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LITERATURE REVIEW

Technical analysis might sound enticing on paper but how does it actually perform in reality?

EARLY DAYS

In a pioneering paper, Fama and Blume (1966) found no evidence ofsignificant profits

using a class of technical trading rules in the stock market.

Their findings were backed up by Van Horne and Parker (1967, 1968) and Jensen

andBenington (1970).

RECENT WORK

However, more recent work by Brock, Lakonishok and LeBaron(1992) and Sullivan,

Timmermann and White (1999) have refuted the idea.

Otherstudies that found positive profits using technical analysis include studies

byMenkhoff and Schlumberger (1995), Lee and Mathur (1996a, 1996b), Maillet

andMichel (2000), Lee et al. (2001) and Martin (2001).

In the paper by Park and Irvin(2007) they conclude that a majority of modern studies

showed that technical tradingstrategies generated positive economic profits.



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OTHER PAPERS

Most of the papers on technical analysis have focused on daily data while only ahandful has

taken an intraday approach. These papers include Curcio et al (1997),Neely and Weller (2003),

Sager and Taylor (2004), Melvin, Sager and Taylor (2006)and Kozhan and Salmon (2010).

The former two studies found no evidence of positiveexcess returns after transaction costs are

considered. Using tick by tick data, Kozhanand Salmon found that excess profits exists for a

trading rule in 2003 but these profitsdisappeared by 2008.

In addition, almost all studies on technical analysis in the foreign exchange markethave focused

on the major currencies. Anne D. Martin (2009) found statistically significant profits using

themoving average rule on currencies of developing countries. However the rule does

notoutperform a risk free strategy after taking into account the Sharpe ratio.

Gerben deZwart et al. (2009) took a holistic approach by combining both fundamental

andtechnical information to generate trading signals for 21 emerging currency marketsand

found economically and statistically significant positive risk-adjusted returns.The results are

consistentwith the findings by Szakmary and Mathur (1997), where they also found a day of the

week effect, where trading profits are generally higher on Fridays and Mondays,consistent with

conjectures in previous studies where news concerning interventiontends to be revealed over

weekends.



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Silber (1994) took a slightly different approach inthat he linked markets where technical

analysis proved profitable to markets wherecentral bank intervention exists.In another study,

Sapp (2004) found that market volatility is higher beforeinterventions which in itself can be a

plausible explanation for interventions. It alsoimplies that the positive returns earned by

technical analyst during this period are infact an adequate compensation for risk bearing.

Pukthuanthong-Le, Levich and Thomas (2007) find that currencies for emerging markets tend

to have more profit opportunities than developed nations.



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TECHNICAL ANALYSIS

The principles of technical analysis are derived from hundreds of years of financial

markets data. Some aspects of technical analysis began to appear in Joseph de la Vega's

accounts of the Dutch markets in the 17th century. In Asia, technical analysis is said to be a

method developed by Homma Munehisa during early 18th century which evolved into the use

of candlestick techniques, and is today a technical analysis charting tool. In the 1920s and 1930s

Richard W. Schabacker published Stock Market Theory and Practice and Technical Market

Analysis.

In 1948 Robert D. Edwards and John Magee published Technical Analysis of Stock Trends which

is widely considered to be one of the seminal works of the discipline. It is exclusively concerned

with trend analysis and chart patterns and remains in use to the present.

WHAT IS TECHNICAL ANALYSIS?

“A method of evaluating securities by analyzing statistics generated by market activity, such as

past prices and volume.” Technical analysts do not attempt to measure a security's intrinsic

value, but instead use charts and other tools to identify patterns that can suggest future

activity.”

In short, Technical analysts believe that the historical performance of stocks and markets are

indications of future performance.



DOW’S THEOR

Charles Dow developed the Do

century. Until his death in 190

Journal. Although he never wr

reflected his views on speculati

Even though Charles Dow is cr

William Hamilton who later refi

Stock Speculation and was the

refined the theory through a s

Hamilton also wrote The Stock

in detail.

PAGE 5 OF 221

theory from his analysis of market price actio

2, Dow was part owner as well as editor o

te a book on the subject, he did write som

n and the role of the rail and industrial averag

dited with developing the Dow theory, it was

ned the theory into what it is today. Nelson

first to actually use the term "Dow theory."

ries of articles in The Wall Street Journal fro

Market Barometer in 1922, which sought to e

in the late 19th

The Wall Street

e editorials that

’s.

S.A. Nelson and

rote The ABC of

Hamilton further

1902 to 1929.

plain the theory



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6 BASIC TENETS OF DOW’S THEORY:

1. THE MARKET HAS THREE MOVEMENTS

The "main movement", primary movement or major trend may last from less

than a year to several years. It can be bullish or bearish.

The "medium swing", secondary reaction or intermediate reaction may last from

ten days to three months

The "short swing" or minor movement varies with opinion from hours to a

month or more.



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2. MARKET TRENDS HAVE THREE PHASES

Dow Theory asserts that major market trends are composed of three phases:

An accumulation phase ( phase 1) is a period when investors "in the know" are

actively buying (selling) stock against the general opinion of the market. During

this phase, the stock price does not change much because these investors are in

the minority demanding (absorbing) stock that the market at large is supplying

(releasing).

A public participation (or absorption) phase: eventually, the market catches on

to these astute investors and a rapid price change occurs ( phase 2). This occurs

when trend followers and other technically oriented investors participate. This

phase continues until rampant speculation occurs.

A distribution phase: At this point, the astute investors begin to distribute their

holdings to the market ( phase 3).

3. THE STOCK MARKET DISCOUNTS ALL NEWS

Stock prices quickly incorporate new information as soon as it becomes available. Once news is

released, stock prices will change to reflect this new information.

4. STOCK MARKET AVERAGES MUST CONFIRM EACH OTHER

In Dow's time, the US was a growing industrial power. The US had population centers but

factories were scattered throughout the country. Factories had to ship their goods to market,

usually by rail. Dow's first stock averages were an index of industrial (manufacturing)

companies and rail companies. To Dow, a bull market in industrials could not occur unless the

railway average rallied as well, usually first. According to this logic, if manufacturers' profits are

rising, it follows that they are producing more. If they produce more, then they have to ship



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TECHNICAL VERSUS FUNDAMENTAL ANALYSIS:

Technical analysts, or technicians, generate and interpret charts of the price and volume

histories of stocks to predict movement in stock prices according to perceived trends.

Whereas Fundamental analysis examines the earning potential of the company issuing a stock,

goes on the assumption that a share of ownership of a company has an intrinsic value that is a

function of the underlying value of the company as a whole. In simple words,

Earnings, expenses, assets and liabilities are all important characteristics to fundamental

analysts.

CHARACTERISTICS OF TECHNICAL ANALYSIS:

1. Technical analysis employs models and trading rules based on price and volume

transformations, such as the relative strength index, moving averages, regressions,

inter-market and intra-market price correlations, business cycles, stock market cycles

2. Technical analysis is widely used among traders and financial professionals and is very

often used by active day traders, market makers and pit traders.

3. Technical analysis stands in contrast to the fundamental analysis approach to security

and stock analysis.



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3 BASIC PRINCIPLES:

1. MARKET ACTION DISCOUNTS EVERYTHING:

Based on the premise that all relevant information is already reflected by prices, technical

analysts believe it is important to understand what investors think of that information, known

and perceived.

2. PRICES MOVE IN TRENDS:

A market trend is a tendency of a financial market to move in a particular direction over time.

These trends are classified as secular for long time frames, primary for medium time frames,

and secondary for short time frames.

Technical analysts believe that prices trend directionally, i.e., up, down, or sideways (flat) or

some combination. The basic definition of a price trend was originally put forward by Dow

Theory which says the market is in an upward trend if one of its averages (industrial or

transportation) advances above a previous important high

3. HISTORY TENDS TO REPEAT ITSELF:

Technical analysts believe that investors collectively repeat the behavior of the investors that

preceded them. To a technician, the emotions in the market may be irrational, but they exist.

Because investor behavior repeats itself so often, technicians believe that recognizable (and

predictable) price patterns will develop on a chart. Recognition of these patterns can allow the

technician to select trades that have a higher probability of success.



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STRENGTH AND WEAKNESSES:

STRENGTHS:

1. FOCUS ON PRICE

If the objective is to predict the future price, then it makes sense to focus on price movements.

Price movements usually precede fundamental developments. By focusing on price action,

technicians are automatically focusing on the future. The market is thought of as a leading

indicator and generally leads the economy by 6 to 9 months. To keep pace with the market, it

makes sense to look directly at the price movements. More often than not, change is a subtle

beast. Even though the market is prone to sudden knee-jerk reactions, hints usually develop

before significant moves. A technician will refer to periods of accumulation as evidence of an

impending advance and periods of distribution as evidence of an impending decline.

2. SUPPLY, DEMAND, AND PRICE ACTION

Many technicians use the open, high, low and close when analyzing the price action of a

security. There is information to be gleaned from each bit of information. Separately, these will

not be able to tell much. However, taken together, the open, high, low and close reflect forces

of supply and demand.



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3. SUPPORT/RESISTANCE

Simple chart analysis can help identify support and resistance levels. These are usually markedby periods of congestion (trading range) where the prices move within a confined range for an

extended period, telling us that the forces of supply and demand are deadlocked. When prices

move out of the trading range, it signals that either supply or demand has started to get the

upper hand. If prices move above the upper band of the trading range, then demand is winning.

If prices move below the lower band, then supply is winning.

3. PICTORIAL PRICE HISTORY

Even if you are a tried and true fundamental analyst, a price chart can offer plenty of valuable

information. The price chart is an easy to read historical account of a security's price movement

over a period of time. Charts are much easier to read than a table of numbers. On most stock

charts, volume bars are displayed at the bottom. With this historical picture, it is easy to

identify the following:

Reactions prior to and after important events.

Past and present volatility.

Historical volume or trading levels.

Relative strength of a stock versus the overall market.

4. ASSIST WITH ENTRY POINT

Technical analysis can help with timing a proper entry point. Some analysts use fundamental

analysis to decide what to buy and technical analysis to decide when to buy. It is no secret that



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timing can play an important role in performance. Technical analysis can help spot demand

(support) and supply (resistance) levels as well as breakouts. Simply waiting for a breakout

above resistance or buying near support levels can improve returns.

It is also important to know a stock's price history. If a stock you thought was great for the last 2

years has traded flat for those two years, it would appear that Wall Street has a different

opinion. If a stock has already advanced significantly, it may be prudent to wait for a pullback.

Or, if the stock is trending lower, it might pay to wait for buying interest and a trend reversal.

WEAKNESSES:

1. ANALYST BIAS

Just as with fundamental analysis, technical analysis is subjective and our personal biases can

be reflected in the analysis. It is important to be aware of these biases when analyzing a chart.

If the analyst is a perpetual bull, then a bullish bias will overshadow the analysis. On the other

hand, if the analyst is a disgruntled eternal bear, then the analysis will probably have a bearish

tilt.

2. OPEN TO INTERPRETATION

Furthering the bias argument is the fact that technical analysis is open to interpretation. Even

though there are standards, many times two technicians will look at the same chart and paint

two different scenarios or see different patterns. Both will be able to come up with logical

support and resistance levels as well as key breaks to justify their position. While this can be

frustrating, it should be pointed out that technical analysis is more like an art than a science,

somewhat like economics. Is the cup half-empty or half-full? It is in the eye of the beholder.



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3. TOO LATE

Technical analysis has been criticized for being too late. By the time the trend is

identified, a substantial portion of the move has already taken place. After such a largemove, the reward to risk ratio is not great. Lateness is a particular criticism of Dow

Theory.

4. ALWAYS ANOTHER LEVEL

Even after a new trend has been identified, there is always another "important" level

close at hand. Technicians have been accused of sitting on the fence and never taking an

unqualified stance. Even if they are bullish, there is always some indicator or some level

that will qualify their opinion.

5. TRADER'S REMORSE

Not all technical signals and patterns work. When you begin to study technical analysis,

you will come across an array of patterns and indicators with rules to match. For

instance: A sell signal is given when the neckline of a head and shoulders pattern is

broken. Even though this is a rule, it is not steadfast and can be subject to other factors

such as volume and momentum. In that same vein, what works for one particular stock

may not work for another. A 50-day moving average may work great to identify support

and resistance for IBM, but a 70-day moving average may work better for Yahoo. Even

though many principles of technical analysis are universal, each security will have its

own idiosyncrasies.



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CHARTING: TYPES AND PATTERNS

WHAT IS A CHART?

In technical analysis, charts are similar to the charts that you see in any business setting. A chart

is simply a graphical representation of a series of prices over a set time frame. For example, a

chart may show a stock's price movement over a one-year period, where each point on the

graph represents the closing price for each day the stock is traded, following chart shows the

same for SBI:



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TYPES OF CHARTS:

There are four main types of charts that are used by investors and traders depending on the

information that they are seeking and their individual skill levels. The chart types are: the line

chart, the bar chart, the candlestick chart and the point and figure chart.

LINE CHART:

The most basic of the four charts is the line chart because it represents only the closing prices

over a set period of time. The line is formed by connecting the closing prices over the time

frame. Line charts do not provide visual information of the trading range for the individual

points such as the high, low and opening prices. However, the closing price is often considered

to be the most important price in stock data compared to the high and low for the day and this

is why it is the only value used in line charts. Following is the line chart showing closing prices of

Axis Bank Ltd for one month



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BAR CHART:

The bar chart expands on the line chart by adding several more key pieces of information to

each data point. The chart is made up of a series of vertical lines that represent each data point.

This vertical line represents the high and low for the trading period, along with the closing

price. The close and open are represented on the vertical line by a horizontal dash. The opening

price on a bar chart is illustrated by the dash that is located on the left side of the vertical bar.

Conversely, the close is represented by the dash on the right. Generally, if the left dash (open)

is lower than the right dash (close) then the bar will be shaded black/blue, representing an up

period for the stock, which means it has gained value. A bar that is colored red signals that the

stock has gone down in value over that period. When this is the case, the dash on the right

(close) is lower than the dash on the left (open).

EXAMPLE:



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CANDLESTICK CHART:

The candlestick chart is similar to a bar chart, but it differs in the way that it is visually

constructed. Similar to the bar chart, the candlestick also has a thin vertical line showing the

period's trading range. The difference comes in the formation of a wide bar on the vertical line,

which illustrates the difference between the open and close. And, like bar charts, candlesticks

also rely heavily on the use of colors to explain what has happened during the trading period.

EXAMPLE: Color Indication: If Open is higher than Close: RED

If Open is lower than Close: GREEN



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POINT AND FIGURE CHART:

The point and figure chart is not well known or used by the average investor but it has had a

long history of use dating back to the first technical traders. This type of chart reflects price

movements and is not as concerned about time and volume in the formulation of the points.

When first looking at a point and figure chart, you will notice a series of Xs and Os. The Xs

represent upward price trends and the Os represent downward price trends. There are also

numbers and letters in the chart; these represent months, and give investors an idea of the

date. Each box on the chart represents the price scale, which adjusts depending on the price of

the stock: the higher the stock's price the more each box represents.



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PATTERNS OF CHART

HEAD AND SHOULDERS:

This is one of the most popular and reliable chart patterns in technical analysis. Head and

shoulders is a reversal chart pattern that when formed, signals that the security is likely to

move against the previous trend.

There are two versions of the head and shoulders chart pattern. Head and shoulders top

(shown on the left) is a chart pattern that is formed at the high of an upward movement and

signals that the upward trend is about to end. Head and shoulders bottom, also known

as inverse head and shoulders (shown on the right) is the lesser known of the two, but is used

to signal a reversal in a downtrend.

There are four main parts: two shoulders, a head and a neckline. Also, each individual head and

shoulder is comprised of a high and a low. For example, in the head and shoulders top image

shown on the left side, the left shoulder is made up of a high followed by a low. In this pattern,

the neckline is a level of support or resistance.



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CUP AND HANDLE:

This price pattern forms what looks like a cup, which is preceded by an upward trend. The

handle follows the cup formation and is formed by a generally downward/sideways movement

in the security's price. Once the price movement pushes above the resistance lines formed in

the handle, the upward trend can continue.

There is a wide ranging time frame for this type of pattern, with the span ranging from several

months to more than a year.



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DOUBLE TOPS AND BOTTOMS:

This chart pattern is another well-known pattern that signals a trend reversal. It is considered to be one of the most reliable and is commonly used.

These patterns are formed after a sustained trend and signal to chartists that the trend

is about to reverse.

The pattern is created when a price movement tests support or resistance levels twice

and is unable to break through.

In the case of the double top pattern, the price movement has twice tried to move above a

certain price level. After two unsuccessful attempts at pushing the price higher, the trend

reverses and the price heads lower.

In the case of a double bottom (shown on the right), the price movement has tried to go lower

twice, but has found support each time. After the second bounce off of the support, thesecurity enters a new trend and heads upward.



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TRIANGLES:

Triangles are some of the most well-known chart patterns used in technical analysis.

The three types of trianglesare:

symmetrical triangle

ascending

descending triangle

The symmetrical triangle in Figure 4 is a pattern in which two trend lines converge toward each

other. This pattern is neutral in an ascending triangle, the upper trend line is flat, while the

bottom trend line is upward sloping. This is generally thought of as a bullish pattern in which

chartists look for an upside breakout.

In a descending triangle, the lower trend line is flat and the upper trend line is descending. This

is generally seen as a bearish pattern where chartists look for a downside breakout.



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FLAG AND PENNANT:

These two short-term chart patterns are continuation patterns that are formed when there is aSHARP PRICEMOVEMENT followed by a generally sideways price movement. This pattern is

then completed upon another sharp price movement in the same direction.

There is little difference between a pennant and a flag.

The main difference between these price movements can be seen in the middle section of the

chart pattern. In a pennant, the middle section is characterized by converging trend lines, much

like what is seen in a symmetrical triangle.

The middle section on the flag pattern, on the other hand, shows a channel pattern, with no

convergence between the trend lines. In both cases, the trend is expected to continue when

the price moves above the upper trend line.



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TRIPLE TOPS AND BOTTOMS:

Triple tops and triple bottoms are another type of reversal chart pattern in chart analysis.

These are not as prevalent in charts as head and shoulders and double tops and bottoms, but

they act in a similar fashion.

These two chart patterns are formed when the price movement tests a level of support or

resistance three times and is unable to break through; this signals a reversal of the prior trend.

Confusion can form with triple tops and bottoms during the formation of the pattern because

they can look similar to other chart patterns. After the first two support/resistance tests are

formed in the price movement, the pattern will look like a double top or bottom, which could

lead a chartist to enter a reversal position too soon.



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ROUNDING BOTTOM:

A rounding bottom, also referred to as a saucer bottom, is a long-term reversal pattern thatsignals a shift from a downward trend to an upward trend. This pattern is traditionally thought

to last anywhere from several months to several years.



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IMPORTANT LEVELS

SUPPORT LEVEL:

The price, at which, historically, a stock had difficulty falling below. It is thought of as the level

at which a lot of buyers tend to enter the stock is often referred to as the “Support Level”.

RESISTANCE LEVEL:

The Price at which a stock or market can trade, but which it cannot exceed, for a certain period

of time is often referred to as “Resistance Level”.



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INDICATORS

MONEY FLOW INDEX

INTRODUCTION

The Money Flow Index (MFI) is an oscillator that uses both price and volume to measure buying

and selling pressure. Created by Gene Quong and Avrum Soudack, MFI is also known as volume-

weighted RSI. MFI starts with the typical price for each period. Money flow is positive when the

typical price rises (buying pressure) and negative when the typical price declines (selling

pressure). A ratio of positive and negative money flow is then plugged into an RSI formula to

create an oscillator that moves between zero and one hundred. As a momentum oscillator tied

to volume, the Money Flow Index (MFI) is best suited to identify reversals and price extremes

with a variety of signals.

CALCULATION

There are a several steps involved in the Money Flow Index calculation. The example below is

based on a 14-period Money Flow Index, the setting recommended by the creators.

1. Typical Price = (High + Low + Close)/3

2. Raw Money Flow = Typical Price x Volume



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NOTE

Decide on the time frame over which to calculate the index. This should be based on the

cycle that you are trading.

Calculate Positive Money Flow:

Add Money Flow for each period (in the time frame) that Typical Price moves up.

Calculate Negative Money Flow:

Add Money Flow for each period (in the time frame) that Typical Price moves down.

3. Money Flow Ratio = (14-period Positive Money Flow)/(14-period Negative

Money Flow)

4. Money Flow Index = 100 - 100/(1 + Money Flow Ratio)

First notice that Raw Money Flow is essentially dollar volume because the formula is volume

multiplied by the typical price. Raw Money Flow is positive when the typical price advances

from one period to the next and negative when the typical price declines. The Raw Money Flow

values are not used when the typical price is unchanged. The Money Flow Ratio in step 3 formsthe basis for the Money Flow Index (MFI). Positive and Negative Money Flow are summed for

the look-back period (14) and the Positive Money Flow sum is divided by the Negative Money

Flow sum to create the ratio. The RSI formula is then applied to create a volume-weighted

indicator. The table below shows a calculation example taken from an excel spreadsheet.



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EXPLAINATION:

The Money Flow Index is a volume/momentum technical indicator that measures the strength

of total Money flowing into and out of a stock, bond or commodity. Money Flow looks at both

price and volume activity. It is similar to RSI, which looks only at price.

Money Flow (MF) is a theory that correlates a relationship between price movement and the

actual amount of money flowing in or out of a stock, bond or commodity. The belief is as

money goes in or out of a security a measurable, predictive and usable pattern should exist. By

measuring the amount of net money movement, supply and demand trends can be qualified,

and better identified as attractive or overpriced. You are, in essence, measuring whether

investors are paying more or less than market price.

Money Flow analysis identifies divergences between trends in price and trends in money flow.

If the price goes up, money should be flowing into it. If the price goes down, money should be

flowing out. When price is trending higher, money flow should be trending higher. When price

is trending down, money flow should be trending down. Bearish divergence is when price is

trending higher and money flow is falling. Bullish divergence is when price is trending lower and

money flow is increasing. Price usually corrects in the direction of money flow.

Money Flow for a specific period is calculated by multiplying the average price by the volume.

Positive Money Flow is the sum of the positive Money Flow over a specific period. Negative

Money Flow is the sum of the negative Money Flow over a specific period. Money Flow is

considered positive when there is an increase in average price and negative when there is a



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decrease in average price. The Money Flow Ratio is the positive Money Flow divided by the

negative Money Flow. A Money Flow Index generally looks like the following

FORMULA: MONEY FLOW INDEX = 100 - (100/ 1 + MONEY RATIO.)

Money Flow is about comparing price movement with trading volume on up days versus down

days. The money flow indicator rises if there is more volume on up days than on down days,

and vice versa. Money Flow should not be the primary indicator for trading; it functions best as

a supporting study to help further confirm a trading opportunity.

When using the Money Flow Index (MFI) monitoring for divergence between the indicator and

the price action is the key. If the price trends higher and the MFI trends lower (or vice versa) a

price reversal may be imminent. The divergence between the indicator and the price usually

signals that a reversal of the price trend is expected. Money Flow Index above 80 usually shows

that the security is overbought and the price is likely to fall down. Monitor for tops to occur

when the MFI is above 80.

Money Flow Index below 20 usually shows that the security is oversold and a reverse trend may

be expected with the price setting up to rally. Monitor for market bottoms to occur when the

MFI is below 20. General patterns to observe when divergence begins to appear are to buy on

weakness when money is flowing into a stock, bond or commodity even though its price has

been falling. This could be an opportunity to buy before it is likely to rise. Equally, when

divergence appears, sell on strength when money is flowing out of a stock, bond or commodity

even though its price has been rising. This could be an opportunity to sell.



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MOVING AVERAGE:

The market indices do not rise or fall in straight line. The upward and downward are

interrupted by counter moves. The underlying trend can be studied by smoothening of the

data. To smooth the data moving average technique is used.

The word moving means that the body of data moves ahead to include the recent

observation. If it is five day moving average, on the sixth day the body of data moves to

include the sixth day observation eliminating the first day’s observation. Likewise it continues.

