6%). Potential net cost savings during 14 days of pharmacist’s review accrued to the total of Baht 157,430. The net benefits per month estimated by a simulation of various work schedules were Baht 98,504 for the 7-day a week schedule; Baht 80,454 for the 5-workday schedule; Baht 79,960 for the three-day a week schedule; Baht 59,738 for the twice a week schedule; and Baht 37,008 for the once a week schedule. CONCLUSION: The parenteral-oral drug switching intervention by pharmacist’s prospective medication chart review is a cost-saving program. The net benefit is maximized when the pharmacist works in the patient care wards on a daily basis. PCSID3: THE IMPACT ON PHARMACEUTICAL COST OF HEALTH INSURANCE COVERAGE AMONG CHRONIC HEPATITIS B (CHB) INPATIENTS Dong Z, Guan Z, National Institute For Social Insurance, P. R. China, Beijing, Beijing, China OBJECTIVES: With 10% of the population infected by hepatitis B virus (HBV), hepatitis B is the top infectious disease in China. It is estimated that pharmaceutical cost accounts for about 60% of the medical cost for CHB. This study aims to analyze the possible differences in the amount and composition of the pharmaceutical cost between insured and uninsured CHB inpatients. METHODS: We examined 549 inpatient medical records of CHB from hospitals in Beijing, Harbin and Mudanjiang. The time spans from 1999 to 2002. We studied following variables: general information, health insurance status, occupation, state of illness (symptom, physical sign, and complication), usage of pharmaceuticals, prices of pharmaceuticals, etc. The samples were divided into two groups according to different disease states: compensated cirrhosis group and decompensated cirrhosis group. RESULTS: Pharmaceutical cost accounts for 68% of the total inpatient cost. In the comp. cirr. group, the pharmaceutical cost per insured patient is 87% higher than that of noninsured patient, while in the decomp. cirr. group, pharmaceutical cost per insured patient is twice as high as that of noninsured patient. The average hospital stay is 37 days in insured compared with 23 days in noninsured. There is no difference in average daily pharmaceutical cost between the insured and noninsured in the comp. cirr. Group, while in the decomp. cirr. group, the daily pharmaceutical cost of insured is 31% higher than that of noninsured. The frequency of using high-cost medicines in the insured is also significantly higher than that in the noninsured. CONCLUSIONS: Health insurance coverage does have influences on the costs of pharmaceuticals among CHB inpatients. The influences lie in the following three aspects: extending hospital duration, increasing daily cost and enhancing the frequency of using high cost medicines. PCSID4: COST-EFFECTIVENESS ANALYSIS OF PEGINTERFERON ALFA-2B PLUS RIBAVIRIN FOR NAIVE PATIENTS WITH CHRONIC HEPATITIS C IN TAIWAN Tarn Y, Tang S, National Defense University/National Defense Medical Center, Taipei, Taiwan OBJECTIVE: To provide cost-effectiveness evidence among: 1) no antiviral treatment; 2) interferon Ј\-2b (IFN) 3MU, plus ribavirin (RBV) >10.6 mg/kg/day; 3) peginterferon Ј\-2b (PEG-IFN) 1.5 Јgg/kg, plus RBV >10.6 mg/kg/day for 24 weeks for the treatment of patients with Chronic Hepatitis C. METHODS: A two-year decision-tree modeling technique was used. Direct medical costs were collected using local physician practice patterns and reimbursed price. Outcome measure was sustained virological responder gained. RESULTS: For overall genotyping, the 2-year average costs of IFN a-2b plus RBV therapy was US$ 3859. The efficacy data from Taiwan indicated that for overall genotyping, the sustained virological response (SVR) of IFN a-2b plus RBV and PEG-IFN a-2b plus RBV was 63.6% and 67.1%, respectively. In genotype-1 patients the data was 41.0% and 65.8%, and in genotype 2/3 patients it was 86.8% and 68.4%, respectively. The efficacy data were different between Taiwan and international society. The study used the incremental cost of US$ 12,500 per sustained virological responder gained (ICER) as the criterion for judging the cost effectiveness. In Taiwan, for overall patients or differentiate between genotype 1 or 2/3 patients, combination therapy for 24-week all showed cost-effective than no antiviral therapy. In genotype-1 and for overall patients, PEG-IFN combination therapy for 24 weeks showed cost-effective than IFN combination therapy; however, in genotype 2/3 patients, IFN combination therapies for 24 weeks showed cost-effective than PEG-IFN combination therapy. For patients with good drug compliance, both combination strategies showed cost effectiveness. From overall patients, the data indicated that PEG-IFN/IFN cost ratio may reaches 4, and in genotype 1 patients, the cost ratio may reaches 9 could still have ICER value less than US$12,500. CONCLUSION: PEG-IFN plus RBV treatment modality is a cost-effective strategy for the treatment of naпve patients with chronic hepatitis C, especially type-1 patient. PCSID5: COST OF MANAGEMENT OF HEPATITIS B AND ITS COMPLICATIONS IN HONG KONG CHINESE Lee K, Lee V, Kwong K, Wong I, Kung N, Leung W, Chan H, Chan F, Sung J, The Chinese University of Hong Kong, Hong Kong, China OBJECTIVE: Hong Kong, with a population close to 7 million, is an endemic area for hepatitis B virus infection (HBV) with about 10% of the population estimated as carrier. The cost of management of chronic hepatitis B (CHB) can therefore be an enormous burden to the healthcare budget, yet few studies have been performed to assess its potential impact. The present study aims to estimate the direct medical cost in the management of HBV and its complications from a public health organization's perspective. METHOD: The medical history of 488 patients with HBV who received medical services over 5 years from 2 major public hospitals in Hong Kong - Prince of Wales Hospital and United Christian Hospital, were studied. Cost items included hospitalization, professional fees, medications, investigational procedures, surgeries, clinic visits etc. Costs were analyzed according to five disease states: CHB, compensated cirrhosis (CC), decompensated cirrhosis (DC), hepatocellular carcinoma (HCC) and liver transplantation (LT). All costs were calculated in 2000 values. RESULTS: Per patient total annual cost increased with the severity of the disease - from HK$6,318 (US$810) for CHB, HK$10,304 (US$1,321) for CC, HK$58,428 (US$7,490) for DC to HK$121,822 (US$15,618) for HCC. Each case of LT was estimated to cost HK$514,498 (US$65,961). Based on local epidemiological data and assuming 50% of the CHB patients were symptomatic, the estimated total cost of management of HBV in Hong Kong was HKD2.6billion (USD3.3M) per year, or about 4% of the 2000-01 actual government healthcare expenditure. The average annual medical cost per patient in this population was HKD3,600 (US$462), with 68% attributable to hospital stay, which therefore appears to be the major cost driver. CONCLUSION: This study confirms HBV and its complications are a significant burden to the healthcare budget of Hong Kong. Public awareness should be enhanced. Slowing disease progression to the more advanced and costly health states should be cost saving. PCSID6: TOTAL MEDICAL COSTS OF HEPATITIS B IN KOREA Yang BM1, Kim JY1, Kim CH2, 1Seoul National University, Seoul, South Korea; 2Inje University Seoul Paik Hospital, Seoul, South Korea OBJECTIVE: Hepatitis B (HBV) infection is endemic in Korea. 5.79-10.87% of males and 1.51-4.44% of females aged over 20 years are carriers of HBV (Ahn YO, 1999) and it is estimated that 25% of carriers will develop serious complications of HBV (Zuckerman A, 1997). Even under government vaccination programs, there will be significant morbidity due to HBV for the next 15-30 years until the real benefit of the vaccination programs take effect. METHODS: We estimated the direct medical costs for chronic infection, compensated cirrhosis; decompensated cirrhosis, hepatocellular carcinoma, liver transplant, and liver transplant after first year were estimated. We used four sources of information for treatment patterns and annual quantities of resources used: the National Health Insurance Corporation (NHI) database, a sampling of patients' medical charts, expert opinion, and patient survey data. RESULTS: HBV related morbidity and mortality are a significant cost burden to the Korean healthcare system. The study results showed that in 2001, the total medical costs of six HBV related disease states were US$208.6m. Annual treatment costs per patient for the six disease categories ranged from KRW297, 392 (Korean Won) for chronic HVB, (equivalent to US$248), to KRW80, 587,018 for transplantation (equivalent to US$67,156). The cost of treatment rose continuously with disease progression. The decompensated cirrhosis and carcinoma categories consumed a large amount of resources as well. Among service types, the main cost driver was hospital days (including surgery). CONCLUSION: The results suggest that successful prevention of HBV infection, as well as effective treatment, will help to considerably save economic resources in the future. These economic benefits could be augmented if disease progression is prevented or delayed among those currently infected, not to mention the obvious gain of improved health for the infected. Such developments, among many others, will provide substantial clinical and economic benefits to the whole Korean society. PCSID7: COMPARISON OF TREATMENT COSTS FOR AIDS PATIENT RECEIVING AND NOT RECEIVING TRIPLE ANTIRHETROVIRAL THERAPY AT BUMRASNARADOON HOSPITAL, THAILAND Kulsomboon V1, Thanaviriyakul S1, Pinyowiwat V2, 1Chulalongkorn University, Bangkok, Thailand; 2Ministry of Public Health, Nonthaburee, Thailand OBJECTIVE: Triple antirhetroviral therapy (ARV) has been demonstrated to be cost-effective and is widely accepted as standard treatment for HIV/AIDS. Because of the substantial costs of ARV and the high prevalence of HIV in Thailand, it was necessary to compare the treatment costs of patients receiving and not receiving ARV before the Thai government would include ARV for their Universal Health Coverage Program. METHODS: Retrospective data from medical charts of AIDS patients receiving and not receiving ARV were reviewed during July - November 2002. For the ARV group, only the patients treated with triple ARV more than one year were included. One-year treatment costs including medication, laboratory, and hospital admission and out patient department (OPD) costs were analyzed and compared. RESULTS: The average annual treatment cost for the 93 patients in the ARV group was Baht 87,168 (US$2,075), which was 7.9 times greater than the average cost of the 91 patients in the non-ARV group (US$264). The average ARV drug cost per day was Baht 223.5 (US$5.3). ARV drug costs contributed 93.6% to the overall treatment of the ARV group. For the non-ARV group, the major cost was hospital admission and OPD costs, which were 97.5% of treatment costs. Although hospital admission and OPD costs of the ARV group was only 6.4% of those in the non-ARV group, saving these costs in ARV group could not compensate the ARV drug cost. CONCLUSIONS: Cost of ARV drug did not out weight cost saving from hospital admissions and OPD costs. Only a decrease in ARV costs could improve patients’ access to ARV. A one dollar per day triple ARV, GPO-VIR®, produced by the Thai government might lead to government subsidization of ARV for all AIDS patients in Thailand. PCSID9: COST OF MANAGEMENT OF HEPATITIS B AND ITS COMPLICATIONS IN CHINA Guan Z, Dong Z, National Institute For Social Insurance, P. R. China, Beijing, Beijing, China OBJECTIVES: With 10% of the population infected by hepatitis B virus (HBV), hepatitis B is the top infectious disease in China. The direct medical cost of CHB was totaled to CNY 26 billion in 2001, accounting for 5.5% of the total national medical expenditure. This study aims to estimate the direct medical cost in the management of HBV and its complications. METHODS: We made a retrospective study by investigating medical records of 868 patients with CHB in two prestigious hospitals in Beijing -- Peking University First Hospital and Cancer Institute & Hospital, Chinese Academy of Medical Sciences. The information spans 3 years, from 1999 to 2002. We studied the items including hospital duration, professional fees, medications, laboratory tests, surgeries, clinic visits etc. The samples were divided into four groups according to different disease states: chronic hepatitis B (CHB), compensated cirrhosis (CC), decompensated cirrhosis (DC) and hepatocellular carcinoma (HC). RESULTS: The samples comprise 207 patients with CHB, 133 with CC, 252 with DC and 276 with HC, 49.8% of them coming from Beijing and 50.2% coming from other provinces of China. The average annual treatment cost increases according to the severity of the disease: CNY1173.46 (US$142.24) for CHB, CNY1527.16 (US$185.11) for CC, CNY14038.09 (US$1701.59) for DC, and CNY39109.28 (US$4740.52) for HC. Compared with the annual income per capita CNY4560 (US$553) in China, or CNY12464 (US$1511) in Beijing, the disease really brings economic burden to the patients. CONCLUSION: Chronic HBV and its complications bring about a significant financial burden to the patients, as well as to the national health budget. More attention should be paid to the prevention and treatment of the diseases. PCSID10: A COST ANALYSIS OF CHRONIC HEPATITIS B INFECTION & ITS ASSOCIATED COMPLICATIONS IN SINGAPORE Ong SC, Lim SG, Yeoh KG, Li SC, National University of Singapore, Singapore, Singapore OBJECTIVES: To estimate the direct treatment cost for patients with chronic hepatitis B (HBV) infection and the associated complications, including cirrhosis (compensated & decompensated), hepatocellular carcinoma (HCC) and liver transplantation (LT). METHODS: Relevant diagnostic data were collected from medical and financial records of HBV infected patients at the National University Hospital, the major hospital in Western Singapore. Each patient was followed up to five years. Clinical data collected included clinical diagnosis, laboratory investigations, ultrasound, and CT and liver biopsy results. Medical resource utilisation considered included the cost of consultation, outpatient care, medication, inpatient stays, and surgery and laboratory tests. The treatment costs due to chronic HBV infection and its related complications were specifically differentiated from those due to other medical conditions. Costs were annualized according to the years of follow up. In the estimation of every resource used, the cost was calculated by multiplying annual frequency and cost per item. The total annual direct cost for each patient (at 2003 value) was obtained by summing up all the defined items. RESULTS: During the data collection period (October 2002 until early April 2003), the case notes of 157 patients (116 chronic HBV, 13 compensated cirrhosis, 5 decompensated cirrhosis, 3 HCC, and 20 LT) were evaluated. The estimated average annual treatment cost of the different categories of patients was: chronic HBV: Sing$718.15 (range: $80.11-$4,690.05); compensated cirrhosis: Sing$1,194.79 (range $316.60-$2,203.60); decompensated cirrhosis: Sing$13162.55 (range: $7065.40-$25,638.80); and HCC: Sing$6628.97 (range: $4580.41-$8819.91) For LT cases, the estimated average cost during the hospitalization of the LT procedure only was Sing$73,673.10 (range: $47,435.48-$186,708.56) CONCLUSION: The results show that chronic HBV infection and its associated complications impose a significant financial burden to the health care system in Singapore. These data would provide valuable information for healthcare planners and providers in the management of HBV infection especially in the area of allocating resources. PCSID11: MONTE CARLO SIMULATION FOR COST COMPARISON OF INFLUENZA VACCINATION TOWARD SCHOOL-AGED CHILDREN IN JAPAN Cai L1, Nakajo K1, Nishimura K2, Yanagisawa S1, Aino H1, Inoue H1, Kamae I1, 1Kobe University, Kobe, Japan; 2Harvard University, Boston, MA, USA The strategy toward influenza vaccination is currently on individual-initiated basis in Japanese school. Although our former analysis on the issue suggested mandatory vaccination in Japanese school has substantial cost savings, there still exist controversies on the alternatives for the vaccination. OBJECTIVE: Using multivariate analysis with the Monte Carlo simulation, we evaluate cost-consequences of the controversial strategies for influenza vaccination to compare with no vaccination for healthy school-aged children in Japan. METHOD: A cost-consequence analysis was performed by decision analytic modeling using data from the literature. The decision tree was employed to make a healthy school-aged child facing the alternatives toward influenza: 1) individual-initiated voluntary vaccination; 2) mandatory vaccination in school; or 3) no vaccination. Direct costs such as medical cost for vaccination, physician visits, and treatments were taken into account including indirect costs as lost productivity of the parents burdened by taking care of their children. The multivariate analysis in use of the Monte Carlo simulation was performed to compare the total cost of each scenario with that of no vaccination consequence. RESULTS: Considering two covariates, i.e. vaccination effect and prevalence of influenza, the analysis was able to make us reconfirm the similar conclusion as the suggestion in the past study that the total cost of mandatory scenario had a marginal saving of US$50 (JY6000) comparing with the voluntary one. The results were quite robust towards multi-way sensitivity analysis in the computer simulation. CONCLUSION: Mandatory policy for influenza vaccination for school-aged children is favorable with substantial cost savings in the societal perspective of Japan. PCSID13: THE COST COMPARISON OF VALACICLOVIR AND ACICLOVIR FOR THE TREATMENT OF HERPES ZOSTER IN IMMUNOCOMPETENT PATIENTS OVER 50 YEARS OF AGE IN JAPAN Nakahara N1, Yanagisawa S1, Kamae I1, Miyazaki H2, Kawashima M3, 1Kobe University, Kobe, Japan; 2Juntendo University, Tokyo, Japan; 3Tokyo Women's Medical University, School of Medicine, Tokyo, Japan OBJECTIVE: To assess the cost-consequence of Valaciclovir (VACV) compared with Acyclovir (ACV) in immunocompetent patients aged 50 years or older with herpes zoster in Japan. METHODS: The cost-consequence analysis was conducted based on the published analytical model developed in UK. Clinical outcomes data were employed from the results of a phase III trial, pivotal, double blind randomized with VACV vs. ACV for 7 days of medication. Direct medical costs and indirect costs were estimated based on clinical data collected in hospitals in Japan, and on statistical data published by the Japanese Ministry of Health, Labor and Welfare. Direct medical costs consist of drug acquisition costs for the antiherpes and pain relief agents, visits to special physicians, hospitalizations, severe ocular complications and costs of treating long-term pain mainly due to post herpes zoster neuralgia (PHN). Indirect costs were also estimated as lost earnings for patients still in paid employment. In addition to discounting of 5% for cost data, sensitivity analyses were performed to test the results. RESULTS: For the baseline case, total direct medical costs per patient were JPY 261,058 for ACV and JPY 197,941 for VACV, representing a cost saving of JPY 63,117 (24.2%) for treatment with VACV. The mean work days lost were equivalent to a saving of JPY 7,839 (25.0%) across all patients including those who are not employed. The total saving for treatment including indirect costs with VACV was JPY 70,956 (24.3% of total costs) compared with ACV. CONCLUSION: Seven day VACV treatment of acute herpes zoster is cost saving compared with 7-day ACV treatment in terms of direct medical costs and productivity losses in days impaired by PHN. It is strongly suggested that the advantage of prophylactic treatment for PHN with VACV should be emphasized not only in clinical effect but also socioeconomic impact. PCSID14: PERTUSSIS VACCINATION IN ADOLESCENTS: COSTS AND CONSEQUENCES OF NEW PROPOSED VACCINATION PROGRAMMES IN FOUR CANADIAN PROVINCES Iskedjian M1, Walker J2, De Serres G3, Hemels MEH4, Maturi B1, Einarson T4, 1PharmIdeas Research and Consulting Inc, Oakville, ON, Canada; 2Brock University, St. Catharines, ON, Canada; 3Direction de sante publique de Quebec, Beauport, QC, Canada; 4University of Toronto, Toronto, ON, Canada OBJECTIVES: Despite frequently causing serious illness in adolescents, immunization programmes against pertussis have been restricted to children <7. We estimated the economic impact of introducing a booster dose of acellular pertussis vaccine in four Canadian provinces (Manitoba, Ontario, Quйbec, and Saskatchewan) using different vaccination schedules. METHODS: We conducted a cost-effectiveness analysis using a predictive spreadsheet model with adolescent’s aged 12 (cohorts of 17,400; 144,000; 88,000; and 16,000) over a 10-year horizon, from provincial Ministry of Health (MoH) and societal perspectives. For Quйbec, costs and benefits of adding acellular pertussis to combined diphtheria-tetanus vaccine (DacPT) in schools were compared to the current practice [diphtheria-tetanus vaccine (DT) only]. In Ontario, we assumed the new vaccine would be administered in school, compared to DT in physicians’ offices. In Manitoba and Sakatchewan, all vaccinations would be done in school, compared to 80%-90% presently. Efficacy and utilization data (vaccination, managing pertussis infection and hospitalization) were derived from the literature. Productivity loss of parents and older adolescents was estimated. Standard cost lists were used (CAD$), discounted at 3%. RESULTS: MoH perspective: the expected additional cost of DacPT/adolescent >10 years ranged from $3.98 (Ontario) to $10.57 (Quйbec); incremental cost-effectiveness ratios ranged from $127-$337/case avoided. Societal perspective: 10-year results ranged from $6.66 savings to an incremental cost of $7.47/adolescent. Manitoba and Saskatchewan results fell between those of Ontario and Quйbec. CONCLUSION: This study suggests that administering a booster dose of DacPT at age 12 may reduce the burden of program implementation was lower in Ontario than other provinces, assuming additional savings by shifting vaccine administration from physicians to schools. PCSMH1: TREATMENT OF CHRONIC REFRACTORY SCHIZOPHRENIA WITH ATYPICAL ANTIPSYCHOTIC AGENTS - A COST-UTILITY ANALYSIS You JH1, Law FL2, Ng FS2, 1The Chinese University of Hong Kong, Hong Kong, China; 2Tai Po Hospital, N.T, Hong Kong, Hong Kong OBJECTIVES: Atypical antipsychotic agents such as risperidone and olanzapine have better side effect profiles comparing to typical antipsychotics. The atypical agents also improve the patients' quality of life. The present study was to compare the quality-adjusted life-years (QALYs) gained by risperidone and olanzapine and the corresponding cost in treating patients with chronic schizophrenia who are refractory or intolerant to typical antipsychotics from the perspective of a public health organization. METHODS: Medical records of patients with chronic refractory schizophrenia were reviewed retrospectively over one year. Utilization of healthcare resources and the proportion of outpatient time during treatment with olanzapine or risperidone were retrieved. The utility scores ranging from 0 to 1 of two statuses of schizophrenia, inpatient and outpatient, were rated through a survey conducted on 71 nurses and physicians who have been working at the psychiatric unit for at least 1 year by the method of Standard Gamble. The direct medical cost and QALYs gained by risperidone and olanzapine were estimated. RESULTS: Fifty patients' medical records were reviewed. Olanzapine was administered for 26.2 patient-years and risperidone was administered for 10.0 patient-years. The percentages of outpatient-time were 56% and 51% for patients receiving olanzapine and risperidone, respectively. The utility score of the outpatient status was 0.53 while the inpatient status score was 0.49. It was estimated that it cost HK$324, 283 (1US$=7.8HK$) per QALY gained for olanzapine and HK$ 336,482 per QALY gained for risperidone. CONCLUSION: Olanzapine appeared to dominate risperidone for the treatment of chronic refractory schizophrenia from the perspective of a Hong Kong public health organization. PCSMH2: THE COST OF TREATING ANXIETY: THE MEDICAL AND DEMOGRAPHIC CORRELATES THAT IMPACT TOTAL MEDICAL COSTS Marciniak MD1, Lage MJ2, Bowman L1, Landbloom R1, Dunayevich E1, Levine L1, 1Eli Lilly and Company, Indianapolis, IN, USA; 2HealthMetrics Outcomes Research, L.L.C, Groton, CT, USA OBJECTIVE: The purpose of this retrospective, multivariate analysis is to examine how medical conditions and demographic characteristics affect the cost of treating individuals diagnosed with anxiety. METHODS: Data from MarketScan Databases® were used to identify individuals with new episodes of anxiety. Multivariate analysis was used with the dependent variable being the log of total medical costs. This analysis controlled for demographic characteristics, medical comorbidities, type of anxiety, and prior resource utilization. A smearing estimate is used to calculate the total medical costs for all anxiety patients (AAP), GAD, Panic Disorder (PD) and PTSD. RESULTS: Results indicate that the total medical costs for AAP is $6,474.72, GAD $4,025.86, PD $3,772.71, and PTSD $6,231.24. The multivariate model indicates that controlling for demographics and other disease states, GAD, PD, and PTSD result respectively in a 42%, 37%, and 77% increase in the total medical costs associate with AAP (p<0.0001). The incremental impact of depression, other anxiety disorders, and prior mental health diagnoses on the total medical costs were 38%, 37%, and 30% respectively (p<0.0001). CONCLUSION: Individuals with the highest costs, and therefore the greatest need for intervention, are anxious patients with depression, other common anxiety diagnoses, and comorbid medical conditions. PCSMH3: THE COST OF ANXIETY DISORDER TO EMPLOYERS: A CASE-CONTROL STUDY Marciniak MD1, Lage MJ2, Landbloom R1, Dunayevich E1, Bowman L1, 1Eli Lilly and Company, Indianapolis, IN, USA; 2HealthMetrics Outcomes Research, L.L.C, Groton, CT, USA OBJECTIVE: The purpose of this retrospective, case-control study is to examine the medical and productivity costs for individuals who have been diagnosed with anxiety. METHODS: This study uses an employer database that collected medical, absenteeism, short-term disability, and worker compensation records during 1999 from 6 major employers. Patient diagnosed with anxiety disorder (based on ICD-9 codes of 300.0, 300.00, 300.01, 300.02 or 300.21) (N=601) were matched at a 1:2 ratio to patients not diagnosed with anxiety disorder (N=1202) based upon age, sex, and metropolitan statistical area. Chi-square and t-statistics were used to compare the anxiety population to the control group. RESULTS: Employees diagnosed with anxiety disorder are significantly more likely to have additional diagnoses, use more medical and psychiatric services and are more likely to be hospitalized or visit the emergency room compared to the control group. Furthermore, employees diagnosed with anxiety disorder have significantly higher medical costs ($5447 vs. $2344; p<0.0001), productivity costs ($2366 vs. $1438; p<0.0001) and total costs ($7813 vs. $3782; p<0.0001) compared to the control group. CONCLUSION: Results indicate employed individuals diagnosed with anxiety disorder have significantly higher medical and productivity costs. Further examination of costs attributed to anxiety disorder and those resulting from comorbidities is warranted. PCSMH4: COMPARISON OF COST-EFFECTIVENESS BETWEEN ESCITALOPRAM, CITALOPRAM, FLUOXETINE, SERTRALINE AND VENLAFAXINE FOR THE TREATMENT OF DEPRESSION IN THE UNITED KINGDOM Wade AG1, McCrone P2, Anderson I3, Franзois C4, Muldoon C5, Rikke Jшrgensen T6, 1CPS Clinical Research Centre, Glasgow, United Kingdom; 2Institute of Psychiatry, London, United Kingdom; 3University of Manchester, Manchester, United Kingdom; 4H. Lundbeck A/S, Paris, France; 5Lundbeck Group Limited, Milton Keynes, United Kingdom; 6H. Lundbeck A/S, Copenhagen- Valby, Denmark Major depressive disorder (MDD) is a major public health issue. A Japanese community study showed prevalence as high as 20% compared to 17.1 % in the UK. MDD is largely under-diagnosed and under-treated in Japan as well as in Europe. Selective serotonin reuptake inhibitors (SSRIs) are effective treatment options for MDD. Given the scarcity of health resources, the evaluation of a new drug is not solely based on efficacy and safety, but also on its cost-effectiveness versus standard alternatives. OBJECTIVES: To assess the cost-effectiveness of escitalopram versus generic citalopram and fluoxetine, sertraline and venlafaxine in the treatment of depression in the United Kingdom. METHODS: A two-path decision analytic model with a 6-month horizon was used. Patients start on the primary path, and can be referred to specialist care on the secondary care path. Model inputs include drug-specific probabilities from comparative trials data, database analysis, the literature, and a panel of experts. The main outcome measure is success (remission), and costs of treatment (total and drug costs). RESULTS: The expected success rate was 62.7% for escitalopram, compared to 57.6% for citalopram, 57.6% for fluoxetine, 57.4% for sertraline and 60.0% for venlafaxine. Average expected total direct costs per patient were lower for escitalopram (Ј518) compared to generic citalopram (Ј579), generic fluoxetine (Ј591), venlafaxine (Ј585) and sertraline (Ј625). Budgetary impact shows a decrease in total Healthcare Budget estimated at Ј68 million 5 years after the introduction of escitalopram. CONCLUSION: Escitalopram can be considered to be the most cost-effective treatment alternative and advocating its use would reduce health care costs for the treatment of depression in the UK. PCSMH5: PARASUICIDE AND COSTS ASSOCIATED WITH ATTEMPTED SUICIDES BASED ON EXTENDED PARASUICIDE SUREVEILLANCE Jorgensen TR1, Zollner L2, 1H. Lundbeck A/S, 2500 Valby, Denmark; 2Centre for Research on Suicide and Suicide Attempts, Ministry of Social Affairs, Denmark, Odense, Denmark Suicide rates have increased 60% worldwide over the last 45 years and today suicide is one of the three leading causes of death among people aged 15 to 44. These figures do not include attempted suicides, which can be 20 times more frequent than completed suicides. For example, in Japan the 1999 suicide rate was 17.2/100,000 persons. In Denmark, the suicide rates have decreased over the last fifteen years but it still remains high at 17.5/100,000 persons. On the other hand, the last five years an increase in attempted suicides for groups at risk has been observed. OBJECTIVES: To describe parasuicide rates for groups at risk and estimate the direct cost of parasuicide in Denmark. METHODS: Age stratification of longitudinal register data on para COST STUDIES - RESPIRATORY DISORDERS PCSRD1: SMOKING-RELATED DISEASES: THE IMPORTANCE OF COPD Zahner C1, Halbert RJ2, Dubois RW2, 1Constellation Group, NA, FL, USA; 2Boehringer Ingelheim GmbH, Ridgefield, CT, USA OBJETIVO. Despite a strong relationship between smoking and COPD, cardiovascular disease and lung cancer attract greater attention in the scientific literature and lay press. The objective of this study was to assess the U.S. and worldwide burden of illness p roduced by smoking. METHODS. Epidemiology, medical, and health statistics literature were reviewed to estimate smoking-attributable risk (SAR) and smoking-attributable disease burden for four conditions: COPD, coro n a ry heart disease (CHD), lung cancer, and stroke. RESULTS. Smoking-attributable mortality worldwide is highest for COPD (1,772,580 deaths) compared to CHD (1,277,000), lung cancer (822,150), and s t roke (788,580). Smoking-attributable Disability Adjusted Life Years (DALYs) is highest for COPD (47,232,000) compared to CHD (18,106,000) and stroke (11,052,000). In the US, smoking-attributable costs are highest for CHD ($22.2 Billion) compared to COPD ($19.6 Billion) and stroke ($8.2 Billion). US smoking-attributable annual hospitalizations are highest for COPD (520,000) compared to CHD (460,000) and stroke (183,000). CONCLUSIONS. COPD deserves more attention in the health care sector, both from preventive and therapeutic perspectives. While card i ovascular disease and lung cancer rank high on absolute estimates of disease burden, when evaluating smoking- attributable burden, COPD emerges as having a more substantial disease burden. Smoking cessation programs, pharmacological interruption of the pathophysiology of smoking - related COPD, and effective management of COPD should be key targets of intervention and further research. PCSRD2: COPD: GEOGRAPHIC VARIATION ASSOCIATED WITH DISEASES AND HEALTHCARE UTILIZATION Zaher C1, Nishimura S2, 1Constella Health Strategies, Santa Monica, CA, USA; 2Kyoto University, Sakyo-ku Kyoto, Japan OBJETIVO. The Global Initiative for Obstructive Lung Disease highlights the importance of chronic obstructive pulmonary disease (COPD). In Japan, there is a widespre ad belief that COPD risk, pre valence and burden of illness is lower than in Western cultures. The Nippon COPD Epidemiology Study shows the pre valence of COPD to be significantly higher than previously re p o rted. We constructed a model to estimate the total direct and indirect costs of care for COPD in Japan and compared the resultant economic burden to that in the US. METHODS. Using a pre valence-based approach, a model was created to ascertain total direct and indirect costs of care for COPD in Japan. Di rect costs included hospitalizations, outpatient visits, and home oxygen therapy. In d i rect costs we re limited to days absent from work. Data sources included a population-based epidemiology study, the peer-re v i ewed literature, and governmental and industrial surveys. RESULTS. In Japan, the estimated total cost of COPD is $8.5 billi o n / year ($6.8 billion in direct costs and $1.7 billion in indirect costs). For direct costs, inpatient care accounted for $2.6 billion; outpatient care, $3.2 billion; and home oxygen therapy $1.1 billion. The average annual total cost/patient across COPD patients of all severity is $1219; the total annual direct per patient cost is $976. This compares to $1554 and $900, respectively, across all US COPD patients using recent NHANES and NIH estimates (Ґ118=$US1). CONCLUSION. COPD imposes a high economic burden on the Japanese health care system. Despite marked differences in patterns of care b e t ween the two countries, the per capita economic burden across all COPD patients is ve ry similar in Japan and the US. Gi ven the substantial economic burden, it is critical that the Japanese seek ways to effectively diagnose and manage this disease. PCSO1: COST-EFFECTIVENESS OF MONOTHERAPY TREATMENT WITH THE LIPID CLASS OF MEDICATIONS FOR GLAUCOMA Walt JG1, Noecker RJ2, Romani R3, 1Allergan, Irvine, CA, USA; 2University of Arizona , Tucson, AZ, USA; 3Allergan, Go rdon, NSW, Australia OBJECTIVES: We evaluated the cost-effectiveness of monotherapy treatment with the n ewer lipid class of anti-glaucoma medications. M E T H O D S. All published studies measuring IOP-lowering of latanoprost (X), bimatoprost (L), and travoprost (T) were included in the evaluation based on the reported mean and percent reduction values. Cost effectiveness was calculated as the drug cost per each percent IOP reduction per month. RESULTS. The cost-effectiveness ratio ranged from $1.53-$2.20 for latanoprost, $1.51-$1.71 for bimatoprost, and $1.60-$1.83 for travo p rost per each percent IOP reduction. Results of similar cost-effectiveness ratios we re found using the published diurnal pressures. This dynamic economic evaluation is based on regional costs and an economic analysis can be modeled and calculated based on the actual medication cost in each Asia-Pacific country as each of the newer medications is approve d and becomes available or is considered for country reimbursement. CONCLUSION :Based on published clinical studies, bimatoprost had the lowest, most consistent range of cost-effectiveness estimates. When selecting glaucoma treatments, cost-effectiveness should be considered along with traditional clinical safety and efficacy parameters in making both individual patient and group health care decisions. PCSO2: A NATIONAL ESTIMATE OF THE MEDICAL CARE COSTS ASSOCIATED WITH THE TREATMENT OF ASTHMA IN THE UNITED STATES Mychaskiw MA, Murawski MM, Pu rdue University, West Lafayette, IN, USA OBJECTIVES. Asthma is a priority medical condition, with worldwide prevalence increasing by 30% in the last 20 years. As such, it is important to understand the medical care resources utilized in its treatment. The objectives of this study we re to determine the direct costs of asthma in the United States population and to stratify those costs by type of medical care. METHODS. Retrospective analysis was conducted of the 1999 portion of the Medical Expenditure Panel Survey. The survey provided data from a nationally representative sample of 24,618 respondents and from respondents’ medical care and health insurance providers. Data utilized in this study included medical conditions and use and payments for medical care. Asthma patients we re identified using ICD-9-CM codes and direct costs we re calculated using patient and third party payments for asthma-related medical events by type of medical care. Sample estimates we re weighted and projected to the population and 95% confidence limits we re calculated using the Taylor expansion method. RESULTS. Di rect costs per asthma patient we re $672. Total direct costs of asthma we re $7,770,431,849. The highest pro p o rtion of these costs was for prescription medications, at $2,838,086,732 (mean=$42; 95% C.L.=$39-$44). Inpatient stays we re $1,996,490,337 (mean=$3845; 95% C.L.=$3600-$4089) and office-based medical provider visits we re $1,228,222,996 (mean=$66; 95% C.L.=$60-$72). Lower pro p o rtions of total direct costs we re incurred for home health c a re, at $1.1 billion, emergency department visits, at $401 million, and outpatient services, at $117 million. CONCLUSIONS. Total direct costs of asthma we re substantial, estimated at almost $8 billion. Prescription medications accounted for more than one third of this cost. Nevertheless, guidelines for the appropriate management of asthma with drug therapy should be emphasized and further developed as an means of not only controlling drug costs but also pre venting greater adverse clinical and economic consequences, such as avoidable medical provider visits and inpatient stays. QUALITY OF LIFE & UTILITY STUDIES QUALITY OF LIFE & UTILITY STUDIES - ARTHRITIS AND NEUROLOGICAL DISEASES PQLA1: PATIENT REPORTED OUTCOMES FOR RHEUMATOID ARTHRITIS IN JAPAN Ota H1, Tanno M1, Tanaka H1, Kobayashi M2, Yoshino S1, 1Nippon Medical School Hospital, Bunkyo-ku, Tokyo, Japan; 2Crecon Research and Consulting Inc, Tokyo, Japan OBJECTIVES: The objective of this study was to describe patient reported outcomes in Rheumatoid Arthritis (RA) in Japan. METHODS: Patient reported outcomes including Health Assessment Questionnaire (HAQ), EQ-5D, and general health (1=Excellent health) were collected as part of a cross-sectional survey of 307 consecutive RA patients at Nippon Medical School attending the RA clinic from June to November in 2002. A health care resource utilization form was also administered to patients and physicians to collect data on patient demographics, disease duration, type of DMARD used, number of outpatient visits, hospitalization and surgeries. All statistical analysis of data were conducted using SPSS11.5. RESULTS: The patient population (N=307) was predominantly female (86.3%) with an average age of 61 years. The mean age at onset of RA was 44.3 years, with a mean disease duration of 16.6 years. The most commonly used antirheumatic agents were: Methotrexate(46.4%), bucillamine (29.2%) and salazosulfapyridine (15.0%). The mean HAQ scores for the surveyed patients (N=303) was 0.83 (_>0.76). Mean patient utilities (N=298) was 0.60 (_>0.19). Mean general health (N=305) was 0.66 (_>0.18). CONCLUSIONS: RA significantly impacts patients lives in terms of disability, patient utility and general health. However, patients with RA in Japan report lower disability, higher utility scores and better general health compared to patients with similar disease duration in the Western countries. PQLA2: CROSS-CULTURAL ADAPTATION AND VALIDATION OF KOREAN VERSION OF EQ-5D IN PATIENTS WITH RHEUMATIC DISEASES Bae SC1, Kim MH2, 1Hanyang University, Seoul, South Korea; 2Eulji University School of Medicine, Daejon, South Korea OBJECTIVE: This study aims at translating and adapting the EQ-5D cross-culturally into Korean (KEQ-5D), and evaluating its reliability and validity among patients with various rheumatic diseases. METHODS: The EQ-5D was translated into Korean by 2 translators and back into English by another 2 translators. Based on the repeated measure data of 65 patients with rheumatoid arthritis (RA), we examined test-retest reliability, and responsiveness by effect size AND t-statistic. To evaluate validity, we recruited 100 patients with RA, 103 with osteoarthritis(OA), 111 with systemic lupus erythemtous (SLE), 104 with fibromyalgia syndrome (FMS), and 90 with ankylosing spondylitis (AS). For concurrent validity, we explored correlation between the KEQ-5D and KEQ-VAS(visual analog scale), KSF-36 global, utility measures such as time-trade off (TTO) and standard gamble(SGM), and disease-specific measures, including KHAQ and for RA, KWOMAC for OA, SLEDAI and SLICC for SLE, KFIQ for FMS, and KBASFI for AS. RESULTS: Test-retest reliability of KEQ-5D measured by ICC was 0.635. The effect size was 0.683 and t-statistic 5.11(p<.001). Correlations with KEQ-VAS and SF-36 global were significant (0.504 and 0.641 respectively, both p<.001), however those with TTO and SGM were not (0.082, p=0.155; 0.0026, p=0.660). Correlations with disease-specific measures were all significant except for SLEAI and SLICC in SLE, ranging from 0.477 to 0.603. Correlations between physical domains of KEQ-5D and KSF-36P were higher those with KSF-36M, on the contrary, correlation between anxiety/depression and KSF-36M was higher than that with KSF-36P in both overall and disease-specific analysis. CONCLUSION: These findings indicated that KEQ-5D had stability and responsiveness, and moreover, construct validity were satisfactory. However, correlations with TTO and SGM which are the basis for Tariff scoring of EQ-5D were not significant. PQLA3: CAREGIVER BURDEN FOR PATIENTS WITH RHEUMATOID ARTHRITIS IN JAPAN Tanno M1, Ota H1, Tanaka H1, Kobayashi M2, Yoshino S1, 1Nippon Medical School Hospital, Bunkyo-ku, Tokyo, Japan; 2Crecon Research and Consulting Inc, Tokyo, Japan OBJECTIVES: The objective of this study was to describe caregiver burden for patients with Rheumatoid Arthritis(RA) in Japan. METHODS: Caregiver burden was collected as patient reports of time spent by family members or caregivers per week as part of a questionnaire. This questionnaire was administered to 307 consecutive RA patients at Nippon Medical School attending the RA clinic from June to November in 2002. A health care resource utilization form was also administered to patients and physicians to collect data on patient demographics, disease duration, type of DMARD used, number of outpatient visits, hospitalization and surgeries. All statistical analysis of data were conducted using SPSS11.5. RESULTS: The patient population (N=307) was predominantly female (86.3%) with an average age of 61years. The mean age at onset of RA was 44.3 years, with a mean disease duration of 16.6 years. The most commonly used antirheumatic agents were: methotrexate (46.4%), bucillamine (29.2%) and salazosulfapyridine (15.0%). The mean Health Assessment Questionnaire (HAQ) scores for the surveyed patients (N=303) was 0.83 (_>0.76). A majority of surveyed patients had joint-replacement, joint formation and joint restoration surgeries. The per patient frequency of joint replacement, joint formation and joint restoration surgery was 1.2, 0.9, and 0.11, respectively. Mean time spent by family members (N=219) in patient care was 7.49 (_>13.39) hours per week Mean time spent by caregivers (N=168) in patient care was 1.88(_>6.5) hours per week. CONCLUSIONS: Although RA patients in Japan have lower disability compared to patients with similar disease duration in the Western countries, rheumatoid arthritis remains a burdensome condition in Japan. Our results indicate that rheumatoid arthritis is associated with caregiver burden for a large proportion of patients. PQLA4: CORRELATION BETWEEN THE HEALTH ASSESSMENT QUESTIONNAIRE (HAQ) AND UTILITY VALUE IN RHEUMATOID ARTHRITIS PATIENTS Ota H1, Tanno M1, Tanaka H1, Kobayashi M2, Yoshino S1, 1Nippon Medical School Hospital, Bunkyo-ku, Tokyo, Japan; 2Crecon Research and Consulting Inc, Tokyo, Japan OBJECTIVES: The objective of this analysis is to study the relationship between the Health Assessment Questionnaire (HAQ) and utility value in Rheumatoid Arthritis (RA) patients. METHODS: Studies regarding the severity of RA and utility value were performed on RA patients. RA severity and utility value were measured by using the HAQ and the EQ-5D, respectively. SPSS11.5 was used for statistical analysis. RESULTS: The final sample size included 307 patients. The sex distribution of RA patients was 86.3% females. Patients_f mean age, mean age of RA onset and mean RA duration were, 61.0 years, 44.3 years and 16.6 years, respectively. The mean utility values of RA patients obtained from the HAQ and EQ-5D were 0.83 and 0.60, respectively. Regression analysis using the HAQ as the independent variable and the utility level as the dependent variable was performed. The resulting regression equation was utility= - 0.17 x HAQ + 0.74_iR2=0.45_j CONCLUSIONS: The utility values obtained from the HAQ and EQ-5D were negatively correlated. R2=0.45 in the estimated regression equation. The resulting regression equation may therefore be effective in estimating utility value with the HAQ. PQLA5: IS EQ-5D A USEFUL MEASURE FOR PATIENTS WITH PARKINSON'S DISEASE IN SINGAPORE? Luo N1, Tan LCS2, Li SC1, Mohammed N1, Thumboo J3, 1National University of Singapore, Singapore, Singapore; 2National Neuroscience Institute, Singapore, Singapore; 3Singapore General Hospital, Singapore, Singapore OBJECTIVE: The usefulness of the EQ-5D as a HRQoL measure in Asians with Parkinson's disease is not known. We therefore evaluated the validity and reliability of the EQ-5D in Singaporeans with Parkinson's disease. METHODS: English-speaking patients with Parkinson's disease were recruited from hospital clinics and through the Singapore Parkinson's Disease Society. Subjects completed a questionnaire containing EQ-5D and Parkinson's disease questionnaire (PDQ-39) twice in a 1-week period. Test-retest reliability was assessed for EQ-5D items, utility index and visual analog scale (VAS) using Cohen's kappa or intraclass correlation coefficients (ICC). Construct validity was assessed by examining Spearman's correlations between EQ-5D and PDQ-39 and measures of disease severity (Hoehn and Yahr stage, activities of daily living and motor sections of the unified Parkinson's disease rating scale (UPDRS) and the Schwab and England activities of daily living scale). RESULTS: Eighty-seven subjects (Chinese: 73, Malay: 3, Indian: 9, Eurasian: 2) completed baseline and 68 subjects completed follow-up questionnaires (median interval: 7 days). Kappa values exceeded 0.75 for all EQ-5D items except for anxiety/depression (kappa=0.58). ICC values were 0.78 and 0.83 for utility and VAS scores respectively. Correlation coefficients between utility and VAS scores and the PDQ-39 summary index were -0.66 and -0.45 respectively (p < 0.001 for both). Both EQ-5D and PDQ-39 scores weakly correlated with most recent clinical ratings, e.g. correlation coefficients with the UPDRS activities of daily living scale were -0.29, -0.21 and 0.29 for EQ-5D utility, VAS and PDQ-39 summary index scores respectively. CONCLUSION: The EQ-5D appears to be a valid and reliable HRQoL measure for Singaporeans with Parkinson's disease. PQLC1: THE EUROPEAN ORGANISATION FOR RESEARCH AND TREATMENT OF CANCER QUALITY OF LIFE QUESTIONNAIRE (EORTC QLQ-C30, VERSION 3.0): VALIDITY AND RELIABILITY OF ENGLISH AND CHINESE VERSIONS IN SINGAPORE Luo N1, Guo X2, Tan SH2, Li SC1, 1National University of Singapore, Singapore, Singapore; 2Hwa Chong Junior College, Singapore, Singapore OBJECTIVE: The European Organization for Research and Treatment of Cancer Quality of Life Questionnaire (EORTC QLQ-C30, version 3.0) is a widely used disease-specific health-related quality of life (HRQoL) instrument, which has not been validated in Singapore. The purpose of this study was to investigate the validity and reliability of English and Chinese versions of the QLQ-C30 in Singaporean cancer patients who were receiving chemotherapy. METHODS: Cancer patients attending a chemotherapy center of a tertiary-referral hospital in Singapore were interviewed using an identical English or Chinese questionnaire containing the QLQ-C30, the Short Form 36 Health Survey (SF-36) and assessing socio-demographic status. Construct validity was assessed by relating QLQ-C30 scores to SF-36 scores, and reliability was assessed using Crobach's alpha. RESULTS: One hundred thirty subjects (English-speaking: 78) were interviewed. The subjects were mainly ethnic Chinese (Chinese: 96, Malay: 26, Indian: 4, others: 4), with a mean (SD) age of 49.3 (15.5) years. Generally, QLQ-C30 scale scores were strongly correlated with corresponding SF-36 scale scores for both English and Chinese versions. For example, Spearman's rank correlation coefficients between QLQ-C30 fatigue and SF-36 vitality scales were -0.72 and -0.69 for English and Chinese versions respectively (p < 0.001 for both). Crobach's alpha was very close to or larger than 0.70 for all QLQ-C30 multi-item scales for both language versions except for the cognitive functioning scale for English version (alpha=0.43) and the pain scale for Chinese version (alpha=0.49). CONCLUSION: Both English and Chinese versions of the QLQ-C30 appear to be valid and reliable HRQoL instruments for use in Singaporean cancer patients. QUALITY OF LIFE STUDIES - CARDIOVASCULAR DISEASE PQLCD1: EVALUATION OF RELIABILITY AND VALIDITY OF SEATTLE ANGINA QUESTIONNAIRE APPLIED IN A GROUP OF CHINESE PATIENTS WITH CHD Liu S, Wang P, Tianjin Medical University, Tianjin, China OBJECTIVE: To evaluate the reliability and validity of the Seattle Angina Questionnaire (SAQ) used in Chinese patients with Coronary Heart Disease (CHD). METHODS: One hundred twenty-four patients with CHD were selected from April to August 2002, and 118 valid SAQ data were obtained. Male: 56; female: 62, with average age 64 years old. Thirty-five of them were repeated in 14 days after first interview, and all the patients repeated after three months. A subgroup of them was selected randomly to complete the Short form 36 (SF-36) in the first interview. Validity and reliability of SAQ were evaluated. RESULTS: The test-retest reliability for the five domains and the overall scales were Ј0.989¬Ј0.576 ¬Ј0.969 ¬Ј0.982 ¬Ј0.980 ¬Ј0.939¬p=0.000. The Split-half reliability was Rh=Ј0.842¬p=Ј0.000¬R=Ј0.914» Compare the SAQ with SF-36, the r=0.613 (N=46) P=Ј0.000»the structure validity was evaluated by factor analysis. The SAQ response to the change of the severity of the CHD is more sensitive than SF-36 statistically significantly. CONCLUSION: The Chinese version SAQ is good in its validity, reliability and responsiveness in Chinese patients with CHD. PQLD1: A FEASIBILITY STUDY OF APPLYING EUROQOL IN ASIAN PATIENTS WITH DIABETES MELLITUS IN SINGAPORE Wee HL1, Tan CE2, Goh SY2, Li SC3, 1National University of Singapore, Singapore, Singapore; 2Singapore General Hospital, Singapore, Singapore, Singapore; 3National University of Singapore, Department of Pharmacy, Singapore, Singapore OBJECTIVE: To study the feasibility of using EuroQol [Health values (EQ-5D) and Visual Analogue Scale (VAS)] in Asian patients with diabetes to obtain self-reported health status and utility values for use in future cost-utility studies. METHODS: After informed consent, the EuroQol, together with a patient information sheet, was self-administered by patients at the diabetes center in a tertiary acute-care hospital in Singapore. Case notes of patients were retrieved to obtain information about clinical status, medications and HbA1c values. RESULTS: Eighty patients (47M, 33F) attempted EuroQol (68 completed both EQ-5D and & VAS, and 12 skipped the VAS). Mean age of respondents was 56.7±11.32 years (range: 29 to 79). Most respondents were type-2 diabetics (95%), Chinese (50%), unemployed or retirees (45%) and 47.5% attained secondary level in education. From the 47 available case notes retrieved, 38 patients were on oral hypoglycemic agents (OHGA) alone, and 9 were on combination OHGA and insulin therapy. Mean EuroQol health value was 0.6±0.13 (range: -0.1 to 0.7), mean VAS score was 69.9±17.38, (range: 30.0 to 100.0) and Pearson’s correlation between health value and VAS was 0.417 (p<0.001). Correlation of EuroQol with clinical parameters was poor with no statistically significant differences in any of the demographic subgroup analyses: HbA1c and health value: 0.041 (n=33, p=0.822); HbA1c and VAS: -0.023 (n=33, p=0.899); diabetes duration and health value: -0.268 (n=72, p=0.023), diabetes duration and VAS: 0.280 (n=61, p=0.029). Patients on insulin appeared to have better quality of health (Combination vs. OHGA: mean health value: 0.59±0.095 vs. 0.57±0.134, p=0.635; VAS: 79.9±12.68 vs. 71.8±17.95, p=0.254). CONCLUSION: EuroQol appeared valid and informative in Asian diabetic patients. However, respondents appeared to have problems completing VAS section and this poses a concern for the use of EuroQol in postal surveys. User-friendliness of the questionnaire requires further exploration. QUALITY OF LIFE & UTILITY STUDIES - MENTAL HEALTH PQLMH1: VALUING THE SAFETY AND EFFICACY OF TREATMENTS FOR SCHIZOPHRENIA BY MEANS OF A QUADRANT APPROACH AND TIME TRADE OFF SURVEY Montgomery W1, Croker V1, Davey P2, Jackson D2, Mullen K1, 1Eli Lilly Australia Pty Ltd, West Ryde, NSW, Australia; 2M-TAG, Sydney, Australia OBJECTIVES: This study compares the efficacy and safety of olanzapine compared with risperidone, and measures the ability of the general population to value the outcomes of treatment by trading off time versus health to derive utilities. METHOD: Efficacy was measured by defining a responder as those with a 40% improvement in total PANSS score from baseline. Safety was measured in terms of patients with and without extra-pyramidal side-effects (EPS). The results of the Tran1 trial were analyzed using a quadrant approach method, which involved the trial population for olanzapine and risperidone being separated into a combined outcome measure that captured both efficacy and safety benefits as in the following scenarios; Non-responder with EPS, Responder with EPS, Non-responder without EPS, Responder without EPS. The time trade off (TTO) methodology was then used to illicit utilities for each of these scenarios. RESULTS: The results of the study show that olanzapine offers superior outcomes in rates of responder without EPS and non-responder with EPS, when compared with risperidone. (p=0.02). The TTO survey was completed by 70 people. The utility scores derived from the TTO survey were as follows: non-responder with EPS 0.63 (11.0 years traded), non-responder without EPS 0.72 (8.3 years traded), responder with EPS 0.79 (6.3 years traded) and responder with no EPS 0.87 (3.8 years traded). Participants traded significantly more years for the responder than non-responder state and irrespective or responder categorization, traded significantly more years for the "without EPS" estado. CONCLUSIONS: This is a useful way to analyze results as both the EPS and the symptoms of the disease contribute to the enormous burden of schizophrenia. The results of this study show the ability of a community sample to value symptoms and side-effects (EPS) of schizophrenia using TTO methodology. They support the value of antipsychotic medication that is both effective in reducing schizophrenia symptoms as well as having a favorable EPS side effect profile. QUALITY OF LIFE & UTILITY STUDIES - RESPIRATORY DISORDERS PQLRD1: QUALITY OF LIFE IN PATIENTS WITH ASTHMA VISITING EMERGENCY ROOM Lee S1, Oh YS2, 1Sookmyung University, Seoul, South Korea; 2Korea University Hospital, Ansan, Kyounggi-do, South Korea OBJECTIVES: To evaluate clinical characteristics and QOL of in patients with ER visit or hospitalization for asthma attack. METHODS: The medical records of patients between Jan. 2001 and May 2002, were reviewed retrospectively and phone-surveyed on their quality of life during the past 2weeks using QLQAKA(Quality of Life Questionnaire for Adult Korean Asthmatics) developed by "The Korean Society of Allergoloy". RESULTS: A total of 61 out of 80 patients were eligible for the inclusion criteria, 42 of whom were women(69%). Mean age was 48.9°_12.5 years, asthma duration was 56.08+47.9 months, mean number of ED visits were 2.38°_1.8, days of hospitalization were 6.1°_5.6. The numbers of medications prescribed for asthma was 7.19°_1.64, the frequency of oral corticosteroids prescribed were 47 case(87%), number of patients with oral corticosteroids were 35(57%). The mean predicted value of FEV1 was 70.5°_20.9%. Asthma severities of patients were mild persistent 18(30%), moderate persistent 26(42%), severe persistent 17(28%). Clinical features highly correlated with exacerbation of asthma were duration of the disease (p=0.05) and frequency of ED visits. QOL was lower as asthma was more severe. QOL score in environmental domain was the lowest, 2.61°_0.96. QOL was lower in women (p=0.05) and patients with more ER visits visited (p=0.002). The group with oral corticosteroids had lower scores of QOL(p=0.01) than groups with inhaler or without any medication. In the group with regular use of inhaled corticosteroids, QOL was higher in the activity domain. CONCLUSION: It suggests more utilization of stepwise approach in asthma care guidelines on the basis of asthma severity to reduce ER visits and to improve quality of life. PQLRD2: CULTURAL ADAPTATION AND VALIDATION OF CHILDHOOD ASTHMA QUESTIONNAIRE-C (CAQ-C) IN SINGAPORE Chong LY1, Chay OM2, Goh A2, Li SC1, 1National University of Singapore, Department of Pharmacy, Singapore, Singapore; 2KK Women's and Children's Hospital, Singapore, Singapore HRQL is an important outcome measure for chronic childhood diseases. However, it is infrequently used in Asia due to the difficulty of obtaining appropriately translated and culturally adapted instruments. We adapted the Childhood Asthma Questionnaires C (CAQ-C) previously used in UK and Australia in children aged 11 to 16 years old. OBJECTIVES: To culturally adapt and validate a disease specific HRQL questionnaire, CAQ-C for childhood asthma in Singapore. METHODS: CAQ-C was adapted after pre-testing in asthmatic children. Changes to the UK and Australia versions were made to reflect the Singapore educational system, culture, language and climate. A cross-sectional validation was conducted. Consenting asthmatic patients aged 11 years and above attending the Specialist Respiratory Clinic in a pediatric hospital participated. Patients with other co-morbidities that could significantly affect their HRQoL were excluded. RESULTS: The adapted CAQ-C was validated in 99 patients (41 females and 58 males) with a mean age of 12.84°У1.64 years (range: 10-17 years). More than three quarters completed the questionnaire in 10 minutes or less. After item reduction, the Severity (8 items), Distress (10 items) and Active Quality of Living (4 items) scales had similar internal consistency as the UK and Australian versions (Cronbach_s _=0.73-0.85). Our Teenage Quality of Living scale had only 3 items but obtained Cronbach_s _ value of 0.62 which is comparable to other versions. The Reactivity scale also had 3 items but its Cronbach_s _ value was only 0.25. CONCLUSIONS: Childhood Asthma Questionnaire (CAQ-C) is a simple and acceptable HRQL instrument for asthmatic teenagers. Most found the questionnaire easy and fast to complete. The adapted version has Distress, Severity, Teenage and Active Quality of Living scales with good internal consistency. However, further investigations are needed to determine the internal structure of the scales by factor analysis and improve the Reactivity scale reliability. PQLRD3: THE RQLQ AND WPAI-AS QUESTIONNAIRES ARE VALID, RELIABLE MEASURES OF QOL IN JAPANESE PATIENTS WITH SEASONAL ALLERGIC RHINITIS Crawford B1, Okuda M2, Leahy MJ3, 1Mapi Values, Boston, MA, USA; 2Nippon Medical School, Tokyo, Tokyo, Japan; 3Aventis Pharmaceuticals, Bridgewater, NJ, USA OBJECTIVE: Individuals with seasonal allergic rhinitis (SAR) experience symptoms that can have a detrimental impact on their quality of life (QOL). Clinical trial guidelines require that QOL questionnaires be cross-culturally validated for use in different ethnic populations. Therefore, the aim of this study was to validate Japanese translations of the Rhinoconjunctivitis Quality of Life Questionnaire (RQLQ) and the Work Productivity and Activity Impairment – Allergy Specific (WPAI-AS) questionnaire. METHODS: This 2-week psychometric validation study assessed 200 Japanese patients with SAR defined by a Total Symptom Score (TSS) _12 out of 20 at entry. Patients completed demographic information, the RQLQ (28 questions to assess the impact of symptoms on activities), the WPAI-AS (nine questions to assess effects on work/classroom performance/attendance), the SF-36 (Short-Form 36, a generic QOL assessment) and TSS assessments (sneezing, runny nose, nasal congestion, ocular itching, lacrimation, nasal itching; on a 5-point Likert scale) on study entry and 7 days later. The validity of the questionnaires was tested through construct validity, analysis of floor/ceiling effects, reliability (internal consistency/reproducibility), validity (concurrent/clinical) and responsiveness. RESULTS: The RQLQ demonstrated adequate construct validity, was internally consistent, satisfied the minimum reliability coefficient of 0.7 for each scale, showed excellent discrimination between clinical severity (defined by TSS) and correlated with clinician’s ratings of symptoms/impairment. The WPAI-AS discriminated between clinical severity and correlated with clinician’s ratings of symptoms/impairment. Both tools demonstrated adequate concurrent validity with the SF-36 and acceptable reproducibility. The RQLQ was responsive to changes in symptom status and WPAI-AS was responsive for impact scales. CONCLUSION: The results of this psychometric evaluation show that the Japanese translation of the RQLQ and WPAI-AS questionnaires are valid and reliable tools for assessing the impact of SAR symptoms on patients' health-related QOL and should therefore be considered as valuable measures for clinical studies in Japan. QUALITY OF LIFE STUDIES - OTHER DISEASES AND DISORDERS PQLO1: IMPACT OF HYDROTHERAPY CARE ON THE QUALITY OF LIFE OF CHILDREN Taпeb C1, Nocera T2, Verriere F2, Blondiaux E2, Segard C2, Myon E1, 1Pharmaco Economics & Quality of Life Department, Boulogne Billancourt, France; 2Laboratoires Dermatologiques Avиne, Lavaur, France OBJECTIVE: Quality of life enables patients to assess the different consequences of the disease and/or treatment. Skin disorders have a strong impact on the patient s physical and psychological well being and the numerous quality of life studies carried out among adults are here to confirm this. However, very few studies have been performed to assess the quality of life in children. This is mainly attributable to the fact that there is a lack of questionnaires to do this. METHOD: A specific scale developed by Professor A. FINLAY (C-DLQI Children- Dermatology Life Quality Index) is completed by each child before starting the course of treatment at Avиne Hydrotherapy Center, after three weeks of treatment, after three months and after six months. RESULTS: Every year, Avиne Hydrotherapy Center welcomes a growing number of children suffering from chronic dermatosis. It thus seemed relevant to assess the quality of life of these children (4-15 years old) the following initial analysis has been obtained from the 30 first questionnaires completed upon inclusion and after 3 months. The DLQI score upon inclusion was 23.58% and 11.60% after 3 months. The results show an improvement in the patient s quality of life three months after the hydrotherapy course of treatment. This difference is statistically significant (p=0.010). After 3 weeks of treatment, the C-DLQI score was 20.3%. CONCLUSION: These results clearly show that even some time after the end of the hydrotherapy course of treatment, quality of life in children suffering from chronic dermatosis continues to be improved. PQLO2: IMPACT OF HYDROTHERAPY CARES ON THE QUALITY OF LIFE OF PATIENTS SUFFERING FROM SKIN DISEASES Myon E1, Verriere F2, Segard C2, Blondiaux E2, Nocera T2, Taпeb C1, 1Pharmaco Economics & Quality of Life Department, Boulogne Billancourt, France; 2Laboratoires Dermatologiques Avиne, Lavaur, France OBJECTIVE: Skin diseases have a strong impact on the physical and mental well-being of the patient. This is confirmed by the large number of quality of life studies that exist. It is clear that dermatological diseases affect not only the life of the patient but also that of his/her partner and family. The Avиne Dermatological Hydrotherapy Center, welcomes over 2500 patients a year suffering from skin diseases. The objective of the study is to demonstrate the relevance of the long-term effects of hydrotherapy treatments on patients Quality of Life. METHOD: A specific scale (DLQI Dermatology Life Quality Index) is completed by each patient at their arrival at the Avиne Dermatological Hydrotherapy Center (inclusion), at the end of hydrotherapy cares (three weeks), and six months after the hydrotherapy cares. The completed questionnaires were returned by post. RESULTS: In this first analysis, the first 200 patients suffering from the three following conditions: psoriasis, atopic dermatitis were taken into account and analyzed at inclusion and at the end of the hydrotherapy cares. The DLQI score at inclusion was 34.55% at the end of hydrotherapy treatments the DLQI score was 19.17% (p<0.00001). The first 30 patients were taken into account and analyzed at inclusion and at 6 months after the hydrotherapy cares. For these 30 patients, the DLQI score at inclusion was 32.1% (at 6 months the DLQI score was 24,2% (p<0.02). CONCLUSION: These first results show evidence of an improvement of patient’s quality of life after 3 weeks of hydrotherapy treatments (p<0.00001). These results also demonstrate the hydrotherapy cares persistency effect as shown by the improvement of patient’s quality of life 6 months after hydrotherapy treatments (p<0.02). PQLG1: RELIABILITY AND VALIDITY OF KINDL® CHILDREN GENERIC HEALTH-RELATED QUALITY OF LIFE QUESTIONNAIRE IN AN ASIAN SCHOOL-BASED SAMPLE Hwee Lin W, Shu Chuen L, National University of Singapore, Singapore, Singapore OBJECTIVES: To determine the feasibility, validity and reliability of KINDL in an Asian school-based sample. Introduction: KINDL-Kid and KINDL-Kiddo have been culturally adapted and tested in a sample of diabetic and healthy children in Singapore with promising results. METHODS: Testing of KINDL was extended to a school-based sample more representative of the general children population. Methodology: Invitations for participations were sent to all schools in Singapore after permission was obtained from the Ministry of Education. Students aged 8-16 years old from participating schools were randomly selected. After the purpose of the study was explained, the questionnaires were administered and the participants were asked to complete the questionnaire without seeking their friends’ opinion. The students were asked to report if they had any of the chronic conditions such as asthma and diabetes. RESULTS: A total of 328 participants completed KINDL-Kid (mean score: 68.3±12.57%) while 1026 completed KINDL-Kiddo (mean score: 59.3±11.64%). 