In the moving average calculation, closing price of the stock is used.

CALCULATING MOVING AVERAGE USING EXCEL:

To calculate moving average, all we need is the good old AVERAGE excel function.

Assuming our data is in the range B1:B12,Just enter this formula in the cell C3:

=AVERAGE(B1:B3)

And now copy the formula from C3 to the range C4 to C12



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STOCK PRICE AND STOCK PRICES’ MOVING AVERAGE:

Buy and sell signals are provided by the moving averages. Moving averages are used along

with the price of the scrip. The stock price may intersect the moving average at a particular

point. Downward penetration of the rising average indicates the possibility of a further fall.

Upward penetration of a falling average would indicate the possibility of the further rise and

gives the buy signal.



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RELATIVE STRENGTH INDEX:

RSI is an oscillator used to identify the inherent technical strength and weakness of a

particular scrip or market. RSI can be calculated for scrip by adopting the following formula.

RSI = 100 - 100

RS = Average Gain per Day

The RSI can be calculated for any number of days depending on the wish of the technical

analyst and the time frame of trading adopted in a particularstock market. RSI is calculated

for 5, 7, 9 and 14 days. If the period taken for calculation is more, the possibility of getting

wrong signals is reduced.

The broad rule is, if the RSI crosses seventy there may be downturn and it is time to sell. If the

RSI falls below thirty it is time to pick up the script. If the RSI is rising in the overbought zone,

it would indicate the downfall of the price. If RSI falls in the overbought zone, it gives a clear

signal of sell. This condition occurs after a sharp rise in price during a period of heavy buying.

When the RSI is in the oversold region, it generates the buy signal. The term oversold is used

to describe a security or market that has declined to an unreasonably low level.

1 + RS

Average Loss per



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RATE OF CHANGE:

The Rate-of-Change (ROC) indicator, which is also referred to as simply Momentum, is a

pure momentum oscillator that measures the percent change in price from one period to the

next. The ROC calculation compares the current price with the price "n" periods ago.

ROC helps to find out the overbought and oversold positions in scrip. Closing prices are used

to calculate the ROC. Daily closing prices are used for the daily ROC and weekly closing prices

for weekly ROC. In this study I have used weekly closing prices for calculation.

The Rate of Change (ROC) indicator is a very simple yet effective momentum oscillator that

measures the percent change in price from one period to the next. The (ROC) calculation

compares the current price with the price n periods ago.

ROC = ((Today’s close – Close n periods ago) / (Close n periods ago)) * 100



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The main advantage of ROC is the identification of overbought and oversold region. The historic

high and low values of the ROC should be identified at first to locate the overbought and

oversold region. If the scrip’s ROC reaches the historic high values, the scrip is in the

overbought region. If the scrip’s ROC reaches the historic low value, the scrip is in the oversold

region.



PAGE 37 OF 221

UNDERSTANDING THE BASICS

BRIEF HISTORY OF JAPANESE CANDLESTICKS

In the 18th century a wealthy Japanese

businessman, Munehisa Homma developed a

technical analysis method to analyze the price of rice

contracts. Today this technique is called candlestick

charting and is widely used when drawing stock

charts. Homma, from Sakata, Japan began trading at

the local rice exchange around 1750. He kept

records of the market psychology learning to boost

his profits by carefully monitoring prices and not to

rushing into trades.

Homma is regarded as the Grandfather of candlesticks because of his research on price pattern

recognition. Homma is credited with giving rise to a research technique which became the basis

for trading in Japan.

Steve Nison, Father of candlesticks and author of popular candlestick charting books such as

Strategies for Profiting with Japanese Candlestick Charts and Beyond Candlesticks: New

Japanese Charting Techniques Revealed is widely credited with bringing candlestick charting to

the Western world from Japan in 1989 when he published his first article on candlestick analysis

in Futures magazine.



PAGE 38 OF 221

BULLISH AND BEARISH SIGNALS

To simply understand markets, we need to start communicating through its sign language, i.e.

charts.

There are different types of charts. The most prevalent today is candlesticks, invented by

Japanese. We shall have our focus on Japanese candlesticks for its sheer ability to generate

perfect signal timings.

BASIC 2 CANDLESTICKS

(i) BULLISH AND

(ii) BEARISH

LETS DIVIDE THE CANDLE INTO 3 PARTS

i) Middle cylindrical potion Body

ii) Upper/lower wicks Wicks

iii) High to low Length



PAGE 39 OF 221

BULLISH:

When the close is significantly higher than the open, it is termed as Bullish Candle. Control is

with the bulls.

BEARISH:

When the close is significantly lower than the open, it is termed as Bearish Candle. Control

is with the bears.

These two are basic candle patterns and lets call them Decision Candles (since control is

clearly with bulls or bears)



PAGE 40 OF 221

OTHER CANDLE TYPES

If you closely observe all the above ones, a common thing appears. “Neither Bulls nor Bears

have control!” and this is important to know. There are close to 95 such candle patterns;

believe it or not, the only important thing to note is neither party has control; and lets call

them Indecision Candles.

So we have two general types of candles (i) Decision and (ii) Indecision.

The next question that comes to our minds is when do we get a trade signal? What do you

say – After a decision candle or an indecision candle.



HERE IS THE SIGNAL FOR

When we have a specific co

for us. There are only six suc

see each signal now. By th

question WHAT? i.e. What a

25%, before you start tradin

THE MORNING STAR

If you have a combination of a

candle, whose body is minimum

Morning Star. Please remember

up to 15 Indecision candles befo

This pattern has to be bought a

PIPs below the low of the patter

PAGE 41 OF 221

S:

bination of decision and indecision candles, i

h signals: 3 to buy and 3 to sell. Are we simpli

e end of this discussion, you shall be havin

ction has to be taken? BUY or SELL. But do no

.

bearish candle, minimum one indecision can

60% of the bearish body, then you have a BUY

there has to be at least one indecision candle

re the bullish candle appears.

t the opening of next candle and out stop sho

n (the lower low).

t’s a trade signal

ying now? Let us

g answer to the

t hurry; it is only

le and a bullish

signal which is a

and there can be

ld go around 25



PAGE 42 OF 221

THE EVENING STAR

If you have a combination of a bullish candle, minimum one indecision candle and a bearish

candle, whose body is minimum 60% of the bullish body, then you have SELL signal, which is an

Evening Star. Please remember, there has to be atleast one indecision candle and there can be

upto 15 before the bearish candle appears.

This pattern has to be sold at opening of next candle and our stop should go around. 30 PIPs

above the high of the pattern (the highest level).



THE TWEEZER BOTTOM

If you have a combination of atl

min 60% of length; then it is a

must appear back-to-back.

This pattern has to be bought a

low of pattern.

THE TWEEZER TOP

PAGE 43 OF 221

east 2 indecision candles, back-to-back, whos

BUY signal, Tweezer Bottom. Please remem

t opening of next candle, the stop should go 2

lower wicks are

er both candles

5 PIPs below the



PAGE 44 OF 221

If you have a combination of atleast 2 indecision candles, back-to-back, whose, upper wicks are

min 60% of their respective lengths; then it’s a SELL signal. Tweezer Top. Please remember,

both candles must appear back-to-back.

This pattern has to be sold at the opening of next candle, the stop should go 30 PIPs above the

high of pattern.

THE ENGULFING BULLISH

If you have a combination of a bearish candle, immediately followed by bullish candle, that

engulfs the bearish body; then it is a BUY signal, Engulfing Bullish.

This pattern has to be bought at opening of next candle, stop should go 25 PIP below low of

pattern.

THE ENGULFING BEARISH



PAGE 45 OF 221

If you have a combination of a bullish candle, immediately followed by a bearish candle, that

engulfs the bullish body; then it is a SELL signal; Engulfing Bearish.

This pattern has to be sold at opening of the next candle; stop should go 30 PIPs above high of

the pattern.

We have just answered the question WHAT (action to be taken). Please hold, we still need to

cater WHEN, WHY & WHERE before it’s OK to trade with confidence.

You can act on above patterns accordingly, but there are 2 exceptions where its not

recommended to act.



PAGE 46 OF 221

During Sideways Movement

In between Cycles/moves. i.e. if you missed the right place to act on a

pattern/signal, patiently wait for the other one; do not rush!

OTHER SIGNALS

HAMMER AND SHOOTING STAR

THE HAMMER

As its name implies, the inverted Hammer looks like an upside down version of the Hammer

Candlestick Chart Pattern which we learned about several lessons ago. Like the Hammer

Pattern, the Inverted Hammer is comprised of one candle and when found in a downtrend is

considered a potential reversal pattern.

The pattern is made up of a candle with a small lower body and a long upper wick which is at

least two times as large as the short lower body. The body of the candle should be at the low

end of the trading range and there should be little or no lower wick in the candle.

What this chart pattern is basically telling us is that although sellers ended up driving pricedown to close near to where it opened, buyers had significant control of the market at some

point during the period which formed the long upper wick. This buying pressure during the

downtrend calls the trend into question which is why the candle is considered a potential

reversal pattern. Like the other one candle patterns we have learned about however, most



traders will wait for a higher op

the pattern.

Most traders will also look at a

see an increase in volume on th

THE SHOOTING STAR

PAGE 47 OF 221

n on the next trading period before taking an

longer wick as a sign of a greater potential re

day the Inverted Hammer Forms.

action based on

ersal and like to



PAGE 48 OF 221

The Shooting Star looks exactly the same as the Inverted Hammer, but instead of being found in

a downtrend it is found in an uptrend and thus has different implications. Like the Inverted

Hammer it is made up of a candle with a small lower body, little or no lower wick, and a long

upper wick that is at least two times the size of the lower body.

The long upper wick of the chart pattern indicates that the buyers drove prices up at some

point during the period in which the candle was formed but encountered selling pressure which

drove prices back down for the period to close near to where they opened. As this occurred in

an uptrend the selling pressure is seen as a potential reversal sign. When encountering this

pattern traders will look for a lower open on the next period before considering the pattern

valid and potentially including it in their trading strategy.

As with the Inverted Hammer most traders will see a longer wick as a sign of a greater potential

reversal and like to see an increase in volume on the day the Shooting Star forms.

3 WHITE SOLDIERS AND 3 BLACK CROWS

THE 3 WHITE SOLDIERS

The three white soldiers pattern is a bullish reversal candlestick pattern and here is how it

forms:

o First the market has to be in a downtrend.

o Next you have 3 green bullish candlesticks that form-giving you the three white soldiers

chart pattern.

Usually when the three white soldiers pattern is formed, it signals the end of the downtrend.



PAGE 49 OF 221

THE 3 BLACK CROWS

The three black crows’ pattern is a bearish reversal candlestick chart pattern that consists of 3

bearish candlesticks.

Here is how the three black crows chart pattern forms:

o The market has got to be first in an uptrend.

o Then three bearish candlesticks from-the three black crows.

Once the three black crows are formed, usually it signals the end of the uptrend.

THE GAME – SUPPORTS & RESISTANCES



PAGE 50 OF 221

Trading is a game and as any other game, there are rules here as well. Lets understand the rules

first.

BULLS BEARS

They are programmed to drag prices

higher.

They are programmed to drag prices

lower.

When a new high is made, Bulls score a

pointand they take a break (pullback)for a

while.

When a new low is made, Bears score a

point and they take a break (pullback) for a

while.

(When bulls break) Past resistance, it tends

toprovide future support.

(When bears break) Past support tends to

provide future resistance.

Please find below, a graphical representation of the rules:

Now, since we are clear with rules of the game, lets go further. While the bulls and bears are

playing this game, two things are formed; supports (when bulls are active) and Resistance

(when bears are active). Lets understand both of them.



PAGE 51 OF 221

SUPPORT

To understand support, lets first understand what is a low.

A point which is lower than the lows of 2 candles to the right and 2 candles to the left, is

termed as THE LOW.

Having identified a low, lets go to find support. Support is a low which is

i. Higher than the previous low and

ii. A new high is in place.

When market is in an uptrend, as shown below, it forms supports and moves ahead

(higher). Hence in an uptrend, supports are more significant.

The view should be like an up staircase.

RESISTANCE

To understand resistance, lets first understand what is a high.

A point which is higher than the highs of 2 candles to the right and 2 candles to the left, is

termed as THE HIGH.

Having identified a HIGH, lets find resistance.

Resistance is a high which is

i) Lower than the previous high and



PAGE 52 OF 221

ii) A new low is in place.

When market is in a downtrend, as shown above, it forms resistance and moves ahead

(lower). Hence in a downtrend, resistances are more significant.

The view should be like that of a down staircase.

MARKET MOVEMENTS:



PAGE 53 OF 221

UPTREND

When the market makes higher highs and higher lows it is said to be an uptrend.

Lets now look into a typical uptrend cycle.

There are typically 3 swings.

First upswing: 1-2

Intermediary downswing: 2-3

Second upswing: 3-4

As shown above, the first swing consists of AB boundary, Intermediary Downswing consists of

BC Boundary and second swing forms CD Boundary.

In the uptrend, ABCD repeat themselves.

o After ABCD completes, C becomes A and D becomes B.

o ABCD repeat themselves till uptrend is in place.



PAGE 54 OF 221

TREND LINES:

There are three types of trend lines.

I. INNER TREND LINE

This line makes us aware of the immediate market conditions.

RULES:

Identify the most recent ABCD

Draw a straight line across the lows of A and C

Such that no candle is cut between the point A and point D

II. OUTER LINE

It gives the Intermediary market condition.

RULES:

Identify the first up ABCD cycle.

Draw a straight line across all possible As and Cs

Such that no candle is cut between the first A and last D

III. LONG TERM LINE

It gives longer term Market condition.

RULES:

Compress the chart, i.e. go back in time.

Follow the same rules as outer line.

CONCLUSION: Buy @ C and Sell @ D



PAGE 55 OF 221

RULES TO TRADE AN UPTREND:

1. Plot A, B, C, Ds- Supports and Resistances.

2. Plot Trend Lines.

3. Find Recent AB Boundary

4. Spread Fibonacci across AB Boundary

5. Wait for C to appear at:

i. Trend line is passing through, OR

ii. Past resistance becoming future support, OR

iii. Fibonacci Number line Passing through, AND

iv. BULLISH SIGNAL appears.

6. Buy at Opening of next candle after looking into equity

management, Place stop loss below A.



PAGE 56 OF 221

DOWNTREND

When the market makes lower highs and lower lows it is said to be a downtrend.

There are typically 3 swings.

First downswing: 2-3

Intermediary upswing: 3-4

Second downswing: 4-5

As shown above, the 1st

downswing consists of AB boundary Intermediary upswing brings into

formation the BC boundary and 2nd

downswing forms the CD boundary.

In a downtrend, ABCDs repeat themselves. Kindly look into a typical trend cycle below:

. After one ABCD completes, C becomes A and D becomes B.

. ABCD repeat themselves till downtrend is in place.



PAGE 57 OF 221

TREND LINES:

There are typically 3 types of trend lines as were in an uptrend:

I. INNER TREND LINE

This line makes us aware of the immediate market conditions.

To draw inner line kindly follow the rules below:

I. Identify the recent down ABCD

II. Draw a straight line across the highs of A & C.

III. Such that no candle is cut between A & D. Kindly refer to above figure.

II. OUTER LINE

It gives the Intermediary market condition.

RULES:

Identify the first up ABCD cycle.

Draw a straight line across all possible As and Cs

Such that no candle is cut between the first A and last D

III. LONG TERM LINE

It gives longer term Market condition.

RULES:

Compress the chart, i.e. go back in time.

Follow the same rules as outer line.



PAGE 58 OF 221

CONCLUSION: Sell @ C and Buy @ D

RULES TO TRADE A DOWNTREND:

I. Plot A, B, C, Ds – Supports & Resistances.

II. Plot trend lines (at least inner & outer)

III. Find the recent down A B boundary

IV. Spread Fibonacci across AB boundary. This shall be discussed in the next

session.

V. Wait for C to appear at

1) Trend Line passing through, or

2) Past support becoming future resistance, or

3) Fibonacci number line passing through, and

4) Bearish Signal appears (Evening Star, Tweezer Top or Engulfing

Bearis

VI. Sell the opening of next candle after looking into equity management

(this shall be discussed in the coming sessions), place top above part A.



PAGE 59 OF 221

USD/INR

TECHNICAL ANALYSIS

The Indian Rupee was pegged to the British Sterling from 1926 to 1966 at INR 13.33 to 1 Pound.

The peg was changed to the US Dollar in 1966 at Rs 7.5 to 1 USD.

61.9580 (DEC 17) 62.2450 (19 FEB 2014).

And the chart shows the trend of INR against USD since 1990s till 2014.



PAGE 60 OF 221



PAGE 61 OF 221

CALCULATION OF MOVING AVG FOR USD/INR

Date Close12 Days

Moving Avg.

24 Days

Moving Avg.