25 KINDL-Kid and 56 KINDL-Kiddo participants were asthmatics. Majority of participants in both groups were Chinese (KINDL-Kid: 74.1%, KINDL-Kiddo: 75.2%) and females (KINDL-Kid: 67.0%; and KINDL-Kiddo: 71.5%). The reliability coefficients (Cronbach’s alpha) ranged from 0.4040 to 0.7091 for KINDL-Kid and 0.3971 to 0.8448 for KINDL-Kiddo. The ceiling effect was significant (>5.0%) in four KINDL-Kid subscales but only one KINDL-Kiddo subscale, while significant flooring effect was observed in one subscale of both instruments. KINDL-Kiddo demonstrated discriminant validity (Healthy vs. Self-reported asthmatics: 56.6±11.92% vs. 51.3±13.21%, p<0.005) but not KINDL-Kid (65.5±12.76% vs.66.3±12.71%, p=0.768). CONCLUSION: The scale reliability obtained suggested a need to re-evaluate the factor structures of KINDL. A factor analysis may be warranted before KINDL is used in Singapore on a large scale. PGLG2: CORRELATION BETWEEN CHILD REPORTED HEALTH-RELATED QUALITY OF LIFE (HRQL) WITH PARENT AND PHYSICIAN REPORTED SEVERITY Chong LY1, Chay OM2, Li SC1, 1National University of Singapore, Department of Pharmacy, Singapore, Singapore; 2KK Women's and Children's Hospital, Singapore, Singapore OBJECTIVES: To conduct a preliminary analysis on the correlation between patient-reported health-related quality of life and physician or caregiver reported quality of life in young children aged 7 to 11 years old. METHODS: All asthmatic patients attending the Specialist Respiratory Clinic in a pediatric hospital without other co-morbidities that significantly affect their HRQL were invited to participate. The patients filled up an asthma specific questionnaire, CAQ-B (Childhood Asthma Questionnaire) that was appropriate for their age group. Their parents or caregivers were asked to fill up the parental section at the end of the questionnaire. The attending physician would rate the child's severity based on the clinical features and medications prescribed. RESULTS: The adapted CAQ-B was validated in 96 patients (40 females and 56 males) with a mean age of 8.7±1.1 years (range: 7-11 years). The severity of disease rating among these patients were: 29 rated as infrequent episodic asthma, 10 as frequent episodic asthma, 44 as mild persistent asthma, 9 as moderately severe persistent asthma and 1 as severe persistent asthma. There were 3 cases without a severity rating. In the correlation analysis, physician rated severity was only significantly correlated to the Active Quality of Living domain (r=-0.26, p=0.02). However, parent or caregiver rated severity was correlated to three out of four domains: Active Quality of Living (r=-0.359, p=0.001), Passive Quality of Living (r=-0.271, p<0.01) and Severity (r=0.367, p <0.001). There was no correlation between the Di s t ress domain with either parent of physician rated severity. CONCLUSIONS. This study suggests that parents or care g i ver's perception of the severity of a young child's asthma may be a stronger influence on the child's health related quality of life than actual clinical diagnosis of the severity. A child's unhappiness about having asthma, as reflected by the Distress domain could be affected by factors other than severity of the disease. PGLG3: DOES A TIME PREFERENCE RATE CONTAMINATION MATTER? Kishida K1, Kakihara H2, Watanabe R3, 1Okayama University, Okayama City, Okayama, Japan; 2Ritumeikan University, Kyoto City, Kyoto, Japan; 3Kyoto University, Kyoto City, Kyoto, Japan OBJETIVO. Previous studies have indicated theoretically that if people have time preference rates that differ from 0, the TTO values are biased. We estimated the time prefe rence rates for health of the individual respondents and tried to correct the bias using them. METHODS. The individuals whose preferences we have tried to analyze were a sample of economics student in the Faculty of Economics at the University of Ritumeikan, Japan. Using questionnaires, the students we re presented with a hypothetical scenario. Firstly, we measured the preference values for migraine by the TTO. Secondly, using a TTO-like method, we estimated the time preference rates for health of the individual respondents. Finally, we tried to correct the bias in the TTO values using the individual time pre f e rence rates. RESULT: Firstly. the longer delay associated with the benefits people will receive, the lower the time preference rate and the lower the rate of decrease. The time preference rates of the finally selected respondents differ between the individuals and we re positive. Secondly, the corrected TTO values we re significantly higher than the uncorrected ones. Thirdly, in spite of positive time preference rates, we couldn't find out the bias in the TTO values. CONCLUSION. Although the time preference rates of the finally selected respondents differ between the individuals and were positive, we couldn't find out the bias in the TTO values. PHP1: THE PHARMACEUTICAL MARKET OF JAPAN: A BALANCE OF TRADE Oh E, Imanaka Y, Ishizaki T, Kyoto University, Kyoto, Japan OBJECTIVE: Japan is one of the major pharmaceutical suppliers around the world. It produces about a quarter of total pharmaceuticals in the world market, second to the U.S. Even with her high productivity, she has been pointed out the poorest balance of trade in pharmaceuticals. This study investigates the fact of balance of trade in Japanese pharmaceutical markets. METHODS: Using OECD Health Data 2002 4th ed. we calculate the balance of exports and imports of pharmaceutical manufacture of Japan. The result will be compared with ones in other OECD countries. We also look over the trend in the net profit of pharmaceuticals in Japan for the last two decades. RESULTS: Findings from the 23 country data available show similar results with previous studies, in which Japan has worse balance of trade in real terms of money. However, the ratio of balance of Japanese pharmaceutical trade, calculated in purchasing power parity in US$ was 1.65 in deficit in 2000. This takes place in the midst of all countries analyzed. Rather, excluded seven countries showing positive net profits in pharmaceuticals trade, only three countries in red figures were in better condition than in Japan, behind twelve countries. Same results appeared when current exchange rates in US$ were used. It was also found that the ratio of balance has shown improvements from 2.25 in 1980 to 1.65 in 2000, via 2.06 in 1990 (figures all in deficit). CONCLUSION: Japanese pharmaceutical industry in international markets has been considered more badly than it actually is. However, it is still true that the balance of trade in pharmaceuticals in Japan should be improved. The reason why Japan shows the current feature should be discussed in further studies PHP2: ARE ECONOMIC EVALUATION GUIDELINES REQUIRED FOR JAPAN? Pang F, Abbott Laboratories UK, Maidenhead, United Kingdom OBJECTIVES: Economic evaluation guideline development has been rapid throughout the world over the last decade. The objective of this study was to establish whether economic evaluation guidelines are needed for the Japanese healthcare system. METHODS: A questionnaire survey of 30 Japanese academics, industry representatives and clinicians was conducted posing five questions on 1) the need for guidelines and their purpose; 2) the willingness of the respondent to participate in guideline development; 3) whether the respondent has conducted or outsourced an economic evaluation in the previous 12 months; 4) predicting when guideline development will take place; and 5) what are the current obstacles to guideline development in Japan. RESULTS: There was an 81.5% response rate. One hundred percent of respondents stated that there was a need for economic evaluation guidelines (47.8% for reimbursement, 78.2% to maintain methodological standards and 30.4% as a statement for ethical standards.), of which 82.6% were willing to participate in guideline development and 26.1% had conducted or outsourced an economic evaluation in Japan. The majority predicted that guideline development would take place within the next 3-5 years (56.5%). Obstacles to guideline development included the existing structure of the healthcare system, the lack of coordination from the MOHW or a sponsor, clinical practice variation, slow epidemiological database development and issues regarding appropriate outcome/clinical endpoints. CONCLUSIONS: Although Japan is considered a late-entrant for the adoption of pharmacoeconomics, there have been many encouraging signals in recent years. If these obstacles can be overcome, then economic evaluation guideline development will establish itself quickly on the Japanese healthcare agenda. PHP3: PHARMACOECONOMIC EVALUATIONS FOR PRICE NEGOTIATIONS IN JAPAN Ikeda S, Keio University, Tokyo, Japan OBJECTIVE: Since August 1992, materials on pharmacoeconomic evaluations (PEs) have been accepted by the government during new drug price negotiations in Japan. The aim of this study was to investigate the current status of use of PEs by pharmaceutical companies during price negotiations. METHODS: A questionnaire was sent to all pharmaceutical companies that had entered new drug price negotiations with the government between December 2000 to December 2002. Eighty-two price negotiations were made during this period. RESULTS: Ninety-one questionnaires, which covered all 82 negotiations, were returned. PEs were submitted for 19 products (23%). Only one company stated that submission of the PE had resulted in a better pricing decision. Most companies pointed out the shortage of epidemiologic data, such as for progression of disease and number of patients, and lack of PE guidelines, as problems associated with encouraging PEs. CONCLUSIONS: The submission rate was significantly lower than in previous survey results. One of the reasons appeared to be the low level of interest in PEs by the government. If the government continues to hesitate to utilize PE submissions for evidence-based decision making, it is difficult to foresee any improvement in the quality and quantity of PEs by Japanese pharmaceutical companies. For PE submissions to be appropriately and effectively used in policy making, such as pricing decisions, the cooperation of academics, government, and industry is urgently needed to draw up PE guidelines to standardize research methods and develop epidemiology databases as reliable data sources for PE. PHP4: THE QUALITY OF HEALTH ECONOMIC STUDIES OF MALARIA IN SOUTHEAST ASIA Suyavong P1, Chaiyakunapruk N2, 1Naresuan University, Phitsnulok, Thailand; 2Naresuan University, Phitsanulok, Thailand OBJECTIVES: As malaria is one of the significant public health problems in mainland Southeast Asia, several economic evaluation studies have been conducted to aid decision making particularly in malaria control programs. However, in spite of the increased number of economic evaluation studies, there have been no studies evaluating their quality. The purpose of this study is to systematically obtain and review all economic evaluation studies in malaria field and to assess their quality. METHODS: Economic evaluation studies systematic searched through HealthStar/Ovid HealthStar (1975-2003), PREMEDLINE and MEDLINE (1966-2002), PUBMED, All EBM Reviews, Current Contents/All Editions (1993-2003), CINAHAL (1982-2003), IPA (1970-2003), Thai Thesis Online (1966-2003) and Thai Index Medicus (1918-2002). Full economic evaluation studies in mainland Southeast Asia were included. All studies were evaluated using a standardized abstraction form, which was developed based on Drummond’s 10-items checklist. RESULTS: A total of 548 studies were identified from the search, only 16 published and 6 unpublished studies met inclusion criteria. After complete assessment of published and unpublished studies, only 17 studies were included. More than half of studies conducted in Thailand (53%, 9/17). Most of the studies was cost-effectiveness analysis (82%), whereas 35% (6/17) was about diagnosis. The common weaknesses included the use of non-incremental analyses (86%, 12/14), lack of question clearly stated (59%, 10/17). Provider perspective was used most frequently (35%, 6/17). Seven studies (41%) properly identified, measured, and valued all relevant costs and consequences of the intervention studies. Three studies (17%) were undertaken differential timing adjustment, and 10 studies (59%) were properly performed sensitivity analyses. CONCLUSION: Overall, the quality of economic evaluation in the field of malaria in mainland Southeast Asia is still substandard, no studies meet all criteria of Drummond’s 10-items checklist. The standard of economic evaluation studies in mainland Southeast Asia deserves urgent improvement. PHP5: VALUING HEALTH AND ECONOMIC COSTS OF WATER POLLUTION IN THAILAND Supakankunti S, Pradithavanij P, Likitkererat T, Chulalongkorn University, Bangkok, Thailand Thailand is a tropical country. River and water reservoirs are essential for living and considered life of Thai people. Water quality is one of the serious environmental problems facing Thailand. OBJECTIVES: The purpose of this paper is to preliminary estimate the health and economic costs associated with water pollution in Thailand, excluding the estimate of production impacts. METHODS: The results of this study are intended to raise awareness of policy makers about the importance of water quality issues, to contribute to the setting of priorities for action, and to improve the quality and management of water resources in the country. RESULTS: The results showed that Thailand is faced with more serious case of Diarrhea than the other two types of water borne diseases, dysentery and typhoid. In term of YLL and YLD, YLD/case of all three diseases seem to be almost the same, varying between 0.08-0.10. YLL/death is particularly low in diarrhea (22.37), whereas those of the other two diseases are differentially high (25.53-26.79). CFR, however, is highest in diarrhea (0.279) and quite the same for the rest (0.134-0.135). All severity indicators of all diseases are again not related to water quality, as class of water quality increases. CONCLUSIONS: The greatest burden or DALY can be found in diarrhea (118,135.54), since the total number of cases is greatest, up to 1.16 million cases. The second and the third burden are from dysentery and typhoid respectively. The relationship between burden of these selected diseases and the water quality cannot be quantified. PHP6: HERBAL EXPENDITURE IN THAILAND IN THE YEAR 2001 Riewpaiboon A, Faculty of Pharmacy, Mahidol University, Rajathevi, Bangkok, Thailand OBJECTIVE: The study was aimed to investigate expenditure and categories of herbal product consumption. METHOD: The scope of herbal products covered traditional drugs and health food. The consumption was estimated at retail prices based on expenditure at wholesale prices. The expenditure at wholesale prices was collected from drug stores in the whole country. Sampling technique was started at dividing the country into 13 regions. One province was selected from each region by convenience sampling method. Drug stores in each province selected were categorized into 3 types based on registration i.e. type 1 (eligible to sell all drugs), type 2 (eligible to sell ready-packed modern and traditional drugs) and type 3 (eligible to sell traditional drugs). Then, the drugstores were included at a proportion of 1% of the population in each type by convenience sampling method. Purchasing documents of herbal products of the drugstores were collected for two consecutive months. Data collecting period was during September and December 2001. RESULTS: The findings resulted from 129 drugstores. Total consumption of herbal products at wholesale prices was Baht 1530 million in the year 2001. Average mark-up calculated from a certain number of herbal drugs was 50.42% (95%CI=45.73, 55.11). Based on the mark-up, the consumption amount at retail prices was estimated at Baht 2,301 million. The top five rank of highest amount of products used were haematonics, anti-constipation, flatulence, anti-cough and antipyretics. Their values were Baht 313 million, Baht 303 million, Baht 255 million, Baht 252 million, and Baht 180 million, respectively. CONCLUSION: In terms of research methodology, the results from this study were relatively most reliable ever since. Therefore, they should be used in health and business planning. PHP7: SYSTEMATIC REVIEW OF ECONOMIC EVALUATION STUDIES OF MEDICAL TECHNOLOGY IN THAILAND Chaiyakunapruk N1, Chaikhiendee J1, Jongrungrotsakul N1, Thadapark U2, 1Naresuan University, Phitsanulok, Thailand; 2Chiangmai University, Chiangmai, Thailand OBJECTIVES: In Thailand, economic evaluation of medical technology has been increasingly used as a tool to aid decision making particularly since the economic crisis in 1997. Despite the increased number of economic evaluation studies, there has been no study evaluating their quality. This purpose of this study is to systematically identify all economic evaluation studies in Thailand and assess their quality. METHODS: We performed a systematic search for economic evaluation studies through PUBMED (1966-2002), Thai index Medicus (1918-2002), and Thai Thesis Online (1966-2002). In addition, we electronically searched for "research reports" or "theses" through 8 major university libraries to identify potential studies. Only Thai studies evaluating both cost and outcomes were included. All studies were evaluated using a standardized abstraction form, which was developed based on the Drummond’s 10-item checklist. RESULTS: A total of 6488 studies were identified from the search but only 49 published and 57 unpublished studies met inclusion criteria. After complete assessments of published studies, only 25 studies were included. The majority of the studies were cost-effectiveness analysis (68%). The common weaknesses included the use of non-incremental analyses (68%, 17/25), lack of question clearly stated (36%, 9/25). Provider perspective was used most frequently (48%, 12/25). Only 6 studies properly identified, measured, and valued all relevant cost and consequences of the interventions studied. Out of 6 studies which required differential timing adjustment, 83% (5/6) discounted both cost and consequences. Only 8 studies (32%) properly performed sensitivity analyses. Our findings found no study meeting all criteria of Drummond’s 10-item checklist. CONCLUSIONS: Overall, the quality of economic evaluation studies in Thailand is still quite poor. This study indicates the urgent needs to improve the standard of evaluation studies in Thailand. PHP8: FACTORS CONSIDERED IN PHARMACEUTICAL REIMBURSEMENT IN AUSTRALIA: A ROLE FOR THE RULE OF RESCUE? Wonder M, De Abreu Lourenco R, Novartis Pharmaceuticals Australia Pty Ltd, North Ryde, NSW, Australia OBJECTIVE: Since 1993, applications for public reimbursement in Australia of new drugs, or new indications for existing drugs, must contain an economic evaluation. The Pharmaceutical Benefits Advisory Committee (PBAC) makes recommendations on the public reimbursement of drugs largely based on its assessment of their cost-effectiveness. However, in their deliberations the PBAC may consider other factors such as the rule of rescue. The rule of rescue can be described as the impetus to act to prolong survival in a person (group) who faces imminent death. We sought to describe how and when this rule has been applied. METHODS: Information on positive recommendations from the PBAC has been available publicly since December 1999. The number of positive recommendations related to major submissions (those containing cost-effectiveness estimates) since December 1999 was recorded. Reasons for those recommendations were classified as: cost minimizing; cost-effective; rule of rescue. RESULTS: The PBAC has only recently stated the criteria it considers to comprise the rule of rescue. Nonetheless, it has previously made positive recommendations on the basis of that rule. From December 1999 to March 2003, the PBAC made 168 positive recommendations: 88 (52%) as cost minimizing; 78 (46%) as cost-effective; and 2 (1%) on the basis of the rule of rescue. It is possible that more drugs were recommended on the basis of the rule of rescue but this information is not available publicly. CONCLUSION: Evidence from the Australian health care system indicates that the rule of rescue has been used infrequently by the PBAC to justify the public reimbursement of drugs which are used to treat patients with relatively rare conditions for which there is no other alternative treatment. We believe that broader debate on the application of the rule of rescue and its role in priority setting is warranted. PHP9: MANDATORY INCLUSION OF PHARMACOECONOMICS IN DRUG FUNDING - LESSONS FROM THE AUSTRALIAN APPROACH 1993 – 2003 Davey P, Lees M, Makino K, M-TAG Pty Ltd, Chatswood, NSW, Australia OBJECTIVES: In 1993 the Australian Government was the first national government to introduce an evidence based, pharmacoeconomic strategy to drug reimbursement. The system has now been running for 10 years and provides a valuable case study of how such an approach can evolve and how it can impact on drug pricing and utilization. METHODS: Over the life of the scheme, approximately 1000 submissions have been made to the reimbursement committee. One of the authors has been involved in excess of 150 of these submissions. For the purposes of this review we assessed positive recommendations for reimbursement and determined the number of new listings on the national formulary from 1993 to date. RESULTS: The amount and complexity of work required as part of a reimbursement application has increased dramatically over the period. Further, the evaluation process has improved in sophistication and has become increasingly critical of the evidence supplied by industry. The Committee has also chosen to limit the set of recommended economic evaluation methodologies, which can be employed in submissions. The number of new drugs made available over the period of the scheme has changed. The type of drugs that gain listing has altered as a result of the pharmacoeconomic approach and local prices have been affected. CONCLUSIONS: An evidenced based, pharmacoeconomic approach can dramatically influence the type of drugs which gain public funding and the prices paid for these. The acceptable methodologies and approach to submissions by the authorities has also changed over time. PHP11: A REVIEW OF DRUG EXPENDITURE IN IRAN DURING THE LAST 13 YEARS Kebriyaee zadeh A1, Abdollahiasl A2, Abdollahi M1, Haeri A3, 1Tehran University of Medical Sciences, Tehran, Tehran, Iran; 2Division of Pharmaceutical & Narcotic Affairs, Iran Ministry of Health, Tehran, Tehran, Iran; 3Institute Pasteur IRAN, Tehran, Iran OBJECTIVE: Evaluation of drug expenditure and usage during last 13 years. METHODS: A retrospective study was done by statistical evaluation of drug files in Drug Administration archives. RESULTS: Statistics show that there are a 66.1% accumulating increase in drug consumption during last 13 years with an average increase of 5.1% annually. Since first of April 2002, an estimate of 20 billion numbers drug has been used in Iran, which is compatible with drug production increment (5%). During last 13 years, the average rate of domestic and imported drugs was 95% and 5% respectively. Drug consumption per capital in 2002 was 314 units per capital while this number was 144.6 in 21 years ago. Increase in drug consumption per capital is 43.6% while the money usage per capital shows 421% increment. CONCLUSION: Before year 2000, products costs were low because they were subsidized by the government while after that a new system is established in such way that insurance pays for the difference preserving the real price of the product. PHP12: DRUG EXPENDITURE IN THE YEAR 2001 IN IRAN Kebriyaee zadeh A1, Abdollahiasl A2, Taghipoor M2, Habibi F2, Abdollahi M3, Haeri A4, 1Tehran University of Medical Sciences, Tehran, Tehran, Iran; 2Division of Pharmaceutical & Narcotic Affairs, Iran Ministry of Health, Tehran, Tehran, Iran; 3Tehran University of Medical Sciences, Tehran, Iran; 4institute Pasteur IRAN, Tehran, Iran OBJECTIVE: Evaluation of drug expenditure and consumption during year 2001. METHODS: A retrospective study was done by statistical evaluation of drug files in Drug Administration archives. RESULTS: In 2001, an estimate of 19.77 billion numbers drug equal to 4132 billion Rials has been sold in Iran. Comparing the year 2000, the average increase of 5.7% in drug numbers and 22.3% in costs was reported. We have to add 241 billion rials that are subsidized by government on mentioned amount. These data show that each Iranian used more than 304 number drugs equal 63584 Rials in 2001. Analgesics, Anti Infectious and Gastrointestinal drugs were the most common used drugs in 2001 respectively. In this regard Acetaminophen-Codeine (500-8mg, tab), Acetaminophen (325mg, tab), Amoxycillin (500 mg, cap), Adult Cold; Ranitidine (150 mg, tab), Glibenclamid (5mg, tab), Ferrus sulfate (50 mg, tab) and ASA (100mg, tab) are the first 10th drugs that have been sold in 2001. Concerning drug expenditure according to therapeutic class, CNS drugs, Anti Infectious and Gastrointestinal drugs with 6.694, 2.754, and 2.370 billion numbers were the most common sold drugs. CONCLUSIONS: Since the present data have been derived from wholesalers thus it is possible that some drugs have not been used by patients and some might be smuggled. Further studies should be undertaken to determine the relationship between rates of different therapeutic drugs sold and incidence of related diseases in our country. PHP13: A COMPARISON ANALYSIS OF COST SAVINGS AND EFFICIENCY OF SERVICES PROVIDED BY HOSPITALS IN UNITED STATES Younis M, Jackson State University, Jackson, MS, USA OBJECTIVES: Introduction For-Profit (F-P) hospitals have been ignored by economic and financial theories until very recently. It was easy to overlook such hospitals in the past because of their small market share and relative unimportance. However, the growth of F-P hospitals and in the number of hospitals that changed its ownership from non-profit to for profit, and their effect on the hospital industry raises several controversial issues that focus on whether there are notable differences in hospital performance, and efficiency, across ownership types. METHODS: To describe any variation in the efficiency of three or-profit and non-profit hospitals, id access to health care for the indigent populations between three groups of ownership. RESULTS: Policy implications due to these variations would be in form of the level of service and access for the community and indigent populations. Design Unit of analysis: hospital Three comparison groups of for-profit and non-profit hospitals and hospitals converted from N-P to F-P. Descriptive statistics and univariate statistics will be conducted to compare all variables with respect to geographic region and ownership. Statistical tests are used to identify whether the groups differ significantly in terms of the indicators. CONCLUSION: The research used the Medicare Cost. Importance of the Study, Policy implications the importance of the study stems from the debate over the effect of ownership on health care services. If the type of ownership has no effect on the performance and the services provided by the hospitals, then society might be better off by eliminating charitable donations and the tax-exempt status of N-P hospitals. PHP14: THE PRICING AND REIMBURSEMENT ENVIRONMENT IN EUROPE: GENERAL TRENDS Nuijten M, MEDTAP International, Jisp, Netherlands OBJECTIVE: Escalating costs have become a major concern for health care professionals and decision makers in Europe. The purpose is to give an overview of the current trends in health care policy reform in Central and Western Europe, especially with regards to cost containment measures. The focus will be on the requirements for health economic data and budgetary impact data for pricing and reimbursement decisions. METHODS: We performed an extensive literature review of payment policy documents and internal documents, which were supplemented with in interviews in the study countries in Europe. We interviewed: 1) local academic experts on pricing / reimbursement, and representatives of, 2) central health care authorities: and 3) International Federation of Pharmaceutical Manufacturers Associations. RESULTS: There are three main trends in Europe: 1) a decentralization process with regards to decision-making process; 2) creation of market mechanisms in order to increase efficiency; and 3) authorities show an increasing demand for health economic and budgetary impact data. Formal requirements for health economic studies mainly relate to the central reimbursement decision-making process for innovative drugs. Decisions by formulary committees are still mainly based on traditional data on efficacy and side effects, but those local authorities increasingly to take health economic data into consideration, although the decision-making process at decentralized level will remain much more informal. CONCLUSION: Finally the consequences of the implementation of formal requirements will be addressed, which may have considerable consequences for all players involved. PHP15: MONEY AND STAFF PHYSICIANS' REQUESTS DETERMINE DECISIONS TO BUY MEDICAL DEVICES Acuin JM, Valera M, De La Salle University, Dasmarinas, Cavite, Philippines OBJECTIVES: To determine the factors that influence decisions to acquire medical devices METHODS: In depth key informant interviews of 109 randomly selected hospital administrators (n=45), medical directors (n=40) and radiology department heads (n=24) RESULTS: Decision makers had mean age of 47.8 +/-11 yrs; 40% had specialized medical training but only 29% had management experience. Criteria for acquiring medical devices by rank are the following: 1) availability of funds; 2) physician’s request for the equipment; 3) availability of expert staff; 4) purchase price of equipment; 5) local availability of spare parts and supplies; 6) length and type of service warranty; 7) track record of manufacturer; 8) usual mix of patients; 9) reasonably short return of investment; and 10) need to compete with other hospitals. There appears to be three main decision makers: 1) staff physicians and other end-users who propose the device, evaluate the urgency of the need, the effectiveness, safety and cost-effectiveness of the device; 2) the medical director or owner who evaluates the need for the device, and 3) the department head who may also propose device acquisition and helps determine its effectiveness and safety. Product information given by the medical device suppliers and manufacturers, testimonies of experts and other end-users, and actual product demonstration were regarded as reliable proof of effectiveness and safety. Hospital-generated comparisons of costs and machine outputs were used to assess cost-effectiveness. CONCLUSIONS: When hospital resources are available, the requests of hospital staff physicians and their assessments of information provided by device manufacturers and suppliers are powerful determinants of decisions to acquire medical devices. PHP16: REVIEW OF THE VACCINE AND IMMUNIZATION FINANCING MECHANISMS OF THE SEAR COUNTRIES Supakankunti S, Chulalongkorn University, Bangkok, Thailand OBJECTIVE: This report reviews the vaccine and immunization financing mechanisms of the SEAR countries presenting the financial analysis of immunization program in terms of 1) socioeconomic analysis of selected SEAR counties; 2) present situation of immunization analysis in SEAR; 3) vaccine and immunization financial system; 4) strategies analysis of vaccine and immunization; and 5) financing mechanisms of vaccine and immunization. METHODS: The ten SEAR countries, Bangladesh; Bhutan; DPR Korea; India; Indonesia; Maldives; Myanmar; Nepal; Sri Lanka; and Thailand, differ in terms of socioeconomic and health indicators. Nine out of 10 countries, the coverage trend is stable while India has the increasing coverage trend. The status of cold chain in most countries is inadequate. RESULTS: The problem of lack of fund and capital to invest in the NIP are commonly found among SEAR countries especially the low-income countries with a per capita GNP of less than $755 in year 2000. Immunization is a productive investment and is one of the best choices of investment among health interventions and possibly among a whole range of economic interventions as well. However, grant funds for immunization have been decreasing since the early 1990s, partly as a function of declining overseas development assistance in general and partly due to the donors themselves. Immunization programs require adequate and reliable funding to ensure continuity in services, and to fund continuous increases in coverage, quality and access to both traditional (EPI) and new vaccines. The most essential source of public fund of SEAR countries is through tax revenues (100%). CONCLUSION: Therefore, this study proposes several financing strategy and options, as a set of 5 Mechanisms namely: 1) Consensus Based Decision Mechanism; 2) Allocation Mechanisms and Levels of Funding including Regional/local Allocations Mechanisms, National Allocations Mechanisms, and International Donors Allocations Mechanism; 3) National Revolving Fund (NRF) Mechanism; 4) Global Alliance for Vaccines and Immunization (GAVI) Mechanism; and 5) Development Loan Mechanism. PMC1: DETECTION OF DRUG ADVERSE EVENTS FROM A LARGE DATASET OF HEALTH INSURANCE CLAIMS Okamoto E, National Institute of Public Health, Wako-shi, Saitama, Japan OBJECTIVE: To detect drug adverse events (DAEs) from a large dataset of health insurance claims. METHODS: Dataset used was outpatient health insurance claims claimed in November 1995 for Japans National Health Insurance programs (N=231,342). The author attempted to detect known DAEs from known drugs for known indication from the dataset by comparing the incidence of known DAEs between claims with the target drugs and those without them, both of which contained the same indications. In this case, the author chose Shosaikoto, oriental herb medicine as target drug, chronic hepatitis as indication and interstitial pneumonia as DAE. In March 1996, shortly after the surveyed month, the government issued a dear-doctor letter cautioning against the grare DAE of interstitial pneumonia caused by Shosaikoto indicated for chronic hepatitis. It quoted 88 DAE cases reported including 10 fatalities during four preceding years. Rare denotes incidence less than 0.1%. RESULT: There were 7267 claims with chronic hepatitis out of the dataset of 231,342 claims. Of 7267 claims with chronic hepatitis, 550 claims included Shosaikoto and the rest 6717 did not. The author included not only interstitial pneumonia but also respiratory symptoms as DAEs to estimate incidence because pneumonia occasionally manifests itself with respiratory symptoms. Incidence of pneumonia of unknown pathogen (including interstitial pneumonia) was 0.55% vs. 1.12%, and incidence of respiratory symptoms was 0.55% vs. 0.66% between claims with Shosaikoto and those without it. Contrary to the dear-doctor letter, the incidence of interstitial pneumonia was lower in claims with Shosaikoto than those without it. CONCLUSION: The retrospective analysis of the dataset failed to reproduce the potential link between the target drug and the suspected DAE brought up by case reporting. The size of dataset of 231,342 health insurance claims was not large enough to detect rare incidence of less than 0.1%. PMC2: EVALUATION OF A COST-CONSTANT MODEL REGARDING SAMPLE-SIZE REDUCTION FOR A COST-EFFECTIVENESS TRIAL Yanagisawa S, Nakahara N, Aino H, Kamae I, Kobe University, Kobe, Japan Since we presented a new statistical method for sample-size calculation assuming constant cost in a cost-effectiveness trial, the use of the method has been under evaluation these two years. OBJECTIVE: To evaluate the new method using retrospective evidence in terms of applicability and validity in real cases, and then clarify the advantage and the limitation for users of the method. METHOD: We searched and reviewed the literature, published in English journals, on pharmacoeconomics trials, which reported definite research design with respect to clinical effects and the associated costs. Subsequently we checked whether or not the candidate articles satisfy the required conditions in theory to apply our method, and eventually identified the articles that can show the advantage and the limitation of our model. RESULTS: Three articles were extracted: one for beneficial and two for not beneficial. In the beneficial case, our method was able to reduce the sample-size favorably from 3000 to 28 subjects regarding the same cost-effectiveness ratio given in the article. One of not-beneficial cases showed no change of sample size with about 100 subjects in both calculations whether new or classical. In another case of not-beneficial, the sample-size newly estimated was still practically large with 743 subjects since the original trial theoretically required a large value of sample-size with 26,252 subjects according to a very small effect-size of the trial. The evaluation on the validity of assumption for constant cost was left for future investigation due to lack of raw data in cost. CONCLUSION: The new method showed that it could be beneficial for reducing the sample-size required in a cost-effectiveness trial, if we carefully estimate the expected cost-effectiveness ratio attained by the trial to be designed in advance. PMC3: WILLINGNESS TO PAY FOR HYPOTHETICAL PHARMACOGENETIC TESTS AND DRUG THERAPIES FOR LEUKEMIA AND ALZHEIMER'S DISEASE Fukuda T1, Igarashi A1, Goto T2, Tsutani K1, 1University of Tokyo, Bunkyo, Tokyo, Japan; 2Mitsubishi Research Institute, Inc, Chiyoda, Tokyo, Japan OBJECTIVE: To evaluate benefit from new drug therapies, which adopt pharmacogenetic technologies, we performed a survey of willingness to pay (WTP) for pharmacogenetic tests and drug therapies. METHODS: We distributed questionnaires to all 867 registered nurses at a university hospital. We included hypothetical pharmacogenetic tests and drug therapies for chronic myelocytic leukemia (CML) and Alzheimer disease (AD) and asked WTP for those tests and treatments. We adopted bidding game approach to investigate maximum WTP of each individual. RESULTS: 662 returned questionnaires (response rate 76.4%). In CML case, median WTP for hypothetical pharmacogenetic test which was to check suitability of a new hypothetical drug was Y200,000. In case the drug was suitable and the treatment lasted three months, median WTP for drug treatment per month was Y875,000. In AD case, median WTP for phamarcogenetic test to check potential risk of AD was Y40,000. Many respondents preferred to receive the test at the age of 30 through 50. Median WTP for the drug therapy was Y200,000 if they needed to continue the treatment for a long time. Most respondents wanted those tests and therapies to be covered by health insurance system. CONCLUSION: Relatively high WTP for hypothetical pharmacogenetic tests and drug therapies suggested potential of large benefit and expectation for such drugs. This study was performed as a part of the research project Economic impact of epochal drugs funded by the Research Institute of Economy, Trade and Industry, Japan. PMC4: DETERMINING THE PREVALENCE AND ECONOMICS OF ENTERAL TUBE FEEDING IN PATIENTS AT NUTRITIONAL RISK IN THE UK USING RETROSPECTIVE DATABASE METHODOLOGY Pang F1, Saleh A2, Girod I2, Edington J1, 1Abbott Laboratories UK, Maidenhead, UK, 2MAPI Values, Bollington, UK OBJECTIVES: Economic analysis in nutrition research presents considerable methodological challenges. The objective of this study was to establish the prevalence of patients receiving enteral tube feeding and to understand their hospitalization experience in the UK using retrospective database methodology. METHODS: The CHKS database contains secondary care data for over 100 million inpatient episodes from 55% of hospitals in the UK. Available information includes demographic data, primary and secondary diagnoses (ICD10), finished consultant episodes (FCEs), procedures (OPCS-4 coding), length of stay, mortality and discharge destination, etc. OPCS-4 codes for any gastronomy procedure (G-P) were used as a surrogate for tube feeding during 2001-2002. RESULTS: Patients who were identified were hospitalized with the following major primary or secondary diagnoses: dysphagia, cancer, stroke, neurological disorders, gastrointestinal disorders, cystic fibrosis, feeding difficulties & anorexia, respiratory disorders, and renal diseases. There were 15,615 admissions associated with a G-P and 2,094,955 without a G-P. The average length of stay was 23 and 5.9 days respectively, the former perhaps reflecting greater severity of disease/condition. For the G-P patients, the majority of admissions were associated with neurological disorders (20.5% of all admissions), cancer (18.3%) and dysphagia (10.1%). Approximately 60% of admissions were over 65 years and the proportion of patients for each gender was similar. CONCLUSIONS: Few economic studies have been performed in the field of nutrition owing to its complexity and lack of clinical/economic data in the area. Where data are lacking, economic evaluations have traditionally resorted to expert opinion. The data in this study derived from an observational database provide a solid foundation on which to develop health economic models to estimate the cost-effectiveness and budget impact of enteral tube feeding and nutritional supplements. What is Fibonacci retracement, and where do the ratios that are used come from? Cargando al jugador. Fibonacci retracement is a very popular tool among technical traders and is based on the key numbers identified by mathematician Leonardo Fibonacci in the thirteenth century. However, Fibonacci's sequence of numbers is not as important as the mathematical relationships, expressed as ratios, between the numbers in the series. In technical analysis, Fibonacci retracement is created by taking two extreme points (usually a major peak and trough ) on a stock chart and dividing the vertical distance by the key Fibonacci ratios of 23.6%, 38.2%, 50%, 61.8% and 100%. Once these levels are identified, horizontal lines are drawn and used to identify possible support and resistance levels. Before we can understand why these ratios were chosen, we need to have a better understanding of the Fibonacci number series. (For a more in-depth discussion of this subject, see Fibonacci And The Golden Ratio .) The Fibonacci sequence of numbers is as follows: 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, etc. Each term in this sequence is simply the sum of the two preceding terms and sequence continues infinitely. One of the remarkable characteristics of this numerical sequence is that each number is approximately 1.618 times greater than the preceding number. This common relationship between every number in the series is the foundation of the common ratios used in retracement studies. The key Fibonacci ratio of 61.8% - also referred to as "the golden ratio" or "the golden mean" - is found by dividing one number in the series by the number that follows it. For example: 8/13 = 0.6153, and 55/89 = 0.6179. The 38.2% ratio is found by dividing one number in the series by the number that is found two places to the right. For example: 55/144 = 0.3819. The 23.6% ratio is found by dividing one number in the series by the number that is three places to the right. For example: 8/34 = 0.2352. For reasons that are unclear, these ratios seem to play an important role in the stock market, just as they do in nature, and can be used to determine critical points that cause an asset's price to reverse. The direction of the prior trend is likely to continue once the price of the asset has retraced to one of the ratios listed above. The following chart illustrates how Fibonacci retracement can be used. Notice how the price changes direction as it approaches the support/resistance levels. In addition to the ratios described above, many traders also like using the 50% and 78.6% levels. The 50% retracement level is not really a Fibonacci ratio, but it is used because of the overwhelming tendency for an asset to continue in a certain direction once it completes a 50% retracement. (To learn more about the various tools used in technical analysis, see our Technical Analysis tutorial.) A double top is a very common pattern on charts of almost every security. Top limits are tested and reversed, and then tested. Leer respuesta completa >> Traders and analysts look for fractal patterns as possible signs of trend reversal. Those who use fractals believe that price. 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Flip through your music: Album art looks great on the 2.5‑inch Multi‑Touch display. Or to keep things fresh, give iPod nano a shake and it shuffles to a different song in your music library. Your own personal DJ. When you hear a song you love, tap Genius to find other songs like it on your iPod nano and generate a Genius playlist. For more inspiration, tap Genius Mixes and rediscover songs you haven’t heard in awhile — or find music you forgot you had. Diseño Tons of fun. Just one ounce. At 1.1 ounces light and 5.4 mm thin, iPod nano is designed to provide hours of entertainment with maximum portability. The 2.5‑inch Multi‑Touch display lets you see more of the music, photos, and videos you love. Buttons let you quickly play, pause, and change songs or adjust the volume. The smooth anodized aluminum design makes iPod nano feel as good as it sounds. And it wouldn’t be iPod nano without a gorgeous selection of colors. Vídeo The really small big screen. 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Since Nike+ support and a pedometer are built into iPod nano, you can easily track your steps, distance, pace, time, and calories burned. Built‑in Bluetooth technology also lets you wirelessly connect to heart rate monitors and headphones, making it easier to exercise. Podcasts All your podcasts. All in one place. Chances are, there’s an audio or video podcast for just about anything you’re into. And you can listen to and watch it right on iPod nano. Browse podcasts through the podcast directory in iTunes. When you find one (or more than one) you’re interested in, subscribe. That way you won’t miss an episode. Y la mejor parte? Thousands of them are free. iTunes Everything you need to be entertained. iTunes is the easiest way to fill your iPod nano with music, movies, TV shows, audiobooks, podcasts, and more. Just buy from the iTunes Store on your Mac or PC. Then make your own playlists, create Genius playlists, choose Genius Mixes, and sync it all to your iPod nano. VoiceOver The world’s first gesture-based screen reader speaks the names of onscreen menus, songs, or artists — with a tap of a finger. Invert Colors If you prefer higher contrast, you can change the display to white on black. Use the Invert Colors feature in any app, as well as on the Home screen. Mono Audio If your hearing is limited in one ear, turn on Mono Audio to route audio into both EarPods and hear both channels in either ear. One great color, one great cause. When you buy a (PRODUCT)RED iPod touch, iPod nano, or iPod shuffle, Apple gives a portion of the purchase price to the Global Fund to fight AIDS in Africa. Gefällt mir Gefällt mir nicht mehr MANDL2007 13 Feb 2013 Hiermit möchte die Diskussion/Vorstellung/Anwendung von Nanningbobs letzten (?) neuesten Tradingsystem beginnen. Den Mitgliedern hier, die schon eine Weile länger dabei sind klingt der Name "Nanningbob" sicher noch bzw. immer noch gut in den Ohren. Was waren das für Zeiten, als hier die Köpfe der coder rauchten und am ersten der NB EA's geschraubt wurde. leider am Ende nicht so erfolgreich wie erhofft. Nun hat NB (seit einigen Jahren schon !) weiter an seiner/seinen Methoden gefeilt - das ganze mündete dann in die 10-er Serie und steht jetzt bei 10.4 - laut NB die Krönung seiner jahrelangen Kreationen. Nun ja mal sehen ob die Sache sich nicht doch in 10.x fortsetzt - egal: jetzt sos schreibt er könne er (zumindest deutlich besser) den Markt mit seinen div. Veränderungen charakterisieren und einschätzen was zu tun ist. Flat, Trend - Wechsel der beiden etc. - alles geht. Tja wer nun was handfestes ausprobieren möchte - nur zu. Zumindest der Name birgt für Qualität. Muss gleich sagen an dieser Stelle, dass ich selbst z. Zt. zumindest hier eher wenig Praktisches (eigene trades) hinterlassen kann - bin zum einem als eingefleischter EA Mensch eher mit letzteren unterwegs bzw. habe nen fulltime job. UND: es dauert ne Zeit bis man das alles durchgelesen hat und es auch intus hat - schwierig ist's allerdings nicht nur recht umfangreich (und einleuchtend !) erklärt - das ist ja auch gut so. Please Login or Register to see this Hidden Content Please Login or Register to see this Hidden Content 1,67MB 118 Anzahl Downloads Please Login or Register to see this Hidden Content Please Login or Register to see this Hidden Content 1,37MB 93 Anzahl Downloads PD Da auf dem H4 gehandelt wird könnte diese Methode auch Berufstätige (davon gibt es hier in FF.de ja einige !) interessant sein ! Ach so - angefügt sind die Dokumente aus post #1 in Steve Hopwoods Forum (zu finden). Gefällt mir Gefällt mir nicht mehr fxdaytrader 13 Feb 2013 Gefällt mir Gefällt mir nicht mehr MEStake 13 Feb 2013 Sehr interessantes System. Habe die PDF-Datei mal durchgearbeitet. Macht auf jeden Fall theoretisch alles Sinn was er da schreibt. Zum praktischen kann ich natürlich noch nix sagen, da ich es bisher noch nicht ausprobiert habe. Aber da ich grad Urlaub habe, habe ich Zeit das mal zu testen. Gibt es hier denn jemanden der sich damit beschäftigt? Bin ein wenig unsicher bzgl. der SL bei multiplen Einstiegen, da multiple Einstiege oder Pyramidisieren von mir bisher gar nicht betrieben wurde. Vielleicht kann da ja jemand was zu sagen? Er beschreibt sinngemäß, dass wenn Pending Order 1 ausgelöst wurde, man einen SL von z.B. 150 Pips hat. Beim Auslösen der 2. Pending-Order soll der SL auf BE nachgezogen werden, so dass "keine Verlustgefahr" mehr da ist. Wie meint er das genau? Doch sicher im gesamten gesehen oder? Denn wenn ich den SL von Trade 1 auf BE nachziehe, ist ja immer noch der SL von Punkt 2 da. Hier kann man also schon noch ins Minus gehen. Gefällt mir Gefällt mir nicht mehr MANDL2007 13 Feb 2013 @MEStake - die ganze Geschichte ist noch sehr frisch. meine (geringen) Erfahrungen mit vorherigen 10.x Systemen von NB sagten mir immer, dass diese sehr sehr diskretionär sind - d.h. Du brauchst einige Übung und (auch allgem.) Erfahrung, um in etwa die gleichen Ergebnisse zu erzielen wie NB. Im PDF lesen sich die Nachbetrachtungen (wie so häufig) immer recht logisch und einleuchtend (sind sie auch wirklich) - aber Du stehst ja jeden Tag vor einer neuen Situation (=Herausforderung) - nähmlich: was mach ich genau JETZT. Also vll biste ja der erste hier der es ausprobiert und seine Erfahrungen/Ergebnisse hier darlegt. Oder der ein oder andere mehr noch. Gefällt mir Gefällt mir nicht mehr MEStake 13 Feb 2013 @MEStake - die ganze Geschichte ist noch sehr frisch. meine (geringen) Erfahrungen mit vorherigen 10.x Systemen von NB sagten mir immer, dass diese sehr sehr diskretionär sind - d.h. Du brauchst einige Übung und (auch allgem.) Erfahrung, um in etwa die gleichen Ergebnisse zu erzielen wie NB. Im PDF lesen sich die Nachbetrachtungen (wie so häufig) immer recht logisch und einleuchtend (sind sie auch wirklich) - aber Du stehst ja jeden Tag vor einer neuen Situation (=Herausforderung) - nähmlich: was mach ich genau JETZT. Also vll biste ja der erste hier der es ausprobiert und seine Erfahrungen/Ergebnisse hier darlegt. Oder der ein oder andere mehr noch. Da mein jetziger Tradingstil ausschließlich diskretionär ist, traue ich mir durchaus zu, das System mal ausgiebig zu testen ;-). Werde mir heute Abend dann mal ein neues MT4-Profil einrichten mit diesem Template und dann schauen wir mal was die nächsten Wochen bringen Gefällt mir Gefällt mir nicht mehr MANDL2007 13 Feb 2013 Joh - denke mal dies ist genau die richtige Herangehensweise. In der Ruhe liegt die Kraft - Sport frei. Gefällt mir Gefällt mir nicht mehr MEStake 15 Feb 2013 Er beschreibt sinngemäß, dass wenn Pending Order 1 ausgelöst wurde, man einen SL von z.B. 150 Pips hat. Beim Auslösen der 2. Pending-Order soll der SL auf BE nachgezogen werden, so dass "keine Verlustgefahr" mehr da ist. Wie meint er das genau? Doch sicher im gesamten gesehen oder? Denn wenn ich den SL von Trade 1 auf BE nachziehe, ist ja immer noch der SL von Punkt 2 da. Hier kann man also schon noch ins Minus gehen. So, mittlerweile habe ich rausgefunden was damit gemeint ist. Nachdem der 2. Trade eröffnet wurde, werden beide SL so gesetzt, dass man insgesamt bei +-0 rausgehen würde wenn die beiden Trades ausgestoppt werden. Wie das "gerechnet" wird, würde mir zwar auch interessieren, aber wenn man seine Trades über den Metatrader eröffnet (macht ja nicht jeder, ich bisher auch nicht), dann rechnet die Info-Seite von NanningBob den Breakeven automatisch aus. Dahin müssen beide SL gezogen werden, dann passt das. Habe nun auch die ersten Live-Trades mit diesem System gemacht, bisher aber noch keinen abgeschlossen. Auch wenn er in seiner PDF empfielt, die Positionen über´s Wochenende zu schließen, da die Bewegungen meist Donnerstags und Freitags da sind, das Retracement aber Anfang der Woche, bin ich doch im Markt geblieben, weil die Bewegungen erst heute eingesetzt haben und mein Profitziel noch nicht erreicht ist und der AO auch nicht anzeigt, dass man nun aussteigen sollte. Also schauen wir mal wo es hinläuft. So, dann mal etwas genauer. Am Mittwoch habe ich mit diesem System "angefangen" und seitdem auch schon 3 Trades eröffnet (ich hatte noch 2 andere auf dem Schirm, aber ich wollte es am Anfang lieber ruhig angehen lassen ). 1. Währungspaar: USD-CAD Please Login or Register to see this Hidden Content Please Login or Register to see this Hidden Content 134,8K 231 Anzahl Downloads Im Monatschart befindet sich der Kurs im Aufwärtstrend. Also werden nur Long-Trades gemacht. Die Balken des AOs sind orange geworden und der RSI 2 war an der unteren Kante (habe den Anfang mit einer blauen vertikalen Linie markiert). Ab hier wird die erste Pending-Order platziert. Der Kurs befand sich direkt unter dem Weekly Mid Resistance. Also wird kurz darüber die 1. Long-Order Ax platziert mit SL an der 240er EMA. Der Kurs ist zunächst allerdings noch weiter gefallen bis unter den Weekly Pivot. Also wurde kurz darüber die nächste Long-Order platziert (Bx). SL wieder an der 240er EMA. In den nächsten 24 Stunden ist nicht viel passiert. Dann jedoch ging der Kurs tatsächlich ein ganzes Stück weit nach oben, so dass mittlerweile Ax und Bx ausgelöst wurden. Zurzeit liege ich mit Ax bei 16 Pips im Plus mit Bx bei 52 Pips. Der SL liegt auf BE, so dass ich hier im allerschlechtesten Fall mit +-0 rausgehe. Über dem Weekly Res1 liegt die dritte Order und am Weekly Mid Resistance 2 liegt mein TP für alle 3 Orders. Mal abwarten was da noch kommt. Please Login or Register to see this Hidden Content Please Login or Register to see this Hidden Content 134,43K 198 Anzahl Downloads Hier das selbe Spielchen wie oben. Ax und Bx mittlerweile ausgelöst. Ax liegt zurzeit mit 10,3 Pips im Plus, Bx mit 53,6 Pips. Der SL liegt hier mittlerweile über dem BE, so dass ich hier auf jeden Fall schonmal einen kleinen Gewinn gesichert habe. Auch hier wurde die dritte Order noch nicht getroffen. Vielleicht ja am Montag . 3. Währungspaar: AUD-USD Please Login or Register to see this Hidden Content Please Login or Register to see this Hidden Content 126,44K 180 Anzahl Downloads Hier wurde bisher nur Ax ausgelöst. Dieser ist mit 21 Pips im Plus. Bei diesem Währungspaar bin ich etwas unsicher, da der RSI 2 so komische Zick-Zack-Muster gezeigt hat, was ja laut PDF ein Alarmsignal sein soll (wenn ich alles richtig verstanden habe. Zudem ist auch kein Trend erkennbar wenn man sich den Monatschart anschaut. Please Login or Register to see this Hidden Content Please Login or Register to see this Hidden Content 98,04K 169 Anzahl Downloads Es soll ja zwar trotzdem funktionieren wenn man Signale im H4 ausmacht, aber hier ist mir etwas zuviel was gegen den Trade spricht, bzw. ich bin noch nicht so bewandert mit dem System. Deshalb habe ich hier kurz vorm Wochenende den SL auf BE gezogen, auch wenn es, laut System, noch nicht angedacht ist. Mal schauen wie es nächste Woche weiter geht. Mein Fazit bisher: Sehr guter 1. Eindruck. 3 Trades eröffnet, alle im Plus und ich kann bei keinem mehr ins Minus gehen. Ich bin gespannt ob meine Profitziele noch erreicht werden. Ansonsten find ich es ein sehr einfaches System, auch wenn man erstmal dahinter steigen muss mit den SL und den multiplen Einstiegen, die ich bisher nicht so gewöhnt war. Naja, mehr sollte man nach 3 nicht mal abgeschlossenen Trades nicht sagen. 3 Trades sind ja so gut wie nichts. Auch wenn ich trotzdem positiv überrascht bin, dass gleich die ersten Trades allesamt erfolgreich zu sein scheinen. Gefällt mir Gefällt mir nicht mehr MANDL2007 17 Feb 2013 Angefügt aind einige (hoffentlich) hilfreiche tools aus dem thread "Useful 10.4 thingies by Steve and Others" - insbesondere ist der seit einiger Zeit schon versprochene wichtige Order Manager EA als V1 dabei ! Please Login or Register to see this Hidden Content Please Login or Register to see this Hidden Content 119,56K 59 Anzahl Downloads Gefällt mir Gefällt mir nicht mehr MANDL2007 17 Feb 2013 Description from the publisher: The T.I.M.E Agency protects humanity by preventing temporal faults and paradoxes from threatening the fabric of our universe. As temporal agents, you and your team will be sent into the bodies of beings from different worlds or realities to successfully complete the missions given to you. Failure is impossible, as you will be able to go back in time as many times as required. T.I.M.E Stories is a narrative game, a game of "decksploration". Each player is free to give their character as deep a "role" as they want, in order to live through a story, as much in the game as around the table. But it's also a board game with rules which allow for reflection and optimization. At the beginning of the game, the players are at their home base and receive their mission briefing. The object is then to complete it in as few attempts as possible. The actions and movements of the players will use Temporal Units (TU), the quantity of which depend on the scenario and the amount of players. Each attempt is called a "run"; one run equals the use of all of the Temporal Units at the players' disposal. When the TU reach zero, the agents are recalled to the agency, and restart the scenario from the beginning, armed with their experience. The object of the game is to make the perfect run, while solving all of the puzzles and overcoming all of a scenario’s obstacles. The base box contains the entirety of the T.I.M.E Stories system and allows players to play all of the scenarios, the first of which — Asylum — is included. During a scenario, which consists of a deck of 120+ cards, each player explores cards, presented most often in the form of a panorama. Access to some cards require the possession of the proper item or items, while others present surprises, enemies, riddles, clues, and other dangers. You usually take possession of local hosts to navigate in a given environment, but who knows what you'll have to do to succeed? Roam a med-fan city, looking for the dungeon where the Syaan king is hiding? Survive in the Antarctic while enormous creatures lurk beneath the surface of the ice? Solve a puzzle in an early 20th century asylum? That is all possible, and you might even have to jump from one host to another, or play against your fellow agents from time to time. In the box, an insert allows players to "save" the game at any point, to play over multiple sessions, just like in a video game. This way, it's possible to pause your ongoing game by preserving the state of the receptacles, the remaining TU, the discovered clues, etc. T.I.M.E Stories is a decksploring game in which each deck makes anything possible! WellsTrade ® Online and Mobile Brokerage Manage your investments with a WellsTrade ® account and pay only $8.95 per trade A comprehensive online and mobile solution for self-directed investing. With a WellsTrade account, you'll be empowered to invest the way you want. Use our standard trading account for general investing. Plan for your retirement through Traditional, Roth, and SEP IRAs. Save for college with our Education Savings Account. With a single sign-on, you can securely access your investment and banking accounts on your PC, laptop, tablet, and smartphone . Manage your investments with convenience With a WellsTrade account, you can plan, select, and monitor your investment portfolio with robust tools and independent investment resources — online and by phone 24/7. Enter trades for stocks, no-load mutual funds. exchange-traded funds, and options Check your account activity, balances, holding detail, gains & losses, and open orders Get real-time quotes, charts, symbol lookup Stay informed with market news, data, and index information Set up alerts and monitor the status of your balances, trades, and transfers Use our free Easy Investing Tool to receive a proposed list of mutual funds or an asset allocation recommendation for your account Try the Wells Fargo Advisors Mutual Fund Screener tool to find mutual funds that can help you meet your investment goals Mobile access, when you need it Away from your computer? Use your tablet or smartphone to: Place trades and track orders Manage watchlists and get real-time quotes View account activity Access market news and data Simplify your banking and investing With a WellsTrade account, you can conveniently sign on to your PC, laptop, smartphone, or tablet to: Have secure access to your Wells Fargo banking, Bill Pay, and Wells Fargo Advisors investment accounts See all your balances on one screen (with either your PC or mobile device ) Transfer money easily between banking and investment accounts (restrictions may apply to the movement of funds in and out of an IRA) In addition, with a PMA ® Package, you can simplify your records even more by receiving a single statement that includes information on all of your linked accounts. precio Equity and ETF trades made online, through your PC, iPad, or smartphone and our automated phone system are only $8.95. With an account minimum of $5000, the $25 annual fee will be waived. Get a discounted rate of $6.95 per online trade, our best offer, when you link your WellsTrade account to a PMA Package. The PMA Package is Wells Fargo Bank’s premium relationship package, which helps you simplify your finances and save money with many fee waivers and discounted services. The PMA Package also gives you premium rates with the best benefits and discounts offered on many financial solutions. Compare pricing Transaction or fee To open a WellsTrade account and a PMA Package . call 1-877-573-7997. If you already have a PMA package, the representative will be able to link it to your new WellsTrade account. Already have a WellsTrade account but don’t have a PMA Package? Talk to your banker if you want to open a PMA Package and link it to your current WellsTrade account. Investor Resources Your WellsTrade account gives you access to a powerful collection of Wells Fargo Advisors resources to help you plan your portfolio and select your investments, including: Market insight & commentary, economic outlooks, and timely industry news Industry/sector watch and performance ratings Investment ideas from Wells Fargo Advisors and industry experts Investing Basics provides general tips and information about investing Robust tools Our line up of investing tools can help you