3/1/2013 54.0886

3/2/2013 54.8147

3/3/2013 55.031

3/4/2013 55.031

3/5/2013 55.0276

3/6/2013 54.8367

3/7/2013 54.7724

3/8/2013 54.5955

3/9/2013 54.3718

3/10/2013 54.214

3/11/2013 54.214

3/12/2013 54.3302 54.610625

3/13/2013 54.2029 54.62015

3/14/2013 54.2131 54.57001667

3/15/2013 54.1965 54.5004753/16/2013 54.0234 54.41650833

3/17/2013 53.907 54.323125

3/18/2013 53.907 54.24565

3/19/2013 54.091 54.18886667

3/20/2013 54.2245 54.15795

3/21/2013 54.3709 54.157875

3/22/2013 54.2794 54.163325

3/23/2013 54.319 54.172075

3/24/2013 54.219 54.16280833 54.38671667

3/25/2013 54.219 54.16415 54.39215

3/26/2013 54.1574 54.15950833 54.3647625

3/27/2013 54.2331 54.16255833 54.33151667

3/28/2013 54.3481 54.18961667 54.3030625

3/29/2013 54.3235 54.224325 54.273725

3/30/2013 54.4017 54.26555 54.2556

3/31/2013 54.355 54.28755 54.23820833

4/1/2013 54.355 54.298425 54.2281875



PAGE 62 OF 221

4/2/2013 54.4318 54.3035 54.2306875

4/3/2013 54.3201 54.30689167 54.23510833

4/4/2013 54.3874 54.31259167 54.24233333

4/5/2013 54.6846 54.35139167 54.2571

4/6/2013 54.7406 54.39485833 54.27950417

4/7/2013 54.567 54.42899167 54.29425

4/8/2013 54.567 54.45681667 54.3096875

4/9/2013 54.6022 54.47799167 54.33380417

4/10/2013 54.3947 54.483925 54.354125

4/11/2013 54.3052 54.47588333 54.37071667

4/12/2013 54.2266 54.46518333 54.37636667

4/13/2013 54.3476 54.46456667 54.38149583

4/14/2013 54.378 54.46008333 54.38179167

4/15/2013 54.378 54.46490833 54.3859

4/16/2013 54.4418 54.46944167 54.391016674/17/2013 54.1282 54.423075 54.38723333

4/18/2013 53.8088 54.345425 54.37014167

4/19/2013 53.8016 54.28164167 54.35531667

4/20/2013 53.681 54.20780833 54.3323125

4/21/2013 53.565 54.121375 54.29968333

4/22/2013 53.565 54.05223333 54.26807917

4/23/2013 53.8367 54.01319167 54.2445375

4/24/2013 54.0697 54.00011667 54.23265

4/25/2013 54.0494 53.97526667 54.21991667

4/26/2013 53.9299 53.937925 54.19900417

4/27/2013 54.0368 53.90949167 54.1872

4/28/2013 54.078 53.879175 54.17430833

4/29/2013 54.078 53.87499167 54.14903333

4/30/2013 54.0423 53.89445 54.1199375

5/1/2013 53.6469 53.88155833 54.0816

5/2/2013 53.2942 53.849325 54.02856667

5/3/2013 53.4149 53.83681667 53.97909583

5/4/2013 53.5262 53.83358333 53.94290833

5/5/2013 53.362 53.794025 53.903608335/6/2013 53.362 53.73505 53.86758333

5/7/2013 53.7084 53.70663333 53.84095

5/8/2013 53.8485 53.69985 53.8188875

5/9/2013 53.7594 53.67673333 53.7931125

5/10/2013 53.9723 53.667925 53.77355

5/11/2013 54.4744 53.70095833 53.787975



PAGE 63 OF 221

5/12/2013 54.509 53.73985 53.81715

5/13/2013 54.509 53.81169167 53.846625

5/14/2013 54.6607 53.92556667 53.88744583

5/15/2013 54.5447 54.01971667 53.92826667

5/16/2013 54.6132 54.1103 53.97194167

5/17/2013 54.5846 54.21218333 54.00310417

5/18/2013 54.7645 54.32905833 54.03205417

5/19/2013 54.892 54.42769167 54.0671625

5/20/2013 54.892 54.51465 54.10725

5/21/2013 54.9119 54.61069167 54.1437125

5/22/2013 55.0663 54.70185833 54.18489167

5/23/2013 55.4488 54.78305833 54.24200833

5/24/2013 55.7182 54.883825 54.3118375

5/25/2013 55.6269 54.97698333 54.3943375

5/26/2013 55.735 55.06650833 54.49603755/27/2013 55.735 55.1657 54.59270833

5/28/2013 55.6047 55.248325 54.6793125

5/29/2013 55.8116 55.350575 54.78137917

5/30/2013 56.182 55.4687 54.89887917

5/31/2013 56.264 55.58303333 55.0053625

6/1/2013 56.5465 55.72090833 55.11777917

6/2/2013 56.627 55.86383333 55.2372625

6/3/2013 56.627 55.99389167 55.347875

6/4/2013 56.5493 56.0856 55.43432917

6/5/2013 56.4517 56.146725 55.515275

6/6/2013 56.5995 56.227775 55.60237917

6/7/2013 56.8305 56.31906667 55.6927875

6/8/2013 56.9546 56.4207 55.7932

6/9/2013 57.258 56.558475 55.9034

6/10/2013 57.258 56.67900833 56.01479167

6/11/2013 57.7717 56.81148333 56.14009167

6/12/2013 58.3346 56.98403333 56.28353333

6/13/2013 57.9382 57.10000833 56.41045833

6/14/2013 58.0236 57.21639167 56.54011256/15/2013 57.5799 57.2958 56.64484583

6/16/2013 57.559 57.37994167 56.73277083

6/17/2013 57.559 57.47221667 56.80947083

6/18/2013 57.7332 57.56669167 56.89723333

6/19/2013 58.481 57.70423333 57.01165

6/20/2013 58.8051 57.85844167 57.13957083



PAGE 64 OF 221

6/21/2013 59.7909 58.06951667 57.31399583

6/22/2013 59.6283 58.26704167 57.473025

6/23/2013 59.659 58.42431667 57.6179

6/24/2013 59.659 58.53468333 57.75935833

6/25/2013 59.7964 58.68953333 57.89477083

6/26/2013 59.7 58.82923333 58.0228125

6/27/2013 60.1731 59.04533333 58.17056667

6/28/2013 60.3507 59.277975 58.32895833

6/29/2013 59.6964 59.45609167 58.46415417

6/30/2013 59.597 59.61140833 58.58905

7/1/2013 59.597 59.70440833 58.70432083

7/2/2013 59.3734 59.75176667 58.80510417

7/3/2013 59.4779 59.72568333 58.8976

7/4/2013 60.1035 59.76528333 59.0161625

7/5/2013 60.1008 59.8021 59.113208337/6/2013 60.464 59.86918333 59.20193333

7/7/2013 61.034 59.97231667 59.330925

7/8/2013 61.034 60.08348333 59.45635833

7/9/2013 60.8346 60.13860833 59.59197083

7/10/2013 60.1043 60.118075 59.698025

7/11/2013 59.9833 60.14198333 59.7990375

7/12/2013 59.7397 60.153875 59.88264167

7/13/2013 59.8839 60.17778333 59.94109583

7/14/2013 59.896 60.22133333 59.98655

7/15/2013 59.896 60.256175 59.99092917

7/16/2013 59.7849 60.229625 59.99745417

7/17/2013 59.1504 60.150425 59.9762625

7/18/2013 59.3056 60.05389167 59.9615375

7/19/2013 59.6141 59.93556667 59.95394167

7/20/2013 59.6554 59.82068333 59.95208333

7/21/2013 59.507 59.71005 59.92432917

7/22/2013 59.507 59.660275 59.889175

7/23/2013 59.4783 59.61819167 59.8800875

7/24/2013 59.5731 59.60430833 59.879091677/25/2013 59.37 59.56148333 59.86963333

7/26/2013 59.176 59.50148333 59.86140833

7/27/2013 59.0478 59.4308 59.8434875

7/28/2013 59.105 59.37414167 59.80188333

7/29/2013 59.105 59.37035833 59.76039167

7/30/2013 59.3726 59.37594167 59.71491667



PAGE 65 OF 221

7/31/2013 60.3021 59.433275 59.68442083

8/1/2013 61.0818 59.55214167 59.6864125

8/2/2013 60.7717 59.65753333 59.68379167

8/3/2013 60.9808 59.78035 59.7203125

8/4/2013 61.129 59.91790833 59.76805

8/5/2013 61.129 60.04756667 59.8259375

8/6/2013 61.1518 60.19605 59.87876667

8/7/2013 61.5444 60.39341667 59.94745

8/8/2013 61.4922 60.59711667 60.01395833

8/9/2013 61.0812 60.7618 60.06797083

8/10/2013 60.6389 60.889625 60.12999167

8/11/2013 60.512 60.984575 60.18025833

8/12/2013 60.512 61.00206667 60.21767083

8/13/2013 60.9402 60.99026667 60.27120417

8/14/2013 61.4251 61.04471667 60.3511258/15/2013 61.4451 61.08340833 60.43187917

8/16/2013 61.3759 61.10398333 60.51094583

8/17/2013 61.9758 61.17455 60.61105833

8/18/2013 62.654 61.29973333 60.74789167

8/19/2013 62.654 61.3922 60.89280833

8/20/2013 63.1695 61.531975 61.06454583

8/21/2013 63.8104 61.75940833 61.26060417

8/22/2013 64.2165 62.05754167 61.47358333

8/23/2013 65.0252 62.43364167 61.70910833

8/24/2013 64.4237 62.75961667 61.88084167

8/25/2013 64.305 63.04001667 62.01514167

8/26/2013 64.305 63.28000833 62.1623625

8/27/2013 64.4248 63.52831667 62.3058625

8/28/2013 66.1438 63.92564167 62.5148125

8/29/2013 67.7732 64.40875833 62.79165417

8/30/2013 67.4206 64.805975 63.05285417

8/31/2013 66.8917 65.15911667 63.27565833

9/1/2013 66.517 65.438075 63.485025

9/2/2013 66.517 65.663625 63.711516679/3/2013 66.3979 65.84540833 63.951475

9/4/2013 67.5958 66.059625 64.24663333

9/5/2013 67.361 66.3044 64.53200833

9/6/2013 66.2259 66.464475 64.75224583

9/7/2013 65.3987 66.55561667 64.9178125

9/8/2013 64.569 66.56763333 65.047975



PAGE 66 OF 221

9/9/2013 64.569 66.4364 65.18102083

9/10/2013 64.5546 66.16818333 65.28847083

9/11/2013 63.9281 65.87714167 65.34155833

9/12/2013 63.4803 65.59285833 65.3759875

9/13/2013 63.352 65.32910833 65.38359167

9/14/2013 63.4603 65.07438333 65.36900417

9/15/2013 63.153 64.803975 65.32469167

9/16/2013 63.153 64.43374167 65.24668333

9/17/2013 62.7488 64.04939167 65.17689583

9/18/2013 63.0729 63.78664167 65.12555833

9/19/2013 62.8811 63.57684167 65.06622917

9/20/2013 61.4175 63.31421667 64.940925

9/21/2013 61.9308 63.09436667 64.76538333

9/22/2013 62.274 62.90431667 64.53625

9/23/2013 62.274 62.766475 64.321808339/24/2013 62.3597 62.67309167 64.132975

9/25/2013 62.5169 62.6035 63.96630417

9/26/2013 62.3696 62.51260833 63.79349583

9/27/2013 61.8198 62.40150833 63.60274167

9/28/2013 62.0309 62.308 63.37087083

9/29/2013 62.702 62.3041 63.17674583

9/30/2013 62.702 62.27319167 63.02991667

10/1/2013 62.5884 62.2488 62.91282083

10/2/2013 62.2802 62.32069167 62.81745417

10/3/2013 62.2617 62.34826667 62.72131667

10/4/2013 61.6524 62.29646667 62.60039167

10/5/2013 61.203 62.20721667 62.48684583

10/6/2013 61.011 62.094825 62.38395833

10/7/2013 61.011 61.96933333 62.28641667

10/8/2013 61.3311 61.88279167 62.1977

10/9/2013 61.4497 61.85195 62.12672917

10/10/2013 61.5784 61.81424167 62.06112083

10/11/2013 61.2797 61.69571667 61.99990833

10/12/2013 60.6802 61.52723333 61.900212510/13/2013 60.597 61.36128333 61.80504167

10/14/2013 60.597 61.22101667 61.77085417

10/15/2013 60.8161 61.10055 61.72440833

10/16/2013 61.138 61.05768333 61.677075

10/17/2013 61.2657 61.06290833 61.6350625

10/18/2013 60.8464 61.04919167 61.57200833



PAGE 67 OF 221

10/19/2013 60.7448 61.02700833 61.49817083

10/20/2013 60.757 60.97916667 61.43097917

10/21/2013 60.757 60.92144167 61.38669583

10/22/2013 61.1043 60.88193333 61.3480875

10/23/2013 61.1525 60.87133333 61.283525

10/24/2013 61.0848 60.90505 61.21614167

10/25/2013 61.1239 60.94895833 61.15512083

10/26/2013 61.13 60.993375 61.10719583

10/27/2013 61.085 61.01578333 61.05816667

10/28/2013 61.085 61.01136667 61.034525

10/29/2013 61.1479 61.00155 61.03222917

10/30/2013 61.1642 61.02803333 61.0386125

10/31/2013 60.9953 61.04890833 61.03795833

11/1/2013 61.1716 61.08345833 61.0313125

11/2/2013 61.7939 61.16986667 61.0456541711/3/2013 61.868 61.23350833 61.05772083

11/4/2013 61.868 61.29313333 61.08223333

11/5/2013 61.8485 61.356775 61.1309125

11/6/2013 61.7244 61.40681667 61.1778875

11/7/2013 62.0691 61.485075 61.239225

11/8/2013 62.406 61.59515833 61.30547083

11/9/2013 62.7558 61.73439167 61.37287917

11/10/2013 63.146 61.9009 61.451225

11/11/2013 63.146 62.06605 61.54704167

11/12/2013 63.3445 62.26181667 61.6553625

11/13/2013 63.7101 62.47335833 61.77840833

11/14/2013 63.563 62.62078333 61.895325

11/15/2013 63.1175 62.72490833 61.97920833

11/16/2013 62.9419 62.8144 62.05376667

11/17/2013 62.5742 62.874875 62.115825

11/18/2013 62.574 62.945675 62.17624583

11/19/2013 62.4142 62.97443333 62.22975417

11/20/2013 62.0441 62.944275 62.26971667

11/21/2013 62.2422 62.901475 62.3179333311/22/2013 62.6737 62.86211667 62.38150833

11/23/2013 62.6836 62.82358333 62.44481667

11/24/2013 62.2832 62.73514167 62.49847917

11/25/2013 62.283 62.61621667 62.5447875

11/26/2013 62.2582 62.50748333 62.56413333

11/27/2013 62.1461 62.42653333 62.57572083



PAGE 68 OF 221

11/28/2013 62.1874 62.36365833 62.58902917

11/29/2013 62.2094 62.33325833 62.60406667

11/30/2013 62.1598 62.29874167 62.62220833

12/1/2013 62.156 62.277225 62.62582917

12/2/2013 62.156 62.28655 62.6154125

12/3/2013 62.0489 62.27044167 62.58595833

12/4/2013 62.1332 62.2254 62.54375833

12/5/2013 62.0098 62.16925 62.49641667

12/6/2013 61.4648 62.10105 62.41809583

12/7/2013 61.2622 62.01598333 62.3161

12/8/2013 60.896 61.90246667 62.204975

12/9/2013 60.896 61.79829167 62.1124125

12/10/2013 60.7952 61.682275 62.02296667

12/11/2013 60.8489 61.5689 61.95107917

12/12/2013 61.1038 61.4809 61.8898208312/13/2013 61.6358 61.43755 61.8573875

12/14/2013 61.9697 61.422025 61.8542875

12/15/2013 62.025 61.42003333 61.8452375

12/16/2013 62.025 61.41101667 61.81820833

12/17/2013 61.7928 61.39293333 61.78109167

12/18/2013 61.5728 61.40193333 61.75149167

12/19/2013 61.6118 61.43106667 61.723525

12/20/2013 62.0121 61.524075 61.71327083

12/21/2013 62.0045 61.61645 61.70737083

12/22/2013 61.87 61.70601667 61.69414583

12/23/2013 61.87 61.79110833 61.68000417

12/24/2013 61.7324 61.84349167 61.66219583

12/25/2013 61.6022 61.84069167 61.63912083

12/26/2013 61.578 61.80805 61.6150375

12/27/2013 61.7101 61.78180833 61.60092083

12/28/2013 61.7633 61.76 61.58550833

12/29/2013 61.753 61.75668333 61.57480833

12/30/2013 61.753 61.7717 61.58681667

12/31/2013 61.7744 61.78525 61.608158331/1/2014 61.6312 61.75350833 61.63879167

1/2/2014 61.587 61.71871667 61.66758333

1/3/2014 61.8503 61.717075 61.71154583

1/4/2014 62.1569 61.74098333 61.76604583

1/5/2014 62.115 61.77286667 61.80817917

1/6/2014 62.115 61.8156 61.82814583



PAGE 69 OF 221

1/7/2014 62.1833 61.86604167 61.83704583

1/8/2014 62.1409 61.90194167 61.841875

1/9/2014 61.9514 61.91761667 61.83880833

1/10/2014 61.8571 61.92629167 61.8414875

1/11/2014 61.502 61.905375 61.8385375

1/12/2014 61.154 61.853675 61.8194625

1/13/2014 61.154 61.81390833 61.78370833

1/14/2014 61.1427 61.77688333 61.7478

1/15/2014 61.1853 61.72146667 61.71927083

1/16/2014 61.2565 61.64643333 61.69370833

1/17/2014 61.2253 61.57229167 61.67257917

1/18/2014 61.1986 61.495925 61.6557625

1/19/2014 61.329 61.42473333 61.6453875

1/20/2014 61.329 61.357075 61.62950833

1/21/2014 61.3212 61.30455833 61.61108751/22/2014 61.4709 61.272375 61.59933333

1/23/2014 61.6566 61.28525833 61.59531667

1/24/2014 61.7196 61.33239167 61.59303333

1/25/2014 62.2043 61.41991667 61.6169125

1/26/2014 62.558 61.53785833 61.65737083

1/27/2014 62.558 61.65225 61.68685833

1/28/2014 62.8832 61.78780833 61.71712083

1/29/2014 62.8105 61.91990833 61.7461

1/30/2014 62.4372 62.023125 61.759525

1/31/2014 62.6118 62.130025 61.77737917

2/1/2014 62.4638 62.22459167 61.79083333

2/2/2014 62.382 62.31299167 61.808775

2/3/2014 62.382 62.38891667 61.83064583

2/4/2014 62.555 62.46378333 61.87452083

2/5/2014 62.4971 62.528575 61.93048333

2/6/2014 62.2764 62.53458333 61.97725

2/7/2014 62.1718 62.5024 62.02012917

2/8/2014 62.0184 62.45743333 62.05484167

2/9/2014 61.845 62.37091667 62.07936252/10/2014 61.845 62.29045833 62.10518333

2/11/2014 62.0598 62.25900833 62.14106667

2/12/2014 62.0588 62.212925 62.171475

2/13/2014 61.8099 62.15843333 62.1915125

2/14/2014 61.9246 62.12031667 62.21665417

2/15/2014 61.8395 62.07510833 62.2320125



PAGE 70 OF 221

2/16/2014 61.62 61.99719167 62.2304875

2/17/2014 61.62 61.9241 62.2263375

2/18/2014 61.661 61.87281667 62.2037

2/19/2014 61.8343 61.84469167 62.17354583

2/20/2014 62.0191 61.84475 62.15109167

2/21/2014 62.0866 61.86488333 62.1179

2/22/2014 61.8692 61.8669 62.07867917

2/23/2014 61.752 61.84125 62.05012917

2/24/2014 61.752 61.81568333 62.01430417

2/25/2014 61.812 61.81585833 61.98714583

2/26/2014 61.7032 61.79740833 61.9588625

2/27/2014 61.7926 61.7935 61.93430417

2/28/2014 61.9061 61.81734167 61.90726667



PAGE 71 OF 221

0

10

20

30

4050

60

70

80

P R I C E

DAYS

Short term Moving Avg.-USD/INR

Close

12 Days Moving Avg.

0

10

20

30

40

50

60

70

80

P R I C E

DAYS

Long term Moving Avg.-USD/INR

Close

24 Days Moving Avg.



The above chart shows the MAC

Candlestick Chart in the year sta

X-axis shows the DAYS and Y-axi

Our Technical Analysis of the ab

1) The ‘C’ formation will ta

Ratio of 61.80%.

2) So, it is advisable for the

i.e. 62.375 after the app

3) The ‘D’ formation will ta

Ratio of 61.80%.

4) So, it is advisable to buy

5) Upward penetration of

signal so the chart sho

downward penetration

so it shows sell signal

technical analysis.

6) In the same way, buy Dol

‘C’ at 62.375 we can squ

PAGE 72 OF 221

D of the closing price of USD/INR along with its

rting from 1/3/2013 to 28/2/2014.

s indicates the CLOSING PRICE of the currency.

ve chart indicates the following:

e place around the price INR 62.375, according

investor to sell his/her Dollars when it reaches

arance of Bearish signal.

e place around the price INR 58.765, accordin

Dollars when it reaches to that point i.e. 58.765

a falling average indicates further rise and gi

s buy signal in the mid of October at point

f rising average indicates the possibility of fur

t the mid of November at the Point ‘C’ as

lars in the mid of March at ‘B’, so that when w

re off the investment and earn profits.

Japanese

to the Fibonacci

the above rate

to the Fibonacci

.

es buy

‘B’ and

her fall

er our

reach the point



PAGE 73 OF 221

CALCULATION OF RSI FOR USD/INR

RSI = 100 - 100


Date Close Change Gain Loss Avg. Gain Avg. Loss RS 7 Day RSI

3/1/2013 54.0886

3/2/2013 54.8147 0.7261 0.7261 03/3/2013 55.031 0.2163 0.2163 0

3/4/2013 55.031 0 0 0

3/5/2013 55.0276 -0.0034 0 0.0034

3/6/2013 54.8367 -0.1909 0 0.1909

3/7/2013 54.7724 -0.0643 0 0.0643

3/8/2013 54.5955 -0.1769 0 0.1769 0.13462857 0.06221429 2.163949 68.3939328

3/9/2013 54.3718 -0.2237 0 0.2237 0.0309 0.09417143 0.328125 24.7058824

3/10/2013 54.214 -0.1578 0 0.1578 0 0.11671429 0 0

3/11/2013 54.214 0 0 0 0 0.11671429 0 0

3/12/2013 54.3302 0.1162 0.1162 0 0.0166 0.11622857 0.142822 12.4973112

3/13/2013 54.2029 -0.1273 0 0.1273 0.0166 0.10714286 0.154933 13.4149157

3/14/2013 54.2131 0.0102 0.0102 0 0.01805714 0.09795714 0.184337 15.5645856

3/15/2013 54.1965 -0.0166 0 0.0166 0.01805714 0.07505714 0.240579 19.3924517

3/16/2013 54.0234 -0.1731 0 0.1731 0.01805714 0.06782857 0.266217 21.0246174

3/17/2013 53.907 -0.1164 0 0.1164 0.01805714 0.06191429 0.291647 22.5794927

3/18/2013 53.907 0 0 0 0.01805714 0.06191429 0.291647 22.5794927

3/19/2013 54.091 0.184 0.184 0 0.02774286 0.06191429 0.448085 30.943276

3/20/2013 54.2245 0.1335 0.1335 0 0.04681429 0.04372857 1.070565 51.7040076

3/21/2013 54.3709 0.1464 0.1464 0 0.06627143 0.04372857 1.515518 60.24675323/22/2013 54.2794 -0.0915 0 0.0915 0.06627143 0.05442857 1.217585 54.905906

3/23/2013 54.319 0.0396 0.0396 0 0.07192857 0.0297 2.421837 70.7759348

3/24/2013 54.219 -0.1 0 0.1 0.07192857 0.02735714 2.629243 72.4460432

3/25/2013 54.219 0 0 0 0.07192857 0.02735714 2.629243 72.4460432

3/26/2013 54.1574 -0.0616 0 0.0616 0.04564286 0.03615714 1.262347 55.7981139

3/27/2013 54.2331 0.0757 0.0757 0 0.03738571 0.03615714 1.033979 50.8352758

Average Loss per Day

1+RS



PAGE 74 OF 221

3/28/2013 54.3481 0.115 0.115 0 0.0329 0.03615714 0.909917 47.6417046

3/29/2013 54.3235 -0.0246 0 0.0246 0.0329 0.0266 1.236842 55.2941176

3/30/2013 54.4017 0.0782 0.0782 0 0.03841429 0.0266 1.444146 59.0859152

3/31/2013 54.355 -0.0467 0 0.0467 0.03841429 0.01898571 2.023326 66.9238427

4/1/2013 54.355 0 0 0 0.03841429 0.01898571 2.023326 66.9238427

4/2/2013 54.4318 0.0768 0.0768 0 0.04938571 0.01018571 4.848527 82.9016787

4/3/2013 54.3201 -0.1117 0 0.1117 0.03857143 0.02614286 1.47541 59.602649

4/4/2013 54.3874 0.0673 0.0673 0 0.03175714 0.02614286 1.214754 54.8482605

4/5/2013 54.6846 0.2972 0.2972 0 0.07421429 0.02262857 3.279672 76.6337218

4/6/2013 54.7406 0.056 0.056 0 0.07104286 0.02262857 3.13952 75.842611

4/7/2013 54.567 -0.1736 0 0.1736 0.07104286 0.04075714 1.743077 63.5445949

4/8/2013 54.567 0 0 0 0.07104286 0.04075714 1.743077 63.5445949

4/9/2013 54.6022 0.0352 0.0352 0 0.0651 0.04075714 1.597266 61.4979757

4/10/2013 54.3947 -0.2075 0 0.2075 0.0651 0.05444286 1.195749 54.457457

4/11/2013 54.3052 -0.0895 0 0.0895 0.05548571 0.06722857 0.825329 45.21536674/12/2013 54.2266 -0.0786 0 0.0786 0.01302857 0.07845714 0.16606 14.2410993

4/13/2013 54.3476 0.121 0.121 0 0.02231429 0.07845714 0.284414 22.1434647

4/14/2013 54.378 0.0304 0.0304 0 0.02665714 0.05365714 0.496805 33.1910352

4/15/2013 54.378 0 0 0 0.02665714 0.05365714 0.496805 33.1910352

4/16/2013 54.4418 0.0638 0.0638 0 0.03074286 0.05365714 0.57295 36.4251862

4/17/2013 54.1282 -0.3136 0 0.3136 0.03074286 0.06881429 0.446751 30.8796097

4/18/2013 53.8088 -0.3194 0 0.3194 0.03074286 0.10165714 0.302417 23.2196806

4/19/2013 53.8016 -0.0072 0 0.0072 0.03074286 0.09145714 0.336145 25.1578209

4/20/2013 53.681 -0.1206 0 0.1206 0.01345714 0.10868571 0.123817 11.0175439

4/21/2013 53.565 -0.116 0 0.116 0.00911429 0.12525714 0.072765 6.78290453

4/22/2013 53.565 0 0 0 0.00911429 0.12525714 0.072765 6.78290453

4/23/2013 53.8367 0.2717 0.2717 0 0.03881429 0.12525714 0.309877 23.6569438

4/24/2013 54.0697 0.233 0.233 0 0.0721 0.08045714 0.896129 47.2609795

4/25/2013 54.0494 -0.0203 0 0.0203 0.0721 0.03772857 1.911019 65.6477627

4/26/2013 53.9299 -0.1195 0 0.1195 0.0721 0.05377143 1.340861 57.2806719

4/27/2013 54.0368 0.1069 0.1069 0 0.08737143 0.03654286 2.39093 70.5095688

4/28/2013 54.078 0.0412 0.0412 0 0.09325714 0.01997143 4.669528 82.3618471

4/29/2013 54.078 0 0 0 0.09325714 0.01997143 4.669528 82.3618471

4/30/2013 54.0423 -0.0357 0 0.0357 0.05444286 0.02507143 2.17151 68.46927785/1/2013 53.6469 -0.3954 0 0.3954 0.02115714 0.08155714 0.259415 20.5980529

5/2/2013 53.2942 -0.3527 0 0.3527 0.02115714 0.12904286 0.163954 14.0859806

5/3/2013 53.4149 0.1207 0.1207 0 0.0384 0.11197143 0.342945 25.5367661

5/4/2013 53.5262 0.1113 0.1113 0 0.03902857 0.11197143 0.348558 25.846736

5/5/2013 53.362 -0.1642 0 0.1642 0.03314286 0.13542857 0.244726 19.6610169

5/6/2013 53.362 0 0 0 0.03314286 0.13542857 0.244726 19.6610169



PAGE 75 OF 221

5/7/2013 53.7084 0.3464 0.3464 0 0.08262857 0.13032857 0.634002 38.8005635

5/8/2013 53.8485 0.1401 0.1401 0 0.10264286 0.07384286 1.390017 58.1593006

5/9/2013 53.7594 -0.0891 0 0.0891 0.10264286 0.03618571 2.836557 73.934966

5/10/2013 53.9723 0.2129 0.2129 0 0.11581429 0.03618571 3.200553 76.193609

5/11/2013 54.4744 0.5021 0.5021 0 0.17164286 0.03618571 4.743387 82.588672

5/12/2013 54.509 0.0346 0.0346 0 0.17658571 0.01272857 13.87318 93.2764866

5/13/2013 54.509 0 0 0 0.17658571 0.01272857 13.87318 93.2764866

5/14/2013 54.6607 0.1517 0.1517 0 0.14877143 0.01272857 11.68799 92.1185316

5/15/2013 54.5447 -0.116 0 0.116 0.12875714 0.0293 4.394442 81.4624006

5/16/2013 54.6132 0.0685 0.0685 0 0.13854286 0.01657143 8.360345 89.3166329

5/17/2013 54.5846 -0.0286 0 0.0286 0.10812857 0.02065714 5.23444 83.9600666

5/18/2013 54.7645 0.1799 0.1799 0 0.0621 0.02065714 3.006224 75.03884

5/19/2013 54.892 0.1275 0.1275 0 0.07537143 0.02065714 3.648686 78.4885451

5/20/2013 54.892 0 0 0 0.07537143 0.02065714 3.648686 78.4885451

5/21/2013 54.9119 0.0199 0.0199 0 0.05654286 0.02065714 2.737206 73.24204295/22/2013 55.0663 0.1544 0.1544 0 0.0786 0.00408571 19.23776 95.0587422