with your investment selection process. Use our free Easy Investing Tool to receive a proposed list of mutual funds or an asset allocation recommendation for your account Try the Wells Fargo Advisors Mutual Fund Screener tool to find mutual funds that can help you meet your investment goals Narrow your search with updated stock and ETF screeners Monitor your portfolio with Portfolio Tracker to stream quotes, news, and charts. Receive portfolio updates throughout the day View price, technical analysis, and moving average charts Get intraday and market wrap-up reports Get the most out of your WellsTrade account Use our suite of tools to help you plan, select, and monitor your investments. Access your brokerage statements, trade confirms, shareholder documents, proxies, and year-end tax documents online. Download frequently-used WellsTrade account forms. Get a snapshot of your entire financial picture with our Wells Fargo One-Stop SM account aggregation service. Use our voice-activated phone system to access balances, place trades, get quotes, and transfer money. Access your brokerage statements, trade confirms, shareholder documents, proxies, and year-end tax documents online. Easily add features to your account depending on your investment needs, financial resources, and risk tolerance — you can also apply for margin (PDF)* (margin is not available for qualified retirement plans including IRAs) or options (PDF) trading. Receive 24/7 phone assistance support from our knowledgeable team. How to fund your account After you open your WellsTrade account, you can choose from four easy ways to fund it. Visit our FAQ page for further information. Transfer funds from a Wells Fargo account You can safely and securely transfer funds from a Wells Fargo Bank checking or savings account or from an account at another financial institution to your new WellsTrade brokerage account through Automated Delivery. Transfers made between existing Wells Fargo Bank accounts can be completed online via the “Transfers” tab and are generally completed by the next business day. At this time, only personal checking or savings accounts drawn on a U.S. bank that can receive ACH transfers can be used. Transfer funds and securities from an existing brokerage account at another firm Complete our Customer Account Transfer form (PDF) and return it to us along with a complete copy of your most recent statement from the other brokerage firm. Transfers are typically completed within 10 business days. You may also transfer your IRA from another firm or roll over assets from qualified employer plans like a 401(k), 403(b), or 457 account into your WellsTrade IRA. Mail a check Make your check payable to Wells Fargo Advisors, LLC, MAC H0006-085, #1 N. Jefferson Ave. St. Louis, MO 63103. Request a wire transfer from another financial institution You will need to contact the other firm to complete their transfer form and provide them with Wells Fargo Advisors Routing Number and your new WellsTrade account number. Mutual funds are sold by prospectus. Please consider the investment objectives, risks, charges and expenses carefully before investing. A fund’s prospectus, which contains this and other information, can be obtained by calling your financial advisor or by contacting 1-800-872-3377. Lea detenidamente el prospecto antes de invertir. Mutual fund investing involves risks, including the possible loss of principal. Consult a fund's prospectus for additional information on risks. Ready to invest? An $8.95 charge per trade is applicable to commissions for online and automated telephone trading of stocks (excluding penny stocks) and exchange-traded funds (ETFs). Each trade will be treated as a separate transaction, except in the case of commissions for multiple trades in the same security executed on the same side of the market on the same day, which will be aggregated. Your mobile carrier's message and data rates may apply. Discounted flat rate commissions as follows: $6.95 per trade when your Wells Fargo Advisor WellsTrade account is linked to your PMA Package. Unlimited $6.95 trades can be applied to commissions for online and automated telephone trading of stocks (excluding penny stocks) and exchange-traded funds. Each trade will be treated as a separate transaction, except in the case of commissions for multiple trades in the same security executed on the same side of the market on the same day, which will be aggregated. WellsTrade minimum balance fee is waived regardless of PMA Package balances. Fee waiver based on having a Wells Fargo Advisors WellsTrade account linked to your PMA Package as of June 30 of each year. If the PMA Package relationship is terminated, the commission discount for trades will discontinue and revert to the current applicable commission rate. Other fees and commissions apply to a WellsTrade account. For complete information on fees and commissions refer to the WellsTrade Account Commissions and Fee Schedule. Schedule subject to change at any time. The PMA Package is free of the $30 monthly service fee for each month that one of the requirements in statement-ending combined balances is met: $25,000 or more in qualifying linked bank deposit accounts (checking, savings, time accounts (CDs), FDIC-insured IRAs) or $50,000 or more in any combination of qualifying linked banking, brokerage (available through Wells Fargo Advisors, LLC) and credit balances (including 10% of mortgage balances, certain mortgages not eligible). Deposit products, including PMA Premier Checking account, offered by Wells Fargo Bank, N.A. Member FDIC. 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Once you receive your new SIM card in the mail, you’ll be ready to go. Can I bring my own phone? In most cases, the answer is yes. The first step is to check your phone to see if it’s compatible, and to find out what SIM card it uses. Then, you’ll simply select that SIM card and a plan. Once you receive your new SIM card in the mail, you’ll be ready to go. Can I pay off my phone early? You may pay off the full cost of your phone (and any other devices included in your Equipment Installment Plan) early. If you do, you’ll enjoy monthly savings even sooner. To pay off your phone, you will need to call Customer Care or visit a T-Mobile retail store. Can I trade in my old phone? ¡Sí! When you purchase any of our new phones we’ll give you a great price for your old one. Just tell us the make, model and condition of your old phone and we’ll give you a quote for your trade-in value. 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Other carriers recover the cost of the phone with higher recurring monthly rate plan charges. Their customers continue to pay higher monthly rates even after the phone is paid off. Only T-Mobile offers a plan that automatically lowers the cost of the monthly bill when the phone is paid off. How fast is shipping? We offer free, overnight shipping on certain new phones and devices. Otherwise, we will send your purchase using standard 2-4 business days shipping. Look for special promotions where all phones and devices include free, overnight shipping. If I group several phones into a family plan, can I pay for some phones up front and some over time? No. When you group phones into a family plan when purchasing on T-Mobile.com, you must either pay for all of them up front, or over time. If I pay for my phone over time, am I charged interest? No. If you choose to pay over time, your payments will be interest-free. Should I get insurance? Can I add it later if I decide not to now? You must purchase insurance within the first 14 days of buying a new device. To learn more about Premium Handset Protection Insurance or to learn about our other bundled features simply follow the link. What if I no longer want T-Mobile service? If you cancel your service, you still need to pay off the remaining balance of the device. What is an Equipment Installment Plan? Unlike other carriers that give you a discounted rate on the phone up front and then bury the costs in your monthly bill, we charge you the full retail price. In order to make payments more manageable, qualifying new and current customers can take advantage of our Equipment Installment Plan (EIP). Here's how phone payments work: EIP (Equipment Installment Plan) pricing allows qualifying customers to get a new phone with an initial down payment and make monthly payments on the phone for 20 months with no interest charges. For example, if you purchased a new phone for $550 and put $150 down, you pay $20/month for 20 months, plus the low monthly cost of your Value Plan. Value Plan pricing is only available at T-Mobile. The following restrictions apply to all EIPs: Non-Value plans, T‐Mobile Monthly4G prepaid plans and certain business accounts are not eligible for EIPs. Customers in Washington, DC and Puerto Rico are not eligible for EIPs. The minimum required purchase for an EIP is $19.99. Due to state regulations, Idaho, Kansas, Maine, West Virginia and Wyoming do not allow purchases on a 24‐month EIP. If you leave T-Mobile you’re still obligated to pay off the remaining balance of the device. What other charges might be applied besides the cost of my phone(s) or device(s) when I order? Depending on which rate plan you choose, you may also be charged an add a line fee; see rate plan for details. Taxes and shipping will also be applied to your order total. When can I upgrade my device Whether you choose to pay for your device up front today, or pay over time, you can upgrade your device at any time. If your current device has not yet been paid off, you will need to continue to make payments on the existing balance. For the well-qualified buyer, pay over time pricing will spread interest-free payments over 24 months. If you cancel wireless service, remaining balance on phone becomes due. Why do I need a credit check? You need a credit check for a couple of reasons. First, if you are applying for an Equipment Installment Plan (EIP) it’s standard practice for us to check your credit. If you want to keep your existing phone number we need to determine if it’s eligible to be transferred. Why would I be charged up to $550 for a phone at T-Mobile? Just like all other wireless carriers, T-Mobile has to charge enough to cover the cost of the phone. The difference is that T-Mobile separates the cost of the phone from the cost of the service. That means T-Mobile customers finish paying for their phone as soon the actual cost is paid off—and their monthly bill automatically drops. Will my device receive Wireless Emergency Alerts (WEA)? Wireless Emergency Alerts (WEA) is a public safety system that enables authorized agencies to send text-like messages to consumers with capable wireless devices to alert them of emergencies in their area. Learn more about WEA and whether your device is capable of receiving alerts. Nos énergies en valeurs. Pour 38 millions d’euros (0,08 % du capital), l’État abandonne sa souveraineté sur le gaz La loi de privatisation de Gaz de France en 2006 impose à l’Etat de détenir une minorité de blocage d’au moins un tiers du capital de GDF SUEZ. Cette obligation a été souhaitée par le Gouvernement de l’époque et défendue par l’opposition d’alors. Mais aujourd’hui, le Gouvernement renie cet engagement. Par la publication le dimanche 29 juin de l’arrêté de cessions des titres GDF SUEZ, l’Agence des participations de l’Etat (APE) indique vouloir céder 3,45 % des actions du Groupe, faisant ainsi passer sa participation de 36,7 % à 33,25 % soit, à 38 millions d’euros près, en dessous de la minorité de blocage. L’APE s’est bien évidemment gardé de communiquer ce chiffre de 3,45 % dans son communiqué de closing de l’opération du 25 juin qui faisait référence à 3,1 %. Avant de retrouver peut-être la minorité de blocage par le jeu des droits de vote double à partir de 2016 grâce à un artifice juridique, l’Etat sera donc pendant deux ans en dessous du seuil de 33,33 %, ce qui est inacceptable pour les Fédérations CGT et CFE-CGC. Ainsi, en cas de projet de fusion, de cession, d’OPA, de transfert du siège à l’étranger ou de toute réforme sensible des statuts, l’Etat ne sera plus en mesure de s’opposer. Alors que le secteur de l’énergie est stratégique pour notre pays, l’Etat affaiblit son pouvoir de protection du Groupe et du service public. Face à cette absence de vision stratégique et industrielle, la CGT et la CFE-CGC dénoncent ce manquement grave à la parole de l’Etat et exige qu’il respecte ses engagements et joue son rôle d’actionnaire stable et responsable. Coordination Groupe CGT Yves LEDOUX Coordinateur CGT 06.80.36.33.06 Fédération CFE-CGC Energies William VIRY-ALLEMOZ. 06.72.27.42.20 The Distinguished Gentleman (1992) Did You Know? Trivia Johnson quotes several Presidents of the United States (as well as a few other American historical figures including "Live Free or Die" from Revolutionary War General John Stark) during his run for Congress speech. "We have nothing to fear but fear. Quotes Thomas Jefferson Johnson . Oh, well, I'm very flattered, Mr Chairman. Dick Dodge . Dick. Thomas Jefferson Johnson . Well, I'm very flattered, Mr Dick. Dick Dodge . No, no, no, no. Thomas Jefferson Johnson . Oh, I'm sorry, Chairman Dick. Dick Dodge . No, Dick. Just Dick. Thomas Jefferson Johnson . Oh, Just Dick. Just Plain Old Dick. Dick Dodge . Sí. Thomas Jefferson Johnson . Oh, fine. Goofs Despite the threats to have Jefferson removed from congress, there is nothing in the Constitution or in house or senate rules that states a person with a criminal cannot serve their term if elected. Storyline Coleção de Indicadores, Robôs e Experts Coleção de Indicadores, Robôs e Experts 2000-2014 Pacote de arquivo MEGA Forex. EA (robôs) 2000+, 2000+ indicadores, sistemas de negociação (FX e opções binárias) 300+, estratégias, vídeos, livros, software, mais de 50 estratégias de opções binárias. Arquivos 2000-2014. Muitos robôs populares e rentáveis. Este pacote tem absolutamente tudo para operar no mercado forex e opções binárias! Para a operação manual e automática. Para iniciantes e profissionais. Se você é um programador de MQL existe muitos códigos livres. Se um novato, há livros e vídeos (Inglês). Se um operador profissional, há muitos bons sistemas de negociação. Se você está negociando com robô automático, expert advisors. E também outros scripts, indicadores, modelos e muito mais. Tudo para você e os seus ganhos! Abaixo está uma lista do o conteúdo. Software Forex Última atualização “3Ducks” & # 8211; Trading System, 5 Minute Negociações binário opções de estratégia, Diamante EA, EA Forex Polygon, forex-estratégia-master, FX MATRIX PRO, KeltnerPro, LR FOREX LIBERDADE 4.4,-Fx-Profit-indicador maciço, TL Breakout EA 2.5. imperator v2. 30 robôs forex rentáveis ​​(parte da coleção.) Robôs Forex rentável com Myfxbook: AO-Trend Forex Hacked PRO HF-Scalping (HF-Scalp-fast-8.0) KangarooEAv4.0 Million Dollar Pips -eurusd/5650 Quant-Strategy VolatilityMaster_V1_eduyears/38304 Waygrow_EDU XMT-Scalper_v2.4.3 fixed version Zealot EA_Cleopatra_v4_7 HYDRUS_1_1 JabrixScalper_1.1 MacdPatternTraderv_patternA SevenFx 7a UNICORN ATTACK DS9 Uwais shooter FX-Capitalist-v1.1.7 Forex_Solomon_eurusd_edu Aladdin_9FX H-E-Spider Cash_hammer !BOOM 2 Estratégia de Opções binárias e Forex : Lançador TRX final sem alerta, TMA, Forex Black Magic, Forex Pros Sistema Secreto, Forex Chama Sniper, De Marcos linhas, o Auto-Trend-Lines, Adri-Gold-System, Palada_3.4, BuySell-Magic, Goldmine_II_Scalping, triplo vencedor Profit. FX_Engine_v3, afl_winner, o sistema de comércio Murrey Math, Lobo Wave_nen-2, o sistema de comércio MAX, de compra e venda-sinais-Ultimate-setas, Dolly-Gráficos 14, Forex_Racer_Renko_System, FX-50 Grande Sistema de escalpelamento, Extrema TMA System, Sniper_Forex_v2. trend-imperator-v2, FX-Preis-V4-e-5, Bullseye + Sistema, True Trendline Indicator, Super-ADX. Opções binárias (estratégia, livros, robôs): BibaryFX 3.0, CallPutOptios, de 60 segundos-Reader, o indicador ZIGZAGER, Super sinais de canal, MA2 Signal v2, ForexProfitBinary, ForexMT4SBB, Ichimoku Cloud Breakout, Forex seta mt4, A-Nova-Way To–Trade, how-to-, Binary_Options_Strategy Negocia-binary-opções de êxito, planetoption-en, freebook, BinaryReview_eBook, Binary_Options_Ebook, binário livro pdf opções de estratégia, top-binary-opções de estratégia, binary-Opções-Winning-Formula, The_Truth_About_60_Second_Binary_Options, AF-Binary-60S-v2 ( sem vídeo), Guia de Exatas Entradas Indicator. Robôs Forex: AccountStatArgo, beejay, DT-RSI-Sig, e-SOTrailing_magic, Extrem-Bar-v1.1, Fiddler EA 1.1, Forex_Tramp_3.2.0, Forex-Benz-AUDNZ, FX MOO, FXLightning, MKT-NEWS-COMERCIANTE, NightOwlEA, Pro -Gainer, progressor_1-9-1_12, Pyramide mod, RenkoBarChart_v102, RFractals_SuppAndRes_ModA_V2A, Robot-Goblin-Barabashka, ShowBe-v3.5, robot_AngelA, expert_StarWa, STATINFORMER2, Steady-Winner-v6.0, stop-trade-v1.3, THG pernalta NEWS, TrendRSI_v3, vectorTrader, o Smart FX Mestre Scalper v7.1.8, trading Auto robô EAKAIN_SCALPER_PRO 2013, Hedging Scalper M5-H4, dvd-100-50-cent, FXBrokerBuster, Hard_Scalper, Master Scalper, Money_Stream, Robot_GBPUSDM15, Forex Executivo, Cloverix EA, Euro-Blaster 7.3, Hydrogenium, Powerful-escalpelamento, Ultramarines, FastJump. 20_200_pips_MQL5_v1, 120_Sovatnik-Ilan_2, Bobnaley_st5ia, bolbands, Champ2010_hmni9, ControlPanel_st5ia, gurooex01, martgreg_1, multikMT5, pipser_st5ia. Indicadores de Forex: Ceifador Binário, Bollinger-MA-Price, buysellarrow, candle_body_size, vela-contagem regressiva, Clurex, Cronex-demarker, HMA + Indicator, Indikator_Blue, indikator_IDM, Indikator_Xaser, Ku Klux +, Ma_Parabolic_Alert_2, MACD-Elder-Impulse-Max, Ozymandias, RSI_BANDS_MA. StochHistogram, TradingEvents, Volatility_FBA_NR. Forex Trading Systems: 3-poderoso-Forex-Price-Patterns, Bamboni_all,-trading-sistema de forex-diário-chart, Forex-HBA-System, forexmt4systemstrdll, Forex-Profit-Matrix, ForexTrendConsole_v1.3, Engines FX Prevendo Ação Preço, gann-hilo- ativador-v2, alto ganho do sistema, ITMF_SigAlert, multi_range_calculator, Pro Trader Manual de Negociação, ProfitableStrategy1, arco íris, sporeMTS, super-tendência fins lucrativos, três, TrendMaster_Forex_Indicator_V1.1, USDEURTick, de comércio virtual-monitor-v2.1. Opções binárias (Estratégia e Robôs): 60sBinary_Option_System, binário-auto-Profits, Binary-Opções-Buddy, FxBinaryOptionScalper, GSO-binary-opções de comércio, Xtreme Binary Robot, TS AGTS, AGTSWinner_v5_0_ (atualização), AgtsWinner v5_3 (Free), ATS Boom, BO Dominator, Plus + 1 v1, Boss Indicator, Auto_Binar_v2_Full, Exp – Optilan, 60secondsBinaryOptionsStrategy, bandas 60sec.bollinger, Binary Forex, nonlagdot, 60second_binary_option.tpl, MatrixSignals v1. Boa atualização: Gráfico Forex Tick MT4 indicador, Forex RSI som indicador de alerta, Forex Trading System “ForexSignal30”, Estratégias opção binária, Indicadores (BinaryCash_Comodo, opções binárias de Buddy 2.0, SixtySecondTrades com Alert!), Forex Trading System “Forex Octopus sistema”, Forex Trading System “Ultra Scalper”, ProFX MANUAL estratégia de negociação, SUPER INDICADOR RÁPIDO, Super Forex Launcher, Curso de Negociação Profit Formula, ULTRA LUCRO RÁPIDO, Forex sistema “GBPJPY M1 couro cabeludo”, Estratégia Forex “Gold999”, Forex Trading Estratégia “HeartOfForex + ProbabilityMeter”. indicadores Forex Trading System “O FX Sistema Lindencourt”, Forex Trading System “O Lindencourt Diário FX Sistema”, Forex Trading Strategie “System Forex Institucional” Coleção Forex (+ Seta Sem repintura. 90% Não falsas indicadores + 3000 TSD indicadores de elite). Forex MT4 _v1.1 copiadora (Master / SlaveHTTP), Forex MT4 copiadora _v1.1 (Master / SlaveLocal). Robôs Forex: Canabis_Eclipse_1.0.rar Canabis_Eclipse_50_v1.22, VAMPIRЕ_1.08_EURUSD_Time.mq4 ^ X_ParabolicRegression_StopAndReverse.mq4 _ADX_CCI__5_digits_v3.3_HandFirst.mq4 10 pips de multi mais ver 4.1eeee.mq4 10 pips de multi mais ver 4.3.mq4 10 pips VER 3.4.zip 2MA atraso – eevviill2.mq4 2Sides_v4.10d2 (andcam) .mq4 2Sides_v4.13 Manual.doc 2Sides_v4.13c1.1_NOind.mq4 2Sides_v4.13c111.mq4 2Sides_v5.0-1 MACD.mq4 2Sides_v5.0a.mq4 2Sides_v5.0b6_NoInd.rar 2Sides_v5 .0c4_nik_2.mq4 2Sides_v5.0c5_2ndFStoch.mq4 425_Ilan1.6_PipStep1.zip 4Indis_Plus.mq4 59_SwissArmyEAv1-5.zip 7Chi EA Usuário Manual.pdf 7ChiC EA .mq4 Aal.rar aal_V3_real.ex4 ADX_CCI v3.1_mod_FastProfit.mq4 ADX_CCI_2.52_mult.mq4 Agent_convoi_004 .zip Agent_convoi_004__2.zip Aladdin 8 FX.rar Aladdin2FX mq4 Aladdin7FX.rar antiCableRun.mq4 antiCableRunV2.mq4 antiCableRunV2_Trall.mq4 apophis.ex4 ARBITR2.rar ATS_Ichimoku_2.rar AutoMarti.ex4 AutoMarti_2Arah_totalprofit1arah.ex4 Auto-MT4build220.mq4 Auto-Profit3. 0.mq4 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Ver2_eur_M15.mq4 EA_mstSignal_v2mm_.mq4 EA_NET 1.02.mq4 EA1.rar eASCTrend.sys. vers Pollan rar EATA 2 expert.zip E-bot_Bars_v1.4 (+ StepExponent) .ex4 e-Droba v2 + MM.mq4 e-Droba-5.mq4 e-Droba-5 + mm.mq4 e-Droba-ZigZag – 56 .mq4 e-Droba-ZigZag_V2.mq4 e-Droba-ZigZag_V2.01.mq4 e-Droba-ZigZag_V2.01 (с рабочим ММ) + Revers + deslizamento + MAXspred (v02) .mq4 e-Droba-ZigZag_V2 + profit.mq4 e-Droba-ZigZag_V5.mq4 e-Droba-ZigZag_V5 TO.mq4 e-drogba.rar Eldorado + 1.0.rar elvis_final.mq4 elvis_final OMC SL.mq4 EMA_WMA_RSI.rar EMA_WMA_trend.mq4 EMA_WMA_v2.rar EUREKA 10.1 BLOQUEIO nodll.mq4 EURO_BLASTER. rar EURO_BLASTER_NEW.rar EURO-BLASTER V1.ex4 EuroBlaster-Turbo.mq4 EuroBlaster-Turbo.zip EuroX2 editar lot.mq4 EuroX2 editar micro monte + без мартина.mq4 EuroX2_8_17_9.mq4 Exp – Destino clássico Trade.rar Exp – FridayCloseMondayOpen.ex4 Exp – SafetyLOCK v5 PRO (12062011) mq4 Exp – SuperPack v4.rar Exp – xoindatr_123 (Advanced Cube) .rar Exp_Arbitr_OpenLim_01.rar exp_iCustom_v10.mq4 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Multi-level-v.1.0 Robôs Forex: MetaTrader4 451 compilação para compilação do arquivo MQ4, VIP-EA MÁXIMA, RubiconHelper, Rich 1 x 2 muito, VAMPIRE_1.07_EURUSD_Time, VAMPIRЕ_1.07_GBPUSD, Werewolf 1,00 ME Lite, Bamboni EA, Rivas, Urdala_Tester_Demo, Tokyo_GBPUSD_v17a, Tokyo_GBPUSD_H1_v18_alpha3_DEMO_USE_ONLY, Tokyo_GBPUSD_H1_v16, SimpleH1_GBPUSD_EAv9, Forex_GAP_v2.0, meus milhões EA, ForexGridTraderEA, CrazyScalper-full ver 1.0MM +, Crazy Scalper v1.11MM_no_DLL, Aladdin5FX, ForexGrowthBot, Forex_expert, Two_Levels_EA, Genesis, GenesisMatrix 2.21_1_ea, Vega, GoldenProfit_ММ, Progressor_1.9_FULL, Progressor_1.12_StHedge. Progressor 1,9 _for_forum, Progressor_1.12, ea – Kain, EAKAIN SCALPER PRO v1.05 2010 pipstriderv133, pipstrider-ea, Robin_VOL_16, última esperança 6, grande esperança 2, Forex_last_hope_ (v_4_1), Forex_last_hope (com horário de Brasília), EATA vers Pollan mod 2, exp_iCustom_v10, my10trend, ReverseSystemBEST, 5317 PARA 4 dígitos CORRETORES fxscalper_ecn, Beergod, tfot3, super-sinais-channel.EA, AI-FOREX_Robot, LU, Pseudocarcharias_AllIncl, iRobot V4- (MACD + MA), O2, UYR_EA_Trial, PyramidEA_v2009i, Atlant v1.1, Atlant v1.1-5digital, Pro fx sto EA – M30 GBPUSD, EURUSD, USDCHF, USDJPY, Integra_NR_v2.8.5, Ilan 7, verifiedtrader_ea, BMMAX Poder EA_edu, Tica (E3), Pallada 2010, Neuro-MartingailExpertStochastic_v3, Drácula, Drácula Forex Robot V _II, Tick Scalper v1.2, Robot FXnewtec (RUS) (EURCHF M15), EA MAFD1 e EA MAFD2, FST_ABB 1_11_1, Invest Sistema 4.5, Fibbonazzi-Martingail, escavadora, Bulldozer_A12_v3.11, EA_Boogie_NN_V.8, Bogi- MACD 2, The Channel Scalper 1.0, The Channel Scalper 1,13, GRAALy3, Martelo Dinheiro v4.2 MM_no_DLL, _____FX Combo, COMBIC_7Aex, Combo 2.3, Combo RU 3, Combo Sistema 5M2, Combo Sistema 6M, Combo-3, exFOREX Combo 1,46 EDU, FCS_v3.0 (4em1) EURUSD_Crack_War, FOREX COMBO CUSTOM V6.0c, Forex COMBO Sistema 8E RUS (EURUSD; M5), Forex_COMBO_System_War_test_FridayAllClose (2,42), CCI-100, PipJet_1_02, Collector2.1 Correlation_mod, FractalScalp, BreakdownLevelDay 010.413, BasketBull 10.02 beta, BasketBull_8.6, StopLimitOrdersAlert v1, SetkaProfit v2, Setka limite Loc v4.6, Cobra 1.1, THV4 Coral T @ H, CobraMod 0,2, Scripts 99%, Repetir Orders, fxgrowthpower, ForexGrowthBo_parTrailing, Forex crescimento Bot 1.8, Exp – ForexBOWT, Yen Unidade construir 201, Forex_COMBO_System_ver.1.0_ (Pirate_Edition), 408_GoldNStream_v2, Momods_Night_Scalper_V3.02_Basic, Rann. im 1_0.ex4, Unimillion_, Lossing, Forex_Expertv2, _SpreadController, Elvis V3-2, Sentido & ReversBar & NoLoss & CloseProfit_, ForexEnvy2.0, Forex_Envy_v2.0_Revers, trading Auto EA VF_Capital – Sistema de Negociação Mecânica (consultor) VF_Capital. Plataforma de Negociação: MT4, par Moeda: usando qualquer par de moedas, incluindo e-taxas cruzadas (multi-conselheiro), Período: Use qualquer período, a rentabilidade estável do sistema, por mês: 25% dos lucros em um ano: 300% de lucro (sem reinvestimento, ou seja, a instalação inicial. Os lucros podem ser retiradas a cada mês). 500% ou mais (P reinvestimento, ou seja, periodicamente, à medida que crescem depósitos e aumentar a rentabilidade do sistema de lucro foi retirado no final do ano.). Possibilidade de utilização de vários especialistas em uma conta de negociação. Isso é necessário se você quer negociar simultaneamente em pares de moedas diferentes com um único depósito. O princípio da maximização dos lucros no plano movimento (lateral) de preços. O especialista é simples e fácil de usar e logicamente as configurações ideais. Totalmente ajustável conselheiro parâmetros de entrada. EA VF_Break – Sistema de Negociação Mecânica (consultor) VF_Break. Plataforma de Negociação: MT4, par Moeda: usando qualquer par de moedas, incluindo e-taxas cruzadas (multi-conselheiro), Período: Use qualquer período. Rentabilidade estável do sistema em um mês: 25% de lucro por ano: 300% de lucro (. Sem reinvestimento, ou seja, a instalação inicial lucros podem ser retiradas a cada mês). 500% ou mais (P reinvestimento, ou seja, periodicamente, à medida que crescem depósitos e aumentar a rentabilidade do sistema de lucro foi retirado no final do ano.). Comércio em qualquer período de tempo com o uso de ordens de limite que não pode sentar-se para o monitor durante todo o dia. Basta incluir um perito a cada 3-4 horas por 5 minutos! Possibilidade de utilização de vários experts em uma conta de negociação. Isso é necessário se você quer negociar simultaneamente em pares de moedas diferentes com um único depósito. O especialista é simples e fácil de usar e logicamente as configurações ideais. Totalmente ajustável conselheiro parâmetros de entrada. EA VF_Boomerang – Sistema de Negociação Mecânica (consultor) VF_Boomerang. Plataforma de Negociação: MT4, par Moeda: usando qualquer par de moedas, incluindo e-taxas cruzadas (multi-conselheiro), Período: Use qualquer período Rentabilidade estável do sistema em um mês: 25% de lucro por ano: 300% de lucro (. Sem reinvestimento, ou seja, a instalação inicial lucros podem ser retiradas a cada mês). 500% ou mais (P reinvestimento, ou seja, periodicamente, à medida que crescem depósitos e aumentar a rentabilidade do sistema de lucro foi retirado no final do ano.). Possibilidade de utilização de vários especialistas em uma conta de negociação. Isso é necessário se você quer negociar simultaneamente em pares de moedas diferentes com um único depósito. Totalmente parâmetros de entrada ajustáveis ​​de um consultor especializado. enLight® Média Breakout Trader ™ – Consultor de Estratégia B. Barishpoltsa “Break the middle”. História teste a ser risco bastante razoável, e os dados da mais alta qualidade (90%) apresentaram um aumento no depósito de mais de 7 vezes, de março a fim de novembro. Lucro para os nove meses do teste foi de 600% – é cerca de 25% ao mês, não é mau de todo para o sistema de troca automática. Usando ENLIGHT ® médio Breakout Trader ™ você não precisa fazer quaisquer etapas manuais. O sistema de trabalho é totalmente automatizado. enLight® Surfing ™ – Como especialista em comércio ENLIGHT ® Surfing ™ implementado uma das melhores estratégias para o famoso comerciante russo Victor Barishpoltsa. Táticas comerciais Barishpoltsa realmente afetar sua rentabilidade! Isso mais uma vez temos visto desde a criação deste especialista em comércio em uma de suas estratégias de negociação. Mesmo um breve olhar sobre o registro do teste, você pode destacar os principais pontos de informações, tais como: 1.354% de aumento no depósito por seis meses, o que é cerca de 50% de lucro a cada mês! Estratégia com mais de 90% dos negócios rentáveis ​​- é apenas um grande resultado! Valorize negócios rentáveis ​​para a perda de tomada de 14/1. E uma miríade de outros consultores especialistas … Aqui está uma lista rápida: GEPARD v2.3, v2.5, v3.0, v3.1, v4.2; AUTO Profit Diler, Boogie + Wackena, Camaleão 2008, Diamante Poder Tendência, EA BankingFX de Cima 3.1.1.0, ForexAIAutoTrader 2.1, ForeXer 4.1, Golden Profit AUTO, GREEZLY, v1.4 ILanProfit; v1.5; v1.6, MegaDroid, Merkio Exp UKIS, PipBoxer, Piptronic 2.0, Profit Hunter, SkyForex v.1, Trendfox, WAWin, Ea-Boss, LuckyСandles, ProgramForex, EUREKA, Cobra, FX Genius Robot, ForexPlatinum, JAGUAR HEDGE (V2) Versão EA SHARK ULTIMATE EA Pallad v3.0 GT-Shadow Forex AutoCash Robot Forex Trading System Funnel Traders ForexDominion Segredo Código Pyramid EA ULTIMATE 2008 Forex Autopilot Forex Raptor Forex Hitman Tendência Tracer 1.4 sistema de negociação Forex assassino Forex Breakout Sistema Forex Terminator EA Tubarão final 4.0 (5.0) DreambuilderFX (DTS-1) Forex Batedor Forex Loophole Calypso AutoTrader FXPP Robo Miner Steinitz Hedge v3.21 Faixa Trader Sniper Forex Kuasa Forex Instantânea Profit Forex Forex System Sistema de Sucesso Cruz AME Trader Forex Boomerang Bogie tudo AladdinFX ( Aladdin2FX) Pallada 3.0 final (SE 2009) formula AutomatedForexGrail EATangga-6 ForexDerivative ForexVengeance LMT Forex M7 Sidewinder PRO QuantumGomega Forex Supremacy LondonRush ROBOT Platinum Fair R9 RealMoney Forex Warlord FxBrokerBuster Mecânica IvyBot v5.1 Trade EA com Ratesniper: Pifon – auto-aprendizagem conselheiro, Take Profit – O melhor perito em 2009, The Wizard – tecnologia Neuro-rede, Automatic – Advisor StrongCash, “Expert Forex”, Advisor “Advisor”, Robot – “Advisor para os ricos “. E outra … Total 71 Archive Esta não é a lista completa de consultores especializados. Nesta coleção de milhares deles, e cada um pode escrever uma página separada, mas isso não é uma força. Dando continuidade a uma breve descrição: O pacote é um bônus muito interessante (ela contém: conselheiro, a negociação sobre a notícia, especialista em auto-otimização; copistas de transacções de outros comerciantes; Senhor Esconder, Nameless, Simples, RelativeR2, Ishimoku, Scalper 2, etc. Além disso, uma grande quantidade. Indicadores de sistemas de negociação, estratégias de peritos, da literatura (livros), programas) 17 especialistas que participaram de um campeonato de 2006 – os peritos que participam no campeonato de 2006 30 especialistas que participaram de um campeonato de 2007 – os peritos que participam no campeonato de 2007 33 especialistas que participaram de um campeonato de 2008 – os especialistas participaram do campeonato 2008 1.471 diferentes forex consultores experts Outros 4 especialistas de arquivo – mais de 200. Em formatos: ex4 e mq4 Novo (100): Os assessores e indicadores. Biblioteca do Comerciante – 36 licenças. Além disso, aulas de vídeo e tecnologias sensíveis “TAACH” Indicator (inominada) – escrito por um dos meus clientes estrangeiros. Muito fácil de usar (as mãos para baixo – Mandado de vender, seta para cima – garante Buy). Trabalhe em pleno vapor. À venda este indicador não vai encontrar. Plano de escrever perito com o uso deste indicador, mas com um preço bastante elevado, e não para o mercado russo. DayImpulse – um indicador que prevê o movimento do mercado Nível Trading – a construção de uma linha de tendência, que é fácil de determinar o ponto de entrada, também está construindo uma ziguezagues entre as duas cores índice de sentimento de alta e baixa de detecção de tendências (TDI) – usado para detectar quando a tendência começou e quando terminou. Índice de detectar uma tendência seria um sinal de uma tendência, se estiver acima de zero e de consolidação, se é – abaixo de zero e outros indicadores: ASCTrend, Canais, Finware, Pivot, Elliott Wave Oscillator, Supertrend Alerta audível, cujo número é 600. Neste jogo, cada um vai encontrar-se enfrentando, e ser capaz de construir seu sistema de negociação. Collaps – Sistema Automático de Negociação (Advisor, um perito) para trabalhar nos mercados financeiros mundiais, assim como o mercado de câmbio, FOREX iniciantes – usa indicadores e peritos específicos: desenvolvido para este sistema. Este sistema de negociação é tops e bottoms na tendência com uma precisão muito elevada BCatcherR4: Executar para a história, por um ano – a entrada de depósito = 500;. depot output = 34.000 HarvesterR3: Executar para a história, por um ano – o depósito de entrada = 500; saída de depósito = 100000 E muitos outros: Mister Hide, Nameless, Simples, RelativeR2, Ishimoku Mais de 300. Os melhores consultores do arquivo – com uma descrição. Sistema de Negociação: Sputnik – o autor argumenta que o sistema permite que você faça 600 pips por semana em um par de moedas EASC -. Funciona em todos os pares de moedas. Indica o nível de stop loss. Alimentado por H4. H1. Fácil de usar. Mostra a tendência Scalper. 2 & # 8211; um conjunto único de indicadores comerciais Scalper 2 cria baseado em canal colapso do sistema de comércio de volatilidade para o trabalho em Forex. Este sistema é provado positivamente para ser um rentável e estável e outros. O melhor sistema de negociação ATCF, CatFX50, 20 pips, Plutão – com a descrição + Várias estratégias e táticas para Forex + 2 programas: display de notícias no on. táticas (teste, simulação, cálculo) comerciais -line e seleção. Baixo risco estratégia altamente rentável para a negociação de ações e de futuros; 12 regras para investir, Guia do Pai Rico para investir; aposentar jovem e rico, fez milhões por jogar os números, 2 livros sobre negociação intraday em Forex; Usando tester embutido no MetaTrader 4. 13 passos para investir com sucesso, 50 de taxa de base do profissional para o mercado de valores mobiliários, Risco do mercado de ações, negociação intraday no mercado Forex, livro de problema na troca do dia. Jogue o mercado de ações só gosta de jogar e ganhar na bolsa de valores, palestras futuros e opções, a negociação de ações de base, com fundações onerados por ações de aviso cuidados comerciante ou verdadeiro, sobre o investimento na Rússia, dicas para os comerciantes. Fibonacci seqüência: Estratégias para Traders, Proper Home – a chave para o sucesso no mercado financeiro, a análise técnica – uma nova ciência Negociação Chaos, Conselho Árvore, como multiplicar o dinheiro em títulos, universidades especuladores, a análise fundamental dos mercados globais de divisas, Forex Apresentação Multimedia com o Flash. Dando continuidade a uma breve descrição: Programas: Converter HST em CSV, cálculo dos biorritmos, calculadora objetivos do movimento, 3 decompiler EX4 para MQ4 (217, 220, 224,1), uma calculadora para lucros de calcular, glossário forex, Electronic Program forex, definir o código através do menu de contexto. calculadora, cálculo de Fibo, indicação da sessão atual do mercado, proteção de tela, Forex Tester – emulador Forex, Storm – preços previstos nos últimos cinco velas, Urso QuoteTracker – cotações de ações, índices, notícias, Money Manager – seleção de estratégia de negociação, o cálculo do tamanho do lote e pedidos em aberto, NewsUpdater – Notícias Importante em uma janela separada, métodos digitais – cálculo de filtros e muitos outros programas …… ProgramForex 2009-148000 $ para 40 dias, com 3000 estável. Conselheiro Único que constantemente aumentar o seu depósito por um mês mais de 40 vezes. EURGBP (Euro vs Great Britain Pound) período de 15 minutos (M15) depósito inicial 3.000,00 de lucro líquido 148.346,98 lucro bruto 157.887,38 perda Gross -9.540,40 Lucro 16,55 Total de 112 ofertas de posições curtas (%) ganhou 36 (97,22%) posições longas (%) ganhou 76 (88,16%) trades lucrativos (% do total) 102 comércios (91,07%) Perda (% do total) 10 (8,93%) Número máximo de vitórias consecutivas (lucro) 29 (66.471,13) derrotas consecutivas (perda) 2 (-352,10) Maximal lucro consecutivo (contagem de vitórias) 66.471,13 (29) perda consecutiva (contagem de prejuízos) -1.535,25 (1) conselheiro Teste http://searchall1.narod.ru/StrategyTester1.htm Estado de 2009.01.20 http: //. searchall1 .narod.ru / DetailedStatement.htm em 28 de janeiro http://searchall1.narod.ru/DetailedStatement2.htm 30 January http://searchall1.narod.ru/DetailedStatement3.htm 2.4 http://searchall1.narod.ru/DetailedStatement5.htm 5.02-6.02 http://searchall1.narod.ru/DetailedStatement6.htm ForexPlatinum 2009 v2.1 multiplica as equilíbrio 50 vezes Sistema de geração de renda muito confiável e estável. Em que temos investido oito anos de experiência de negociação de sucesso no FOREX. Em ForexPlatinum 2009 v2.1 -. Melhorou análise de algoritmos e entrada no mercado ForexPlatinum pode trabalhar com qualquer depósito de usar um 21 indicadores técnicos originais na tomada de decisões comerciais. Funciona em qualquer período. Pode trabalhar em uma conta para os diferentes instrumentos de negociação simultaneamente. Sam distinguir com sucesso ordens e cheques só para essas ordens, que se exibiu. Você não precisa fazer não é o que otimizações Advisor ajusta automaticamente às condições de mercado e está totalmente preparado para trabalhar durante todo o dia! 2009/01/01 00:00 – 2009.05.29 depósito inicial de 500 Lucro líquido 27.585 por pedido, ter acesso a investir em contas de monitoramento http://searchall1.narod.ru/program/strategytester.htm. Martelo de caixa para a tomada de decisões comerciais por meio de análise de vela. Uma vez que as velas foram formadas e determinar o conselheiro tendência entra no mercado, abrindo posições de compra ou venda. Advisor comercializa de forma independente em ambos os sentidos. Se, por exemplo, as transações no sentido comprar não concluída, mas começou a inversão da tendência, o conselheiro está incluído na tendência recém-formado. Uma posição, ido em menos de saída no sistema sem perda de “Smart YTG”. O sistema de “Smart YTG” foi desenvolvido em nossa campanha eo recentemente apresentado todos os novos especialistas. Este sistema usa um algoritmo concebido saída sem itens perda menos usando uma grade de pedidos pendentes. O que às vezes pode reduzir o levantamento do depósito. Basta usar o assessor de contabilidade para o total de pedidos no mercado e sua sobreposição mútua em ambas as direções para obter mais precisão e rapidez corrigir o lucro sem o uso de linha de Média TakeProfit. Assessor de manter um estado permanente de cálculo do balanço de todas as posições à luz da recém-descoberto na derivação do balanço de um determinado grupo de ordens, fecha-las com lucro, deixando a posição de ir com a tendência no mercado para maximizar lucro. Conselheiro resistente a movimentos bruscos e rotação de citações, como ele reage rapidamente à nova situação, e pega a tendência. Moeda par EUR / USD, GBP / USD, USD / JPY, GBP / JPY, EUR / JPY Prazo M30 Alavancagem 1: 500 Quotes 4 e 5 caracteres Lucro por mês para 170% a análise Indicador velas formados A entrada no mercado de compra, venda DINHEIRO DE GESTÃO sim Tipo de comércio * moderada * Lembre-se: 90-95% de todos os comerciantes perdem dinheiro no mercado Forex! Não vai deixar você entrar em uma multidão de perdedores, e você será nos mesmos 10% do que o lucro no mercado Forex. Não é um casino e jogos de poker. Nossos especialistas em usar um sistema de comércio usando Stop Loss e posições opostas. Armadilhas especialista no castelo em citações penetração oscilação no corredor de 40-60 pontos e não importa o caminho para cima ou para baixo do corredor greves de cotação. A EUREKA não ir posição de mais de 25 pontos mercado levantamento, é constantemente alterado e StopLoss TakeProfit dependendo da situação e da direção ou citações reverter. E o resultado é sempre o encerramento de todas as posições com lucro. Se uma tendência forte movimento conselheiro só vai com a tendência e lucro. As opções de compras: par de moedas – GBP / USD, EUR / USD Prazo – qualquer tipo de comércio – dentro de um dia, de entrada agressiva no mercado – Buy Stop, vender opções PARADA garante – uma modificável Take Profit, Pare de indicadores de perdas – não usado Lucro por mês – até 200% 1,900% original Mão Forex Trading System = OLHO = lucros fenomenais. Projetado para o indicador do comércio Manual = Eye = lucro já real. Para usá-lo não precisa de uma vasta experiência de terminal de posse MetaTrader4 e experiência em analisar a situação do mercado. Use-o simplesmente: temos de ser aberto e fechamento da transação e capaz de analisar padrões gráficos simples de ponto e indicador de nível. Com este sistema de manipular até mesmo um novato. Para os profissionais, que também seria útil, especialmente para um preço tão ridículo. Um dos métodos de análise: As imagens mostra uma exibição na tela. Como podemos ver nas penúltimas duas fotos verde-escuras EURGBP H4 e M30 situação para análise dupla, ele olha para H4 situação, se você se sentir bem para poses abertos, em seguida olhar para o M30 e estamos ansiosos para uma melhor entrada no mercado ou confirmação da situação. Parâmetro TimeLeft disse que antes do final do bar no TF deixou 24 minutos e 44 segundos, se após esta situação o tempo não mudar eo preço não vai cair, então você pode abrir a posição para comprar – comprar. O encerramento pode ser feito por um pé de ataque, por exemplo, n.os 30-40. Esta é uma das opções de análise. Há outras opções, tais como a utilização de níveis de análise, linhas pontilhadas chamada Zona XXX. Sistema de transferência de Forex-PROFIT “PIPSOLOVE-3” Você quer rentável no mercado Forex? Quer sentir o efeito todos os dias a partir de seu trabalho? Você precisa de um sistema de estratégia de negociação competente! Apresentamos o nosso novo sistema de negociação manual de marca “PIPSOLOVE-3”! Este sistema é uma continuação lógica do desenvolvimento e sistemas bem conhecidos “PIPSOLOVE” e “PIPSOLOVE-2”, que são utilizados pelos comerciantes, em quase todo o mundo. Mas o progresso não pára e o novo sistema “PIPSOLOVE-3” em todos os aspectos, melhor do que o anterior! Os parâmetros básicos “PIPSOLOVE-3” baseado em 8 indicadores que confirmam. -usado Para prazos M5 principais pares de moeda (GBPUSD, EURUSD, USDJPY). Possível para usar em outros pares de moedas. -Trabalho No sistema pode ser o tempo todo. Sistema permite capturar tendências, principalmente de curto e médio prazo. -Transaction Sistema executa um comerciante manualmente de acordo com as regras do sistema, com a aparência de corretiva sinais uns aos outros indicadores do sistema. Com base nos indicadores de comerciante também é capaz de construir suas estratégias, ou para adicionar indicadores adicionais (opcional). GEPARD © 4.2 NEW ■ MULTI + CFD + Hedge + GARANTIA Multi Advisor GEPARD © 4.2 é a versão mais recente do conselheiro mais bem sucedida e comprovada à negociação multi-moeda no mercado forex. Advisor pode ser usado para o comércio de qualquer das ferramentas permitidos. Inicialmente foi criado para negociar e 28 pares principais de moedas, 36 CFD CFD e metais – ouro e prata. A vantagem deste conselheiro é uma análise abrangente da situação atual no mercado e tomar decisões informadas sobre a diversificação das posições em aberto. Advisor está instalado em uma agenda, qualquer par de moedas, e venda, ao mesmo tempo sobre todos autorizados a afinar seu instrumento. Assim, usando uma variedade de ferramentas de negociação, assessor de cobertura de riscos da carteira de negociação geral. No conselheiro processo monitora a posição da moeda aberto em cada moeda, a fim de minimizar o risco cambial. Devido ao facto de o comércio é conduzido em várias direcções, o orientador não é acompanhada por uma concentra-se na posição aberta, e uma posição aberta em paralelo em outros instrumentos, compensando assim os riscos e reduzindo virtualmente a possibilidade de um grande rebaixamento para zero. Advisor não é pipsinger, o seu trabalho não tem nenhuma reivindicação por parte de qualquer um dos corretores conhecidos. Como a função de conselheiro pode simultaneamente vender algumas ferramentas, rentabilidade vezes maior do que a rentabilidade dos assessores moeda única. GEPARD © 4.2 – Assessor da nova geração, não permitindo limitados ao comércio apenas um ou vários pares de moedas, e utilizar todo o potencial do mercado e toda a gama de possíveis ferramentas de comércio! & # 8211; Multi-moeda, o comércio coberto (CFD + metais moeda +) – Várias estratégias de comércio: a tendência (como indicadores de SAR Parabólico, Stochastic, ADX, CCI), plano e comércio na retração (correção do movimento) – Filtros de tendência para as posições de abertura dos obstáculos contra a tendência sustentável (sobre indicadores OsMA, PSAR, ADX) – Filtros adicionais para os cargos de abertura: velocidade filtro do movimento de preços, o filtro de aceleração, os níveis restritivas de filtro, filtro altos / baixos, a absorção do filtro – Múltiplos opções de montagem stop-loss (breakeven, fixos no tempo gasto no mercado para o indicador de tendência dinâmico) – Capacidade para apoiar as posições abertas com arrasto – Capacidade de incluir o comércio invertido (para casos em que conselheiro recebe em antifase ao mercado) – Capacidade de posições abertas apenas na direção de swaps positivos – Sistema flexível de gestão do dinheiro MM (risco tarefa de comércio ou de lotes de comércio fixo) – definição do tipo Auto da conta de negociação e cotação bit (aspas padrão ou estendidas) – Assessor-se configurar as opções sob os termos relevantes de comércio – Capacidade para resolver o comércio só comprar ou vender apenas sobre as diversas ferramentas que podem amarrar conselheiro comércio com os resultados da análise fundamental a longo prazo – Capacidade de especificar nomes de modelos de pares de moedas (para o comércio de Corretores com nomes diferentes do padrão de ferramentas, tais como EURUSDFfx) – Possibilidade de instalação em diferido de SL e TP por modificação de ordens – Diferentes oportunidades de serviço Como resultado, todas implementadas modificações, em comparação com as versões anteriores, o consultor vende mais precisão, os resultados do comércio tornou-se mais rentável e estável. O número de transações diminuiu, mas tornaram-se mais equilibrada e adequada do mercado. Restrição em um depósito mínimo de Advisors está ausente, ou seja, você pode trocar por qualquer depósito. Mas, a fim de minimizar os riscos de comércio, nós recomendamos um mini-Forex (min.lot = 0,1) para começar com pelo menos 20,000 $, no micro-Forex (min.lot = 0,01) – a partir de 2.000 $. Se este for demasiado grande soma para você, então recomendamos que comece a conta Cent. Para contas de cêntimos dado soma pode ser dividido por 100 (200 $ e 20 $, respectivamente). Naturalmente, quanto maior o depósito e o menor nível de risco, o melhor. Calypso 1,04 multi-moeda e de hedge A última versão consultor Calypso 1,04. Este desenvolvimento é o de geração de renda mais bem sucedido e estável! Em comparação com as versões anteriores – isto dará chances em um mês de comércio. Tudo o que você já viu este robô apenas lixo! O sistema de negociação perfeito baseado em um robô capaz de realizar milagres. Seu depósito vai alargar os seus olhos. O que pode trazer mais prazer do que um bom lucro? Único algoritmo conselheiro organiza sabiamente a ordem e controla totalmente o processo de comércio, reduzindo o risco de perda de depósito para zero! Peritos instituído sob quaisquer condições de mercado, o que aumenta a sua gama de aplicação, e cada um pode personalizá-lo para caber seu par favorito. A operação totalmente automática garante o melhor resultado, uma vez que o robô não tem efeito sobre o factor psicológico, e ele sempre seguido o mercado! Ele não tinha medo da falta de comunicação ou eletricidade, o seu dinheiro sob seu controle completo! Multi Advisor Calypso 1,04. Funciona em qualquer par, ou em mais de uma! Baseia-se um sistema único que não tem análogos. Capacidade de trabalhar em dois modos, tanto a pé e sem paradas, o que lhe permite otimizar o trabalho com ele. O sistema de negociação original não permite coletar stoploss e usando um algoritmo exclusivo para cobrir os riscos e as probabilidades de fuga de depósito completamente ausente. Assessor decide quando abriu e posições fechadas. Totalmente automatizado negociação com cobertura em alta rentabilidade. Onde você viu conselheiro, ganhando capacidade como uma tendência, e contra a tendência ao mesmo tempo. Novo recurso reversível permite reestruturar totalmente o trabalho dos peritos, sob a nova situação do mercado! Para seu vídeo atenção de um especialista: http://www.youtube.com/watch?v=qx-Zv1iXTvw Então, o que há de novo no robot: – Conselheiro não usar muito fixo! Agora o lote tornou-se uma dinâmica e calculada automaticamente a partir de fundos disponíveis de seu depósito. Este é um importante indicador da eficácia do perito, como um testador por um longo período, e no comércio real! Os itens devem crescer em proporção ao depósito, caso contrário, não vejo um levantamento reais – Novo recurso da protecção dos depósitos de força maior, quando as quebras de mercado através das longas velas contra as nossas ordens. Em tais situações, desencadeou um fechamento de emergência de posições em um determinado nível – Definir um ponto fixo Voices para warrants a pedido do comerciante. Função eficaz para proteger seus ativos – uma oportunidade para estabelecer claramente o número de posições em aberto – distância ajustável entre as ordens permite uma maior utilização de conselheiro em canais planos, também se aplica às tendências de curto e longo prazo. É particularmente eficaz trabalhar com habilitado multiplicando o lote -. A capacidade de negociar com vários pares, proporciona maior rentabilidade com menor rebaixamento! Trabalho não-paralelo de outros conselheiros, bem como o trabalho manual! Seu primeiro passo no mundo da independência financeira! Cobra 1.1. Monitoramento real, Vídeos. Super rentável Assessor Cobra Innovative ver 1.1 Apresento-lhe o melhor robô para negociação forex? Ele só pode ganhar e não sei o que é uma perda! Torne-se mais rico agora muito mais fácil! O companheiro mais confiável do seu depósito. Totalmente automatizado negociação com muito acompanhamento desde a abertura até o fechamento. Um robô que pode trabalhar e ganhar dinheiro quando se combina com você! Será que você não está procurando? O algoritmo subjacente o conselheiro, elimina completamente a possibilidade de perdas de capital. Estratégia ordens de descoberta, como o movimento da cobra está vendendo e comprando em máximos nos baixos. E o momento de entrar no mercado – o momento do ataque cobra. Muitos comerciantes em todo o mundo têm usado com sucesso esta estratégia rentável. Agora ele está disponível para você! Você pode usá-lo em qualquer par. Ele não se importa em que para ganhar! Ele não tem medo de subsidência, a falta de comunicação ou requotes! Ele apenas faz o seu trabalho! Mesmo que não importa se a tendência do mercado, ou é um longo e chato – ele adaptou a ele! Vídeo sobre a estratégia de um perito http://www.youtube.com/watch?v=ragYKvz5H3Q Faça as suas perguntas para o especialista e aprender tudo o que você está interessado! A principal diferença das versões anteriores é o uso de um comércio dinâmico muito, o que permite, robô uma vez configurado, esquecer de otimização de capacidade e volume de encomendas. Agora, o lote é calculado automaticamente a partir dos fundos disponíveis em proporção ao seu depósito! Este fato é um indicativo de testes e otimizar o processo de vendas e identifica o depósito levantamento real! Advisor pode ser usado em um par, e em vários ao mesmo tempo. Você pode abrir as suas ordens, como as mãos, e outros robôs, Cobra não vai tocá-los. Adicionado instalar um certo número de pedidos viradas para baixo. Este uso mais eficiente permitido do movimento do mercado no momento explosões compras ou vendas. Quanto maior for o movimento contra o fim, o maior potencial de lucro do perito. E não use Gamarra! A estratégia baseia-se suave fortalecimento de suas posições, que não carrega o seu depósito. Robot totalmente automatizada de negociação, criado pelas estratégias de negociação originais, testado em muitos relatos da vida real e estável de geração de renda – Jumper! Agora a oportunidade de aumentar o seu depósito está disponível para você! Criado por programadores profissionais, o robô afeta o seu trabalho e rentabilidade! Não importa o que a tendência no mercado ou apartamento, o robô tem o seu! Seu depósito vai crescer diante de seus olhos! Advisor pode ser usado em um par, e em vários ao mesmo tempo. Você pode abrir as suas ordens, como as mãos, e outros robôs, Jumper não vai tocá-los. Um pouco sobre estratégias de negociação: – O trabalho é uma ordens turn-down e ordens de mercado – Definir claramente o ponto de entrada no mercado, o que garante alta rentável – Just exposto Ordem Stop – Advisor ser um Funções tendência do robô: – Totalmente opções personalizáveis ​​permitem ajustar ao seu estilo de negociação – devem ser claramente definidos parâmetros e algoritmos internos – é totalmente automatizada de negociação, sem a presença humana Obter este robô e começar a crescer rico hoje! Vamos inveja a todos! A poucos meses de EA e você não vai ter anos de economizar dinheiro em férias de longa merecia ou um carro caro! Aproxime-se do sonho e ele se tornará uma realidade! Requisitos para o depósito e do terminal: – Plataforma: Metatrader 4.0 – par de moedas: nenhum – pares de moedas em destaque: EURUSD, GBPUSD, USDJPY – Prazo: nenhum – Brokers – qualquer – Depósito mínimo: US $ 10 – Mínimo Lote 0.01 – Alavancagem 1: 100 ou mais Ele não temia quebrar o vínculo, o poder ou requotes, estratégia desde que as ordens de abertura de abertura com take fixo e parar. Mas, então, nada pode parar o trabalho de um perito! Grande cambista rentável Ao apresentar a sua atenção para o mais recente Parabólico conselheiro. Mais perfeito do que o seu antecessor. Este é o mais novo conselheiro com base no indicador populares Parabólico SAR. Robô usa níveis de Fibonacci e com base neles expõe takeprofit e stoploss, calculando automaticamente o tamanho. Realiza acompanhamento do lote, puxando um arrasto por necessidade. Para calcular o tamanho do lote como um percentual do depósito. Pode ser usado em qualquer par e qualquer período. Eu recomendo para EURUSD para 15 min, também mostrou bem-comportado em GBPUSD 15 min. Pode ser usado em diferentes pares de uma só vez, o que dará o melhor resultado. Teste para 2008 pode ser encontrada aqui http://neuron-forex.narod.ru/parabolic/parabolic.rar! E para o último mês aqui http://neuron-forex.narod.ru/parabolic/parabolic2009.rar A nova versão acrescenta: – Rápida recuperação do depósito – A função de posições em aberto controle – funcionar melhor para entrar no mercado com esses refinamentos foi o assessor de comércio mais rentável restos da antiga. Unesdoc.unesco.org unesdoc.unesco.org Função calcular níveis de Fibonacci em o conjunto de máximo e mínimo -. Manutenção de pedidos em aberto como um turn-down, e no mercado -. A capacidade de personalizar a qualquer par de qualquer Robot prazo testado em contas reais, e mostra uma renda estável no teste para a. últimos 3 meses mostrou depósito inicial 10.000,00 Lucro líquido 149.006,48 Lucro 19,68 esperado retorno 2.759,38 drawdown Absolute 200,00 drawdown Maximal 13.628,60 (16,10%) drawdown Relativa 18,45% (2.292,00) Total das operações, em 1954 Posição vendida (% ganhou) 24 (95,83%) posições longas ( % ganhou) 30 (93,33%) comércios de lucro (% do total) 51 (94,44%) comércios Loss (% do total) 3 (5,56%) Único auto-otimização Advisor GoodProfit Super especialista, um dos mais recentes desenvolvimentos na assessores de desenvolvimento que é certo para todos. Como um recém-chegado ao comércio, bem como os comerciantes experientes. Robôs totalmente automatizado fazer tudo para você. Este robô é capaz de trazer apenas o lucro! E não é apenas palavras vazias! Assessor para verificar muitos comerciantes sobre as contas reais e realmente traz resultados! A tecnologia exclusiva permite que o comércio de transação quase só positivo. Si Advisor determina a melhor hora do início do comércio, assim, obtém os melhores resultados. As estatísticas falam por si lucrar 25,30 esperados comércios recompensa 382,00 drawdown Relativa 21,16% de lucro (% do total) 122 (91,73%) E isso não é resultado de montagem. A principal característica é a função do robô auto-otimização, o que dá muito elevada rentabilidade. Você não tem que monitorar constantemente e otimizar, ele faz a si mesmo? Depois de uma breve configuração, você pode seguramente colocá-lo em uma demo ou real. Não há necessidade de otimizar para o ano! O suficiente para torná-lo para o mês, e já consultor irá otimizar-se uma vez por dia e exibir as mais recentes opções que proporciona um lucro muito alto! Mesmo se você é profissional inexperiente ou iniciante, ou querem esquecer o conselheiro reconfiguração constante, então este sistema para VOCÊ! Com o ajuste conselheiro eu posso ajudar! eA mt4 SUPER LED WKBIBS – o oscilador mais rápido. Super LED WKBIBS – é uma nova geração de sistema eletrônico com funções combinadas do WKB dois indicadores e IBS. Adequado até mesmo para iniciantes! Adequado mesmo para um novato no forex, mas para os profissionais será ainda mais além do sistema de negociação. WKBIBS dá os primeiros sinais em relação ao tipo de oscilador estocástico padrão e difere de todos os indicadores de comparecimento não emite sinais falsos e não redesenhado. Indicadores de comparecimento tais Trend_Signal_2008 não vale a pena comprar em uma programação congelado tudo muito bom, mas eles ficam atrás de rastreamento em tempo real de dar um sinal quando ele realmente deixou de ser relevante, e a transação não é aconselhável. Como vender: Quando a linha vermelha cruza azul de cima para baixo a vender, se o vermelho oposto atravessa o fundo do azul de baixo para cima, você compra – tudo muito simples, mas importante, como você pode ver a imagem de forma muito clara, o sinal é uma tabela de preços ainda é relevante para a transação na direção certa, ao contrário dos indicadores de switch quando seria tarde demais para abrir a transação. O resto, incluindo a possibilidade de uso de filtro tendência ea direção preferencial de transações, você pode encontrar-se, desde que eu não vender sistemas de negociação imediata e vender indicador para o sistema de comércio, para não ser confundido, mas como se constata que todas as compras Exigir uma TS claras e não indicadoras. Em qualquer caso, eu estou pronto para trabalhar no desenvolvimento do Sistema de Negociação com cada pessoalmente e individualmente, se você tem um forte desejo por algo, tão bom, exceto os arquivos do indicador não é parte da descrição. Graças Rashid Umarov (Rosh) para obter ajuda na criação de um indicador. Como faço para definir, espero que toda a gente sabe, basta ajustar a cor e espessura das linhas (figura não toque, não é para a otimização, ou seja, para o teste) SUPER CONSELHEIRO – == IL lucros5 == – LUCRO PROVADAS Um dos sistemas de comércio mecânicos mais rentáveis, estável e confortável para FOREX hoje! Ele tem uma renda estável, um algoritmo original da primeira transacção e a saída do sistema promoções alces breakeven por Gamarra. O sistema é flexível e exclusivamente rentável – uma renda estável até 1200% em menos de 1 ano – marcada. Um pouco de medo só pode ser saltos imprevisíveis nos preços de 500 ou mais pontos na direção errada, o que acontece durante o colapso econômico de qualquer país, guerra, grandes ataques terroristas, etc. Isto acontece uma vez em 2 anos. Isto pode ser encontrado na TV e com antecedência, para suspender as operações conselheiro para uma semana ou menos, ou usar o meu sistema de patrocínio com uma flexível mão-MM, que por si só aumenta ainda mais os lucros. “IL_Profit_1.5” é um programa (MTS, conselheiro, juiz, ou se você gosta de bot compras.) Para Metatrader 4.0, que podem ser negociados de forma independente, com pouca interferência do próprio homem. As vantagens deste método de negociação são grandes e consistem na ausência de “fator humano”: Nosso sistema deve ser claramente chama seu algoritmo pode negociar o tempo todo trazendo ainda um trader novato para um rendimento estável. Se você está em seus próprios cálculos pessoais não gosta da transação aberta, por exemplo, porque, para eles, uma vez inscritos, foi de swap menos (embora esta seja uma moeda de um centavo), podemos cautela para suspender o comércio ou como uma alternativa, use um especial MM na minha técnica, como eu vou te dizer em uma correspondência pessoal. Expert é cambistas metade devido ao fato de que o TP mínimo pode ser igual a 7, além do fato de que ninguém corretor não proibir a sua utilização nas realidades das características de um sistema totalmente escalpelamento com TA = 1,2,3. FOREX estão trabalhando no noticiário automaticamente – inNew Cheguei a uma conclusão: o bom resultado, sem a enorme sobrecarga de nervo, dá o chamado trabalho sobre a notícia. Eu não incluem valores (Estou surpreso que eles liderar os outros, mesmo com tal precisão e certeza – apenas terminar de ler a descrição até o fim. Não é de admirar em um seminário conferencista chamado a notícia “por cento SRT grão trader”. Saia da notícia importante é sempre claramente marcadas, e todos os participantes do mercado estão esperando a notícia com impaciência. Todos vocês (os trabalhadores do mercado FOREX) vimos como o preço, por exemplo, depois de discursos Greenspan: 100-150 pontos (e isso é um monte de dólares em lucros, se você abrir uma posição na direção certa). Certamente todos tentou perseguir o preço, e alguém viu, e alguém não. Especialista Auto para as ordens de instalação ou remoção no horário especificado e trabalho manual na saída de notícias importantes. Projetado para trabalhar no mais popular MetaTrader4 terminal de negociação. Comprando Especialista INNEW Você nunca vai estar perseguindo o preço. Ele instala automaticamente os pedidos pendentes para comprar e vender em uma pequena distância do preço atual antes de a notícia com o toque de um botão. E depois que a notícia é uma das ordens você irá ganhar lucro. Se você não pode ficar perto do terminal de negociação no momento da liberação programada de notícias, vai ajudá-lo a julgar. À hora marcada, ele irá definir as ordens pendentes, retirar-se se eles não são executados dentro do tempo especificado você indicar. Irá remover uma ordem no comportamento da outra. Claro notícias nem sempre causa uma reacção violenta do mercado, mas a média é de 1 a cada 2 dias. O guia sobre o trabalho na saída de uma notícia importante, eu expliquei o princípio do trabalho, sobre o calendário de notícias econômicas e do uso de um especialista. O expert trabalha em quaisquer pares de divisas e quaisquer prazos. O guia para trabalhar na saída de notícias importantes regras muito pormenorizadas para lidar com um especialista. Descreva todos os parâmetros variáveis. EA Auto Profit Diler 5,1 © 90% de lucro, Forex 2009 EA “AUTO Profit Diler 5.1” & # 8211; é automático, desenvolvido no final de 2008 por um grupo de desenvolvedores Finans Além disso Trading System para Meta Trader v.4. Atualizando uma versão mais antiga 4,7-5,1 ocorreu 12 de março de 2009. Recurso fornecido PARA A VENDA! “AUTO Profit Diler 5.1” & # 8211; Advisor, que de acordo com os nossos cálculos permite-lhe mudar a sua vida e ganhar a liberdade financeira, ao fazer um depósito de $ 1000 já. Algoritmo único melhorado que utiliza dois indicador padrão para a entrada no mercado. Nenhum ajuste para a história. Assessor de distinguir-se com sucesso warrants e cheques apenas para essas ordens, que se colocam. Você pode negociar de forma independente na mesma conta, o conselheiro não vai tocar suas ordens. O princípio em que ele trabalha, é único! Este método de comércio é muito conveniente, especialista nunca se cansou, não se sente todas as emoções, enquanto continua a ser negociadas com uma estratégia pré-determinada em qualquer situação. O sistema irá fazer todo o trabalho para você, é muito bom, especialmente para ver os resultados reais no final do dia. Funciona em conta real e de demonstração, sem interrupção em torno do relógio, mesmo às sextas-feiras sem intervenção humana em OK. Vantagens da nova versão de “Auto Profit Diler 5.1”: + Sem limite de transações + depósito mínimo Low (recomendamos $ 1000); + Protecção de depósito descarga *** * Plataforma: Metatrader 4.0 * par de moedas: eurodólares * Prazo: H1 (hora) * Horário: dia e noite diante. dias úteis * Corretores – qualquer * número de transações – ao mesmo tempo 5. * MM – Lot Fixo * Desempenho – 800% ao ano * Estratégia -. não usa um padrão estocástico, não tem um sistema de Gamarra, quando você precisa de um enorme. depósito * Eficiência: mostrou-demo, bem como ao vivo. EA ouro Tubarão ver. 5 © tubarão lucrativo no mercado Forex A troca de moeda tornou-se uma atividade muito comum. Volume de negócios de quase três trilhões de dólares por dia chega ao mercado moeda mundial Forex (FOREX – de Câmbio). Pelo menos 80% de todas as transações são especulativos, com vista a beneficiar de promoções nas taxas de câmbio. Muitas instituições financeiras receber a maior parte dos seus lucros aqui. As razões para esse interesse é compreensível. No momento, não existe praticamente um negócio financeiro indústria, torná-lo possível para um curto período de tempo para receber uma renda, muitas vezes excedem o investimento inicial. Nós apresentamos um consultor exclusivo “Gold Shark” © 5, que é um dos desenvolvimentos mais recentes e mais bem sucedidos especialistas «Finans Além disso» para negociação no Mercado Forex 2009, o que é adequado para quase todos. O sistema é baseado em um algoritmo exclusivo utilizando indicadores que estão incluídos no arquivo, o que resulta em lucro máximo. Com EA “Gold Shark” © 5, você não tem habilidades especiais e esforços especiais na configuração adequada para aumentar seu capital. Advisor foi projetado para pessoas que valorizam o seu tempo e dinheiro. Assessor criado para o comércio: de conservador a arriscada. * Plataforma: Metatrader 4.0 * par de moeda: qualquer (EURUSD recomendado) * Prazo: M5, M15, M30, H1 (recomendado pelo M15, M30) * Horário: relógio * Brokers – todos (recomendamos Forex4you, Alpari) Também no fornecimento de peças inclui as definições que são constantemente atualizados em nosso site. Por favor, não use as configurações para os outros Brokers * Lucro – 20-150% ao mês (dependendo do risco e tamanho do depósito) * Depósito mínimo. 