5/23/2013 55.4488 0.3825 0.3825 0 0.12345714 0.00408571 30.21678 96.796595

5/24/2013 55.7182 0.2694 0.2694 0 0.16194286 0 0 100

5/25/2013 55.6269 -0.0913 0 0.0913 0.13624286 0.01304286 10.44578 91.2631579

5/26/2013 55.735 0.1081 0.1081 0 0.13347143 0.01304286 10.2333 91.0978939

5/27/2013 55.735 0 0 0 0.13347143 0.01304286 10.2333 91.0978939

5/28/2013 55.6047 -0.1303 0 0.1303 0.13062857 0.03165714 4.126354 80.4929577

5/29/2013 55.8116 0.2069 0.2069 0 0.13812857 0.03165714 4.363267 81.3546487

5/30/2013 56.182 0.3704 0.3704 0 0.1364 0.03165714 4.308664 81.1628698

5/31/2013 56.264 0.082 0.082 0 0.10962857 0.03165714 3.462996 77.5935288

6/1/2013 56.5465 0.2825 0.2825 0 0.14998571 0.01861429 8.057559 88.9594984

6/2/2013 56.627 0.0805 0.0805 0 0.14604286 0.01861429 7.845741 88.6951241

6/3/2013 56.627 0 0 0 0.14604286 0.01861429 7.845741 88.6951241

6/4/2013 56.5493 -0.0777 0 0.0777 0.14604286 0.0111 13.15701 92.9363636

6/5/2013 56.4517 -0.0976 0 0.0976 0.11648571 0.02504286 4.651455 82.3054406

6/6/2013 56.5995 0.1478 0.1478 0 0.08468571 0.02504286 3.381631 77.1774509

6/7/2013 56.8305 0.231 0.231 0 0.10597143 0.02504286 4.231603 80.8853996

6/8/2013 56.9546 0.1241 0.1241 0 0.08334286 0.02504286 3.328009 76.8946883

6/9/2013 57.258 0.3034 0.3034 0 0.11518571 0.02504286 4.599544 82.14140186/10/2013 57.258 0 0 0 0.11518571 0.02504286 4.599544 82.1414018

6/11/2013 57.7717 0.5137 0.5137 0 0.18857143 0.01394286 13.52459 93.1151242

6/12/2013 58.3346 0.5629 0.5629 0 0.26898571 0 0 100

6/13/2013 57.9382 -0.3964 0 0.3964 0.24787143 0.05662857 4.377144 81.402768

6/14/2013 58.0236 0.0854 0.0854 0 0.22707143 0.05662857 4.009839 80.0392769

6/15/2013 57.5799 -0.4437 0 0.4437 0.20934286 0.12001429 1.744316 63.5610497



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6/16/2013 57.559 -0.0209 0 0.0209 0.166 0.123 1.349593 57.4394464

6/17/2013 57.559 0 0 0 0.166 0.123 1.349593 57.4394464

6/18/2013 57.7332 0.1742 0.1742 0 0.1175 0.123 0.955285 48.8565489

6/19/2013 58.481 0.7478 0.7478 0 0.14391429 0.123 1.170035 53.9177906

6/20/2013 58.8051 0.3241 0.3241 0 0.19021429 0.06637143 2.865906 74.1328434

6/21/2013 59.7909 0.9858 0.9858 0 0.31884286 0.06637143 4.803917 82.7702577

6/22/2013 59.6283 -0.1626 0 0.1626 0.31884286 0.02621429 12.16294 92.4029146

6/23/2013 59.659 0.0307 0.0307 0 0.32322857 0.02322857 13.91513 93.2953983

6/24/2013 59.659 0 0 0 0.32322857 0.02322857 13.91513 93.2953983

6/25/2013 59.7964 0.1374 0.1374 0 0.31797143 0.02322857 13.68881 93.1920951

6/26/2013 59.7 -0.0964 0 0.0964 0.21114286 0.037 5.706564 85.0892343

6/27/2013 60.1731 0.4731 0.4731 0 0.23242857 0.037 6.281853 86.2672322

6/28/2013 60.3507 0.1776 0.1776 0 0.11697143 0.037 3.16139 75.9695676

6/29/2013 59.6964 -0.6543 0 0.6543 0.11697143 0.10724286 1.090715 52.1694807

6/30/2013 59.597 -0.0994 0 0.0994 0.11258571 0.12144286 0.927067 48.10767927/1/2013 59.597 0 0 0 0.11258571 0.12144286 0.927067 48.1076792

7/2/2013 59.3734 -0.2236 0 0.2236 0.09295714 0.15338571 0.606035 37.7348643

7/3/2013 59.4779 0.1045 0.1045 0 0.10788571 0.13961429 0.772741 43.5901876

7/4/2013 60.1035 0.6256 0.6256 0 0.12967143 0.13961429 0.928783 48.1538462

7/5/2013 60.1008 -0.0027 0 0.0027 0.1043 0.14 0.745 42.6934097

7/6/2013 60.464 0.3632 0.3632 0 0.15618571 0.04652857 3.35677 77.0472163

7/7/2013 61.034 0.57 0.57 0 0.23761429 0.03232857 7.349978 88.0239204

7/8/2013 61.034 0 0 0 0.23761429 0.03232857 7.349978 88.0239204

7/9/2013 60.8346 -0.1994 0 0.1994 0.23761429 0.02887143 8.230084 89.1658625

7/10/2013 60.1043 -0.7303 0 0.7303 0.22268571 0.1332 1.671815 62.5722543

7/11/2013 59.9833 -0.121 0 0.121 0.13331429 0.15048571 0.885893 46.9747307

7/12/2013 59.7397 -0.2436 0 0.2436 0.13331429 0.1849 0.721007 41.8945006

7/13/2013 59.8839 0.1442 0.1442 0 0.10202857 0.1849 0.551804 35.5588748

7/14/2013 59.896 0.0121 0.0121 0 0.02232857 0.1849 0.12076 10.7748518

7/15/2013 59.896 0 0 0 0.02232857 0.1849 0.12076 10.7748518

7/16/2013 59.7849 -0.1111 0 0.1111 0.02232857 0.17228571 0.129602 11.4732438

7/17/2013 59.1504 -0.6345 0 0.6345 0.02232857 0.1586 0.140785 12.3410975

7/18/2013 59.3056 0.1552 0.1552 0 0.0445 0.14131429 0.314901 23.948643

7/19/2013 59.6141 0.3085 0.3085 0 0.08857143 0.10651429 0.831545 45.40128887/20/2013 59.6554 0.0413 0.0413 0 0.07387143 0.10651429 0.693535 40.9519284

7/21/2013 59.507 -0.1484 0 0.1484 0.07214286 0.12771429 0.564877 36.0972123

7/22/2013 59.507 0 0 0 0.07214286 0.12771429 0.564877 36.0972123

7/23/2013 59.4783 -0.0287 0 0.0287 0.07214286 0.11594286 0.622228 38.3563725

7/24/2013 59.5731 0.0948 0.0948 0 0.08568571 0.0253 3.386787 77.2042734

7/25/2013 59.37 -0.2031 0 0.2031 0.06351429 0.05431429 1.169385 53.9039767



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7/26/2013 59.176 -0.194 0 0.194 0.01944286 0.08202857 0.237025 19.1609179

7/27/2013 59.0478 -0.1282 0 0.1282 0.01354286 0.10034286 0.134966 11.8916207

7/28/2013 59.105 0.0572 0.0572 0 0.02171429 0.07914286 0.274368 21.529745

7/29/2013 59.105 0 0 0 0.02171429 0.07914286 0.274368 21.529745

7/30/2013 59.3726 0.2676 0.2676 0 0.05994286 0.07504286 0.798782 44.4068155

7/31/2013 60.3021 0.9295 0.9295 0 0.17918571 0.07504286 2.387778 70.4821308

8/1/2013 61.0818 0.7797 0.7797 0 0.29057143 0.04602857 6.312849 86.3254393

8/2/2013 60.7717 -0.3101 0 0.3101 0.29057143 0.06261429 4.640657 82.271569

8/3/2013 60.9808 0.2091 0.2091 0 0.32044286 0.0443 7.233473 87.8544572

8/4/2013 61.129 0.1482 0.1482 0 0.33344286 0.0443 7.526927 88.2724454

8/5/2013 61.129 0 0 0 0.33344286 0.0443 7.526927 88.2724454

8/6/2013 61.1518 0.0228 0.0228 0 0.29847143 0.0443 6.737504 87.0759357

8/7/2013 61.5444 0.3926 0.3926 0 0.22177143 0.0443 5.006127 83.3503356

8/8/2013 61.4922 -0.0522 0 0.0522 0.11038571 0.05175714 2.132763 68.0792952

8/9/2013 61.0812 -0.411 0 0.411 0.11038571 0.06617143 1.668178 62.52123968/10/2013 60.6389 -0.4423 0 0.4423 0.08051429 0.12935714 0.622419 38.363624

8/11/2013 60.512 -0.1269 0 0.1269 0.05934286 0.14748571 0.402363 28.6918083

8/12/2013 60.512 0 0 0 0.05934286 0.14748571 0.402363 28.6918083

8/13/2013 60.9402 0.4282 0.4282 0 0.11725714 0.14748571 0.795041 44.2909562

8/14/2013 61.4251 0.4849 0.4849 0 0.13044286 0.14748571 0.884444 46.9339501

8/15/2013 61.4451 0.02 0.02 0 0.1333 0.14002857 0.951949 48.7691423

8/16/2013 61.3759 -0.0692 0 0.0692 0.1333 0.0912 1.461623 59.376392

8/17/2013 61.9758 0.5999 0.5999 0 0.219 0.02801429 7.81744 88.6588399

8/18/2013 62.654 0.6782 0.6782 0 0.31588571 0.00988571 31.95376 96.9654447

8/19/2013 62.654 0 0 0 0.31588571 0.00988571 31.95376 96.9654447

8/20/2013 63.1695 0.5155 0.5155 0 0.32835714 0.00988571 33.21532 97.0773324

8/21/2013 63.8104 0.6409 0.6409 0 0.35064286 0.00988571 35.46965 97.2579942

8/22/2013 64.2165 0.4061 0.4061 0 0.4058 0.00988571 41.04913 97.6218297

8/23/2013 65.0252 0.8087 0.8087 0 0.52132857 0 0 100

8/24/2013 64.4237 -0.6015 0 0.6015 0.43562857 0.08592857 5.069659 83.5246104

8/25/2013 64.305 -0.1187 0 0.1187 0.33874286 0.10288571 3.292419 76.7031119

8/26/2013 64.305 0 0 0 0.33874286 0.10288571 3.292419 76.7031119

8/27/2013 64.4248 0.1198 0.1198 0 0.28221429 0.10288571 2.742988 73.2833772

8/28/2013 66.1438 1.719 1.719 0 0.43622857 0.10288571 4.239933 80.91578788/29/2013 67.7732 1.6294 1.6294 0 0.61098571 0.10288571 5.938489 85.5876408

8/30/2013 67.4206 -0.3526 0 0.3526 0.49545714 0.15325714 3.232849 76.3752477

8/31/2013 66.8917 -0.5289 0 0.5289 0.49545714 0.14288571 3.467506 77.616149

9/1/2013 66.517 -0.3747 0 0.3747 0.49545714 0.17945714 2.760866 73.4103802

9/2/2013 66.517 0 0 0 0.49545714 0.17945714 2.760866 73.4103802

9/3/2013 66.3979 -0.1191 0 0.1191 0.47834286 0.19647143 2.434669 70.8851112



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9/4/2013 67.5958 1.1979 1.1979 0 0.4039 0.19647143 2.05577 67.2750202

9/5/2013 67.361 -0.2348 0 0.2348 0.17112857 0.23001429 0.743991 42.6602564

9/6/2013 66.2259 -1.1351 0 1.1351 0.17112857 0.3418 0.500669 33.3630414

9/7/2013 65.3987 -0.8272 0 0.8272 0.17112857 0.38441429 0.445167 30.8038469

9/8/2013 64.569 -0.8297 0 0.8297 0.17112857 0.44941429 0.380781 27.5772365

9/9/2013 64.569 0 0 0 0.17112857 0.44941429 0.380781 27.5772365

9/10/2013 64.5546 -0.0144 0 0.0144 0.17112857 0.43445714 0.393891 28.2583567

9/11/2013 63.9281 -0.6265 0 0.6265 0 0.52395714 0 0

9/12/2013 63.4803 -0.4478 0 0.4478 0 0.55438571 0 0

9/13/2013 63.352 -0.1283 0 0.1283 0 0.41055714 0 0

9/14/2013 63.4603 0.1083 0.1083 0 0.01547143 0.29238571 0.052914 5.02552204

9/15/2013 63.153 -0.3073 0 0.3073 0.01547143 0.21775714 0.071049 6.63359059

9/16/2013 63.153 0 0 0 0.01547143 0.21775714 0.071049 6.63359059

9/17/2013 62.7488 -0.4042 0 0.4042 0.01547143 0.27344286 0.05658 5.35502373

9/18/2013 63.0729 0.3241 0.3241 0 0.06177143 0.18394286 0.335819 25.13953499/19/2013 62.8811 -0.1918 0 0.1918 0.06177143 0.14737143 0.419155 29.5355191

9/20/2013 61.4175 -1.4636 0 1.4636 0.06177143 0.33812857 0.182686 15.4467188

9/21/2013 61.9308 0.5133 0.5133 0 0.11962857 0.33812857 0.353796 26.1336329

9/22/2013 62.274 0.3432 0.3432 0 0.16865714 0.29422857 0.573218 36.4360225

9/23/2013 62.274 0 0 0 0.16865714 0.29422857 0.573218 36.4360225

9/24/2013 62.3597 0.0857 0.0857 0 0.1809 0.23648571 0.764951 43.3412055

9/25/2013 62.5169 0.1572 0.1572 0 0.15705714 0.23648571 0.66413 39.9085233

9/26/2013 62.3696 -0.1473 0 0.1473 0.15705714 0.23012857 0.682476 40.5637752

9/27/2013 61.8198 -0.5498 0 0.5498 0.15705714 0.09958571 1.577105 61.1967715

9/28/2013 62.0309 0.2111 0.2111 0 0.11388571 0.09958571 1.143595 53.3493944

9/29/2013 62.702 0.6711 0.6711 0 0.16072857 0.09958571 1.613972 61.7440457

9/30/2013 62.702 0 0 0 0.16072857 0.09958571 1.613972 61.7440457

10/1/2013 62.5884 -0.1136 0 0.1136 0.14848571 0.11581429 1.282102 56.180747

10/2/2013 62.2802 -0.3082 0 0.3082 0.12602857 0.15984286 0.788453 44.0857528

10/3/2013 62.2617 -0.0185 0 0.0185 0.12602857 0.14144286 0.891021 47.1185173

10/4/2013 61.6524 -0.6093 0 0.6093 0.12602857 0.14994286 0.840511 45.6672533

10/5/2013 61.203 -0.4494 0 0.4494 0.09587143 0.21414286 0.447698 30.9248422

10/6/2013 61.011 -0.192 0 0.192 0 0.24157143 0 0

10/7/2013 61.011 0 0 0 0 0.24157143 0 010/8/2013 61.3311 0.3201 0.3201 0 0.04572857 0.22534286 0.202929 16.8695652

10/9/2013 61.4497 0.1186 0.1186 0 0.06267143 0.18131429 0.345651 25.6865156

10/10/2013 61.5784 0.1287 0.1287 0 0.08105714 0.17867143 0.453666 31.2084044

10/11/2013 61.2797 -0.2987 0 0.2987 0.08105714 0.1343 0.603553 37.6384743

10/12/2013 60.6802 -0.5995 0 0.5995 0.08105714 0.15574286 0.520455 34.2302124

10/13/2013 60.597 -0.0832 0 0.0832 0.08105714 0.1402 0.578154 36.634814



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10/14/2013 60.597 0 0 0 0.08105714 0.1402 0.578154 36.634814

10/15/2013 60.8161 0.2191 0.2191 0 0.06662857 0.1402 0.475239 32.2143943

10/16/2013 61.138 0.3219 0.3219 0 0.09567143 0.1402 0.682393 40.5608382

10/17/2013 61.2657 0.1277 0.1277 0 0.09552857 0.1402 0.681374 40.5248167

10/18/2013 60.8464 -0.4193 0 0.4193 0.09552857 0.15742857 0.606806 37.7647258

10/19/2013 60.7448 -0.1016 0 0.1016 0.09552857 0.0863 1.106936 52.5377121

10/20/2013 60.757 0.0122 0.0122 0 0.09727143 0.07441429 1.307161 56.6566816

10/21/2013 60.757 0 0 0 0.09727143 0.07441429 1.307161 56.6566816

10/22/2013 61.1043 0.3473 0.3473 0 0.11558571 0.07441429 1.553273 60.8345865

10/23/2013 61.1525 0.0482 0.0482 0 0.07648571 0.07441429 1.027836 50.686358

10/24/2013 61.0848 -0.0677 0 0.0677 0.05824286 0.08408571 0.692661 40.9214092

10/25/2013 61.1239 0.0391 0.0391 0 0.06382857 0.02418571 2.639102 72.5206947

10/26/2013 61.13 0.0061 0.0061 0 0.0647 0.00967143 6.689808 86.9957741

10/27/2013 61.085 -0.045 0 0.045 0.06295714 0.0161 3.910382 79.6349837

10/28/2013 61.085 0 0 0 0.06295714 0.0161 3.910382 79.634983710/29/2013 61.1479 0.0629 0.0629 0 0.02232857 0.0161 1.386868 58.1040892

10/30/2013 61.1642 0.0163 0.0163 0 0.01777143 0.0161 1.103815 52.4673134

10/31/2013 60.9953 -0.1689 0 0.1689 0.01777143 0.03055714 0.58158 36.7720958

11/1/2013 61.1716 0.1763 0.1763 0 0.03737143 0.03055714 1.223001 55.0157729

11/2/2013 61.7939 0.6223 0.6223 0 0.1254 0.03055714 4.103787 80.4067051

11/3/2013 61.868 0.0741 0.0741 0 0.13598571 0.02412857 5.635879 84.9304069

11/4/2013 61.868 0 0 0 0.13598571 0.02412857 5.635879 84.9304069

11/5/2013 61.8485 -0.0195 0 0.0195 0.127 0.02691429 4.718684 82.5134583

11/6/2013 61.7244 -0.1241 0 0.1241 0.12467143 0.04464286 2.79264 73.6331421

11/7/2013 62.0691 0.3447 0.3447 0 0.17391429 0.02051429 8.477716 89.4489346

11/8/2013 62.406 0.3369 0.3369 0 0.19685714 0.02051429 9.5961 90.5625657

11/9/2013 62.7558 0.3498 0.3498 0 0.15792857 0.02051429 7.698468 88.5037227

11/10/2013 63.146 0.3902 0.3902 0 0.20308571 0.02051429 9.899721 90.8254536

11/11/2013 63.146 0 0 0 0.20308571 0.02051429 9.899721 90.8254536

11/12/2013 63.3445 0.1985 0.1985 0 0.23144286 0.01772857 13.05479 92.8849903

11/13/2013 63.7101 0.3656 0.3656 0 0.28367143 0 0 100

11/14/2013 63.563 -0.1471 0 0.1471 0.23442857 0.02101429 11.15568 91.7733907

11/15/2013 63.1175 -0.4455 0 0.4455 0.1863 0.08465714 2.200641 68.7562609

11/16/2013 62.9419 -0.1756 0 0.1756 0.13632857 0.10974286 1.242255 55.402031911/17/2013 62.5742 -0.3677 0 0.3677 0.08058571 0.16227143 0.496611 33.1823529

11/18/2013 62.574 -0.0002 0 0.0002 0.08058571 0.1623 0.496523 33.1784496

11/19/2013 62.4142 -0.1598 0 0.1598 0.05222857 0.18512857 0.282121 22.0042131

11/20/2013 62.0441 -0.3701 0 0.3701 0 0.238 0 0

11/21/2013 62.2422 0.1981 0.1981 0 0.0283 0.21698571 0.130423 11.5375655

11/22/2013 62.6737 0.4315 0.4315 0 0.08994286 0.15334286 0.586547 36.9700528



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11/23/2013 62.6836 0.0099 0.0099 0 0.09135714 0.12825714 0.712297 41.5989072

11/24/2013 62.2832 -0.4004 0 0.4004 0.09135714 0.13292857 0.687265 40.7324841

11/25/2013 62.283 -0.0002 0 0.0002 0.09135714 0.13292857 0.687265 40.7324841

11/26/2013 62.2582 -0.0248 0 0.0248 0.09135714 0.11364286 0.803897 44.5644599

11/27/2013 62.1461 -0.1121 0 0.1121 0.09135714 0.07678571 1.189767 54.3330501

11/28/2013 62.1874 0.0413 0.0413 0 0.06895714 0.07678571 0.898047 47.3142521

11/29/2013 62.2094 0.022 0.022 0 0.01045714 0.07678571 0.136186 11.9862453

11/30/2013 62.1598 -0.0496 0 0.0496 0.00904286 0.08387143 0.107818 9.73247232

12/1/2013 62.156 -0.0038 0 0.0038 0.00904286 0.02721429 0.332283 24.9408983

12/2/2013 62.156 0 0 0 0.00904286 0.02718571 0.332633 24.9605678

12/3/2013 62.0489 -0.1071 0 0.1071 0.00904286 0.03894286 0.232208 18.8448943

12/4/2013 62.1332 0.0843 0.0843 0 0.02108571 0.02292857 0.919626 47.9065239

12/5/2013 62.0098 -0.1234 0 0.1234 0.01518571 0.04055714 0.374428 27.2424398

12/6/2013 61.4648 -0.545 0 0.545 0.01204286 0.11841429 0.101701 9.23127464

12/7/2013 61.2622 -0.2026 0 0.2026 0.01204286 0.14027143 0.085854 7.9065841312/8/2013 60.896 -0.3662 0 0.3662 0.01204286 0.19204286 0.062709 5.90088198

12/9/2013 60.896 0 0 0 0.01204286 0.19204286 0.062709 5.90088198

12/10/2013 60.7952 -0.1008 0 0.1008 0.01204286 0.19114286 0.063004 5.92701962

12/11/2013 60.8489 0.0537 0.0537 0 0.00767143 0.19114286 0.040135 3.85859021

12/12/2013 61.1038 0.2549 0.2549 0 0.04408571 0.17351429 0.254075 20.259979

12/13/2013 61.6358 0.532 0.532 0 0.12008571 0.09565714 1.255376 55.6615018

12/14/2013 61.9697 0.3339 0.3339 0 0.16778571 0.06671429 2.514989 71.5504112

12/15/2013 62.025 0.0553 0.0553 0 0.17568571 0.0144 12.2004 92.4244702

12/16/2013 62.025 0 0 0 0.17568571 0.0144 12.2004 92.4244702

12/17/2013 61.7928 -0.2322 0 0.2322 0.17568571 0.03317143 5.296296 84.1176471

12/18/2013 61.5728 -0.22 0 0.22 0.16801429 0.0646 2.60084 72.2287048

12/19/2013 61.6118 0.039 0.039 0 0.13717143 0.0646 2.123397 67.9835741

12/20/2013 62.0121 0.4003 0.4003 0 0.11835714 0.0646 1.832154 64.6911845

12/21/2013 62.0045 -0.0076 0 0.0076 0.07065714 0.06568571 1.075685 51.823135

12/22/2013 61.87 -0.1345 0 0.1345 0.06275714 0.0849 0.739189 42.501935

12/23/2013 61.87 0 0 0 0.06275714 0.0849 0.739189 42.501935

12/24/2013 61.7324 -0.1376 0 0.1376 0.06275714 0.07138571 0.879127 46.7838126

12/25/2013 61.6022 -0.1302 0 0.1302 0.06275714 0.05855714 1.071725 51.731041

12/26/2013 61.578 -0.0242 0 0.0242 0.05718571 0.06201429 0.922138 47.974592512/27/2013 61.7101 0.1321 0.1321 0 0.01887143 0.06201429 0.304308 23.3309785

12/28/2013 61.7633 0.0532 0.0532 0 0.02647143 0.06092857 0.434467 30.2876757

12/29/2013 61.753 -0.0103 0 0.0103 0.02647143 0.04318571 0.612967 38.002461

12/30/2013 61.753 0 0 0 0.02647143 0.04318571 0.612967 38.002461

12/31/2013 61.7744 0.0214 0.0214 0 0.02952857 0.02352857 1.255009 55.6542811

1/1/2014 61.6312 -0.1432 0 0.1432 0.02952857 0.02538571 1.163196 53.7721124



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1/2/2014 61.587 -0.0442 0 0.0442 0.02952857 0.02824286 1.045524 51.1127596

1/3/2014 61.8503 0.2633 0.2633 0 0.04827143 0.02824286 1.709155 63.0881255

1/4/2014 62.1569 0.3066 0.3066 0 0.08447143 0.02824286 2.990895 74.9429658

1/5/2014 62.115 -0.0419 0 0.0419 0.08447143 0.03275714 2.578718 72.0570314

1/6/2014 62.115 0 0 0 0.08447143 0.03275714 2.578718 72.0570314

1/7/2014 62.1833 0.0683 0.0683 0 0.09117143 0.03275714 2.783253 73.5677233

1/8/2014 62.1409 -0.0424 0 0.0424 0.09117143 0.01835714 4.966537 83.2398591

1/9/2014 61.9514 -0.1895 0 0.1895 0.09117143 0.03911429 2.330898 69.9780702

1/10/2014 61.8571 -0.0943 0 0.0943 0.05355714 0.05258571 1.018473 50.4576043

1/11/2014 61.502 -0.3551 0 0.3551 0.00975714 0.10331429 0.094441 8.62918509

1/12/2014 61.154 -0.348 0 0.348 0.00975714 0.14704286 0.066356 6.22266764

1/13/2014 61.154 0 0 0 0.00975714 0.14704286 0.066356 6.22266764

1/14/2014 61.1427 -0.0113 0 0.0113 0 0.14865714 0 0

1/15/2014 61.1853 0.0426 0.0426 0 0.00608571 0.1426 0.042677 4.09300538

1/16/2014 61.2565 0.0712 0.0712 0 0.01625714 0.11552857 0.14072 12.33604341/17/2014 61.2253 -0.0312 0 0.0312 0.01625714 0.10651429 0.152629 13.2417966

1/18/2014 61.1986 -0.0267 0 0.0267 0.01625714 0.0596 0.272771 21.4312618

1/19/2014 61.329 0.1304 0.1304 0 0.03488571 0.00988571 3.528902 77.9195916

1/20/2014 61.329 0 0 0 0.03488571 0.00988571 3.528902 77.9195916

1/21/2014 61.3212 -0.0078 0 0.0078 0.03488571 0.00938571 3.716895 78.7996128

1/22/2014 61.4709 0.1497 0.1497 0 0.05018571 0.00938571 5.347032 84.2446043

1/23/2014 61.6566 0.1857 0.1857 0 0.06654286 0.00938571 7.089802 87.6387582

1/24/2014 61.7196 0.063 0.063 0 0.07554286 0.00492857 15.32754 93.8753772

1/25/2014 62.2043 0.4847 0.4847 0 0.14478571 0.00111429 129.9359 99.2362675

1/26/2014 62.558 0.3537 0.3537 0 0.17668571 0.00111429 158.5641 99.3732926

1/27/2014 62.558 0 0 0 0.17668571 0.00111429 158.5641 99.3732926

1/28/2014 62.8832 0.3252 0.3252 0 0.22314286 0 0 100

1/29/2014 62.8105 -0.0727 0 0.0727 0.20175714 0.01038571 19.42641 95.1043771

1/30/2014 62.4372 -0.3733 0 0.3733 0.17522857 0.06371429 2.750224 73.3349277

1/31/2014 62.6118 0.1746 0.1746 0 0.19117143 0.06371429 3.000448 75.0028024

2/1/2014 62.4638 -0.148 0 0.148 0.12192857 0.08485714 1.436869 58.9637306

2/2/2014 62.382 -0.0818 0 0.0818 0.0714 0.09654286 0.739568 42.5144607

2/3/2014 62.382 0 0 0 0.0714 0.09654286 0.739568 42.5144607

2/4/2014 62.555 0.173 0.173 0 0.04965714 0.09654286 0.514353 33.9652142/5/2014 62.4971 -0.0579 0 0.0579 0.04965714 0.09442857 0.52587 34.4636129

2/6/2014 62.2764 -0.2207 0 0.2207 0.04965714 0.07262857 0.683714 40.6074766

2/7/2014 62.1718 -0.1046 0 0.1046 0.02471429 0.08757143 0.282219 22.0101781

2/8/2014 62.0184 -0.1534 0 0.1534 0.02471429 0.08834286 0.279754 21.8599949

2/9/2014 61.845 -0.1734 0 0.1734 0.02471429 0.10142857 0.243662 19.592299

2/10/2014 61.845 0 0 0 0.02471429 0.10142857 0.243662 19.592299



PAGE 82 OF 221

0

20

40

60

80

100

120

R S I

DAYS

7 Day USD/INR

7 Day RSI

2/11/2014 62.0598 0.2148 0.2148 0 0.03068571 0.10142857 0.302535 23.2266436

2/12/2014 62.0588 -0.001 0 0.001 0.03068571 0.0933 0.328893 24.7493951

2/13/2014 61.8099 -0.2489 0 0.2489 0.03068571 0.09732857 0.31528 23.970539

2/14/2014 61.9246 0.1147 0.1147 0 0.04707143 0.08238571 0.571354 36.3606268

2/15/2014 61.8395 -0.0851 0 0.0851 0.04707143 0.07262857 0.648112 39.3245017

2/16/2014 61.62 -0.2195 0 0.2195 0.04707143 0.07921429 0.594229 37.2737557

2/17/2014 61.62 0 0 0 0.04707143 0.07921429 0.594229 37.2737557

2/18/2014 61.661 0.041 0.041 0 0.02224286 0.07921429 0.280794 21.9234019

2/19/2014 61.8343 0.1733 0.1733 0 0.047 0.07907143 0.594399 37.2804533

2/20/2014 62.0191 0.1848 0.1848 0 0.0734 0.04351429 1.686802 62.7810362

2/21/2014 62.0866 0.0675 0.0675 0 0.06665714 0.04351429 1.531845 60.503112

2/22/2014 61.8692 -0.2174 0 0.2174 0.06665714 0.06241429 1.067979 51.6436082

2/23/2014 61.752 -0.1172 0 0.1172 0.06665714 0.0478 1.394501 58.2376435

2/24/2014 61.752 0 0 0 0.06665714 0.0478 1.394501 58.2376435

2/25/2014 61.812 0.06 0.06 0 0.06937143 0.0478 1.451285 59.20507192/26/2014 61.7032 -0.1088 0 0.1088 0.04461429 0.06334286 0.70433 41.325923

2/27/2014 61.7926 0.0894 0.0894 0 0.03098571 0.06334286 0.489175 32.8487051

2/28/2014 61.9061 0.1135 0.1135 0 0.03755714 0.06334286 0.592918 37.2221436



In the above chart RSI is calculat

The broad rule, if RSI crosses

below 30 it is time to buy the sh


1) Varying the time period of t

and sell signals. So, lesser th

2) The chart shows Overbough

12th

November, 2013 and 27

3) The chart shows Oversold R

9th

December, 2013 and 10th

4) Since it is nearing the m

Region soon. And thus,

point ‘C’ is reached.

PAGE 83 OF 221

ed for 7 days for USD/INR.

0 there may be downturn & time to sell. If

are.


he Relative Strength Index can increase or decrease

e time period of RSI, higher the appearance of signals.

Regions when RSI crosses mark of 70:

th

January, 2014. It gives an indication to sell.

gions when RSI crosses mark of 30:

March, 2014. It gives an indication to buy.

ark of 30, it is highly predicted that it will re

gives an indication to buy dollars currently a

SI falls

the number of buy

ch the Oversold

d hold them till



PAGE 84 OF 221

CALCULATION OF ROC FOR USD/INR

ROC= RATE OF CHANGE


DATE CLOSE ROC

3/1/2013 54.0886

3/2/2013 54.8147

3/3/2013 55.031

3/4/2013 55.0313/5/2013 55.0276

3/6/2013 54.8367

3/7/2013 54.7724 1.264222

3/8/2013 54.5955 -0.39989

3/9/2013 54.3718 -1.19787

3/10/2013 54.214 -1.48462

3/11/2013 54.214 -1.47853

3/12/2013 54.3302 -0.92365

3/13/2013 54.2029 -1.03976

3/14/2013 54.2131 -0.70042

3/15/2013 54.1965 -0.32241

3/16/2013 54.0234 -0.35157

3/17/2013 53.907 -0.56627

3/18/2013 53.907 -0.77894

3/19/2013 54.091 -0.20645

3/20/2013 54.2245 0.021028

3/21/2013 54.3709 0.321792

3/22/2013 54.2794 0.473869

3/23/2013 54.319 0.7642793/24/2013 54.219 0.578775

3/25/2013 54.219 0.236638

3/26/2013 54.1574 -0.12374

3/27/2013 54.2331 -0.25344

3/28/2013 54.3481 0.126567

3/29/2013 54.3235 0.008284



PAGE 85 OF 221

3/30/2013 54.4017 0.336967

3/31/2013 54.355 0.250835

4/1/2013 54.355 0.364862

4/2/2013 54.4318 0.366381

4/3/2013 54.3201 -0.05152

4/4/2013 54.3874 0.117629

4/5/2013 54.6846 0.520021

4/6/2013 54.7406 0.70941

4/7/2013 54.567 0.390029

4/8/2013 54.567 0.248384

4/9/2013 54.6022 0.519329

4/10/2013 54.3947 0.013422

4/11/2013 54.3052 -0.6938

4/12/2013 54.2266 -0.93897

4/13/2013 54.3476 -0.402074/14/2013 54.378 -0.34636

4/15/2013 54.378 -0.41061

4/16/2013 54.4418 0.086589

4/17/2013 54.1282 -0.32594

4/18/2013 53.8088 -0.77047

4/19/2013 53.8016 -1.00464

4/20/2013 53.681 -1.28177

4/21/2013 53.565 -1.49509

4/22/2013 53.565 -1.61053

4/23/2013 53.8367 -0.53854

4/24/2013 54.0697 0.484865

4/25/2013 54.0494 0.460581

4/26/2013 53.9299 0.463665

4/27/2013 54.0368 0.880799

4/28/2013 54.078 0.957715

4/29/2013 54.078 0.448207

4/30/2013 54.0423 -0.05068

5/1/2013 53.6469 -0.74469

5/2/2013 53.2942 -1.178755/3/2013 53.4149 -1.15088

5/4/2013 53.5262 -1.02038

5/5/2013 53.362 -1.32401

5/6/2013 53.362 -1.25883

5/7/2013 53.7084 0.114638

5/8/2013 53.8485 1.040076



PAGE 86 OF 221

5/9/2013 53.7594 0.644951

5/10/2013 53.9723 0.833424

5/11/2013 54.4744 2.08463

5/12/2013 54.509 2.14947

5/13/2013 54.509 1.490642

5/14/2013 54.6607 1.508306

5/15/2013 54.5447 1.460768

5/16/2013 54.6132 1.187461

5/17/2013 54.5846 0.202297

5/18/2013 54.7645 0.46873

5/19/2013 54.892 0.702636

5/20/2013 54.892 0.423156

5/21/2013 54.9119 0.673209

5/22/2013 55.0663 0.829653

5/23/2013 55.4488 1.583235/24/2013 55.7182 1.741457

5/25/2013 55.6269 1.338811

5/26/2013 55.735 1.535743

5/27/2013 55.735 1.498946

5/28/2013 55.6047 0.97773

5/29/2013 55.8116 0.654297

5/30/2013 56.182 0.832403

5/31/2013 56.264 1.145309

6/1/2013 56.5465 1.455997

6/2/2013 56.627 1.600431

6/3/2013 56.627 1.838514

6/4/2013 56.5493 1.321768

6/5/2013 56.4517 0.480047

6/6/2013 56.5995 0.596296

6/7/2013 56.8305 0.502242

6/8/2013 56.9546 0.578523

6/9/2013 57.258 1.114309

6/10/2013 57.258 1.253243

6/11/2013 57.7717 2.3382826/12/2013 58.3346 3.065575

6/13/2013 57.9382 1.949129

6/14/2013 58.0236 1.876934

6/15/2013 57.5799 0.562192

6/16/2013 57.559 0.525691

6/17/2013 57.559 -0.36817



PAGE 87 OF 221

6/18/2013 57.7332 -1.03095

6/19/2013 58.481 0.93686

6/20/2013 58.8051 1.346866

6/21/2013 59.7909 3.839882

6/22/2013 59.6283 3.595094

6/23/2013 59.659 3.64843

6/24/2013 59.659 3.335689

6/25/2013 59.7964 2.249278

6/26/2013 59.7 1.521807

6/27/2013 60.1731 0.639228

6/28/2013 60.3507 1.211505

6/29/2013 59.6964 0.06269

6/30/2013 59.597 -0.10392

7/1/2013 59.597 -0.33346

7/2/2013 59.3734 -0.547077/3/2013 59.4779 -1.15533

7/4/2013 60.1035 -0.40961

7/5/2013 60.1008 0.677428

7/6/2013 60.464 1.454771

7/7/2013 61.034 2.411195

7/8/2013 61.034 2.796875

7/9/2013 60.8346 2.281015

7/10/2013 60.1043 0.001331

7/11/2013 59.9833 -0.1955

7/12/2013 59.7397 -1.1979

7/13/2013 59.8839 -1.88436

7/14/2013 59.896 -1.86453

7/15/2013 59.896 -1.54287

7/16/2013 59.7849 -0.53141

7/17/2013 59.1504 -1.38855

7/18/2013 59.3056 -0.72665

7/19/2013 59.6141 -0.45054

7/20/2013 59.6554 -0.4017

7/21/2013 59.507 -0.649467/22/2013 59.507 -0.46483

7/23/2013 59.4783 0.55435

7/24/2013 59.5731 0.451054

7/25/2013 59.37 -0.40947

7/26/2013 59.176 -0.80362

7/27/2013 59.0478 -0.77167



PAGE 88 OF 221

7/28/2013 59.105 -0.67555

7/29/2013 59.105 -0.62762

7/30/2013 59.3726 -0.33656

7/31/2013 60.3021 1.569985

8/1/2013 61.0818 3.220562

8/2/2013 60.7717 2.919499

8/3/2013 60.9808 3.173674

8/4/2013 61.129 3.424414

8/5/2013 61.129 2.958267

8/6/2013 61.1518 1.409072

8/7/2013 61.5444 0.757345

8/8/2013 61.4922 1.185585

8/9/2013 61.0812 0.164642

8/10/2013 60.6389 -0.80175

8/11/2013 60.512 -1.009348/12/2013 60.512 -1.04625

8/13/2013 60.9402 -0.98173

8/14/2013 61.4251 -0.10912

8/15/2013 61.4451 0.595764

8/16/2013 61.3759 1.215391

8/17/2013 61.9758 2.419024

8/18/2013 62.654 3.539794

8/19/2013 62.654 2.812265

8/20/2013 63.1695 2.839881

8/21/2013 63.8104 3.849453

8/22/2013 64.2165 4.628201

8/23/2013 65.0252 4.920308

8/24/2013 64.4237 2.82456

8/25/2013 64.305 2.635107

8/26/2013 64.305 1.797545

8/27/2013 64.4248 0.962852

8/28/2013 66.1438 3.001254

8/29/2013 67.7732 4.226054

8/30/2013 67.4206 4.6518598/31/2013 66.8917 4.022549

9/1/2013 66.517 3.439857

9/2/2013 66.517 3.247507

9/3/2013 66.3979 0.384163

9/4/2013 67.5958 -0.26176

9/5/2013 67.361 -0.0884



PAGE 89 OF 221

9/6/2013 66.2259 -0.99534

9/7/2013 65.3987 -1.68122

9/8/2013 64.569 -2.92857

9/9/2013 64.569 -2.75445

9/10/2013 64.5546 -4.4991

9/11/2013 63.9281 -5.09627

9/12/2013 63.4803 -4.14581

9/13/2013 63.352 -3.12957

9/14/2013 63.4603 -1.71708

9/15/2013 63.153 -2.193

9/16/2013 63.153 -2.17119

9/17/2013 62.7488 -1.84473

9/18/2013 63.0729 -0.64177

9/19/2013 62.8811 -0.74331

9/20/2013 61.4175 -3.219029/21/2013 61.9308 -1.9353

9/22/2013 62.274 -1.39186

9/23/2013 62.274 -0.75667

9/24/2013 62.3597 -1.13076

9/25/2013 62.5169 -0.57919

9/26/2013 62.3696 1.55021

9/27/2013 61.8198 -0.17923

9/28/2013 62.0309 -0.39037

9/29/2013 62.702 0.687285

9/30/2013 62.702 0.548912

10/1/2013 62.5884 0.114369

10/2/2013 62.2802 -0.14334

10/3/2013 62.2617 0.71482

10/4/2013 61.6524 -0.61018

10/5/2013 61.203 -2.39067

10/6/2013 61.011 -2.69688

10/7/2013 61.011 -2.52028

10/8/2013 61.3311 -1.52392

10/9/2013 61.4497 -1.3041710/10/2013 61.5784 -0.12003

10/11/2013 61.2797 0.125321

10/12/2013 60.6802 -0.5422

10/13/2013 60.597 -0.67857

10/14/2013 60.597 -1.19695

10/15/2013 60.8161 -1.03109



PAGE 90 OF 221

10/16/2013 61.138 -0.71519

10/17/2013 61.2657 -0.02285

10/18/2013 60.8464 0.273895

10/19/2013 60.7448 0.243906

10/20/2013 60.757 0.264039

10/21/2013 60.757 -0.09718

10/22/2013 61.1043 -0.05512

10/23/2013 61.1525 -0.18477

10/24/2013 61.0848 0.391806

10/25/2013 61.1239 0.624086

10/26/2013 61.13 0.613921

10/27/2013 61.085 0.539855

10/28/2013 61.085 -0.03159

10/29/2013 61.1479 -0.00752

10/30/2013 61.1642 0.12998310/31/2013 60.9953 -0.21039

11/1/2013 61.1716 0.068052

11/2/2013 61.7939 1.160514

11/3/2013 61.868 1.28182

11/4/2013 61.868 1.177637

11/5/2013 61.8485 1.118792

11/6/2013 61.7244 1.195338

11/7/2013 62.0691 1.467184

11/8/2013 62.406 0.990551

11/9/2013 62.7558 1.434991

11/10/2013 63.146 2.065688

11/11/2013 63.146 2.097868

11/12/2013 63.3445 2.624732

11/13/2013 63.7101 2.643828

11/14/2013 63.563 1.853988

11/15/2013 63.1175 0.576361

11/16/2013 62.9419 -0.32322

11/17/2013 62.5742 -0.90552

11/18/2013 62.574 -1.2163611/19/2013 62.4142 -2.03406

11/20/2013 62.0441 -2.3896

11/21/2013 62.2422 -1.38678

11/22/2013 62.6737 -0.42611

11/23/2013 62.6836 0.174832

11/24/2013 62.2832 -0.46473



PAGE 91 OF 221

11/25/2013 62.283 -0.21021

11/26/2013 62.2582 0.345077

11/27/2013 62.1461 -0.1544

11/28/2013 62.1874 -0.77592

11/29/2013 62.2094 -0.7565

11/30/2013 62.1598 -0.19813

12/1/2013 62.156 -0.20391

12/2/2013 62.156 -0.16416

12/3/2013 62.0489 -0.15641

12/4/2013 62.1332 -0.08716

12/5/2013 62.0098 -0.32085

12/6/2013 61.4648 -1.11809

12/7/2013 61.2622 -1.43799

12/8/2013 60.896 -2.02716

12/9/2013 60.896 -1.8580512/10/2013 60.7952 -2.15344

12/11/2013 60.8489 -1.87212

12/12/2013 61.1038 -0.58733

12/13/2013 61.6358 0.609838

12/14/2013 61.9697 1.76317

12/15/2013 62.025 1.853981

12/16/2013 62.025 2.022857

12/17/2013 61.7928 1.551219

12/18/2013 61.5728 0.767546

12/19/2013 61.6118 -0.03894

12/20/2013 62.0121 0.068421

12/21/2013 62.0045 -0.03305

12/22/2013 61.87 -0.2499

12/23/2013 61.87 0.124934

12/24/2013 61.7324 0.259205

12/25/2013 61.6022 -0.01558

12/26/2013 61.578 -0.70002

12/27/2013 61.7101 -0.4748

12/28/2013 61.7633 -0.1724612/29/2013 61.753 -0.18911

12/30/2013 61.753 0.03337

12/31/2013 61.7744 0.279535

1/1/2014 61.6312 0.086394

1/2/2014 61.587 -0.19948

1/3/2014 61.8503 0.14086



PAGE 92 OF 221

1/4/2014 62.1569 0.654057

1/5/2014 62.115 0.586206

1/6/2014 62.115 0.551361

1/7/2014 62.1833 0.895813

1/8/2014 62.1409 0.899378

1/9/2014 61.9514 0.163459

1/10/2014 61.8571 -0.48233

1/11/2014 61.502 -0.98688

1/12/2014 61.154 -1.54713

1/13/2014 61.154 -1.65527

1/14/2014 61.1427 -1.60635

1/15/2014 61.1853 -1.23661

1/16/2014 61.2565 -0.97095

1/17/2014 61.2253 -0.4499

1/18/2014 61.1986 0.0729311/19/2014 61.329 0.286163

1/20/2014 61.329 0.304697

1/21/2014 61.3212 0.222112

1/22/2014 61.4709 0.350004

1/23/2014 61.6566 0.704447

1/24/2014 61.7196 0.851327

1/25/2014 62.2043 1.42722

1/26/2014 62.558 2.003946

1/27/2014 62.558 2.016921

1/28/2014 62.8832 2.29751

1/29/2014 62.8105 1.871495

1/30/2014 62.4372 1.162678

1/31/2014 62.6118 0.655099

2/1/2014 62.4638 -0.15058

2/2/2014 62.382 -0.28134

2/3/2014 62.382 -0.79703

2/4/2014 62.555 -0.40678

2/5/2014 62.4971 0.095936

2/6/2014 62.2764 -0.535682/7/2014 62.1718 -0.46747

2/8/2014 62.0184 -0.58286

2/9/2014 61.845 -0.86083

2/10/2014 61.845 -1.135

2/11/2014 62.0598 -0.69971

2/12/2014 62.0588 -0.34941



PAGE 93 OF 221

2/13/2014 61.8099 -0.5821

2/14/2014 61.9246 -0.15125

2/15/2014 61.8395 -0.00889

2/16/2014 61.62 -0.36381

2/17/2014 61.62 -0.70867

2/18/2014 61.661 -0.641

2/19/2014 61.8343 0.039476

2/20/2014 62.0191 0.152605

2/21/2014 62.0866 0.399583

2/22/2014 61.8692 0.404414

2/23/2014 61.752 0.214216

2/24/2014 61.752 0.147581

2/25/2014 61.812 -0.03606

2/26/2014 61.7032 -0.50936

2/27/2014 61.7926 -0.473532/28/2014 61.9061 0.059642

-6

-4

-2

0

2

4

6

V a l u e

Days

ROC- USD/INR

ROC



Many traders use a value greate

value less than zero to indicate

valuable signals are generated

directions (known as divergence


Historic High of the period- 28th

Historic Low of the period- 12th

After this high and low, the RAT

PAGE 94 OF 221

r than zero to indicate an increase in upward m

n increase in selling pressure. However, some

hen the price of the asset and the ROC are hea

).


August 2013

eptember 2013

OF CHANGE is somewhat consistent for the p

omentum and a

f the most

ding in opposite

st 5-6 months.



PAGE 95 OF 221

EUR/INR

TECHNICAL ANALYSIS

THE ABOVE CHART SHOWS THE TREND OF INR AGAINST EUR SINCE 2004 TILL 2014.



PAGE 96 OF 221



PAGE 97 OF 221

CALCULATION OF MOVING AVG FOR EUR/INR

Date Close12 Days Moving

Avg.

24 Days Moving

Avg.