500 (em que os comércios conselheiro), sugerimos que a partir de 3000 * Oportunidades Orientador: – A entrada no mercado com três indicadores não-padrão; & # 8211; Possibilidade de usar em vários pares (comércio multi-moeda); & # 8211; Proteção contra falsos sinais; & # 8211; Retirada de posições em equilíbrio com o bloqueio e média deficitária; & # 8211; Suporte com finais; & # 8211; comércio Inverse; & # 8211; Estabilidade no mercado, mesmo em mercado muito volátil. EA v.7.0 Volcano premium ۞ – comércio pensada Único consultor «Volcano premium» v.7.0 é o mais recente especialistas em inovação «Finans Além disso» para negociação no mercado Forex, em 2009. Como resultado, todas implementadas modificações, em comparação com as versões anteriores, o consultor vende mais precisão, os resultados do comércio tornou-se mais rentável e estável. A vantagem deste conselheiro é para completar a análise do estado atual do mercado e tomar decisões informadas com base na análise de dados históricos, juntamente com o uso de indicador fora do padrão. Com «Volcano premium» v.7.0, você pode nenhuma habilidade especial e esforços especiais na configuração adequada para aumentar o seu capital. Advisor foi projetado para pessoas que valorizam o seu tempo e dinheiro. Grandes Opções do consultor: & # 8230; ** Todos os pares de moedas ** A capacidade de usar em vários pares (de negociação multi-moeda) ** Usando o Volcano_Ind indicador personalizado ** Capacidade de usar para a troca do dia ** prazos destaque: M15, M30, H1 *. * O depósito mínimo, à taxa de 3000 por par, no qual a negociação conselheiro ** Advisor definido para o comércio. do conservador ao alto risco ** Proteção contra falsos sinais ** filtro para abertura de posições. máxima do filtro / mínimas * * Capacidade para apoiar as posições em aberto usando final. ** Capacidade de abrir o bloqueio mandado. ** Capacidade perda média. ** Possibilidade de um comércio inverso (no caso de reversão do mercado). ** Configurações de serviço. Advisor à venda na forma de arquivo de licença EX4, ele é compilado e pronto para uso no MetaTrader terminal. Robô Forex pode trabalhar por conta de forma totalmente independente e não necessita de intervenção humana. O kit está vendendo muito instruções detalhadas para instalar e configurar o conselheiro. Não houve complicações no uso de EA lá, ele pode de forma consistente e rentável operar com as configurações padrão. Robot EA melhor negociação na Champion princípios de 2007. Muitos foram atingidos por um sucesso impressionante de ganhar o campeonato 2007, onde Melhor acabamento com a separação do concorrente mais próximo por mais de 2,5 vezes: Você apresentou Advisor aka_Better, escrito com base em (Rede Neural Probabilidade) rede neural probabilística PNN. Baseia-se em princípios utilizados pelo campeão. Um vídeo que ilustra o trabalho de especialista http://www.youtube.com/watch?v=dZmHSqrOsBo Muito antes da final do Campeonato-2007, começou a explorar estratégias para TS Oleksandr Topchylo. Naquela época, ele respondeu perguntas em um blog e fóruns. Posteriormente, uma série de informações de fontes públicas foi removido, mas a deixamos. As possibilidades de redes neurais em resolver os problemas de previsão não pode ser subestimada, mas não é fácil de usar ferramenta que requer alguma habilidade. Seis meses de trabalho duro que nos levou a escrever este especialista. Chamamos isso EA_Better. As redes neurais não são apenas uma ferramenta poderosa, mas também ferramenta universal para resolver os problemas de previsão. E para nós não vir uma surpresa que o conselheiro EA_Better, sendo inicialmente “afiada” sob o EURUSD, não mostrou resultados piores que os outros pares de moedas, bem como para outros tipos de mercados: matérias-primas, mercado de ações, índices, futuros. títulos, opções, contratos por diferença … Backtests são feitas permanente, perto de um monte real com um razoável grau de risco (rebaixamento), os apresentados investidores sérios. Os resultados para cada instrumento, mostram um aumento no depósito de 2-4 vezes por ano de negociação, que é muito próximo ao do campeão por conta real: http://www.viac.ru/cd/23&list=graph&acc= 2102 onde um depósito ano aumentou 3,5 vezes para EURUSD. É claro que o nosso consultor de comércio EA Melhor para vários instrumentos ao mesmo tempo, será feita, às vezes mais o nível de lucro para diversificação de risco. Advisor auto lucro de Ouro Automated Trading System “auto lucro de Ouro” rentável, estável e fácil de usar sistema de negociação forex mecânico para hoje! Ele tem uma renda estável, um algoritmo original da primeira transacção e a saída do sistema lida com nenhuma perda de Gamarra. O sistema é flexível e exclusivamente rentável – um lucro estável 3100-3700% para 1 ano – marcada na real e de demonstração. Um pouco de medo só pode ser saltos imprevisíveis nos preços para o 400 ou assentamentos “na direção errada”, que ocorre durante o colapso econômico de qualquer país, de guerra, major, terroristas, ataques, etc. Isto acontece uma vez em 2 anos. Isto pode ser encontrado na TV e com antecedência, para suspender os trabalhos sobre o conselheiro por vários dias. “Auto lucro de Ouro” é um programa (MTS, consultor, especialista). Para Metatrader 4.0, que podem ser negociados de forma independente, com pouca interferência do próprio homem. As vantagens deste método de negociação são grandes e consistem na ausência de “factor humano”: Sistema deve ser desenha claramente seu algoritmo pode negociar o tempo todo trazendo ainda um trader novato para um rendimento estável. Advisor é uma meia-cambistas devido ao fato de que o TP mínimo pode ser igual a 5, mais o fato de que ninguém corretor não proibir a sua utilização sobre o real, em oposição a sistemas completamente escalpelamento com TA = 1,2,3. Nenhum ajuste para a história. Assessor de distinguir-se com sucesso apenas para essas ordens, que se colocam. Você pode negociar de forma independente na mesma conta, o conselheiro não vai tocar suas ordens. O princípio em que ele trabalha, é único! Este método de comércio é muito conveniente, conselheiro nunca se cansou, não se sente todas as emoções, enquanto continua a ser negociadas com uma estratégia pré-determinada em qualquer situação. O sistema irá fazer todo o trabalho para você, é muito bom, especialmente para ver os resultados reais no final do dia. Funciona em conta real e de demonstração, sem interrupção em torno do relógio, mesmo às sextas-feiras sem intervenção humana em OK. Aviso O depósito inicial recomendada de 50 $ (5000 centavos) em contas de mini com um monte de 0,01 Relatório http://forexmag4you.narod.ru/StrategyTester.htm Relatório conta real http://forexmag4you.narod.ru/otset.htm GBP / Período usd 5 Minutos (M5) 2008/01/02 09:00 – 2008/05/30 22:55 (2008/01/02 – 2008/06/02) o depósito inicial de 50 $ (5000 centavos) renda total Lucro líquido 67.602,95 79.024,25 perda Gross -11.421,30 Rentabilidade 6,92 retorno esperado 58,03 drawdown Absolute 411,80 drawdown máximo 44.205,54 (91,73%) drawdown Relativa 91,73% (44.205,54) Total das operações em 1165 posições curtas (%) ganhou 479 (74,74%) posições longas (%) ganhou 686 (74,20%) comércios Lucro ( % do total) 867 (74,42%) comércios de perda (% do total) 298 (25,58%) maior comércio lucro 1.642,50 comerciais Perder -706,50 comerciais Lucro médio 91,15 Perder comércio -38,33 Número máximo de vitórias consecutivas (lucro) 27 (650,80) Consecutiva perdas (perda) 9 (-3.202,02) lucro consecutivo máxima (contagem de vitórias) 2.679,70 (3) perda consecutiva (contagem de prejuízos) -3.202,02 (9) Média de oito vitórias consecutivas de três derrotas consecutivas Informações: Tech. Características cambistas “Auto lucro de Ouro”: * A complexidade do MTS: Ele vai entender mesmo o principiante. Possíveis erros vão decidir juntos * Terminal. MetaTrader 4 * Os instrumentos sugeridos. Qualquer par de moedas * Período: de M1 para MN (meses) * Depósito mínimo. 50 $ (5,000 centavos) a partir de 50 cêntimos para o micro * Profit. até 3700% ao ano. depende do ombro, os lotes de nível e frequência de reinvestimento * Brokers. Qualquer pessoa com um micro 0,01 Lot, Mini 0,1 lote, ou pontuação normal de um lote. (Recomendações, veja acima) * Horário. Dia e noite, durante a semana * Reinvestimento: reinvestir ou para aumentar o valor do lote, é necessário após a notícia Non-Farm Payrolls (NFP) (a primeira sexta-feira do mês), por exemplo, na segunda segunda-feira do mês, assim que você vai aumentar o lucro total para algumas dezenas de% e proteger-se da força suposta maior. Com reinvestimento dos lucros pode ser de até 3700% ao ano. A eficiência da MTS provou para demonstração durante os 1,7 anos no Real Madrid apenas por um curto período Informações adicionais: O kit arquivo inclui. EA na forma compilada, ou seja, em formato EX4 e pronto para o trabalho “Set” arquivos de otimização – + máscaras de indicadores para determinar o movimento do mercado – arquivo scripts auxiliares (instalação e otimização do perito auto lucro de Ouro) O mais eficaz noite robô de negociação “v.2010 NIGHTCASH” & # 8211; Pegue um pedaço de torta de noite no Mercado Forex! O robô é capaz de tirar tudo de sua negociação Forex e automatizar totalmente a extração de lucro a partir de sua conta, mesmo enquanto você dorme. Uma solução revolucionária para que você possa realizar a análise, comparação, a tomada de decisões sobre as compras ou vendas, abertura e fechamento de transações para um aumento contínuo seu depósito. O robô foi dada em 3 semanas testando todos o comerciante. A eficácia do robô mostraram uma taxa muito alta, cerca de 90% dos comércios vencedoras e 10 derrotas, como base para o robô foram tomadas idéias a partir das 10 principais conselheiros este ano, agora é conselheiro a melhor noite de, agora você pode comprar e a um preço razoável. Forex robô funciona com todos os pares de moedas (25 pares de divisas): 21:00-05:00 GMT (durante a sua menor atividade). A idéia de tal comércio não é novo e foi usado por muitos antes de nós, mas ofereceu-lhe um produto tem uma série de inovações revolucionárias, que aumentarão significativamente os lucros e minimizar as perdas. Também uma das principais vantagens v.2010 NightCash é que a confiabilidade, o que é importante em um mercado tão dinâmico como o Forex ao trabalhar com dinheiro real. Então, agora você pode comprar realmente trabalhando, produto de alta performance, que vai pagar muito rapidamente, e vai continuar a trazer-lhe uma renda estável! Iniciar a negociação com um sistema real e eficácia comprovada. Lista de outros materiais no pacote mega Forex: ^ Dyn_Range “,” ^ Dyn_Range2 “,” ^ Pivot_AllLevels “,” ^ Pivot_PP “,” ^ Pivot_ResSup “,” _ (SF_TREND_LINES) “, ___________________ matriz-, ___________________ Matrix-_2”, _convert HST para CSV V2_95.zip “, _ea_DivergenceTrader_Ron_MT4_v05, _i_EF_distance, _i_EF_distance1, _i_MACD, _MA_Crossover_Alert_, _MatrixProf, _MatrixProf_2, _MTF_Candles, _MTF_MovingAverage, _MTF_Supertrend, _MTF_Supertrend_On_Price “, _rdb_ Guia EA”, “The Best _rdb_ EA Livre (Atualização de 01 de janeiro de 2009)”, _rdb_Thunder_4WD_v1a “, _SHELL [ea] Name_Ron_MT4_v00”, _TDTLModifiedBR, a-new-interprtation-de-informações-rate-kelly, A_Foreign_Echange_Primer “, ABHA + MASAH.zip”, abhaeepertv2, abhaindictorv2, “Método Abid”, ABO_v1.40_CNS_Readers, AboveBelowMA.ex4, AboveBelowMA.mq4, AbsoluteStrength_exit, acelerador. Accelerator_LSMA, Accelerator_LSMA_v2, Accelerator_LSMA1, AccountMonitor, AccountMonitor1, Acumulação “, ACD System1”, ACD_PV, ActiveTrading, Adaptosctry, AdaptTS, AdaptTS.ex4, AdaptTS.mq4, aDeleteMe, ADQ_System, advanced_candlesticks_strategies, ADX, “ADX Travessia”, “Crossing ADX w_Alerts “,” ADX CrossingAlertEmail “,” ADX FiboMA “, adx.lucki, adx.mq4, ADX_System.ex4, ADX_System.mq4”, ADX_System + Tracert “, ADXbars”, ADXbarsSmd [cw] “,” ADXbarsSmd [sw] ”. ADXCROSS, ADXCROSS.ex4, ADXCROSS.mq4, ADXCROSSautotrade, ADXCROSSautotrade2, ADXCROSSautotrade3, ADXCROSSautotrade5, ADXcrosses “, ADXcrosses e som”, ADXDMI, adxdon, adxdon1, ADXTRENDTALK, AFStar, AFStar1, Agressor, AI_PerceptronZZ, AK.zip, ak_system1, AK74M_ver1.00_educated “Akuma99 Atmosphere”, “Akuma99 nuvens de tempestade”, “Akuma99 nuvens de tempestade v0-3”, Aladdin2FX, AladdinFX, AlbatorFX, Alert_MA, Alexav_D1_Profit_GBPUSD, Alexav_SpeedUp_M1, AlexmanConcursExpert.ex4, AlexmanConcursExpert.mq4, All_usd_pair, jacaré, Alligator3, AlphOmega_Elliott_Waves_5.7. Alternative_Ichimoku_v07, altMA, AltrTrend, AltrTrend_Signal_v2_2, AltrTrend_Signal_v2_2-Alert, AltrTrendexp “, AltrTrendexp (23SEP05)”, AMA “, AMA & AMA sig”, “AMA otimizado”, AMA_AMA_sig, “surpreendente notícia EA”, AmazingEA-1.0.5, “AmazingEA-1 [1] .1.7”, AME_Cross_Trader_v2.02.zip, “Analisa FOREX1-Candlestick-Support-Resis-Asa-Breakout”, “Analisa Forex2-123-Eliot-Fibo”, andrei888889333, ang_AutoCh_HLK-v1, Angel_A1. antitrend_EMA, ANUBIS-2010, anubis.ex4, anubis.mq4, ao, AO_MFI_MA_Ron_01, SA1, SA2, Apac14.zip, Arbitrag.ex4, Arbitrag.mq4, Arbitrage, ArbitrageReverse_1.1, ArbitrageReverse_1.1.ex4, ArbitrageReverse_1.1 .mq4, ArbitrageReverse_1.1_2, Arbitraz “, Aroon Up & Dn”, “Aroon Bars”, “Aroon chifre”, “Aroon Oscilator”, “Aroon Oscilator_v1”, “Aroon Oscilator_v1_2”, “Aroon Up & Dn”, Aroon_Bars, Aroon_Haroon, Aroon_Horn, Aroon_Horn1, Aroon_Horn2, Aroon_Oscilator, Aroon_Oscilator_v1, Aroon_Up_Dn, Aroon_v1, Aroon_v1_2, ArrayTest “, Artemis_Sitter v1.80”, Artemis_Sitter_V.1.80_PRO, Artificial_Intelligence, ArtificialIntel, ArtificialIntelligence.ex4, ArtificialIntelligence.mq4, AsAManThinketh, ASC, ASC- Trend-sinal, ASC-Trend-signal.ex4, ASC-Trend-signal.log, ASC-Trend-signal.mq4, “Tendência ASC”, “ASC Tendência EA”, “ASC Tendência EA (2)”, “ASC Tendência EA (3) “,” ASC ++. EX4 “,” ASC ++. mq4 “, Ascbars, ASCtrend, ASCTrend_Sound.mq4”, ASCTrend_Sound [1] .mq4 “, ASCTrend1, ASCTrend1sig, ASCTrend1sig_noSound, AscTrend2, ASCTrendK, ASCTrendK2, Ask_Shadow, ASKBID, asys_beats, asys_fibo, eA forex, at_Itp4, ataman1.02, ATC-2008.zip “, ATC 2008”, atc2006 “, atp.1 variável global”, “atp.1 variable1 global”, “atp.1 mundial variavel2 “,” atp.1 iCustom “,” atp.1 iCustom1 “,” atp.1 iCustom2 “,” atp.1 iCustom3 “,” atp.2 iCustom “,” atp.3 iCustom “,” atp.4 iCustom “,” atp.5 iCustom “,” atp.5 iCustom1 “,” atp.6 iCustom “,” atp.6 iCustom1 “,” atp.6 iCustom2 “,” atp.6 iCustom3 “,” atp.7 iCustom ” “atp.7 iCustom1”, “ATP [1] 0,7 iCustom”, ATR, ATR “Canais”, “níveis de ATR”, “relação de ATR”, ATR_Levels, “Método Atrainer”, anexo, AttheBestEA, “Auto-Pivot Plotter V1-3 “,” Auto-Pivot Plotter (Mid-Levels) V1-3 “, Auto-Scalper_,” AUTO Profit diler v.4.7 “, Auto_Cash_Generator_Ultimate2, AUTO_Garant, Autobot_EA.zip, AutoDayFibs, Autoforex_V2_478397, autoFX_HaNoo.ex4, autoFX_HaNoo.mq4, autoFX_HaNoo_v10, autoFX_HaNoo_v101 “, autoFX_HaNoo_v101 (23SEP05)”, AutoGraf_Kapel_indic, “Graal Forex Automatic”, Automatic_Forex_Crusher, AutomaticFXGrail, AutoMoney4_ind_3.zip, Autopipster, Avalanche_v1.2 “, Avalanche_v1” programa de negociação de um automatizado “[1]. 2 “,” Range Média “,” Tamanho médio Bar “,” médio diário Range “, Avoiding_mistakes_in_forex_trading_-FOREXTrader, AvonkoElite_v43, avtoforex. impressionante,” Awesome variável de usuário “,” b-relógio modificado LA Prata “,” B. Williams “, BadOrders, BagavinoBar”, Balan, _Robert _-_ Elliott_Wave_Principle_Forex “, Bands, Bands1, BandsLSMA, bar_close_alarm_V1, Basket_Profit_Alert2”, Basket_Profit_Alert2 [1] “, BasketBull606,” Método BAT “,” Método Batfink “,” BB – HL “, “BB 0.1”, “Método BB”, BB_Diff, BB_MACD “, BBands Stops”, “BBands Stops1”, BBands_Stop_v1, BBandWidthRatio, bbhisto, bbkc, bbsqueeze, bbsqueeze1, BBwithFractdev, BCatcherR4, BCatcherR4.ex4, Bear_Market_Investing_Strategies, Bears, “Bella Method “, Bheurekso_pattern, Bid_View2.0,” Big Boss “, Bill_Poulos _-_ Fibonacci_Trading, Bill_Williams _-_ Trading_Chaos, Billion_Meter_System.zip, billionere”, Binario TR d “, Binario_3, Binario_31, Binario_TR_d, BIO, birza_risk,” Black Rei V 2.0 ”. black_dog_system, BlackPanther “, BlackSwan forex.zip”, Blade_Forex_Strategies, Blau, blCma, abençoe, Bless_Fifth_Element_v1.0.1, bless_FiFtHeLeM, “Sistema Blessing”, BLines_Profi_en, BLines_Profi_v1, BLines_Profi_v11, Bogie-NN-v8b_Se.zip, Bogie_all, Bogie_Neural_Network, Bogie_V10 “Bollinger% b”, “Bollinger Largura de banda”, “Bollinger Bands”, “Bollinger Bands% b”, “Bollinger Master”, “Bollinger Squeeze v3”, “Bollinger Squeeze v4”, “Bollinger Squeeze v5”, “Bollinger Squeeze v6 “,” Bollinger Squeeze v7 “, Bonsix_EA, bônus, guarda-livros, Boomerang22, BorneoKingEA, borselino2.zip, BOSS, bouncingPipEA_mpowerV41,” Tendência Brain “, BrainTrend1, BrainTrend1Sig, BrainTrend1Sig1, BrainTrend1Stop, BrainTrend1StopLine”, BrainTrend1StopLine C “, BrainTrend2, “BrainTrend2-convertido Help”, BrainTrend2Sig “, BrainTrend2Sig-convertido Help”, BrainTrend2Sig1, BrainTrend2Stop “, BrainTrend2Stop-convertido Help”, BrainTrend2StopLine, BrainTrend2StopLine-converter-ajuda, BrainTrendALP, BrainTrendALP1Sig, BrainTrendALP2, BreakingTheBrokerMyth, fuga, Breakout_BSL_EA “, Breakout_TR_0 [ 1] 0,5 “,” Breakout_TR_0 [1] 0,9 “, Breakout1, Breakout11,” Breakup 0.1 “,” Broker Forex “, BronzeW_Pan”, Bruno’s.ex4 “,” Bruno’s.mq4 “,” de Bruno v1 “, Bryan, Bryce_Gilmore _-_ Dynamic_Time_and_Price_Analysis_of_Ma, rket_Trends, BT1, BT2Sig, BT2Stop “, BTtrend Trigger”, “touro urso”, Bull_vs_Medved, touros, BULLS-BEARS-4XTRAFFIC2, BullsBearsEyes “, BullsBearsEyes (28AUG05)”, BullsBearsEyes1, “Coelho Cruz do sistema”, Bunny_v2.0 “, bunnygirl Cruz e Daily Open”, “bunnygirl Cruz e diariamente Abra 10”, BURN_v1.2, BURN_v1.2a, BURN_v1.7_6s_D, BURN_v1.7_m “, Butaney, _T.G ._-_ Forecasting_Prices_ (5th_Edition) “, BykovTrend_Sig”, COTL Forex Trading System “, CaliberFxPro, Calypso,” Calypso оплачено “, Calypso_2, cam_H1_H5_Historical, cam_L1_L5_Historical, Camarilla, Camarilla-MT04-Ind_MBB”, Camarilla Forex System-Daily “,” Camarilla Forex System-Daily1 “, “Camarilla Forex System-M5a”, “Camarilla Forex System-M5a1”, camarilladt1, camarilladt5, camarilladt7v1, camarilladt7v11, camarilladt8, camarilladtHistorical_V2, camarilladtHistorical_V4, “Cancelar Abrir Parar ou limitar Orders”, “Cancelar Orders”, “Candle MT3_Separate”, CandleAverage_v3. candles_01, castiçal, “Candlestick Identification_MT4_In”, “candlestick Pattern”, “Candlestick padrão 2”, “Candlestick Pattern dicionário”, “Candlestick Pattern Parte 1”, “Candlestick Pattern Parte 2”, “Candlestick Pattern Parte 3”, “Candlestick Technic “, Castiçais, candlesticks_document, CanOM07_191”, 5RU Capital “, Carcharodon_v1. Cash-Cruiser,” Hammer Dinheiro v2.0 “, Cash_Hamer_v2, Cashing_in_on_Short_Term_Currency_Trends, CashRocket, CASPIAN_EA.zip, Catarena, caterpillar_70704c, CatFX50, CatFX50.mq4” CatFX50_last ver “, CatFX50b, CCI,” CCI (1) “, CCI_For_Gazuz2, CCI_For_Gazuz2.ex4, CCI_For_Gazuz2.mq4, CCI_Histogram, cci_manual, CCI_Woodies”, CCI_Woodies [i] “, CCI_Woodies2”, cci21 (1) “, CCIALERT, CCIALERT .ex4, CCIALERT.mq4, CCISqueeze, CCM2, CCM3, “centro de gravidade”, ch_2006.ex4, ch_2006.mq4, “A volatilidade do Chaikin”, Chameleon_2008, campeão de 2007, as chan_ea, Chande, Chande_Kroll_Stop_v1, ChandelierExit, ChandeQStik_v1, channelprofit- fx-indicator.zip, Canais, Chaos_Elliot_EA.zip, ChaosTrader, Charles_Mackay _-_ Extraordinary_Popular_Delusions_and_the_Madne, ss_of_Crowds, Charlie_Wright _-_ Trading_as_a_Business, “Pattern Chart”, Chemp2008, CHF_CORR_EUR, Chinchilla-EURCADH1, CHMP-Forex_Market, CHMP-Forex_Market-2008-GBPUSD, CHO, “Chris Battles.ex4”, “Chris Battles.mq4”, CJDTNYBR, CJDTNYBR_2, “Clear O Conselho de Bee-otch”, “Cleon Heiken Ashi”, Clif_Droke _-_ Elliott_Wave_Simplified, Close_Basket, Close_Basket_Profit, Close_Basket_Profit_Loss, Close_Basket1, Close_Basket2, Close_Delete_Everthing_ASAP_Now_Profit_Hour. Close_onepair_open_and_pending_orders, CloseMall_Hour_Input “, CloseMall_Hour_Input Bee-otch-666”, CloseMall_Hour_Input1, CloseOnTime “, CloveriX [1]”, CMO_v1, cobra.zip, “Cobra v1.0”, CobWeb_v2.3, CoeffofLine, CoeffofLine_true, CoeffofLine_true1, CoeffofLine_true2, CoeffofLine_v1, CoeffoLine_Hist, CoeffoLine_Hist1, CoeffoLine_Hist2, collaps.ex4, Collaps.mq4, Collection_EA, ColorOsMA, ColouredWoodie, ColouredWoodiesCCI “, 2.ex4 Competition”, “2.mq4 Competition”, Competition.ex4, Competition.mq4, Conda.zip, continuação, Cool2, “Cópia de 27-23 Rule”, Coramac_0001, “Método Cornflower”, “Correl [i] _1”, “Correl [i] _11”, “Custo Média v4-Pyramid.ex4”, “Custo Média v4 -Pyramid.mq4 “,” Custo médio -Common RSI v1.ex4 “,” Custo médio -Common RSI v1.mq4 “, CostaBlancaEA.zip, Cracking_The_Forex_Code,” pontos críticos “,” Critical pontos1 “, Critical_Points, Critical_PointsV2, Crodzilla. zip, cross.ex4, cross.mq4, CrossMA, “CSV produtor”, “CSV producer1”, csv_to_hst, CurrencyProfits_0.1, CurrencyProfits_01.1, Personalizado, CustomCandle “, CyAn_5_CG Oscillator”, “CyAn_6_RVI (1)”, “CyAn_8_FishStoch (1) “, CyberiaTrader, CyberiaTrader.ex4, CyberiaTrader.mq4”, CyberKreatif News “, cyberkreatif_BrainTrend1Sing_Alert, cyberkreatif_BrainTrend1Sing_Alert_Multi_Time, cyberkreatif_Pivot, D_RSI, D20P_-_Pivot_Master_EA.zip,” Daily Scalp “,” Daily Scalp.ex4 “,” Daily couro cabeludo. mq4 “, Daily% 20Open, DailyPivotPoints”, DailyPivotPoints (2) “, Damiani_volatmeter”, Damiani_volatmeter (1) “,” Pivots Darma “,” Sistema de Indicadores de Darma (beta) “, Darma% 20Pivots, databriefaugust04,” Dia CHENEL “, DayChannel% 28Mix% 20edition 29%, Daydream01, dayHL, “DayImplus 1.1”, “DayImplus 1 [1] 0,1”, DayImplus% 201,1, DayImpuls, DayImpuls.mq4, DayImpuls_T3_v3, “DayImpuls_T3_v3 (1)”, DayImpuls1, DayImpulse, DayImpulse2DD, DayImpulseOverlay, DayProfitDelux, DayProfitSE, DayTrader, DayTrading, “Template DayTrading”, “DayTrading (23SEP05)”, DayTrading.ex4, DayTrading.mq4, DayTrading02, DayTrading02-a, DayTrading021, DayTrading022, DayTrading1 “, DayTrading1 (23SEP05)”. DayTrading2, DayTrading3, DayTrading3-a, DayTrading301, DayTrading301-a, DayTrading5, DayTrading5.ex4, DayTrading5.mq4, DayTradingMind, DC.ex4, DC.mq4, DCGGBPJPYV40K3, DCGINDI2, “Manual de Gestão de lotes de negociante”, “Dealers Trade v 7,89 ZeroLag MACD.ex4 “,” Dealers Trade v 7,89 ZeroLag MACD.mq4 “, DealersTradev7”, Decompiler 220 “, Decorator_Ron_v01”, DelanTradeExpoSystem 1.3 “, deltaforce, Demark,” DeMark Trendline Trader “, DeMark_Lines, Demark_trend_new”, DeMarker Pivôs ”. DeMarker% 20Pivots, deomed, deomed_2, deomed_3, DepoCalc, DERETZV1, Destiny, DewaMabok_EA “, DFC High”, “DFC Next”, “DFC Próximo ЭкспеaименG”, “DFC Next1”, DFC% 20Next1, diamond-power-t, “DIAMOND PODER TREND”, Diapazon, dict, dictipl “, DigFiltr (1)”, digistoch_versi_had, “Digital MACD”, “Filtro Digital PCCI”, Digital_CCI_Woodies, Digital_CCI_Woodies2, DigitalF-T01, Digits_comment “, Digits_comment (1)”, Din_fibo_high “DiNapoli & Fibo”, DinapoliTargets, DinapoliTargetsAlerts_Log “, DinapoliTargetsAlerts_Log (1)”, Diver, Divergência, “Sistema de Divergência”, “Divergência Trader”, Divergence_Course, Divergence_System_Components “, DivergenceWiseman 1”, DivergenceWiseman_1 “, DJ_Lines (1)”, “DLMv1 [1] 0,1 “,” DLMv1 [1] 0,4-MQL4Contest.ex4 “,” DLMv1 [1] 0,4-MQL4Contest.mq4 “, DM, DMI DMICE, DMICE.ex4, DMICE.mq4, dmvsysV4-contest. dnforex.zip, DoGuEA_v33, doji_arrows “, doji_arrows expert”, “doji_arrows peritos 1”, DojiTrader “, DojiTrader fxid10t mod”, “DojiTrader fxid10t mod1”, “DojiTrader fxid10t mod2”, “DojiTrader fxid10t mod3”, “DojiTrader (23SEP05) “DojiTrader_fxid10t_mod, DojiTrader1, DojiTrader2,” DOLLY # 2 (Metatrader) “, Dolly_2nd_Clone.rar, Dolly_v11.zip,” Canais de Donchain “,” sistema de canal contador Donchain “, Donchian-cambista-1.0,” Canais de Donchian – versão generalizada “,” Canais Donchian – Version1 generalizada “, Donchian% 20Channels% 20plus% 20SD% 20borders, DonchianChannel-MQL-file, Dorian-Ash_v1.0, Doske_Trading, DOSR, Double_Play_v4.5, DoubleCCI-With_EMA, DoubleCCI_Woodies, DoubleMA_BreakOut_EA, DoubleMA_Crossover_EA, dp_Ch_2008_v_2, dp_chempionat, DPO, “DPO (1)”, Dr_Jekyll_And_Mr_Hyde_r8b, DRACULA.rar, DRACULA1.rar, DRACULA2092.rar, Dragonpips, dsm6, DT-RFTL, DT-RFTL% 2823SEP05% 29, “DT-RFTL (23SEP05) “DT-RSI-EXP1, DT-RSI-EXP1.ex4, DT-RSI-EXP1.mq4, DT-RSI-Sig,” DT-RSI-Sig (1) “, DT-ZigZag,” DT-ZigZag- ATR (1) “, DT-ZigZag-Lauer,” DT-ZigZag (1) “, DT_MACrossEA, dt_martingale_s, DT_ZZ.ex4, DT_ZZ.mq4, DTM, DTS1-Build_814.1_B-teste, DTS1_-_best_on_Euro_M30.zip, DUR. Dyn_tr, “DYNAMIC Breakout Diário Range_v10”, “tendência dinâmico”, “Dinâmica Zona RSI”, “Dinâmica Zona RSI (01SEP05)”, “Dinâmica Zona RSI1”, “Dinâmica Zona RSI1 (02SEP05)”, “Zona Dinâmica RSI2”. Dynamic_Pivot_v3, DynamicZoneRSI, dynamite_TNT_forex_System, “Dynamo Stochastic”, Dynamo% 20Stochastic, e-3-01, “e-5mSAR_v [1] .0.2”, “e-ADX + SAR.log”, “+ SAR e-ADX. mq4 “,” kuasaforex e-book “, e-Daniella, e-sexta-feira,” E-Glob H1 авг-сент депо 500 $ лот0.1 sl 88 $ “, $ e-news-lucky, e-PassLevCCI-EMA, e-PassLevCCI-EMA1, e-PassLevCCI.ex4, e-PassLevCCI.mq4, e-Asa-ice.log, e-Asa-ice.mq4, e-Rainbow_12, e-TLE_v.1.6.ex4, e-TLE_v. 1.6.mq4, e-arrasto, e-Trailing.ex4, e-Trailing.mq4, e-TurboFx.ex4, e-TurboFx.mq4, “e 3,0”, de “e 3,02”, “e.2.11 5min GBPUSD”, “e.2.12 5min”, “Scalper e.2.13 5min”, “e.2.15 5 min cambista”, “e.2.16 5min Scalper”, “Scalper e.2.17 5min”, e.2.18, e.2.19, e. 2,20, e.2.21, e.3.01 “, e.3.01 10 Oct05”, “e.3.01 11Oct05”, “e.3.01 22 de outubro”, e.3.02, e.3.03, e.3.04, e.3.05a. e_3_03_001, e_Trailing, e1.3.01, e1.3.02, e1.3.03, e2.3.02, e3.3.02, E605, EA-Better-.zip, “EA fapturbo”, “EA auto_pilot forex”, “EA Neuros Sharp Shooter 17209 “,” EA Robot “,” EA Tangga “, ea_AdaptTS_v10_Ron, ea_AdaptTS_v10_Rona, EA_Banking_FX_Ultra_Euro_Usd_v2.8_U, EA_BankingFX-Di, EA_CEMPLON_LAGI, EA_championship_2007_Renggli_v02, EA_Gap.zip, EA_Godzilla, EA_Greezly_2008_, EA_High-Profits_EUR-USD_2, EA_High_Profit_complex, EA_HP_EURUSD_v6.0, EA_misakas. EA_Pallad_v3.4.zip, EA_Prizmal_Champion_ATC_2008_EURGBP_5m_EA.zip, EA_Robominer.zip, EA_Senyum_Sok_Mu, EA_SHARK_ULTIMATE, EA_Shark_v4.0_Ultimate.zip, ea_TrendFollower_v11_MT4, EA_Voltaren, EA11-Rebounce-Trader, EA12-Buy-Time, EA5-Bar-Trader-LT, EA7 -Pivot-Champ, EA9-MST-Trader, EAcacusHedge_v1, EASC, “EAsctrend usando i_Trend”, “método fácil”, Easy_iCustom_and_Alerts, Easy_Wealth_with_Forex_Trading, easydayea, EATangga-6-Real, eaTradeCloser_Ron_MT4_vrt, ebookKelasBelajarForex2ndedition, ECO, Edward-G “, EES V v1.1 Speed ​​”, EF_Star_EA3.1FullB_roco, eFXSI, eFXSI.ex4, eFXSI.mq4, eGideon,” Método 4H EJ “,” EJ_4H v1.0 “, EJ_CandleTime, EJ_CandleTime_Blue, EJ_Pivot_DWM, EJ_Signal, EJ_Trend, el_forex_1_1, pessoa idosa, elder.zip, “ancião (30AUG05)”, elder_183.ex4, elder_183.mq4, elder1, elder2.zip, EleMent_6.0, Elevated3_1_1.0, ElevenElliottWave-fb1, Elliot, “Elliott Wave Oscillator”, “Elliott Wave Oscillator34” “Teoria Elliott Wave”, Elliott_Wave_Analizer, Elliott_Wave_Oscillator, ElliottWaveOscillator, EM12-21-89, EMA-CROSS, EMA-Crossover_Signal, “EMA-Crossover_Signal (1)”, “cruz ema”, “ema cross1”, “CROSSOVER SINAL EMA “, ema% 20Cross% 20bar, EMA% 20CROSSOVER% 20SIGNAL, EMA_5_10_34_Signal”, EMA_5_10_34_Signal (1) “, EMA_6_12, EMA_6_121, EMA_6_122, EMA_Angle, EMA_CROSS, EMA_CROSS_2, EMA_CROSS_2_RonModV7, EMA_CROSS_2_RonModV71, EMA_CROSS_2_RonModV7a, EMA_CROSS_2_RonModV7mini, EMA_CROSS_2Fresh, EMA_CROSS_2Fresh1, EMA_CROSS_2FreshRLH, EMA_CROSS_2tdavid. EMA_CROSS_CONTEST_HEDGED, EMA_CROSS_Derk_v01, EMA_CROSSmodv4.ex4, EMA_CROSSmodv4.mq4, EMA_levels, EMA_levels “(1)”, EMA_Pivot, EMA_Trend_Indicator, EMAAngle, “EMAAngle (1)”, EMAAngle.mq4, EMAAngleZero, “EMAAnglezeroalert para EJ_4h”, “EMAAngleZeroAlert ( 1) “, EMAAngleZeroDT, EMABands_v1”, EMABands_v1 (1) “, e-mail, EMAOsMA, EMAPredictive2, EMC, Emelja, Encyclopedia_of_Trading_Strategies, enLight_Average_Breakout”, enLight_Surfing 1.3 “, Enterra_EA_3.1, Entry_Signal, Entry_Signal & # 8221; Envelope 2.1 “,” Envelope 2.11 “,” envelope 2,11 (23SEP05) “,” 2.mq4 Envelope “,” Envelope 21,11 “,” Envelope 21,11 (23SEP05) “,” Envelope 22,11 “,” alerta envelope “,” envelope v0.2 alerta “, Envelopes. Equity_v8, ergódica “, Ergodic Módulo eletrônico”, “Sinais”, ergódicas Ergodic% 20Signals “, Ergodic (1)”, “elementos essenciais de um Forex Trader de sucesso”, et4_3MA_v1.ex4, et4_3MA_v1.log, et4_3MA_v1.mq4 “, EURbruht v1.0 “, EUREKA_v7.0”, EUREKA_v7 [1] .1_Evolution for_0.01_lot “, EURO_FRACTAL_STRATEGY.pdf, EuroBull.ex4, EuroBull.mq4, Eurostrategies-fb1, eurox2mod, EuroXtream, EURUSD-M5-v1_2.ex4, EURUSD -M5-v1_2.mq4, eurusd_cross, Evolution_V_Final, EVWMA, EW1, EWA, ex4_to_mq4_224.1build, Excalibur_Eur_Usd_Daily_V3.5, Executer_AO.ex4, Executer_AO.mq4, Exit_Indicator, ExMassv2, exoticwave “, exoticwave (1)”, “Exp-Phantom v3.1 “,” Exp – VirtualTradePad v5.1 installl “, exp_iCustom_v7_2, exp_iCustom_v7_2_2, exp_Karakatica.ex4, exp_Karakatica.mq4, Exp_Sidus, especialistas, peritos, EXPERTS.zip, ExtraWPR, ExTrendv2, EYEOТ ZA”, EZ Trade Forex ”. 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Fisher_Yur4ikk, Pescador, FitFul_13.ex4, FitFul_13.mq4, fjuchers, fl_101079_7771b1ed8f8bd1f303918447259f159e, fl_102696_24d5fbdc8f384cba1d601dc536e88198, Flame.zip, Plano, “Flat Tendência”, “Flat Tendência RSI”, “Flat Trend.mq4”, “Flat Trend.v1.0 “,” plana (1) “, FlatTrend,” FlatTrend SMC modificado “,” FlatTrend V2 “,” FlatTrend V21 “,” FlatTrend V3 “,” FlatTrend V31 “,” w FlatTrend MACD “, FlatTrend% 20SMC% 20modified, FlatTrend % 20V2, FlatTrend% 20V31, FlatTrend_SMC_modified “, FlatTrend_SMC_modified (1)”, FlatTrend_w_MACD “, FlatTrend_w_MACD (1)”, FlatTrend1, Float “, Float (2)”, Float_01, fmwk, “FN Diver Osc”, “FN Signal”. FNCD, Siga-up.ex4, Siga-up.mq4, Apaixonado, Foolish_expert_by_name_Hamper_for_championship_2007, For_God, “o índice de força”, ForceIndexEA.ex4, ForceIndexEA.mq4, Fore_Tren_Sca_V1.1, “prevê OSC-30M”, previsão% 20osc-30M. 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Profit Robot “, Forex.CatFX50, “Forex_AI_AutoTrader_v2.1 + mq4”, FOREX_ASSASSIN, Forex_AutoCash, forex_autopilot.zip, Forex_Autopilot_System.zip, Forex_Beater.zip, Forex_Boomerang.zip, forex_breakout_system, Forex_Conquered_by_John_L_Person, “Forex_EA_Gepard 5.0”, Forex_expert, Forex_Ghost_Pile_Driver, Forex_Golden_Goose_Ultimate, Forex_Golden_Goose_Ultimate_2, Forex_Hitman.zip, Forex_Killer_v4 .12.zip, forex_loophole “, Forex_Manual_in Inglês”, forex_market_hours_monitor_v2.0, Forex_Maven.zip, Forex_Millionaire_Code.zip, FOREX_POINT_AND_FIGURE, forex_profit_accelerator, forex_profit_hunter, Forex_Raptor.zip, forex_revolution, Forex_Shocker, forex_sniper, forex_sovet, Forex_Supreme, Forex_Terminator, forex_trading_MMTS_System, Forex_Trading_Spreadsheet_v3. 2.7, forex_virtuoso, “Forex + Sucesso + Sistema”, ForexAI, ForexAIAutoTrad.zip, forexbacklashadvanced, ForexDerivative, ForexDerivative.zip, ForexDerivative_2.zip, ForexDominionMT4, forexearthquake, ForeXer-concluída, ForeXer_3.0, foreXer_3.1_1, foreXer_4.0, foreXer_6.0, foreXer3_ILove_v3_cls5, Forexfunnel.zip, ForexHacked_v10e, Forexnews, ForexOFFTrend, “ForexOFFTrend indi”, “v1.01 ForexOFFTrend”, “ForexOFFTrend (23SEP05)”, “ForexOFFTrend (4AUG05)”, ForexOffTrend_Alert, ForexOFFTrend1, ForexOFFTrend1%% 2823SEP05 29, “ForexOFFTrend1 (1)”, “ForexOFFTrend1 (23SEP05)”, ForexOFFTrend2, ForexOFFTrend3, ForexOFFTrend4, ForexOFFTrend4% 282% 29 “, ForexOFFTrend4 (2)”, ForexOFFTrendCustom, ForexPlatinumv2.1, ForexRising, ForexRobotTrader, ForexSignal30.rar, FOREXSS. ForexTester, ForexTrend_v2, ForexTSD_Calendar_V1.5, ForexVengeance.zip, fotest, “Método Fozzy”, FPTMT1.log, FPTMT1.mq4, Fractal, “Fractal Breakout Modificado”, “Fractal Zig Zag”, “Fractal Zig Zag1”, “Fractal Zig Zag2 “,” Fractal ZigZag “,” Fractal ZigZag Expert “, Fractal_Wizard_EA.zip, Fractal_Zig_Zag, FractalAMA_MBK”, FractalAMA_MBK (1) “, FractalBest”, FractalBestAll (1) “,” FractalChannel (1) “, FractalChannel_v1”, FractalChannel_v1 (1) “, Fractals”, Fractals_T (1) “,” Fractals + 3 “,” Fractals + Sinal + Diapazon “,” Fractals5-Diapazon (1) “, Fractals5% 2BSignal% 2Bdiapazon”, Fractals5 + Signal “, Fractals9. FractalVolOpt, “fraturado Fractals”, framework.zip, Frank, “ordens de limite de quatro horas franquias”, “limite Franks 4 horas Ordens1”, frankud, FrBestExp02_1_maloma_mod, FrBestExp02_2_maloma_mod, FrBestExp02_3_maloma_mod, FrBestExp02_4_maloma_mod, FrBestExp02_5_maloma_mod, FrBestExp02_6_maloma_mod, FrBestExp02_7_maloma_mod, Free_Forex_Signal, Freerobotforex.zip, “Freeway – All”, “Freeway – All1”, Freeway% 20-% 20All, Freeway% 20-% 20All1 “, Fruity Pebbles 1.1”, “Fruity Pebbles 11.1”, FTLM, FTLM-STLM, FTLM_hist, FTLM_KG_hist “, FTLM_KG_hist (1) “, FTLM_STLM”, FTLM_STLM (1) “, Full_Bar_w_Spread_Shadow”, Full_Bar_w_Spread_Shadow (1) “, funtik, FuturesSymbols, fwpack.zip,” FX Fish “,” FX Genius Robot “,” FX Chandelier de Sniper “,” FX Ergodic_CCI de Sniper “,” FX Ergodic_CCI_Trigger de Sniper “,” FX Trading System Penyu Bertelur por Soros1 “, FX% 20Fish, FX% 20Sniper% 27s% 20Ergodic_CCI, FX% 20Sniper% 27s% 20Ergodic_CCI_BB, Assistente de 2008 “, UmnickTrader_1.01.01, UniversalMACrossEA,” Up & Down “, Up_Down, up_down_alert, Up_Down1, up3x1, up3x1_Krohabor_D.ex4, up3x1_Krohabor_D.mq4, ur, úrovni-MT4,” úrovni-MT4 (27JUL05) “, Usd_Cad_Terminator_Demo, USD_Hunter_EA” VT & B “,” VT & B1 “,” VT & BV6 “, VIP_v.45”, VanessaFX Sistema Avançado “,” Var Mov médio “,” VarMovAvg V001 “,” VarMovAvg V0011 “, Vector, Vegas,” Vegas Moeda “,” Vegas Moeda Diário “,” Túnel Vegas “,” Vegas [1] “, Vegas1HR, velocidade, Venom_System.zip”, linha vertical “, vHistory, VininI,” Sinais VIP ru _408789_ 01. “, Vlado, VM_barmix_v1.7.2_n_2.0, VM_DU_HAST_v2 .0_M30_EURUSD, Vnutrednevnaya “, ADX vol e t3 rsi”, “Stop volatilidade”, Volatility.Pivot, VoltyChoppy_v1, Volume, “trader de volume (redux)”, “trader de volume (redux) 1”, “volume de comerciante (redux) 11 “,” Volume com MA custom “, Volume_trader_v2, Volume1, volumeMA, Vortex.zip, VQ, VS_EURCHFD01.zip, VSI, VTB, vTerminal, VTS_VG_TS, VTS_VG_TS_setka, VWB, Waddah, Waddah_Attar_Explosion, Waddah_Attar_Win.zip, WaitToTrade,” guerreiro trader007 “,” Waterfall [i] “, WB206port, WCCI, WCCI1, WCCI2, WcciChart, WcciPaterns”, WcciPaterns setembro “, WcciPaterns1, WcciPatterns”, v1 WCCISqueeze “,” WCCISqueeze v2 “, WeekEndChannel, WeeklyPivot, WeeklyPivot1”, WeeklyPivotOnly [1 ] “,” WCCI ponderada “, WeightedCCI, WeightedCCI1, WeightedCCI2, wellxAMA, whatever.ex4, whatever.mq4, whentotrade, mau,” ADX de Wilder “,” Wiley_Finance. _, _ Fabozzi_Series. 