3/1/2013 70.96373/2/2013 71.4865

3/3/2013 71.6416

3/4/2013 71.6416

3/5/2013 71.5822

3/6/2013 71.4753

3/7/2013 71.3937

3/8/2013 71.1287

3/9/2013 71.0346

3/10/2013 70.4945

3/11/2013 70.495

3/12/2013 70.6608 71.16651667

3/13/2013 70.6145 71.13741667

3/14/2013 70.4976 71.05500833

3/15/2013 70.2587 70.93976667

3/16/2013 70.4395 70.83959167

3/17/2013 70.4769 70.74748333

3/18/2013 70.4769 70.66428333

3/19/2013 69.9412 70.54324167

3/20/2013 70.1188 70.45908333

3/21/2013 70.1743 70.38739167

3/22/2013 70.1452 70.35828333

3/23/2013 70.2644 70.33906667

3/24/2013 70.4061 70.31784167 70.74217917

3/25/2013 70.4061 70.300475 70.71894583

3/26/2013 70.2129 70.27675 70.66587917

3/27/2013 69.7562 70.234875 70.58732083

3/28/2013 69.6482 70.16893333 70.5042625

3/29/2013 69.5227 70.08941667 70.41845

3/30/2013 69.7315 70.0273 70.34579167

3/31/2013 69.663 70.00411667 70.27367917

4/1/2013 69.663 69.96613333 70.21260833

4/2/2013 69.7549 69.93118333 70.1592875



PAGE 98 OF 221

4/3/2013 69.7579 69.89890833 70.12859583

4/4/2013 69.7421 69.85538333 70.097225

4/5/2013 70.2554 69.842825 70.08033333

4/6/2013 70.922 69.88581667 70.09314583

4/7/2013 70.8574 69.939525 70.10813754/8/2013 70.8574 70.03129167 70.13308333

4/9/2013 70.9921 70.14328333 70.15610833

4/10/2013 70.9948 70.26595833 70.1776875

4/11/2013 71.0389 70.37490833 70.20110417

4/12/2013 70.975 70.48424167 70.24417917

4/13/2013 71.1481 70.608 70.28706667

4/14/2013 71.2798 70.735075 70.33312917

4/15/2013 71.2798 70.8619 70.38040417

4/16/2013 71.2001 70.9834 70.419391674/17/2013 70.8993 71.03705833 70.43994167

4/18/2013 70.6451 71.01398333 70.4499

4/19/2013 70.2143 70.96039167 70.44995833

4/20/2013 70.1611 70.90236667 70.46682917

4/21/2013 69.8959 70.81101667 70.47715

4/22/2013 69.8959 70.71944167 70.4927

4/23/2013 70.2811 70.65629167 70.5156

4/24/2013 70.4069 70.60895 70.54659583

4/25/2013 70.2723 70.53596667 70.57198333

4/26/2013 70.2858 70.45313333 70.59410417

4/27/2013 70.3613 70.37659167 70.61924583

4/28/2013 70.4398 70.31323333 70.64831667

4/29/2013 70.4398 70.27494167 70.656

4/30/2013 70.6484 70.27521667 70.6446

5/1/2013 70.3284 70.284725 70.62255833

5/2/2013 70.262 70.29313333 70.59775

5/3/2013 70.1722 70.31615833 70.5635875

5/4/2013 70.0824 70.3317 70.52557083

5/5/2013 69.9709 70.30585 70.48107083

5/6/2013 69.9709 70.26951667 70.43923333

5/7/2013 70.3715 70.27778333 70.406875

5/8/2013 70.4624 70.2925 70.37281667

5/9/2013 70.541 70.307475 70.34203333



PAGE 99 OF 221

5/10/2013 70.8646 70.342875 70.32805417

5/11/2013 70.875 70.37914167 70.32704167

5/12/2013 70.7843 70.39046667 70.33284167

5/13/2013 70.7843 70.42845833 70.35659167

5/14/2013 70.9141 70.4828 70.387966675/15/2013 70.8062 70.53563333 70.42589583

5/16/2013 70.4374 70.56521667 70.44845833

5/17/2013 70.3115 70.5936 70.449725

5/18/2013 70.3976 70.62915833 70.4493375

5/19/2013 70.4594 70.63648333 70.45713333

5/20/2013 70.4594 70.63623333 70.46436667

5/21/2013 70.5865 70.640025 70.47375

5/22/2013 70.9507 70.6472 70.4950375

5/23/2013 71.5728 70.70535 70.542245835/24/2013 71.7672 70.78725833 70.5888625

5/25/2013 71.9467 70.884125 70.65629167

5/26/2013 72.0514 70.9789 70.73085

5/27/2013 72.0514 71.08266667 70.80915

5/28/2013 71.9158 71.20586667 70.88554167

5/29/2013 72.0126 71.347625 70.9706125

5/30/2013 72.4456 71.51829167 71.073725

5/31/2013 73.069 71.73575833 71.18612083

6/1/2013 73.5659 71.99463333 71.31543333

6/2/2013 73.5789 72.244 71.4420125

6/3/2013 73.5789 72.46301667 71.55510833

6/4/2013 73.6543 72.636475 71.6709125

6/5/2013 73.7869 72.80478333 71.79602083

6/6/2013 74.0316 72.978525 71.931325

6/7/2013 74.6878 73.198225 72.0885625

6/8/2013 75.3879 73.47626667 72.27946667

6/9/2013 75.6642 73.78863333 72.49725

6/10/2013 75.6642 74.09293333 72.72027917

6/11/2013 76.3418 74.41761667 72.96795417

6/12/2013 77.4269 74.780775 73.25826667

6/13/2013 77.118 75.07678333 73.53570833

6/14/2013 77.4035 75.3955 73.81975

6/15/2013 76.8086 75.66464167 74.06382917



PAGE 100 OF 221

6/16/2013 76.7964 75.92648333 74.28147917

6/17/2013 76.7964 76.177275 74.49102917

6/18/2013 77.0092 76.42540833 74.70196667

6/19/2013 78.2066 76.71864167 74.95843333

6/20/2013 78.6947 76.99420833 75.23523756/21/2013 79.1393 77.2838 75.53621667

6/22/2013 78.6754 77.53473333 75.81383333

6/23/2013 78.2565 77.69429167 76.05595417

6/24/2013 78.2565 77.763425 76.2721

6/25/2013 78.3566 77.86664167 76.4717125

6/26/2013 78.2763 77.939375 76.6674375

6/27/2013 78.4957 78.07996667 76.87230417

6/28/2013 78.6182 78.23178333 77.07913333

6/29/2013 77.8525 78.31979167 77.248533336/30/2013 77.5184 78.362225 77.39381667

7/1/2013 77.5184 78.304875 77.51175833

7/2/2013 77.3927 78.196375 77.59529167

7/3/2013 77.5265 78.061975 77.6728875

7/4/2013 77.9976 78.00549167 77.7701125

7/5/2013 77.9477 77.97975833 77.837025

7/6/2013 77.8245 77.94375833 77.85359167

7/7/2013 78.2767 77.9371 77.90187083

7/8/2013 78.2767 77.93713333 77.93825417

7/9/2013 78.1214 77.90594167 77.99295417

7/10/2013 77.1842 77.78644167 78.0091125

7/11/2013 76.8752 77.705 78.01239583

7/12/2013 78.0696 77.75093333 78.05657917

7/13/2013 78.236 77.81073333 78.05780417

7/14/2013 78.2463 77.88186667 78.03912083

7/15/2013 78.2463 77.94185 78.0019125

7/16/2013 78.0391 77.94530833 77.9754

7/17/2013 77.484 77.90666667 77.9432125

7/18/2013 77.9116 77.913925 77.92884167

7/19/2013 78.11 77.90003333 77.91856667

7/20/2013 78.2947 77.90153333 77.91933333

7/21/2013 78.1886 77.90713333 77.9065375

7/22/2013 78.1886 77.99083333 77.8886375



PAGE 101 OF 221

7/23/2013 78.3234 78.11151667 77.90825833

7/24/2013 78.6151 78.156975 77.95395417

7/25/2013 78.4658 78.176125 77.99342917

7/26/2013 78.1999 78.17225833 78.0270625

7/27/2013 78.3937 78.18454167 78.063195837/28/2013 78.4702 78.22046667 78.0828875

7/29/2013 78.4702 78.30265 78.10465833

7/30/2013 78.8076 78.37731667 78.14562083

7/31/2013 79.9751 78.53274167 78.2163875

8/1/2013 81.0415 78.76164167 78.3315875

8/2/2013 80.537 78.95734167 78.4322375

8/3/2013 80.7002 79.16664167 78.5787375

8/4/2013 81.1653 79.40346667 78.75749167

8/5/2013 81.1653 79.61598333 78.886479178/6/2013 81.1368 79.83856667 79.00734583

8/7/2013 81.7143 80.13143333 79.15184583

8/8/2013 81.8295 80.41775 79.30114583

8/9/2013 81.5867 80.67745833 79.4489625

8/10/2013 81.0615 80.8934 79.598025

8/11/2013 80.7018 81.05125 79.71428333

8/12/2013 80.7018 81.11180833 79.822275

8/13/2013 81.1212 81.11845 79.94004583

8/14/2013 81.5915 81.206325 80.08183333

8/15/2013 81.4658 81.270125 80.21838333

8/16/2013 81.5262 81.3002 80.35183333

8/17/2013 82.6776 81.426225 80.52110417

8/18/2013 83.4808 81.62155833 80.7300625

8/19/2013 83.4808 81.76876667 80.9501

8/20/2013 84.2472 81.97024167 81.19399583

8/21/2013 85.3592 82.28461667 81.4810375

8/22/2013 86.0244 82.69819167 81.79579583

8/23/2013 86.758 83.202875 82.1270625

8/24/2013 86.074 83.65055833 82.38118333

8/25/2013 86.0202 84.05880833 82.58862917

8/26/2013 86.0202 84.42786667 82.81709583

8/27/2013 86.1734 84.82016667 83.04514583

8/28/2013 88.4336 85.39578333 83.34799167



PAGE 102 OF 221

8/29/2013 90.5558 86.0523 83.7392625

8/30/2013 89.5412 86.55733333 84.08944583

8/31/2013 88.4924 86.97496667 84.37186667

9/1/2013 87.9242 87.28138333 84.6258125

9/2/2013 87.9242 87.49513333 84.8898759/3/2013 87.6745 87.63264167 85.16541667

9/4/2013 89.0676 87.82510833 85.51399167

9/5/2013 88.7784 88.050475 85.85051667

9/6/2013 87.2195 88.15041667 86.1046125

9/7/2013 85.9182 88.14191667 86.28489167

9/8/2013 85.0884 88.0515 86.43583333

9/9/2013 85.0884 87.77273333 86.58425833

9/10/2013 85.2321 87.32909167 86.69069583

9/11/2013 84.7463 86.92951667 86.7434259/12/2013 84.2745 86.578025 86.77649583

9/13/2013 84.2842 86.27469167 86.7780375

9/14/2013 84.3248 85.97474167 86.7349375

9/15/2013 83.9423 85.663725 86.64818333

9/16/2013 83.9423 85.23661667 86.5308625

9/17/2013 83.8154 84.82303333 86.43675417

9/18/2013 84.1802 84.56975833 86.3600875

9/19/2013 84.0821 84.41675 86.27933333

9/20/2013 83.1133 84.25215833 86.15182917

9/21/2013 83.7874 84.14374167 85.9582375

9/22/2013 84.2013 84.05784167 85.69346667

9/23/2013 84.2013 84.012425 85.47097083

9/24/2013 84.2816 84.01301667 85.29552083

9/25/2013 84.3296 84.0168 85.14574583

9/26/2013 84.1635 84.00335833 84.98905

9/27/2013 83.4821 83.96500833 84.81436667

9/28/2013 83.7839 83.95180833 84.5942125

9/29/2013 84.7725 84.03156667 84.4273

9/30/2013 84.7725 84.080925 84.32534167

10/1/2013 84.5451 84.11950833 84.26812917

10/2/2013 84.31 84.21923333 84.23569583

10/3/2013 84.3242 84.26396667 84.20385417

10/4/2013 83.8732 84.236625 84.14723333



PAGE 103 OF 221

10/5/2013 83.2373 84.15629167 84.08435833

10/6/2013 82.6925 84.02386667 84.01844167

10/7/2013 82.6925 83.88744167 83.95212083

10/8/2013 83.2325 83.80985833 83.90660833

10/9/2013 83.41 83.80385 83.8844291710/10/2013 83.3765 83.7699 83.86085417

10/11/2013 82.8293 83.60796667 83.81976667

10/12/2013 82.1895 83.39271667 83.73682083

10/13/2013 82.0174 83.182075 83.65079167

10/14/2013 82.0174 82.991025 83.60512917

10/15/2013 82.4989 82.83891667 83.55144167

10/16/2013 82.7216 82.74295 83.4897875

10/17/2013 82.8545 82.71105 83.43367083

10/18/2013 82.7724 82.71770833 83.370787510/19/2013 83.0819 82.75015833 83.3188

10/20/2013 83.1393 82.74239167 83.276125

10/21/2013 83.1393 82.71983333 83.26184167

10/22/2013 83.562 82.73529167 83.25259583

10/23/2013 83.8229 82.81809167 83.21302917

10/24/2013 84.1358 82.98028333 83.1865

10/25/2013 84.3162 83.17185 83.1769625

10/26/2013 84.3704 83.36793333 83.17947917

10/27/2013 84.3046 83.51840833 83.1786625

10/28/2013 84.3046 83.650325 83.1966375

10/29/2013 84.3859 83.77794167 83.24449583

10/30/2013 84.2262 83.89909167 83.3084

10/31/2013 83.8545 83.963475 83.35681667

11/1/2013 83.6246 84.00391667 83.37315417

11/2/2013 83.6109 84.04321667 83.381525

11/3/2013 83.4333 84.03249167 83.38389167

11/4/2013 83.4333 84.000025 83.40905833

11/5/2013 83.4887 83.9461 83.46319167

11/6/2013 83.2786 83.85963333 83.51574167

11/7/2013 83.8163 83.81345833 83.59069583

11/8/2013 84.0809 83.79481667 83.6566125

11/9/2013 84.067 83.77501667 83.71267083

11/10/2013 84.3757 83.77416667 83.77605417



PAGE 104 OF 221

11/11/2013 84.3744 83.78651667 83.84280417

11/12/2013 84.7619 83.86213333 83.91280417

11/13/2013 85.4238 84.01206667 84.00799167

11/14/2013 85.4 84.16115833 84.1021875

11/15/2013 84.9681 84.28905833 84.16077511/16/2013 84.7349 84.397525 84.198775

11/17/2013 84.4432 84.47706667 84.21158333

11/18/2013 84.443 84.5741 84.21686667

11/19/2013 84.2717 84.61205 84.21275417

11/20/2013 83.8446 84.59235833 84.1935875

11/21/2013 84.1372 84.59820833 84.1866125

11/22/2013 84.2423 84.58709167 84.18062917

11/23/2013 84.6379 84.60905 84.19778333

11/24/2013 84.4299 84.58138333 84.2217583311/25/2013 84.4308 84.49863333 84.25535

11/26/2013 84.2267 84.40085833 84.28100833

11/27/2013 84.1526 84.3329 84.31097917

11/28/2013 84.4498 84.30914167 84.35333333

11/29/2013 84.5333 84.31665 84.39685833

11/30/2013 84.5734 84.32751667 84.45080833

12/1/2013 84.4657 84.34368333 84.47786667

12/2/2013 84.4669 84.39554167 84.49395

12/3/2013 84.204 84.40110833 84.49965833

12/4/2013 84.2663 84.40310833 84.4951

12/5/2013 84.2199 84.368275 84.4886625

12/6/2013 83.6782 84.30563333 84.44350833

12/7/2013 83.7559 84.24939167 84.3740125

12/8/2013 83.4488 84.18456667 84.2927125

12/9/2013 83.4494 84.12596667 84.22943333

12/10/2013 83.3788 84.03671667 84.17292917

12/11/2013 83.6874 83.966225 84.1414375

12/12/2013 84.1363 83.9298 84.12865833

12/13/2013 84.8984 83.96585833 84.15477083

12/14/2013 85.1495 84.02274167 84.20914167

12/15/2013 85.2093 84.10651667 84.2538125

12/16/2013 85.2093 84.1851 84.29410417

12/17/2013 85.0133 84.25121667 84.30974583



PAGE 105 OF 221

12/18/2013 84.7316 84.339 84.32231667

12/19/2013 84.7864 84.424875 84.33713333

12/20/2013 84.7723 84.53516667 84.35986667

12/21/2013 84.6528 84.63545 84.38070833

12/22/2013 84.5812 84.73565 84.3861833312/23/2013 84.58 84.81003333 84.38812917

12/24/2013 84.4851 84.8391 84.38445

12/25/2013 84.2768 84.7873 84.37657917

12/26/2013 84.2436 84.71180833 84.367275

12/27/2013 84.4446 84.64808333 84.3773

12/28/2013 84.9746 84.628525 84.4068125

12/29/2013 84.8641 84.61609167 84.43365417

12/30/2013 84.8653 84.62723333 84.48311667

12/31/2013 85.0387 84.64825833 84.536566671/1/2014 84.9623 84.66409167 84.59962917

1/2/2014 84.9094 84.685475 84.6604625

1/3/2014 84.8264 84.70590833 84.72077917

1/4/2014 84.7765 84.72228333 84.76615833

1/5/2014 84.3944 84.714725 84.7769125

1/6/2014 84.3944 84.724525 84.7559125

1/7/2014 84.5961 84.7539 84.73285417

1/8/2014 84.6676 84.77248333 84.71028333

1/9/2014 84.2706 84.71381667 84.67117083

1/10/2014 84.0508 84.64604167 84.63106667

1/11/2014 83.7817 84.55574167 84.5914875

1/12/2014 83.5841 84.434525 84.54139167

1/13/2014 83.5847 84.319725 84.49190833

1/14/2014 83.5484 84.20630833 84.44589167

1/15/2014 83.6465 84.10798333 84.40694583

1/16/2014 83.4737 83.99941667 84.36085

1/17/2014 83.3325 83.910925 84.312825

1/18/2014 83.1653 83.8085 84.2665125

1/19/2014 83.0371 83.67858333 84.21624167

1/20/2014 83.0389 83.54285833 84.15767083

1/21/2014 83.0609 83.44205 84.07793333

1/22/2014 83.2599 83.37614167 84.01109167

1/23/2014 83.5829 83.359575 83.95765833



PAGE 106 OF 221

1/24/2014 83.977 83.39231667 83.91342083

1/25/2014 85.1303 83.52111667 83.92042083

1/26/2014 85.5506 83.68796667 83.9471375

1/27/2014 85.5499 83.84658333 83.97728333

1/28/2014 86.0141 84.05828333 84.028851/29/2014 85.8274 84.26619167 84.08855833

1/30/2014 85.2774 84.4422 84.12535

1/31/2014 85.2215 84.62423333 84.15140833

2/1/2014 84.5235 84.74795 84.14540417

2/2/2014 84.0997 84.83451667 84.13828333

2/3/2014 84.0984 84.90439167 84.14026667

2/4/2014 84.4374 84.9756 84.1675875

2/5/2014 84.4717 85.016825 84.20457083

2/6/2014 84.1921 84.93864167 84.229879172/7/2014 84.2254 84.82820833 84.2580875

2/8/2014 84.2966 84.72376667 84.285175

2/9/2014 84.3164 84.58229167 84.3202875

2/10/2014 84.3158 84.456325 84.36125833

2/11/2014 84.5992 84.39980833 84.42100417

2/12/2014 84.7618 84.3615 84.49286667

2/13/2014 84.1548 84.330775 84.5393625

2/14/2014 84.4552 84.3604 84.59745833

2/15/2014 84.6503 84.40639167 84.65539167

2/16/2014 84.3553 84.39955 84.687575

2/17/2014 84.3535 84.3897 84.7032625

2/18/2014 84.5046 84.41574167 84.67719167

2/19/2014 84.8669 84.4692 84.64870417

2/20/2014 85.3078 84.55346667 84.63861667

2/21/2014 85.1989 84.62700833 84.60465

2/22/2014 84.887 84.67460833 84.56546667

2/23/2014 84.8139 84.6925 84.54615417

2/24/2014 84.8133 84.69679167 84.52914583

2/25/2014 84.9136 84.760025 84.5454

2/26/2014 84.7907 84.78798333 84.57419167

2/27/2014 84.79 84.799625 84.60300833

2/28/2014 84.7024 84.82855 84.61405



PAGE 107 OF 221

0

10

20

30

40

50

60

70

80

90

100

P R I C E

DAYS

Short term Moving Avg.-EUR/INR

Close

12 Days Moving Avg.

0

10

20

30

40

50

60

70

80

90

100

P R I C E

DAYS

Long term Moving Avg.-EUR/INR

Close

24 Days Moving Avg.



PAGE 108 OF 221

The above chart shows the MACD of the closing price of EUR/INR along with its Japanese

Candlestick Chart in the year starting from 1/3/2013 to 28/2/2014.

X-axis shows the DAYS and Y-axis indicates the CLOSING PRICE of the currency.

Our Technical Analysis of the above chart indicates the following:

7) The ‘C’ formation will take place around the price INR 84.535, according to the Fibonacci

Ratio of 61.80%.

8) So, it is advisable for the investor to BUY Euros when it reaches the above rate i.e.

84.535 after the appearance of Bearish signal.

9) The ‘D’ formation will take place around the price INR 89.041, according to the Fibonacci

Ratio of 61.80%.

10) So, it is advisable to sell Euros when it reaches to that point i.e. 89.041

11) Upward penetration of a falling average indicates further rise and gives buy

signal so the chart shows buy signal in the mid of October(around 11th) at point

‘A’ and downward penetration of rising average indicates the possibility of

further fall so it shows sell signal at the mid of November(around 12th

) at the

Point ‘B’ as per our technical analysis.

12) In the same way, buy Euros in the mid of March at ‘C’ on appearance of bullish signal.



PAGE 109 OF 221

CALCULATION OF RSI FOR EUR/INR

RSI = 100 - 100


Date Close Change Gain LossAvg.

Gain

Avg.

LossRS

7 Day

RSI

3/1/2013 70.9637

3/2/2013 71.4865 0.5228 0.5228 0

3/3/2013 71.6416 0.1551 0.1551 0

3/4/2013 71.6416 0 0 0

3/5/2013 71.5822 -0.0594 0 0.0594

3/6/2013 71.4753 -0.1069 0 0.1069

3/7/2013 71.3937 -0.0816 0 0.0816

3/8/2013 71.1287 -0.265 0 0.265 0.096843 0.073271 1.3217 56.92812

3/9/2013 71.0346 -0.0941 0 0.0941 0.022157 0.086714 0.255519 20.35166

3/10/2013 70.4945 -0.5401 0 0.5401 0 0.163871 0 0

3/11/2013 70.495 0.0005 0.0005 0 7.14E-05 0.163871 0.000436 0.043569

3/12/2013 70.6608 0.1658 0.1658 0 0.023757 0.155386 0.152891 13.26156

3/13/2013 70.6145 -0.0463 0 0.0463 0.023757 0.146729 0.161912 13.93498

3/14/2013 70.4976 -0.1169 0 0.1169 0.023757 0.151771 0.156532 13.53463

3/15/2013 70.2587 -0.2389 0 0.2389 0.023757 0.148043 0.160475 13.82837

3/16/2013 70.4395 0.1808 0.1808 0 0.049586 0.1346 0.368393 26.92159

3/17/2013 70.4769 0.0374 0.0374 0 0.054929 0.057443 0.95623 48.88126


1+RS



PAGE 110 OF 221

3/18/2013 70.4769 0 0 0 0.054857 0.057443 0.954986 48.84875

3/19/2013 69.9412 -0.5357 0 0.5357 0.031171 0.133971 0.232672 18.87543

3/20/2013 70.1188 0.1776 0.1776 0 0.056543 0.127357 0.443971 30.74652

3/21/2013 70.1743 0.0555 0.0555 0 0.064471 0.110657 0.582623 36.81377

3/22/2013 70.1452 -0.0291 0 0.0291 0.064471 0.080686 0.799044 44.41492

3/23/2013 70.2644 0.1192 0.1192 0 0.055671 0.080686 0.689979 40.82766

3/24/2013 70.4061 0.1417 0.1417 0 0.070571 0.080686 0.874646 46.65659

3/25/2013 70.4061 0 0 0 0.070571 0.080686 0.874646 46.65659

3/26/2013 70.2129 -0.1932 0 0.1932 0.070571 0.031757 2.222222 68.96552

3/27/2013 69.7562 -0.4567 0 0.4567 0.0452 0.097 0.465979 31.78622

3/28/2013 69.6482 -0.108 0 0.108 0.037271 0.112429 0.331512 24.89741

3/29/2013 69.5227 -0.1255 0 0.1255 0.037271 0.1262 0.295336 22.79997

3/30/2013 69.7315 0.2088 0.2088 0 0.050071 0.1262 0.396763 28.40587

3/31/2013 69.663 -0.0685 0 0.0685 0.029829 0.135986 0.219351 17.98914

4/1/2013 69.663 0 0 0 0.029829 0.135986 0.219351 17.98914

4/2/2013 69.7549 0.0919 0.0919 0 0.042957 0.108386 0.396336 28.38399

4/3/2013 69.7579 0.003 0.003 0 0.043386 0.043143 1.005629 50.14033

4/4/2013 69.7421 -0.0158 0 0.0158 0.043386 0.029971 1.447569 59.14314

4/5/2013 70.2554 0.5133 0.5133 0 0.116714 0.012043 9.691578 90.64684

4/6/2013 70.922 0.6666 0.6666 0 0.182114 0.012043 15.12218 93.79737

4/7/2013 70.8574 -0.0646 0 0.0646 0.182114 0.011486 15.85572 94.0673

4/8/2013 70.8574 0 0 0 0.182114 0.011486 15.85572 94.0673

4/9/2013 70.9921 0.1347 0.1347 0 0.188229 0.011486 16.38806 94.24893

4/10/2013 70.9948 0.0027 0.0027 0 0.188186 0.011486 16.38433 94.24769

4/11/2013 71.0389 0.0441 0.0441 0 0.194486 0.009229 21.0743 95.46985

4/12/2013 70.975 -0.0639 0 0.0639 0.121157 0.018357 6.6 86.84211

4/13/2013 71.1481 0.1731 0.1731 0 0.050657 0.018357 2.759533 73.40095

4/14/2013 71.2798 0.1317 0.1317 0 0.069471 0.009129 7.610329 88.38604



PAGE 111 OF 221

4/15/2013 71.2798 0 0 0 0.069471 0.009129 7.610329 88.38604

4/16/2013 71.2001 -0.0797 0 0.0797 0.050229 0.020514 2.448468 71.00162

4/17/2013 70.8993 -0.3008 0 0.3008 0.049843 0.063486 0.785104 43.98084

4/18/2013 70.6451 -0.2542 0 0.2542 0.043543 0.0998 0.436301 30.37672

4/19/2013 70.2143 -0.4308 0 0.4308 0.043543 0.152214 0.286063 22.2433

4/20/2013 70.1611 -0.0532 0 0.0532 0.018814 0.159814 0.117726 10.53263

4/21/2013 69.8959 -0.2652 0 0.2652 0 0.1977 0 0

4/22/2013 69.8959 0 0 0 0 0.1977 0 0

4/23/2013 70.2811 0.3852 0.3852 0 0.055029 0.186314 0.295353 22.80099

4/24/2013 70.4069 0.1258 0.1258 0 0.073 0.143343 0.509268 33.74274

4/25/2013 70.2723 -0.1346 0 0.1346 0.073 0.126257 0.578185 36.63608

4/26/2013 70.2858 0.0135 0.0135 0 0.074929 0.064714 1.157837 53.65729

4/27/2013 70.3613 0.0755 0.0755 0 0.085714 0.057114 1.50075 60.012

4/28/2013 70.4398 0.0785 0.0785 0 0.096929 0.019229 5.040862 83.44607

4/29/2013 70.4398 0 0 0 0.096929 0.019229 5.040862 83.44607

4/30/2013 70.6484 0.2086 0.2086 0 0.0717 0.019229 3.728826 78.8531

5/1/2013 70.3284 -0.32 0 0.32 0.053729 0.064943 0.827321 45.27507

5/2/2013 70.262 -0.0664 0 0.0664 0.053729 0.0552 0.973344 49.32459

5/3/2013 70.1722 -0.0898 0 0.0898 0.0518 0.068029 0.761445 43.22842

5/4/2013 70.0824 -0.0898 0 0.0898 0.041014 0.080857 0.507244 33.65373

5/5/2013 69.9709 -0.1115 0 0.1115 0.0298 0.096786 0.307897 23.54136

5/6/2013 69.9709 0 0 0 0.0298 0.096786 0.307897 23.54136

5/7/2013 70.3715 0.4006 0.4006 0 0.057229 0.096786 0.591292 37.15796

5/8/2013 70.4624 0.0909 0.0909 0 0.070214 0.051071 1.374825 57.89164

5/9/2013 70.541 0.0786 0.0786 0 0.081443 0.041586 1.958434 66.19833

5/10/2013 70.8646 0.3236 0.3236 0 0.127671 0.028757 4.439642 81.61644

5/11/2013 70.875 0.0104 0.0104 0 0.129157 0.015929 8.10852 89.02127

5/12/2013 70.7843 -0.0907 0 0.0907 0.129157 0.012957 9.968026 90.88259



PAGE 112 OF 221

5/13/2013 70.7843 0 0 0 0.129157 0.012957 9.968026 90.88259

5/14/2013 70.9141 0.1298 0.1298 0 0.090471 0.012957 6.982359 87.47238

5/15/2013 70.8062 -0.1079 0 0.1079 0.077486 0.028371 2.731118 73.19838

5/16/2013 70.4374 -0.3688 0 0.3688 0.066257 0.081057 0.817413 44.97673

5/17/2013 70.3115 -0.1259 0 0.1259 0.020029 0.099043 0.202221 16.82064

5/18/2013 70.3976 0.0861 0.0861 0 0.030843 0.099043 0.311409 23.74615

5/19/2013 70.4594 0.0618 0.0618 0 0.039671 0.086086 0.460836 31.54606

5/20/2013 70.4594 0 0 0 0.039671 0.086086 0.460836 31.54606

5/21/2013 70.5865 0.1271 0.1271 0 0.039286 0.086086 0.456356 31.33546

5/22/2013 70.9507 0.3642 0.3642 0 0.091314 0.070671 1.292096 56.37181

5/23/2013 71.5728 0.6221 0.6221 0 0.180186 0.017986 10.01827 90.92416

5/24/2013 71.7672 0.1944 0.1944 0 0.207957 0 0 100

5/25/2013 71.9467 0.1795 0.1795 0 0.2213 0 0 100

5/26/2013 72.0514 0.1047 0.1047 0 0.227429 0 0 100

5/27/2013 72.0514 0 0 0 0.227429 0 0 100

5/28/2013 71.9158 -0.1356 0 0.1356 0.209271 0.019371 10.8031 91.52765

5/29/2013 72.0126 0.0968 0.0968 0 0.171071 0.019371 8.831121 89.82822

5/30/2013 72.4456 0.433 0.433 0 0.144057 0.019371 7.436578 88.14685

5/31/2013 73.069 0.6234 0.6234 0 0.205343 0.019371 10.60029 91.37953

6/1/2013 73.5659 0.4969 0.4969 0 0.250686 0.019371 12.941 92.82691

6/2/2013 73.5789 0.013 0.013 0 0.237586 0.019371 12.26475 92.46122

6/3/2013 73.5789 0 0 0 0.237586 0.019371 12.26475 92.46122

6/4/2013 73.6543 0.0754 0.0754 0 0.248357 0 0 100

6/5/2013 73.7869 0.1326 0.1326 0 0.253471 0 0 100

6/6/2013 74.0316 0.2447 0.2447 0 0.226571 0 0 100

6/7/2013 74.6878 0.6562 0.6562 0 0.231257 0 0 100

6/8/2013 75.3879 0.7001 0.7001 0 0.260286 0 0 100

6/9/2013 75.6642 0.2763 0.2763 0 0.2979 0 0 100



PAGE 113 OF 221

6/10/2013 75.6642 0 0 0 0.2979 0 0 100

6/11/2013 76.3418 0.6776 0.6776 0 0.383929 0 0 100

6/12/2013 77.4269 1.0851 1.0851 0 0.52 0 0 100

6/13/2013 77.118 -0.3089 0 0.3089 0.485043 0.044129 10.99158 91.66082

6/14/2013 77.4035 0.2855 0.2855 0 0.432086 0.044129 9.791518 90.73346

6/15/2013 76.8086 -0.5949 0 0.5949 0.332071 0.129114 2.571919 72.00384

6/16/2013 76.7964 -0.0122 0 0.0122 0.2926 0.130857 2.236026 69.0979

6/17/2013 76.7964 0 0 0 0.2926 0.130857 2.236026 69.0979

6/18/2013 77.0092 0.2128 0.2128 0 0.2262 0.130857 1.728603 63.3512

6/19/2013 78.2066 1.1974 1.1974 0 0.242243 0.130857 1.851201 64.92706

6/20/2013 78.6947 0.4881 0.4881 0 0.311971 0.086729 3.597101 78.24716

6/21/2013 79.1393 0.4446 0.4446 0 0.3347 0.086729 3.859167 79.42034

6/22/2013 78.6754 -0.4639 0 0.4639 0.3347 0.068014 4.921025 83.11103

6/23/2013 78.2565 -0.4189 0 0.4189 0.3347 0.126114 2.653942 72.6323

6/24/2013 78.2565 0 0 0 0.3347 0.126114 2.653942 72.6323

6/25/2013 78.3566 0.1001 0.1001 0 0.3186 0.126114 2.52628 71.6415

6/26/2013 78.2763 -0.0803 0 0.0803 0.147543 0.137586 1.07237 51.74608

6/27/2013 78.4957 0.2194 0.2194 0 0.109157 0.137586 0.793376 44.23923

6/28/2013 78.6182 0.1225 0.1225 0 0.063143 0.137586 0.458935 31.45684

6/29/2013 77.8525 -0.7657 0 0.7657 0.063143 0.1807 0.349435 25.8949

6/30/2013 77.5184 -0.3341 0 0.3341 0.063143 0.168586 0.374545 27.24863

7/1/2013 77.5184 0 0 0 0.063143 0.168586 0.374545 27.24863

7/2/2013 77.3927 -0.1257 0 0.1257 0.048843 0.186543 0.261832 20.75014

7/3/2013 77.5265 0.1338 0.1338 0 0.067957 0.175071 0.388168 27.96261

7/4/2013 77.9976 0.4711 0.4711 0 0.103914 0.175071 0.593554 37.24717

7/5/2013 77.9477 -0.0499 0 0.0499 0.086414 0.1822 0.474283 32.1704

7/6/2013 77.8245 -0.1232 0 0.1232 0.086414 0.090414 0.955759 48.86896

7/7/2013 78.2767 0.4522 0.4522 0 0.151014 0.042686 3.537818 77.96298



PAGE 114 OF 221

7/8/2013 78.2767 0 0 0 0.151014 0.042686 3.537818 77.96298

7/9/2013 78.1214 -0.1553 0 0.1553 0.151014 0.046914 3.21894 76.29737

7/10/2013 77.1842 -0.9372 0 0.9372 0.1319 0.1808 0.729535 42.181

7/11/2013 76.8752 -0.309 0 0.309 0.0646 0.224943 0.287184 22.31103

7/12/2013 78.0696 1.1944 1.1944 0 0.235229 0.217814 1.07995 51.92192

7/13/2013 78.236 0.1664 0.1664 0 0.259 0.200214 1.293614 56.40068

7/14/2013 78.2463 0.0103 0.0103 0 0.195871 0.200214 0.978309 49.45178

7/15/2013 78.2463 0 0 0 0.195871 0.200214 0.978309 49.45178

7/16/2013 78.0391 -0.2072 0 0.2072 0.195871 0.207629 0.943374 48.5431

7/17/2013 77.484 -0.5551 0 0.5551 0.195871 0.153043 1.279847 56.13741

7/18/2013 77.9116 0.4276 0.4276 0 0.256957 0.1089 2.35957 70.23428

7/19/2013 78.11 0.1984 0.1984 0 0.114671 0.1089 1.052998 51.29073

7/20/2013 78.2947 0.1847 0.1847 0 0.117286 0.1089 1.077004 51.85372

7/21/2013 78.1886 -0.1061 0 0.1061 0.115814 0.124057 0.933556 48.28182

7/22/2013 78.1886 0 0 0 0.115814 0.124057 0.933556 48.28182

7/23/2013 78.3234 0.1348 0.1348 0 0.135071 0.094457 1.429976 58.84733

7/24/2013 78.6151 0.2917 0.2917 0 0.176743 0.015157 11.6607 92.10154

7/25/2013 78.4658 -0.1493 0 0.1493 0.115657 0.036486 3.16993 76.01878

7/26/2013 78.1999 -0.2659 0 0.2659 0.087314 0.074471 1.172453 53.96909

7/27/2013 78.3937 0.1938 0.1938 0 0.088614 0.074471 1.18991 54.33602

7/28/2013 78.4702 0.0765 0.0765 0 0.099543 0.059314 1.678227 62.66187

7/29/2013 78.4702 0 0 0 0.099543 0.059314 1.678227 62.66187

7/30/2013 78.8076 0.3374 0.3374 0 0.128486 0.059314 2.166185 68.41625

7/31/2013 79.9751 1.1675 1.1675 0 0.2536 0.059314 4.27553 81.04456

8/1/2013 81.0415 1.0664 1.0664 0 0.405943 0.037986 10.68672 91.44328

8/2/2013 80.537 -0.5045 0 0.5045 0.405943 0.072071 5.632507 84.92275

8/3/2013 80.7002 0.1632 0.1632 0 0.401571 0.072071 5.571853 84.78359

8/4/2013 81.1653 0.4651 0.4651 0 0.457086 0.072071 6.342121 86.37996



PAGE 115 OF 221

8/5/2013 81.1653 0 0 0 0.457086 0.072071 6.342121 86.37996

8/6/2013 81.1368 -0.0285 0 0.0285 0.408886 0.076143 5.369981 84.30137

8/7/2013 81.7143 0.5775 0.5775 0 0.3246 0.076143 4.263039 80.99957

8/8/2013 81.8295 0.1152 0.1152 0 0.188714 0.076143 2.478424 71.25135

8/9/2013 81.5867 -0.2428 0 0.2428 0.188714 0.038757 4.869149 82.96175

8/10/2013 81.0615 -0.5252 0 0.5252 0.1654 0.113786 1.45361 59.24372

8/11/2013 80.7018 -0.3597 0 0.3597 0.098957 0.165171 0.599118 37.46552

8/12/2013 80.7018 0 0 0 0.098957 0.165171 0.599118 37.46552

8/13/2013 81.1212 0.4194 0.4194 0 0.158871 0.1611 0.986167 49.65175

8/14/2013 81.5915 0.4703 0.4703 0 0.143557 0.1611 0.891106 47.12089

8/15/2013 81.4658 -0.1257 0 0.1257 0.1271 0.179057 0.709829 41.51463

8/16/2013 81.5262 0.0604 0.0604 0 0.135729 0.144371 0.940135 48.45718

8/17/2013 82.6776 1.1514 1.1514 0 0.300214 0.069343 4.329419 81.23623

8/18/2013 83.4808 0.8032 0.8032 0 0.414957 0.017957 23.10819 95.85203

8/19/2013 83.4808 0 0 0 0.414957 0.017957 23.10819 95.85203

8/20/2013 84.2472 0.7664 0.7664 0 0.464529 0.017957 25.86874 96.2782

8/21/2013 85.3592 1.112 1.112 0 0.5562 0.017957 30.97375 96.87243

8/22/2013 86.0244 0.6652 0.6652 0 0.651229 0 0 100

8/23/2013 86.758 0.7336 0.7336 0 0.7474 0 0 100

8/24/2013 86.074 -0.684 0 0.684 0.582914 0.097714 5.965497 85.64352

8/25/2013 86.0202 -0.0538 0 0.0538 0.468171 0.1054 4.441854 81.62391

8/26/2013 86.0202 0 0 0 0.468171 0.1054 4.441854 81.62391

8/27/2013 86.1734 0.1532 0.1532 0 0.380571 0.1054 3.610735 78.31148

8/28/2013 88.4336 2.2602 2.2602 0 0.5446 0.1054 5.166983 83.78462

8/29/2013 90.5558 2.1222 2.1222 0 0.752743 0.1054 7.141773 87.71766

8/30/2013 89.5412 -1.0146 0 1.0146 0.647943 0.250343 2.588222 72.13104

8/31/2013 88.4924 -1.0488 0 1.0488 0.647943 0.302457 2.142263 68.17581

9/1/2013 87.9242 -0.5682 0 0.5682 0.647943 0.375943 1.723514 63.28273



PAGE 116 OF 221

9/2/2013 87.9242 0 0 0 0.647943 0.375943 1.723514 63.28273

9/3/2013 87.6745 -0.2497 0 0.2497 0.626057 0.411614 1.52098 60.33289

9/4/2013 89.0676 1.3931 1.3931 0 0.502186 0.411614 1.22004 54.95576

9/5/2013 88.7784 -0.2892 0 0.2892 0.199014 0.452929 0.439394 30.52634

9/6/2013 87.2195 -1.5589 0 1.5589 0.199014 0.530686 0.375013 27.27344

9/7/2013 85.9182 -1.3013 0 1.3013 0.199014 0.566757 0.351146 25.98873

9/8/2013 85.0884 -0.8298 0 0.8298 0.199014 0.604129 0.329424 24.77944

9/9/2013 85.0884 0 0 0 0.199014 0.604129 0.329424 24.77944

9/10/2013 85.2321 0.1437 0.1437 0 0.219543 0.568457 0.386208 27.86077

9/11/2013 84.7463 -0.4858 0 0.4858 0.020529 0.637857 0.032184 3.118016

9/12/2013 84.2745 -0.4718 0 0.4718 0.020529 0.663943 0.030919 2.999186

9/13/2013 84.2842 0.0097 0.0097 0 0.021914 0.441243 0.049665 4.731501

9/14/2013 84.3248 0.0406 0.0406 0 0.027714 0.255343 0.108538 9.791057

9/15/2013 83.9423 -0.3825 0 0.3825 0.027714 0.191443 0.144765 12.64585

9/16/2013 83.9423 0 0 0 0.027714 0.191443 0.144765 12.64585

9/17/2013 83.8154 -0.1269 0 0.1269 0.007186 0.209571 0.034288 3.315099

9/18/2013 84.1802 0.3648 0.3648 0 0.0593 0.140171 0.423053 29.72857

9/19/2013 84.0821 -0.0981 0 0.0981 0.0593 0.086786 0.683292 40.59261

9/20/2013 83.1133 -0.9688 0 0.9688 0.057914 0.225186 0.257185 20.45718

9/21/2013 83.7874 0.6741 0.6741 0 0.148414 0.225186 0.659075 39.72545

9/22/2013 84.2013 0.4139 0.4139 0 0.207543 0.170543 1.216954 54.89307

9/23/2013 84.2013 0 0 0 0.207543 0.170543 1.216954 54.89307

9/24/2013 84.2816 0.0803 0.0803 0 0.219014 0.152414 1.436967 58.96538

9/25/2013 84.3296 0.048 0.048 0 0.173757 0.152414 1.140032 53.27172

9/26/2013 84.1635 -0.1661 0 0.1661 0.173757 0.162129 1.071724 51.73103

9/27/2013 83.4821 -0.6814 0 0.6814 0.173757 0.121071 1.435162 58.93497

9/28/2013 83.7839 0.3018 0.3018 0 0.120571 0.121071 0.99587 49.89654

9/29/2013 84.7725 0.9886 0.9886 0 0.202671 0.121071 1.673982 62.60259



PAGE 117 OF 221

9/30/2013 84.7725 0 0 0 0.202671 0.121071 1.673982 62.60259

10/1/2013 84.5451 -0.2274 0 0.2274 0.1912 0.153557 1.245139 55.45933

10/2/2013 84.31 -0.2351 0 0.2351 0.184343 0.187143 0.985038 49.62313

10/3/2013 84.3242 0.0142 0.0142 0 0.186371 0.163414 1.140484 53.2816

10/4/2013 83.8732 -0.451 0 0.451 0.186371 0.1305 1.428134 58.8161

10/5/2013 83.2373 -0.6359 0 0.6359 0.143257 0.221343 0.647218 39.29159

10/6/2013 82.6925 -0.5448 0 0.5448 0.002029 0.299171 0.006781 0.673496

10/7/2013 82.6925 0 0 0 0.002029 0.299171 0.006781 0.673496

10/8/2013 83.2325 0.54 0.54 0 0.079171 0.266686 0.296872 22.89137

10/9/2013 83.41 0.1775 0.1775 0 0.104529 0.2331 0.448428 30.95963

10/10/2013 83.3765 -0.0335 0 0.0335 0.1025 0.237886 0.430879 30.1129

10/11/2013 82.8293 -0.5472 0 0.5472 0.1025 0.251629 0.407346 28.94429

10/12/2013 82.1895 -0.6398 0 0.6398 0.1025 0.252186 0.406446 28.89882

10/13/2013 82.0174 -0.1721 0 0.1721 0.1025 0.198943 0.515223 34.00313

10/14/2013 82.0174 0 0 0 0.1025 0.198943 0.515223 34.00313

10/15/2013 82.4989 0.4815 0.4815 0 0.094143 0.198943 0.473216 32.12127

10/16/2013 82.7216 0.2227 0.2227 0 0.1006 0.198943 0.505673 33.58451

10/17/2013 82.8545 0.1329 0.1329 0 0.119586 0.194157 0.615922 38.11584

10/18/2013 82.7724 -0.0821 0 0.0821 0.119586 0.127714 0.936353 48.35654

10/19/2013 83.0819 0.3095 0.3095 0 0.1638 0.036314 4.510622 81.85323

10/20/2013 83.1393 0.0574 0.0574 0 0.172 0.011729 14.66504 93.61636

10/21/2013 83.1393 0 0 0 0.172 0.011729 14.66504 93.61636

10/22/2013 83.562 0.4227 0.4227 0 0.1636 0.011729 13.94884 93.31052

10/23/2013 83.8229 0.2609 0.2609 0 0.169057 0.011729 14.41413 93.51245

10/24/2013 84.1358 0.3129 0.3129 0 0.194771 0.011729 16.60658 94.3203

10/25/2013 84.3162 0.1804 0.1804 0 0.220543 0 0 100

10/26/2013 84.3704 0.0542 0.0542 0 0.184071 0 0 100

10/27/2013 84.3046 -0.0658 0 0.0658 0.175871 0.0094 18.70973 94.92636



PAGE 118 OF 221

10/28/2013 84.3046 0 0 0 0.175871 0.0094 18.70973 94.92636

10/29/2013 84.3859 0.0813 0.0813 0 0.1271 0.0094 13.52128 93.11355

10/30/2013 84.2262 -0.1597 0 0.1597 0.089829 0.032214 2.78847 73.60412

10/31/2013 83.8545 -0.3717 0 0.3717 0.045129 0.085314 0.528969 34.59643

11/1/2013 83.6246 -0.2299 0 0.2299 0.019357 0.118157 0.163825 14.07646

11/2/2013 83.6109 -0.0137 0 0.0137 0.011614 0.120114 0.096694 8.816831

11/3/2013 83.4333 -0.1776 0 0.1776 0.011614 0.136086 0.085345 7.86343