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( ISBN_0471660205) “, William36HistogramWalerttest, William36HistogramWallerTest, WilliamsPR_alert,” Wilson Channels “, WINFOREX_demo_real, WinnerFX_v2,” Soluções de vencimento “, WiroSableng_EA,” Wiseman 1 “, wlxBWACsig, wlxBWAOsig, wlxBWWiseMan-1, wlxBWWiseMan-2, wlxFractals, wlxFractals2, Wolf,” wolve wafe “, marmota,” Woodies CCI3 “,” Woodies Pivôs modificado para Fib pivôs “, WoodiesCCI, WoodiesCCI.mq4, WoodiesCCI1, WoodiesCCI2, WPRfast, WPRslow, WSOWROTrend, WSS_open, WSS_v943_Final_Version, WSS_v943_Final_Version_2, x, X_profile, X0diagram1, xmodule, xmodule_2, XO, XO_Alert, XO_ALERT_cci_cross, xpMA_v2FATL, xpMaEA.zip, xpoints, Xprofuter, xpVolume, XtremeEURGBP, XtremeEURGBPv298273.zip, Your_Lucky_EURGBP_v2b, YOUR_PROFIT.zip, Z-Z1, “Z-Z1 LA Melhor Alerta Próximo Bar-m15”, zcode_macdwalk .zip, “ZeroLag MACD”, “v0.0.4 ZeroLagEA-AIP”, ZeroLagStoch, Zerolagstochs, Zerolagstochs_B, ZeroLagStochsSignals, zhvakoluk.zip, Zig_Zag_Breakout, Zig_Zag_Breakout1, ZigAndZag, ziguezague, “ZigZag Pointer”, “ziguezague Trendlines”, “ZigZag ( 11AUG05) “, ZigZag.ex4, ZigZag.mq4, ZigZag_Fibo_v1beta, ZigZag_Fibo_v2beta, ZigZag_Separate, ZigZag1, ZigZagE, ZigZagFirst, ZigZagOnParabolic.zip, Zink_Killer, Zmei_trader, Zoomer_Pro, ZUP_v14,” ZZ MTF XO A “,” ZZ 4 TF XO “, “ZZ MTF XO Um”, “SR TL ZZ”, “ZZ SR TL Indicator.rar EA VF_Capital – Sistema de Negociação Mecânica (consultor) VF_Capital. Plataforma de Negociação: MT4, par Moeda: usando qualquer par de moedas, incluindo e-taxas cruzadas (multi-conselheiro), Período: Use qualquer período, a rentabilidade estável do sistema, por mês: 25% dos lucros em um ano: 300% de lucro (sem reinvestimento, ou seja, a instalação inicial. Os lucros podem ser retiradas a cada mês). 500% ou mais (P reinvestimento, ou seja, periodicamente, à medida que crescem depósitos e aumentar a rentabilidade do sistema de lucro foi retirado no final do ano.). Possibilidade de utilização de vários especialistas em uma conta de negociação. Isso é necessário se você quer negociar simultaneamente em pares de moedas diferentes com um único depósito. O princípio da maximização dos lucros no plano movimento (lateral) de preços. O especialista é simples e fácil de usar e logicamente as configurações ideais. Totalmente ajustável conselheiro parâmetros de entrada. EA VF_Break – Sistema de Negociação Mecânica (consultor) VF_Break. Plataforma de Negociação: MT4, par Moeda: usando qualquer par de moedas, incluindo e-taxas cruzadas (multi-conselheiro), Período: Use qualquer período. Rentabilidade estável do sistema em um mês: 25% de lucro por ano: Divulgação de Risco: Forex e Opções Binárias carrega um alto nível de risco e podem resultar na perda da totalidade ou de parte do seu investimento. Você deve estar ciente dos riscos e estar disposto a aceita-los para participar deste tipo de negociação. Note-se que este negócio não é adequado para todos. Nunca invista dinheiro que você não pode dar ao luxo de perder.Não nos responsabilizamos por qualquer perda ou dano resultante da confiança nas informações apresentadas neste site, incluindo corretores, analisa opiniões e / ou análise dos autores.Quaisquer transações que celebramos com terceiros listados neste site são exclusivamente entre você e tal terceiro e são por sua conta e risco. Os dados publicados nem sempre ou necessariamente são precisos em tempo real e nem sempre refletem os pontos de vista dos proprietários, funcionários e colaboradores de conteúdo. O desempenho passado de nenhum sistema de comércio ou metodologia não é necessariamente indicativo dos resultados futuros. ABERTURA DOS MERCADOS Ferramentas Contato Por favor Preencha o Formulário Responderemos o mais Breve Possível, Obrigado. Get Social Copyright 2014 Trader Binary | Todos los Derechos Reservados | Powered by Opções Binárias | Group Trader Facebook yMT4/5 zMetaTrader S Ґ p38 y Ƃ u ځz 293 F Trader Live! F2013/06/13( ) 23:33:55.04 ID:c3sTuXKE ^ C t [ ɂ‚ Ď ₪ ܂ indicators t H _ [ ̃T v Bands.mt4 ̓n xxx("") ɑ B 295 F Trader Live! F2013/06/13( ) 23:40:15.20 ID:c3sTuXKE NjL ł 297 F Trader Live! F2013/06/13( ) 23:46:44.71 ID:OvCBthdb >>288 int start() if((TimeHour(TimeCurrent()) == OrderHour || CheckOrderHour == false) &&(TimeMinute(TimeCurrent()) == OrderMinute || CheckOrderMinute == false) &&(TimeSeconds(TimeCurrent()) == OrderSeconds || CheckOrderSeconds == false)) if(Cmd == OP_BUY) OrderSend(Symbol(), Cmd,Lots, Ask, Slippage, Ask-StopLoss*Point, Ask+TakeProfit*Point, "", MagicNumber, 10011, Red); Return (0); > if(Cmd == OP_SELL) OrderSend(Symbol(), Cmd,Lots, Bid, Slippage, Bid+StopLoss*Point, Bid-TakeProfit*Point, "", MagicNumber, 10011, Blue); Return (0); >> 298 F Trader Live! F2013/06/13( ) 23:49:54.04 ID:OvCBthdb if((TimeHour(TimeCurrent()) == CloseHour || CheckCloseHour == false) &&(TimeMinute(TimeCurrent()) == CloseMinute || CheckCloseMinute == false) &&(TimeSeconds(TimeCurrent()) == CloseSeconds || CheckCloseSeconds == false)) for(int i = 0; i < OrdersTotal(); i++) if(OrderSelect(i,SELECT_BY_POS,MODE_TRADES) == false) break; > if(OrderSymbol() == Symbol() && OrderMagicNumber() == MagicNumber) if(OrderType() == OP_BUY) OrderClose(OrderTicket(), OrderLots(), Bid, Slippage, Yellow); Return (0); 299 F Trader Live! F2013/06/13( ) 23:51:56.62 ID:OvCBthdb if(OrderType() == OP_SELL) OrderClose(OrderTicket(), OrderLots(), Ask, Slippage, Lime); Return (0); > > > > 300 F Trader Live! F2013/06/14( ) 00:29:22.04 ID:1edAMKSo J b R ̐ Ă H 301 F Trader Live! F2013/06/14( ) 00:37:59.75 ID:u8mJotSy BT ɂ ȃG [ o ̂ł 145 modification denied because order too close to market 303 F Trader Live! F2013/06/14( ) 00:47:31.60 ID:3Leckx/j т ю 炵 ܂ iCustom ŊȒP EA ̂ł ASL TP ̐ݒ肪 ǂ Ă ł ܂ ܂ A p [ ^ extern double TakeProfit = 0; extern double StopLoss = 0; 304 F Trader Live! F2013/06/14( ) 00:51:32.86 ID:3Leckx/j Ȃ݂ɁAOrdersend SL TP w 肹 0 ɂ Δ ͂ł Ă ܂ B 0 ̏ bid ` ƃe X g ŃG [ ɂȂ ܂ B int Peropd = 100; double Avg = 0; double Sum = 0; for(int i = 0; i < Peropd; i++) Sum += MathAbs(Close[i] - Open[i]); > Avg = Sum / Peropd; 313 F Trader Live! F2013/06/14( ) 14:44:52.76 ID:DEp4ORat double EMA0,EMA1,EMA2; double EMA00,EMA01,EMA02; // TEMA P OEMA Q OEMA 쐬 EMA0 = iMA(NULL, 0, 5, 0, MODE_EMA, PRICE_CLOSE, 0); EMA1 = iMA(NULL, 0, 20, 0, MODE_EMA, PRICE_CLOSE, 0); EMA2 = iMA(NULL, 0, 10, 0, MODE_EMA, PRICE_CLOSE, 0); // TEMA P OEMA Q OEMA 1 EMA00 = iMA(NULL, 0, 5, 0, MODE_EMA, PRICE_CLOSE, 1); EMA01 = iMA(NULL, 0, 20, 0, MODE_EMA, PRICE_CLOSE, 1); EMA02 = iMA(NULL, 0, 10, 0, MODE_EMA, PRICE_CLOSE, 1); 314 F Trader Live! F2013/06/14( ) 14:58:10.24 ID:1edAMKSo >>313 if(EMA0 == EMA1) ꂪ if(EMA0>=EMA1 && EMA00<EMA01) Ȋ Ȃ H extern double Magic1_buy_stoplos =0; extern double Magic1_buy_target = 1500; extern double Magic1_sell_stoplos = 0; extern double Magic1_sell_target = 1500; // Buy Order if( signal == 1 ) if( all_count < MAX_POS ) o_ret = OrderBuy(symbol_,lots, slippage,Magic1_buy_stoplos,Magic1_buy_target,magic,MODE_PIPS,0); 320 F Trader Live! F2013/06/14( ) 21:51:05.79 ID:3Leckx/j ܂ A ͊ԈႢ ł B Target = 150; ł // Buy Order int OrderBuy(string symbol_s,double lots, int slippage, int stoplos, double takeprofit, int magic, int TPSLmode, int ATR_period) double sl, tp; bool ret = false; // pips if( TPSLmode == MODE_PIPS ) if(Digits == 3 || Digits == 5) stoplos *= 10; takeprofit *= 10; > sl = Ask-stoplos*Point; tp = Ask+takeprofit*Point; > // ATR if( TPSLmode == MODE_ATR ) double atr = iATR(NULL,0,ATR_period,1); sl = Ask-(atr*stoplos)*0.01; tp = Ask+(atr*takeprofit)*0.01; > // Price if( TPSLmode == MODE_PRICE ) if(Digits == 3 || Digits == 5) stoplos *= 10; sl = Ask-stoplos*Point; tp = Ask+(Ask-Bid)+takeprofit; > ret = CheckOrderSend(symbol_s,OP_BUY,lots,Ask,slippage,sl,tp,"",magic, Red); Return (0); > 323 F Trader Live! F2013/06/14( ) 22:19:01.12 ID:3Leckx/j int start ̑O ł A ݂܂ B 326 F Trader Live! F2013/06/14( ) 22:49:14.10 ID:3Leckx/j ς肻 ł E E E ꉞ A b v [ h Ă݂܂ 2013.07.07 NY:AN:NY.AN12.07.06 12:00 2ch_130707 EURUSD,H1: EURUSD Modify @ 1.23836000 SL @ 1.25836000 TP @1.22536000 ticket =59 702 F Trader Live! F2013/07/07( ) NY:AN:NY.AN ID:ItdCoTix >>701 OrdModify ֐ ̓ if (OrderSelect(_ticket, SELECT_BY_TICKET)) if (NormalizeDouble(OrderStopLoss(), Digits) == NormalizeDouble(_stoploss, Digits)) if (NormalizeDouble(OrderTakeProfit(), Digits) == NormalizeDouble(_takeprofit, Digits)) return (true); Ă݂ OrdModify(OrderTicket(), OrderOpenPrice(), NormalizeDouble(_stoploss,Digits), NormalizeDouble(_takeprofit, Digits), OrderExpiration(), _arrow_color); > 704 F Trader Live! F2013/07/07( ) NY:AN:NY.AN ID:ItdCoTix >>703 int OrdModify(int _ticket, double _price, double _stoploss, double _takeprofit, datetime _expiration, color _color = CLR_NONE) ̌ B 708 F Trader Live! F2013/07/07( ) NY:AN:NY.AN ID:QXCyvdHZ ǂ ꂾ ȁB ǂ łĂ Ȃ B 710 F Trader Live! F2013/07/08( ) NY:AN:NY.AN ID:Hz6DsSNY ǂ X 711 F Trader Live! F2013/07/08( ) NY:AN:NY.AN ID:b/nvgAho Mizutori Č ǂǂ ́H [ > E V b N ŊJ 713 F Trader Live! F2013/07/08( ) NY:AN:NY.AN ID:0IKBu85M Ȃɂ ǂ ŋ EA ̂ m 肽 714 F Trader Live! F2013/07/08( ) NY:AN:NY.AN ID:/O14q+QA EA ́A ŋ EA ł A őP EA ł Ȃ B 715 F Trader Live! F2013/07/08( ) NY:AN:NY.AN ID:Sed5So1q EA Ƃ́E E E H 716 F Trader Live! F2013/07/08( ) NY:AN:NY.AN ID:Rw8K9qqP Expert Advisors @ ̗ 717 F Trader Live! F2013/07/08( ) NY:AN:NY.AN ID:KOfQOqtu SlopeDirectionLine Ƃ C W P [ ^ [ iCustom Ń C ̐F ‚ Ԃ o Ǝv Ă ܂ B IndicatorBuffers(3); SetIndexBuffer(0, Uptrend); //ArraySetAsSeries(Uptrend, true); SetIndexBuffer(1, Dntrend); //ArraySetAsSeries(Dntrend, true); SetIndexBuffer(2, ExtMapBuffer); ArraySetAsSeries(ExtMapBuffer, true); double SlopeDirection_val_1 = iCustom(NULL, 0, "SnakeForce", Slope_period, Slope_method, Slope_price, 0, 0); double SlopeDirection_val_2 = iCustom(NULL, 0, "SnakeForce", Slope_period, Slope_method, Slope_price, 1, 0); SlopeDirection_val_1 = 214783647 SlopeDirection_val_2 = 214783647 double SlopeDirection_val_2 = iCustom(NULL, 0, "SnakeForce", Slope_period, Slope_method, Slope_price, 0, 10); 720 F Trader Live! F2013/07/08( ) NY:AN:NY.AN ID:KOfQOqtu >>719 #property indicator_color1 Aqua #property indicator_color2 Red 723 F Trader Live! F2013/07/09( ) NY:AN:NY.AN ID:29YzHinA Slope Direction Line EA.mq4 Ƃ EA Ă iCustom g p ӏ o Ă ˁB 724 F Trader Live! F2013/07/09( ) NY:AN:NY.AN ID:PS4KfY7a double SDL1=iCustom(Symbol(),0,"Slope Direction Line",period,method,price,0,i+1); double SDL2=iCustom(Symbol(),0,"Slope Direction Line",period,method,price,0,i); double SDL3=iCustom(Symbol(),0,"Slope Direction Line",period,method,price,1,i+1); double SDL4=iCustom(Symbol(),0,"Slope Direction Line",period,method,price,1,i); 726 F Trader Live! F2013/07/10( ) NY:AN:NY.AN ID:jQGQdwff >>717 >SlopeDirectionLine Ƃ C W P [ ^ [ Ƃ ̂Ƀv O >iCustom(NULL, 0, "SnakeForce", SlopeDirectionLine ł͂Ȃ SnakeForce ɂȂ Ă B ǂ ̘b H ǂ ɂ Ă EMPTY_VALUE Ԃ Ă ͎̂擾 Ɏ s Ă ̂ł 傤 擾 ɐ Buffer0 ɒl (EMPTY_VALUE ȊO)&Buffer1 ɒl Ȃ uptrend Buffer1 ɒl downtrend Ƃ Ƃł 傤 ܂ Buffer2 ̒l Q Ž đ召 ׂ Ƃ 733 F Trader Live! F2013/07/11( ) NY:AN:NY.AN ID:UUrWEr4C Think ͓ 5 735 F Trader Live! F2013/07/11( ) NY:AN:NY.AN ID:lLqlj86Z ODL FXCM ɋz ꂽ 񂾂 // Ԋm F ֐ int CurrentTime() int currenttime=0; int Yobi=DayOfWeek(); int Ji = Hour(); if((Yobi==6 && Ji>=23) || Yobi==0 || (Yobi==1 && Ji<=2)) currenttime=1; else currenttime=0; return(currenttime); > i int start() j if(OrderType() == OP_BUY && OrderMagicNumber() == MagicNumber)// I | W V | W V Ȃ OrderClose(OrderTicket(),OrderLots(),NormalizeDouble(Bid, 2),3,Blue); continue; > else if (OrderType() == OP_SELL && OrderMagicNumber() == MagicNumber) OrderClose(OrderTicket(),OrderLots(),NormalizeDouble(Ask, 2),3,Red); continue; > > return(0); > else if(CurrentTime()==0) i ȉ A G g [ Ȃǁj 737 F Trader Live! F2013/07/11( ) NY:AN:NY.AN ID:HMqq0L5Q >>736 DayOfWeek() AHour() g Ă ̂ 肶 Ȃ ȁB TimeDayOfWeek(TimeCurrent()) Ȃǂ g ΂ B GNW Ad Hoc: Ad hoc: Valneva verbucht ein Umsatzwachstum von 96 % im Jahr 2015 und prognostiziert Umsätze von EUR 90-100 Mio. für 2016 Ad hoc: Valneva verbucht ein Umsatzwachstum von 96 % im Jahr 2015 und prognostiziert Umsätze von EUR 90-100 Mio. Valneva / Ad hoc: Valneva verbucht ein Umsatzwachstum von 96 % im Jahr 2015 und prognostiziert Umsätze von EUR 90-100 Mio. für 2016. Verarbeitet und übermittelt durch NASDAQ OMX Corporate Solutions. Für den Inhalt der Mitteilung ist der Emittent verantwortlich. Source: Globenewswire Valneva verbucht ein Umsatzwachstum von 96 % im Jahr 2015 und prognostiziert Umsätze von EUR 90-100 Mio. für 2016 Das Unternehmen gab heute seine ungeprüften 2015-Gesamtjahres-umsätze, den ungeprüften Cash-Bestand zum Jahresende und einen Ausblick für 2016 bekannt * Umsätze und Förderungserlöse stiegen im Jahr 2015 um 96 % im Jahresvergleich und betrugen EUR 83,3 Mio. (im Vergleich zu EUR 42,4 Mio. im Jahr 2014), Umsätze und Förderungserlöse betrugen im Q4 2015 EUR 22,7 Mio. (im Vergleich zu EUR 13,1 Mio. im Q4 2014) * Das Umsatzwachstum war hauptsächlich durch die Integration des akquirierten DUKORAL(®)-Impfstoffs und der Aktivitäten in Schweden sowie durch weiterhin starke Produktverkäufe von IXIARO(®)/JESPECT(®) bedingt; * Geschätzte Liquidität am Jahresende 2015 betrug EUR 42,6 Mio. 2016 Ausblick * Es wird erwartet, dass die Umsätze, inklusive der Förderungserlöse, EUR 90-100 Mio. erreichen werden. Dies umfasst Produktumsätze in einer erwarteten Bandbreite von EUR 70-80 Mio. und stellt ein Wachstum von bis zu 30 % im Vergleich zu den Produktumsätzen des Jahres 2015 dar; * Erwartete IXIARO(®)/JESPECT(®)-Produktumsätze von rund EUR 50 Mio. (von EUR 30,6 Mio. in 2015) stellen den Hauptumsatztreiber dar; * Die erwartete Bruttomarge der Produktumsätze beträgt rund 50 %; * Es wird eine Reduktion des EBITDA-Verlusts auf weniger als EUR 5 Mio. erwartet. Bedeutende Impulsgeber für die F&E Pipeline in 2016 * Valneva erwartet die Veröffentlichung der Ergebnisse der Pseudomonas aeruginosa Phase II/III-Studie im Q2 2016; * Das Unternehmen gab erste, positive Phase II-Daten für seinen Impfstoff gegen Clostridium difficile bekannt und beabsichtigt, im Jahr 2016 eine Partnerschaftsvereinbarung für eine Phase III-Studie abzuschließen; * Valnevas neuer Borreliose-Impfstoffkandidat soll im H2 2016 in eine klinische Phase I-Studie eintreten. IMPFSTOFF GEGEN JAPANISCHE ENZEPHALITIS (IXIARO(®)/JESPECT(®)) Starkes Umsatzwachstum bei Endverbrauchern im Markt trotz Übergang - bedeutendes Wachstum steht bevor Im Jahr 2015 stiegen die IXIARO(®)/JESPECT(®)-Produktverkäufe auf EUR 30,6 Mio. im Vergleich zu EUR 28,1 Mio. im Jahr 2014, dies stellt einen Anstieg von 8,8 % im Jahresvergleich dar, der durch stabile Umsätze von EUR 5,9 Mio. im 4. Quartal 2015 unterstützt wurde. Die jüngste Umsatzentwicklung von IXIARO(®)/JESPECT(®) übertraf die früheren Erwartungen des Unternehmens, die nach der Entscheidung, die Marketing- und Vertriebsvereinbarung mit dem weltweiten Vertriebspartner des Unternehmens zu kündigen und ein neues Marketing- und Vertriebsnetzwerk für diesen Impfstoff aufzubauen, herabgesetzt worden waren. Die erwartete Beeinträchtigung der Umsätze als Folge dieser Änderung traf, aufgrund der sehr partnerschaftlichen und professionellen Übergabe durch den früheren, weltweiten Vertriebspartner sowie aufgrund des starken Marktwachstums bei den Endverbrauchern im Jahr 2015, nicht ein. Valneva erwartet, dass die Produktumsätze von IXIARO(®)/JESPECT(®) im Jahr 2016 auf rund EUR 50 Mio. wachsen werden - als Folge der neuen Vertriebsstrategie und einem weiteren Anstieg der Annahme des Produkts durch Reisende. Um die eigene Vertriebsinfrastruktur zu ergänzen, hat Valneva mehrere länderspezifische Marketing- und Vertriebsvereinbarungen abgeschlossen, die eine breite geografische Abdeckung seiner Produkte durch führende lokale Vertriebspartner - einschließlich VaxServe, Inc. ein Sanofi Pasteur-Unternehmen (US-Privatmarkt) und GlaxoSmithKline (GSK) (Deutschland/Österreich) - sicherstellen. Es wird erwartet, dass mehr als 60 % der erwarteten Produktumsätze in 2016 von Valnevas eigenen Vertriebsteams generiert werden. CHOLERA / ETEC-DURCHFALL IMPFSTOFF (DUKORAL(®)) Starke Umsatzentwicklung in Q4 2015 - Label-Änderung in Kanada resultiert in Reduktion des Kaufpreises Valnevas DUKORAL(®)-Produktumsätze des Jahres 2015, die ab dem Datum der Akquisition, dem 10. Februar 2015, erzielt wurden, erreichten EUR 21,0 Mio. wovon EUR 8,7 Mio. in das saisonal starke 4. Quartal fielen. Das Produkt, das eine sehr gute Ergänzung zu Valnevas erstem vermarkteten Produkt ist, wurde durch die Akquisition von Crucell Sweden AB im Februar 2015 dem Portfolio hinzugefügt. Die Pro-Forma-Produktumsätze für die gesamten 12 Monate des Jahres 2015, betrugen EUR 26,3 Mio.; dies stellt ein Wachstum von 2,7 % im Vergleich zu den Pro-Forma- Umsätzen des Jahres 2014 in Höhe von EUR 25,6 Mio. unter dem ehemaligen Eigentümer dar. Da DUKORAL(®) trotz der Integration und der Übergangseffekte ein Umsatzwachstum erreicht hat, haben sich die Erwartungen von Valneva hinsichtlich Potenzials und strategischem Wert für das Unternehmen bestätigt. Im Dezember 2015 hat Valneva bekannt gegeben, dass die kanadische Gesundheitsbehörde Health Canada Änderungen zur Produktbeschreibung von DUKORAL(®) gefordert hat. Die aktualisierte Produktbeschreibung und die anschließende Label-Änderung beziehen sich auf die "Vorbeugung von Durchfall verursacht durch Cholera und/oder LT-ETEC". LT-ETEC ist das hitzelabile Toxin produzierende Enterotoxigenic Escherichia coli Bakterium. Enterotoxigenic Escherichia coli (ETEC) ist eine Art von Escherichia coli und die führende bakterielle Ursache von Durchfall in Entwicklungsländern, sowie die häufigste Ursache von Reisedurchfall. Die aktualisierte Produktindikation kann die DUKORAL(®)-Umsätze in Kanada zukünftig negativ beeinflussen. Kanada ist der wichtigste Einzelmarkt für das Produkt, in dem mehr als 50 % der weltweiten DUKORAL(®)-Umsätze realisiert werden. Aufgrund des veränderten Geschäftspotenzials des DUKORAL(®)-Labels in Kanada haben der Verkäufer, Crucell Holland BV, und Valneva bestimmte Veränderungen zum Akquisitionsvertrag einschließlich einer Anpassung des Kaufpreises vereinbart. Crucell Holland BV hat eine fällige Meilensteinzahlung in Höhe von EUR 10 Mio. erlassen, und zahlte EUR 15 Mio. vom Kaufpreis zurück. Zusammen ergibt sich durch den Erlass der Meilensteinzahlung von EUR 10 Mio. und der Rückzahlung von EUR 15 Mio. eine Reduktion des Kaufpreises in Höhe von EUR 25 Mio. wodurch der ursprüngliche Kaufpreis von EUR 45 Mio. auf EUR 20 Mio. verringert wurde. Valneva hat die Rückzahlung in Höhe von EUR 15 Mio. zur vollständigen Tilgung eines Darlehens verwendet, das von Athyrium Capital Management LLC ("Athyrium") zum Zwecke dieser Akquisition aufgenommen wurde. Crucell Holland BV hat auch die Zuschläge für die vorzeitige Rückzahlung an Athyrium (EUR 3 Mio.) bezahlt. Infolge dieser Zahlung hat Athyrium seine Beobachterposition im Aufsichtsrat zurückgelegt. Valneva wird weiterhin in das Wachstum des DUKORAL(®)-Impfstoffs durch Vermarktungsmaßnahmen und geografische Expansion investieren, um den strategischen Wert für den Konzern wirksam umzusetzen. IMPFSTOFFVERTRIEB Mit der Akquisition von Crucell Sweden AB im Februar 2015, hat Valneva auch einen Impfstoffvertrieb in Schweden akquiriert. Valnevas Vertriebsteam in Skandinavien hat im Jahr 2015 neben DUKORAL(®) auch eine Palette an Fremdprodukten vermarktet und vertrieben und damit Umsätze von EUR9,9 Mio. generiert, davon EUR2,8 Mio. im vierten Quartal 2015. Da mehrere Impfstoffe, die über 60 % des Geschäfts mit Fremdprodukten ausmachen, aufgrund des Übergangs des Impfstoffgeschäfts von Novartis an GSK nicht länger von Valneva vermarktet und vertrieben werden, wird erwartet, dass die Umsätze aus Fremdprodukten signifikant unter den Wert des Vorjahres fallen werden. Valneva erwartet, dass neue Vereinbarungen für Fremdprodukte im Verlaufe des Jahres abgeschlossen werden. PSEUDOMONAS AERUGINOSA IMPFSTOFFKANDIDAT- VLA 43 Ergebnisse der klinischen Phase II/III-Studie werden im 2. Quartal 2016 erwartet Derzeit ist kein Impfstoff für Pseudomonas aeruginosa am Markt erhältlich, und Valnevas VLA43 ist der einzige Impfstoff in klinischer Entwicklung. Valneva hat die Rekrutierung seiner Phase II/III-Wirksamkeitsstudie mit 800 künstlich beatmeten Intensivpatienten, verteilt über ca. 40 Studienzentren, abgeschlossen. Valneva wird die Daten, einschließlich der 180 Tage Nachbeobachtungszeit im zweiten Quartal 2016 veröffentlichen. Die Entwicklung von Valnevas Impfstoffkandidaten gegen Pseudomonas aeruginosa ist Teil der Strategischen Allianzvereinbarung, die im Jahr 2007 zwischen Valneva und Novartis abgeschlossen wurde und im Jahr 2015 auf GSK übergegangen ist. Die aktuelle Studie wird von GSK kofinanziert. CLOSTRIDIUM DIFFICILE IMPFSTOFFKANDIDAT- VLA 84 Finale Studienergebnisse werden im 2. Quartal erwartet und zu einem potentiellen Partnerschaftsabkommen führen Im Dezember 2015 hat Valneva positive Ergebnisse seiner klinischen Phase II- Studie, die VLA84 als prophylaktischen Impfstoff für Clostridium difficile (C. difficile) Infektionen testete, bekannt gegeben. Valneva erwartet, die finalen Studienergebnisse im 2. Quartal 2016 bekanntzugeben. Nach diesem Schritt, hat GSK die Möglichkeit, seine Opt-in-Rechte für das VLA84-Impfstoffprogramm auszuüben. Valneva ist in Diskussion mit anderen, potentiellen Partnern, sollte GSK das Programm nicht weiter verfolgen wollen. BORRELIOSE IMPFSTOFFKANDIDAT - VLA 15 Phase I klinischer Studienstart wird in der 2. Hälfte des Jahres 2016 erwartet Derzeit ist kein lizensierter Impfstoff, der Menschen gegen Lyme Borreliose, eine multisystemische Infektion, die von Zecken übertragen wird, und die verstärkt in den USA und in Europa auftritt, am Markt. Valneva erwartet, eine klinische Phase I-Studie in der 2. Hälfte des Jahres 2016 zu starten. Technologien und Services EB66(®)-Zelllinie Anfang Februar gab Valneva die Unterzeichnung einer neuen Forschungs- und Entwicklungsvereinbarung mit GSK für die Entwicklung von EB66(®)-basierten Grippeimpfstoffen bekannt. Unter der neuen Vereinbarung wird Valneva Zahlungen für die Forschung, zusätzlich zu den möglichen Meilensteinzahlungen und umsatzbezogenen Zahlungen, die im Rahmen einer im Jahr 2007 unterzeichneten Vereinbarung mit GSK vereinbart wurden, erhalten. GSK entwickelt seine EB66(®)- basierten Grippeimpfstoffe in den USA in Zusammenarbeit mit dem Texas A&M University System. Im Jahr 2015 hat Valneva 10 neue Vereinbarungen für seine EB66(®)-Plattform unterzeichnet (5 Forschungsvereinbarungen und 5 kommerzielle Vereinbarungen), darunter auch eine exklusive Vereinbarung mit Jianshun Biosciences Ltd (JSB) welche dem chinesischen Unternehmen die Rechte verleiht, die EB66(®)-Zelllinie in der Volksrepublik China zu vermarkten. Im Rahmen des Abkommens mit JSB hat Valneva eine Vorauszahlung in Höhe von EUR 2,5 Mio. erhalten und ist außerdem berechtigt, jährliche Lizenzgebühren und umsatzbezogene Zahlungen zu erhalten. Finanzübersicht Hinweis: Infolge der Akquisition von Crucell Sweden AB mit allen Vermögenswerten im Zusammenhang mit DUKORAL(®) ("Crucell Sweden"), wurde das akquirierte Geschäft in den konsolidierten Konzernbericht der Gruppe per 9. Februar 2015 inkludiert. Die IFRS Abschlüsse der Jahre 2015 und 2014 sind nicht vollständig miteinander vergleichbar, da das Crucell-Geschäft erst ab dem 10. Februar 2015 in die Ergebnisse des Jahres 2015 inkludiert wurden. Umsätze und Förderungserlöse des 4. Quartals 2015 (ungeprüft) Valnevas Gesamtumsätze und Förderungserlöse des 4. Quartals 2015 stiegen um 72,7 % auf EUR 22,7 Mio. im Vergleich zu EUR 13,1 Mio. im 4. Quartal 2014. Dieser Anstieg war durch EUR 13,2 Mio. an Umsätzen, die aus dem akquirierten Ex-Crucell- Geschäft stammen getrieben. Die akquirierten Umsätze kompensierten einen Rückgang der IXIARO(®)-Produktumsätze im 4. Quartal, der auf temporäre Effekte aufgrund des Übergangs zu Valnevas neuer Vermarktungsstruktur zurückzuführen ist. Es wird erwartet, dass dieser Rückgang im Jahr 2016 vollständig kompensiert wird. Die Produktumsätze im 4. Quartal 2015 betrugen EUR 17.4 Mio. im Vergleich zu EUR 8,8 Mio. im 4. Quartal 2014. Die IXIARO(®)/JESPECT(®)-Produktumsätze beliefen sich auf EUR 5,9 Mio. während die DUKORAL(®)-Produktumsätze EUR 8,7 Mio. betrugen. Die Produktumsätze aus Fremdprodukten trugen EUR 2,8 Mio. zu den Umsätzen des 4. Quartals 2015 bei. Einnahmen aus Kooperationen, Lizenzen und Services stiegen im 4. Quartal 2015 auf EUR 3,6 Mio. an, verglichen mit EUR 2,7 Mio. im 4. Quartal 2014. Die Erlöse aus Förderungen im 4. Quartal 2015 betrugen EUR 1,7 Mio. im Vergleich zu EUR 1,6 Mio. im 4. Quartal 2014. Umsätze und Förderungserlöse des Gesamtjahres 2015 (ungeprüft) Valnevas Gesamtumsätze und Förderungserlöse stiegen im Gesamtjahr 2015 auf EUR 83,3 Mio. von EUR42,4 Mio. im Jahr 2014. Dieser Anstieg resultierte hauptsächlich aus der Akquisition des Crucell Sweden-Geschäfts, dessen Gesamtbeitrag zu den Umsätzen im Jahr 2015 EUR 36,4 Mio. betrug, wovon EUR 31,0 Mio. aus Produktumsätzen stammten und EUR 5,5 Mio. im Zusammenhang mit Kooperationen und Lizenzen erzielt wurden. Die IXIARO(®)/JESPECT(®)-Produktumsätze trugen im Jahr 2015 EUR 30,6 Mio. zu den Umsätzen bei, dies stellt einen Anstieg von 8,8 % im Vergleich zu den Produktumsätzen von EUR 28,1 Mio. im Jahr 2014 dar. Dieser Anstieg wurde trotz des Übergangs in ein neu etabliertes Marketing- und Vertriebsnetzwerks infolge von Valnevas Kündigung der Marketing- und Vertriebspartnerschaft mit GSK im Juni 2015, verzeichnet. Die DUKORAL(®)- Produktumsätze trugen EUR 21,0 Mio. und die Produktumsätze aus Fremdprodukten trugen EUR 9,9 Mio. zu den Produktumsätzen im Gesamtjahr 2015 bei. Die Einnahmen aus Kooperationen, Lizenzen und Services stiegen im Jahr 2015 auf EUR 16,8 Mio. von EUR 8,8 Mio. im Jahr 2014. Der akquisitionsbedingte Beitrag aus dem Crucell Sweden-Geschäft betrug EUR 5,5 Mio. und stand hauptsächlich im Zusammenhang mit an Johnson & Johnson geleisteten F&E-Services. Ohne die akquirierten Einnahmen, stiegen die Einnahmen aus Kooperationen, Lizenzen und Services im Jahr 2015 auf EUR11,3 Mio. an, verglichen mit EUR 8,8 Mio. im Jahr 2014. Zu diesen Einnahmen trugen vor allem zusätzliche Lizenzvereinbarungen und Meilensteinzahlungen für die EB66(®)-Plattform, sowie Einnahmen aus der gemeinsamen Entwicklung des Pseudomonas-Projekts vom Partner GSK bei. Die Förderungserlöse im Jahr 2015 betrugen EUR 5,0 Mio. dies stellt eine Verringerung von EUR 0,5 Mio. im Vergleich zu 2014 dar. Der Nettoverlust und die Betriebsausgaben werden mit den geprüften Gesamtjahres- Finanzergebnissen am 21. März 2016 bekannt gegeben. Geschätzte Liquidität am Jahresende Die liquiden Mittel am 31. Dezember 2015 betrugen EUR 42,6 Mio. im Vergleich zu EUR 29,5 Mio. Ende Dezember 2014 und bestanden aus EUR 38,2 Mio. an Zahlungsmitteln und Zahlungsmitteläquivalenten, EUR 3,7 Mio. an kurzfristigen Geldanlagen und EUR 0,7 Mio. an beschränkt verfügbaren Geldern. Valneva SE Valneva ist ein voll integriertes Impfstoffunternehmen, das auf die Entwicklung, Herstellung und Vermarktung von Impfstoffen spezialisiert ist. Valnevas Mission ist es, Menschen mit innovativen Impfstoffen vor Infektionskrankheiten zu schützen. Das Unternehmen generiert Umsatzerlöse durch gezielte Investitionen in die Forschung und Entwicklung vielversprechender Produktkandidaten sowie aus wachsenden Einnahmen durch kommerzialisierte Produkte und strebt nach finanzieller Unabhängigkeit. Valnevas Portfolio beinhaltet zwei am Markt befindliche Reiseimpfstoffe: einer zur Prävention von Japanischer Enzephalitis (IXIARO(®)), der andere (DUKORAL(®)) zur aktiven Immunisierung gegen Cholera und, in einigen Ländern, zur Vorbeugung von durch LT- ETEC verursachten Reisedurchfall, sowie weitere firmeneigene Impfstoffe gegen Pseudomonas aeruginosa, Clostridium difficile und Lyme Borreliose in Entwicklung. Mehrere Partnerschaften mit führenden pharmazeutischen Unternehmen komplementieren die Wertschöpfung des Unternehmens und inkludieren Impfstoffe, die mit Valnevas innovativen und validierten Technologieplattformen (EB66(®) Zelllinie zur Impfstoffproduktion, IC31(®) Adjuvans) entwickelt werden. Valnevas ist am Euronext-Paris sowie an der Börse Wien gelistet und hat Standorte in Frankreich, Österreich, Schottland, Kanada und Schweden mit ungefähr 400 Mitarbeitern. Mehr Information ist unter www.valneva.com verfügbar. Kontakte: Laetitia Bachelot-Fontaine Teresa Pinzolits Head of Investor Relations Communications Specialist & Corporate Communications T +43-1-206 20-1116 T +02-28-07-14-19 M +43-676-84 55 67 357 M +33 (0)6 4516 7099 [email protected] Forward-Looking Statements Diese Pressemitteilung beinhaltet gewisse die Zukunft betreffende Aussagen im Zusammenhang mit der Geschäftstätigkeit der Valneva; diese betreffen unter anderem den Fortschritt, die zeitliche Planung und Fertigstellung von Forschungs- und Entwicklungsprojekten sowie klinische Studien für Produktkandidaten, die Fähigkeit des Unternehmens, Produktkandidaten herzustellen, zu verwerten und zu vermarkten und Marktzulassungen für Produktkandidaten zu erhalten, die Fähigkeit, geistiges Eigentum zu schützen und bei der Geschäftstätigkeit des Unternehmens das geistige Eigentum anderer nicht zu verletzen, Schätzungen des Unternehmens für zukünftige Wertentwicklung sowie Schätzungen bezüglich erwarteter operativer Verluste, zukünftiger Einnahmen, des Kapitalbedarfs sowie der Notwendigkeit zusätzlicher Finanzierung, der geplanten Akquisition und der geplanten Bezugsrechtsemission. Auch wenn die tatsächlichen Ergebnisse oder Entwicklungen der Valneva mit den die Zukunft betreffenden Aussagen, die in diesen Unterlagen enthalten sind, übereinstimmen, können diese Ergebnisse und Entwicklungen keine Aussagekraft für die tatsächlichen Ergebnisse und Entwicklungen der Valneva in Zukunft haben. In manchen Fällen können Sie die Zukunft betreffende Aussagen an der Verwendung von Ausdrücken wie "könnte", "sollte", "dürfte", "erwartet", "nimmt an", "glaubt", "denkt", "hat vor", "schätzt", "abzielen" und ähnlichen Formulierungen erkennen. Diese die Zukunft betreffenden Aussagen basieren im Wesentlichen auf den gegenwärtigen Erwartungen der Valneva zum Zeitpunkt dieser Pressemitteilung und unterliegen mehreren bekannten, aber auch unbekannten Risiken und Unsicherheiten sowie anderen Faktoren, die zu tatsächlichen Ergebnissen, Entwicklungen und Erfolgen führen können, die von den künftigen Ergebnissen, Entwicklungen oder Erfolgen, welche in den Prognosen dargestellt oder vorausgesetzt werden, erheblich abweichen können. Insbesondere die Erwartungen von Valneva könnten unter anderem durch Unsicherheiten bei der Entwicklung und Herstellung von Impfstoffen, unerwartete Ergebnisse bei klinischen Studien, unerwartete regulatorische Eingriffe oder damit verbundene Verzögerungen, Wettbewerb im Allgemeinen, Auswirkungen von Währungsschwankungen, von Auswirkungen von globalen und europäischen Finanzierungskrisen sowie die Möglichkeiten des Unternehmens, Patente oder sonstige Rechte des geistigen Eigentums zu erwerben oder aufrechtzuerhalten, von der Fähigkeit die erworbenen Unternehmensgegenstände erfolgreich zu integrieren und durch den Erfolg der geplanten Bezugsrechtsemission beeinflusst werden. Angesichts dieser Risiken und Unsicherheiten kann somit nicht gewährleistet werden, dass die zukunftsbezogene Aussagen aus dieser Pressemeldung eintreten. Die von Valneva erteilten Informationen beziehen sich auf den Tag der der Pressemitteilung und lehnen - außer in den gesetzlich geregelten Fällen - jegliche Verpflichtung oder Absicht ab, irgendeine die Zukunft betreffende Aussage öffentlich zu aktualisieren oder zu korrigieren, sei es aufgrund neuer Informationen, zukünftiger Ereignisse oder aus anderen Gründen. 2016_02_24_Valneva Estimated FY 2015 PR_GER: http://hugin.info/157793/R/1988758/730263.pdf This announcement is distributed by GlobeNewswire on behalf of GlobeNewswire clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Valneva via GlobeNewswire [HUG#1988758]
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