11/4/2013 83.4333 0 0 0 0.011614 0.136086 0.085345 7.86343

11/5/2013 83.4887 0.0554 0.0554 0 0.007914 0.136086 0.058157 5.496032

11/6/2013 83.2786 -0.2101 0 0.2101 0.007914 0.143286 0.055234 5.234316

11/7/2013 83.8163 0.5377 0.5377 0 0.084729 0.090186 0.93949 48.44005

11/8/2013 84.0809 0.2646 0.2646 0 0.122529 0.057343 2.136771 68.12009

11/9/2013 84.067 -0.0139 0 0.0139 0.122529 0.057371 2.135707 68.10927

11/10/2013 84.3757 0.3087 0.3087 0 0.166629 0.032 5.207143 83.88953

11/11/2013 84.3744 -0.0013 0 0.0013 0.166629 0.032186 5.177097 83.81117

11/12/2013 84.7619 0.3875 0.3875 0 0.214071 0.032186 6.651132 86.93004

11/13/2013 85.4238 0.6619 0.6619 0 0.308629 0.002171 142.1316 99.30134

11/14/2013 85.4 -0.0238 0 0.0238 0.231814 0.005571 41.60769 97.65301

11/15/2013 84.9681 -0.4319 0 0.4319 0.194014 0.067271 2.884052 74.25369

11/16/2013 84.7349 -0.2332 0 0.2332 0.194014 0.0986 1.967691 66.30376

11/17/2013 84.4432 -0.2917 0 0.2917 0.149914 0.140271 1.068744 51.6615

11/18/2013 84.443 -0.0002 0 0.0002 0.149914 0.140114 1.069943 51.68949

11/19/2013 84.2717 -0.1713 0 0.1713 0.094557 0.164586 0.574516 36.48842

11/20/2013 83.8446 -0.4271 0 0.4271 0 0.2256 0 0

11/21/2013 84.1372 0.2926 0.2926 0 0.0418 0.2222 0.188119 15.83333

11/22/2013 84.2423 0.1051 0.1051 0 0.056814 0.1605 0.353983 26.14383

11/23/2013 84.6379 0.3956 0.3956 0 0.113329 0.127186 0.891048 47.11927

11/24/2013 84.4299 -0.208 0 0.208 0.113329 0.115229 0.983511 49.58435



PAGE 119 OF 221

11/25/2013 84.4308 0.0009 0.0009 0 0.113457 0.1152 0.984871 49.61889

11/26/2013 84.2267 -0.2041 0 0.2041 0.113457 0.119886 0.946378 48.62251

11/27/2013 84.1526 -0.0741 0 0.0741 0.113457 0.069457 1.633484 62.02749

11/28/2013 84.4498 0.2972 0.2972 0 0.114114 0.069457 1.642945 62.16342

11/29/2013 84.5333 0.0835 0.0835 0 0.111029 0.069457 1.598519 61.51654

11/30/2013 84.5734 0.0401 0.0401 0 0.060243 0.069457 0.867339 46.44785

12/1/2013 84.4657 -0.1077 0 0.1077 0.060243 0.055129 1.09277 52.21644

12/2/2013 84.4669 0.0012 0.0012 0 0.060286 0.055129 1.093548 52.23419

12/3/2013 84.204 -0.2629 0 0.2629 0.060286 0.063529 0.948954 48.69043

12/4/2013 84.2663 0.0623 0.0623 0 0.069186 0.052943 1.3068 56.6499

12/5/2013 84.2199 -0.0464 0 0.0464 0.026729 0.059571 0.448681 30.97169

12/6/2013 83.6782 -0.5417 0 0.5417 0.0148 0.136957 0.108063 9.752424

12/7/2013 83.7559 0.0777 0.0777 0 0.020171 0.136957 0.147283 12.83753

12/8/2013 83.4488 -0.3071 0 0.3071 0.020171 0.165443 0.121924 10.86739

12/9/2013 83.4494 0.0006 0.0006 0 0.020086 0.165443 0.121406 10.82621

12/10/2013 83.3788 -0.0706 0 0.0706 0.020086 0.137971 0.145579 12.70788

12/11/2013 83.6874 0.3086 0.3086 0 0.055271 0.137971 0.400601 28.60206

12/12/2013 84.1363 0.4489 0.4489 0 0.1194 0.131343 0.909071 47.61851

12/13/2013 84.8984 0.7621 0.7621 0 0.228271 0.053957 4.230606 80.88176

12/14/2013 85.1495 0.2511 0.2511 0 0.253043 0.053957 4.689701 82.42438

12/15/2013 85.2093 0.0598 0.0598 0 0.261586 0.010086 25.93626 96.28753

12/16/2013 85.2093 0 0 0 0.2615 0.010086 25.92776 96.28636

12/17/2013 85.0133 -0.196 0 0.196 0.2615 0.028 9.339286 90.32815

12/18/2013 84.7316 -0.2817 0 0.2817 0.217414 0.068243 3.185891 76.11022

12/19/2013 84.7864 0.0548 0.0548 0 0.161114 0.068243 2.360896 70.24603

12/20/2013 84.7723 -0.0141 0 0.0141 0.052243 0.070257 0.743595 42.64723

12/21/2013 84.6528 -0.1195 0 0.1195 0.016371 0.087329 0.187469 15.7873

12/22/2013 84.5812 -0.0716 0 0.0716 0.007829 0.097557 0.080246 7.428494



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12/23/2013 84.58 -0.0012 0 0.0012 0.007829 0.097729 0.080105 7.41643

12/24/2013 84.4851 -0.0949 0 0.0949 0.007829 0.083286 0.093997 8.592035

12/25/2013 84.2768 -0.2083 0 0.2083 0.007829 0.0728 0.107535 9.709426

12/26/2013 84.2436 -0.0332 0 0.0332 0 0.077543 0 0

12/27/2013 84.4446 0.201 0.201 0 0.028714 0.075529 0.380178 27.54557

12/28/2013 84.9746 0.53 0.53 0 0.104429 0.058457 1.786413 64.11156

12/29/2013 84.8641 -0.1105 0 0.1105 0.104429 0.064014 1.631332 61.99644

12/30/2013 84.8653 0.0012 0.0012 0 0.1046 0.063843 1.638398 62.09821

12/31/2013 85.0387 0.1734 0.1734 0 0.129371 0.050286 2.572727 72.01018

1/1/2014 84.9623 -0.0764 0 0.0764 0.129371 0.031443 4.114493 80.44772

1/2/2014 84.9094 -0.0529 0 0.0529 0.129371 0.034257 3.77648 79.06408

1/3/2014 84.8264 -0.083 0 0.083 0.100657 0.046114 2.182776 68.58088

1/4/2014 84.7765 -0.0499 0 0.0499 0.024943 0.053243 0.468473 31.90206

1/5/2014 84.3944 -0.3821 0 0.3821 0.024943 0.092043 0.270992 21.32128

1/6/2014 84.3944 0 0 0 0.024771 0.092043 0.269129 21.20582

1/7/2014 84.5961 0.2017 0.2017 0 0.028814 0.092043 0.313053 23.84161

1/8/2014 84.6676 0.0715 0.0715 0 0.039029 0.081129 0.481071 32.48127

1/9/2014 84.2706 -0.397 0 0.397 0.039029 0.130286 0.299561 23.05096

1/10/2014 84.0508 -0.2198 0 0.2198 0.039029 0.149829 0.260488 20.66566

1/11/2014 83.7817 -0.2691 0 0.2691 0.039029 0.181143 0.215457 17.72645

1/12/2014 83.5841 -0.1976 0 0.1976 0.039029 0.154786 0.252146 20.1371

1/13/2014 83.5847 0.0006 0.0006 0 0.039114 0.154786 0.2527 20.1724

1/14/2014 83.5484 -0.0363 0 0.0363 0.0103 0.159971 0.064386 6.049165

1/15/2014 83.6465 0.0981 0.0981 0 0.0141 0.159971 0.088141 8.100123

1/16/2014 83.4737 -0.1728 0 0.1728 0.0141 0.127943 0.110205 9.926582

1/17/2014 83.3325 -0.1412 0 0.1412 0.0141 0.116714 0.120808 10.77864

1/18/2014 83.1653 -0.1672 0 0.1672 0.0141 0.102157 0.138023 12.12829

1/19/2014 83.0371 -0.1282 0 0.1282 0.0141 0.092243 0.152857 13.259



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1/20/2014 83.0389 0.0018 0.0018 0 0.014271 0.092243 0.154716 13.39861

1/21/2014 83.0609 0.022 0.022 0 0.017414 0.087057 0.200033 16.66895

1/22/2014 83.2599 0.199 0.199 0 0.031829 0.087057 0.365606 26.77241

1/23/2014 83.5829 0.323 0.323 0 0.077971 0.062371 1.250115 55.55782

1/24/2014 83.977 0.3941 0.3941 0 0.134271 0.0422 3.181787 76.08678

1/25/2014 85.1303 1.1533 1.1533 0 0.299029 0.018314 16.32761 94.22886

1/26/2014 85.5506 0.4203 0.4203 0 0.359071 0 0 100

1/27/2014 85.5499 -0.0007 0 0.0007 0.358814 0.0001 3588.143 99.97214

1/28/2014 86.0141 0.4642 0.4642 0 0.421986 0.0001 4219.857 99.97631

1/29/2014 85.8274 -0.1867 0 0.1867 0.393557 0.026771 14.70064 93.63083

1/30/2014 85.2774 -0.55 0 0.55 0.347414 0.105343 3.297939 76.73303

1/31/2014 85.2215 -0.0559 0 0.0559 0.291114 0.113329 2.568763 71.97909

2/1/2014 84.5235 -0.698 0 0.698 0.126357 0.213043 0.593107 37.22956

2/2/2014 84.0997 -0.4238 0 0.4238 0.066314 0.273586 0.242389 19.50994

2/3/2014 84.0984 -0.0013 0 0.0013 0.066314 0.273671 0.242314 19.50502

2/4/2014 84.4374 0.339 0.339 0 0.048429 0.273671 0.176959 15.03526

2/5/2014 84.4717 0.0343 0.0343 0 0.053329 0.247 0.215905 17.75674

2/6/2014 84.1921 -0.2796 0 0.2796 0.053329 0.208371 0.25593 20.37775

2/7/2014 84.2254 0.0333 0.0333 0 0.058086 0.200386 0.28987 22.47278

2/8/2014 84.2966 0.0712 0.0712 0 0.068257 0.100671 0.678019 40.40592

2/9/2014 84.3164 0.0198 0.0198 0 0.071086 0.040129 1.771449 63.91779

2/10/2014 84.3158 -0.0006 0 0.0006 0.071086 0.040029 1.775874 63.97531

2/11/2014 84.5992 0.2834 0.2834 0 0.063143 0.040029 1.577445 61.20188

2/12/2014 84.7618 0.1626 0.1626 0 0.081471 0.040029 2.035332 67.05467

2/13/2014 84.1548 -0.607 0 0.607 0.081471 0.0868 0.938611 48.41667

2/14/2014 84.4552 0.3004 0.3004 0 0.119629 0.0868 1.378209 57.95156

2/15/2014 84.6503 0.1951 0.1951 0 0.137329 0.0868 1.582126 61.27223

2/16/2014 84.3553 -0.295 0 0.295 0.1345 0.128943 1.043098 51.05472



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2/17/2014 84.3535 -0.0018 0 0.0018 0.1345 0.129114 1.041713 51.02151

2/18/2014 84.5046 0.1511 0.1511 0 0.1156 0.129114 0.895331 47.23876

2/19/2014 84.8669 0.3623 0.3623 0 0.144129 0.129114 1.116287 52.74743

2/20/2014 85.3078 0.4409 0.4409 0 0.207114 0.0424 4.884771 83.00698

2/21/2014 85.1989 -0.1089 0 0.1089 0.1642 0.057957 2.833128 73.91165

2/22/2014 84.887 -0.3119 0 0.3119 0.136329 0.102514 1.329849 57.07877

2/23/2014 84.8139 -0.0731 0 0.0731 0.136329 0.070814 1.925156 65.81379

2/24/2014 84.8133 -0.0006 0 0.0006 0.136329 0.070643 1.929828 65.8683

2/25/2014 84.9136 0.1003 0.1003 0 0.129071 0.070643 1.827098 64.62804

2/26/2014 84.7907 -0.1229 0 0.1229 0.077314 0.0882 0.876579 46.71155

2/27/2014 84.79 -0.0007 0 0.0007 0.014329 0.0883 0.162271 13.96158

2/28/2014 84.7024 -0.0876 0 0.0876 0.014329 0.085257 0.168063 14.38818

0

20

40

60

80

100

120

R S I

DAYS

7 Day EUR/INR

7 Day RSI



PAGE 123 OF 221

In the above chart RSI is calculated for 7 days for EUR/INR.

The broad rule, if RSI crosses 70 there may be downturn & time to sell. If RSI falls

below 30 it is time to buy the share.


5) Varying the time period of the Relative Strength Index can increase or decrease the number of buy

and sell signals. So, lesser the time period of RSI, higher the appearance of signals.

6) The chart shows Overbought Regions when RSI crosses mark of 70:

28th

August, 2013 and 27th


7) The chart shows Oversold Regions when RSI crosses mark of 30:

1st

November, 2013 and 16th

January, 2014. It gives an indication to buy.

8) Since it is nearing the mark of 25, it is highly predicted that it is already in the Oversold

Region soon. And thus, gives an indication to buy Euros currently.



PAGE 124 OF 221

CALCULATION OF ROC FOR EUR/INR


DATE CLOSE ROC

3/1/2013 70.9637

3/2/2013 71.4865

3/3/2013 71.6416

3/4/2013 71.6416

3/5/2013 71.5822

3/6/2013 71.4753

3/7/2013 71.3937 0.605944

3/8/2013 71.1287 -0.50051

3/9/2013 71.0346 -0.84727

3/10/2013 70.4945 -1.60116

3/11/2013 70.495 -1.51881

3/12/2013 70.6608 -1.13955

3/13/2013 70.6145 -1.09141

3/14/2013 70.4976 -0.88726

3/15/2013 70.2587 -1.092283/16/2013 70.4395 -0.07802

3/17/2013 70.4769 -0.02568

3/18/2013 70.4769 -0.26026

3/19/2013 69.9412 -0.95349

3/20/2013 70.1188 -0.53732

3/21/2013 70.1743 -0.12013

3/22/2013 70.1452 -0.41781

3/23/2013 70.2644 -0.30152

3/24/2013 70.4061 -0.10046

3/25/2013 70.4061 0.664701

3/26/2013 70.2129 0.134201

3/27/2013 69.7562 -0.5958

3/28/2013 69.6482 -0.70853

3/29/2013 69.5227 -1.05558

3/30/2013 69.7315 -0.95816



PAGE 125 OF 221

3/31/2013 69.663 -1.05545

4/1/2013 69.663 -0.78319

4/2/2013 69.7549 -0.00186

4/3/2013 69.7579 0.157506

4/4/2013 69.7421 0.31558

4/5/2013 70.2554 0.75131

4/6/2013 70.922 1.807272

4/7/2013 70.8574 1.71454

4/8/2013 70.8574 1.580534

4/9/2013 70.9921 1.769262

4/10/2013 70.9948 1.796189

4/11/2013 71.0389 1.115217

4/12/2013 70.975 0.07473

4/13/2013 71.1481 0.410261

4/14/2013 71.2798 0.5961274/15/2013 71.2798 0.405256

4/16/2013 71.2001 0.289176

4/17/2013 70.8993 -0.19651

4/18/2013 70.6451 -0.46481

4/19/2013 70.2143 -1.31247

4/20/2013 70.1611 -1.56945

4/21/2013 69.8959 -1.9415

4/22/2013 69.8959 -1.83174

4/23/2013 70.2811 -0.87194

4/24/2013 70.4069 -0.33718

4/25/2013 70.2723 0.082604

4/26/2013 70.2858 0.177734

4/27/2013 70.3613 0.665847

4/28/2013 70.4398 0.778157

4/29/2013 70.4398 0.225808

4/30/2013 70.6484 0.343006

5/1/2013 70.3284 0.079832

5/2/2013 70.262 -0.03386

5/3/2013 70.1722 -0.268765/4/2013 70.0824 -0.50738

5/5/2013 69.9709 -0.66567

5/6/2013 69.9709 -0.95897

5/7/2013 70.3715 0.061284

5/8/2013 70.4624 0.285218

5/9/2013 70.541 0.525564



PAGE 126 OF 221

5/10/2013 70.8646 1.116115

5/11/2013 70.875 1.292109

5/12/2013 70.7843 1.162483

5/13/2013 70.7843 0.586601

5/14/2013 70.9141 0.641051

5/15/2013 70.8062 0.375952

5/16/2013 70.4374 -0.60284

5/17/2013 70.3115 -0.79506

5/18/2013 70.3976 -0.54631

5/19/2013 70.4594 -0.459

5/20/2013 70.4594 -0.6412

5/21/2013 70.5865 -0.31028

5/22/2013 70.9507 0.728732

5/23/2013 71.5728 1.793874

5/24/2013 71.7672 1.9455215/25/2013 71.9467 2.110861

5/26/2013 72.0514 2.259457

5/27/2013 72.0514 2.075326

5/28/2013 71.9158 1.36024

5/29/2013 72.0126 0.614479

5/30/2013 72.4456 0.945279

5/31/2013 73.069 1.559905

6/1/2013 73.5659 2.101972

6/2/2013 73.5789 2.120014

6/3/2013 73.5789 2.312566

6/4/2013 73.6543 2.27974

6/5/2013 73.7869 1.851458

6/6/2013 74.0316 1.317385

6/7/2013 74.6878 1.525027

6/8/2013 75.3879 2.458585

6/9/2013 75.6642 2.834101

6/10/2013 75.6642 2.728829

6/11/2013 76.3418 3.462539

6/12/2013 77.4269 4.5862856/13/2013 77.118 3.253811

6/14/2013 77.4035 2.673639

6/15/2013 76.8086 1.512472

6/16/2013 76.7964 1.496348

6/17/2013 76.7964 0.59548

6/18/2013 77.0092 -0.53948



PAGE 127 OF 221

6/19/2013 78.2066 1.411603

6/20/2013 78.6947 1.668142

6/21/2013 79.1393 3.034426

6/22/2013 78.6754 2.446729

6/23/2013 78.2565 1.901261

6/24/2013 78.2565 1.619677

6/25/2013 78.3566 0.1918

6/26/2013 78.2763 -0.53167

6/27/2013 78.4957 -0.81325

6/28/2013 78.6182 -0.0727

6/29/2013 77.8525 -0.51625

6/30/2013 77.5184 -0.94318

7/1/2013 77.5184 -1.06972

7/2/2013 77.3927 -1.12882

7/3/2013 77.5265 -1.234727/4/2013 77.9976 -0.78938

7/5/2013 77.9477 0.122283

7/6/2013 77.8245 0.394874

7/7/2013 78.2767 0.978219

7/8/2013 78.2767 1.142227

7/9/2013 78.1214 0.767351

7/10/2013 77.1842 -1.04285

7/11/2013 76.8752 -1.37592

7/12/2013 78.0696 0.314939

7/13/2013 78.236 -0.052

7/14/2013 78.2463 -0.03884

7/15/2013 78.2463 0.159879

7/16/2013 78.0391 1.10761

7/17/2013 77.484 0.791933

7/18/2013 77.9116 -0.20238

7/19/2013 78.11 -0.16105

7/20/2013 78.2947 0.061856

7/21/2013 78.1886 -0.07374

7/22/2013 78.1886 0.1915717/23/2013 78.3234 1.08332

7/24/2013 78.6151 0.902946

7/25/2013 78.4658 0.455511

7/26/2013 78.1999 -0.12108

7/27/2013 78.3937 0.262314

7/28/2013 78.4702 0.360155



PAGE 128 OF 221

7/29/2013 78.4702 0.187428

7/30/2013 78.8076 0.244864

7/31/2013 79.9751 1.923513

8/1/2013 81.0415 3.633764

8/2/2013 80.537 2.734021

8/3/2013 80.7002 2.841843

8/4/2013 81.1653 3.434552

8/5/2013 81.1653 2.991717

8/6/2013 81.1368 1.452577

8/7/2013 81.7143 0.830192

8/8/2013 81.8295 1.604852

8/9/2013 81.5867 1.09851

8/10/2013 81.0615 -0.12789

8/11/2013 80.7018 -0.57106

8/12/2013 80.7018 -0.536138/13/2013 81.1212 -0.72582

8/14/2013 81.5915 -0.29085

8/15/2013 81.4658 -0.14819

8/16/2013 81.5262 0.573268

8/17/2013 82.6776 2.448273

8/18/2013 83.4808 3.443542

8/19/2013 83.4808 2.908734

8/20/2013 84.2472 3.254873

8/21/2013 85.3592 4.779183

8/22/2013 86.0244 5.51749

8/23/2013 86.758 4.935315

8/24/2013 86.074 3.106343

8/25/2013 86.0202 3.041897

8/26/2013 86.0202 2.104521

8/27/2013 86.1734 0.953851

8/28/2013 88.4336 2.800601

8/29/2013 90.5558 4.377464

8/30/2013 89.5412 4.028162

8/31/2013 88.4924 2.8739769/1/2013 87.9242 2.213434

9/2/2013 87.9242 2.031717

9/3/2013 87.6745 -0.85838

9/4/2013 89.0676 -1.64341

9/5/2013 88.7784 -0.8519

9/6/2013 87.2195 -1.43843



PAGE 129 OF 221

9/7/2013 85.9182 -2.28151

9/8/2013 85.0884 -3.22528

9/9/2013 85.0884 -2.94966

9/10/2013 85.2321 -4.30628

9/11/2013 84.7463 -4.54176

9/12/2013 84.2745 -3.37654

9/13/2013 84.2842 -1.90181

9/14/2013 84.3248 -0.89742

9/15/2013 83.9423 -1.34695

9/16/2013 83.9423 -1.51328

9/17/2013 83.8154 -1.09846

9/18/2013 84.1802 -0.1119

9/19/2013 84.0821 -0.23978

9/20/2013 83.1133 -1.43671

9/21/2013 83.7874 -0.184539/22/2013 84.2013 0.308545

9/23/2013 84.2013 0.460417

9/24/2013 84.2816 0.120456

9/25/2013 84.3296 0.294355

9/26/2013 84.1635 1.263576

9/27/2013 83.4821 -0.36437

9/28/2013 83.7839 -0.49572

9/29/2013 84.7725 0.678374

9/30/2013 84.7725 0.582452

10/1/2013 84.5451 0.255545

10/2/2013 84.31 0.174066

10/3/2013 84.3242 1.008719

10/4/2013 83.8732 0.106584

10/5/2013 83.2373 -1.81096

10/6/2013 82.6925 -2.45363

10/7/2013 82.6925 -2.19126

10/8/2013 83.2325 -1.27802

10/9/2013 83.41 -1.08415

10/10/2013 83.3765 -0.592210/11/2013 82.8293 -0.49016

10/12/2013 82.1895 -0.60828

10/13/2013 82.0174 -0.8164

10/14/2013 82.0174 -1.45989

10/15/2013 82.4989 -1.09232

10/16/2013 82.7216 -0.78547



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10/17/2013 82.8545 0.030424

10/18/2013 82.7724 0.709215

10/19/2013 83.0819 1.297895

10/20/2013 83.1393 1.36788

10/21/2013 83.1393 0.776253

10/22/2013 83.562 1.015938

10/23/2013 83.8229 1.168796

10/24/2013 84.1358 1.647167

10/25/2013 84.3162 1.485642

10/26/2013 84.3704 1.480768

10/27/2013 84.3046 1.401624

10/28/2013 84.3046 0.888681

10/29/2013 84.3859 0.671654

10/30/2013 84.2262 0.107445

10/31/2013 83.8545 -0.5475811/1/2013 83.6246 -0.88396

11/2/2013 83.6109 -0.82285

11/3/2013 83.4333 -1.03351

11/4/2013 83.4333 -1.12886

11/5/2013 83.4887 -0.87562

11/6/2013 83.2786 -0.68678

11/7/2013 83.8163 0.229239

11/8/2013 84.0809 0.562128

11/9/2013 84.067 0.759529

11/10/2013 84.3757 1.129525

11/11/2013 84.3744 1.060862

11/12/2013 84.7619 1.78113

11/13/2013 85.4238 1.917885

11/14/2013 85.4 1.568846

11/15/2013 84.9681 1.071883

11/16/2013 84.7349 0.425715

11/17/2013 84.4432 0.081541

11/18/2013 84.443 -0.37623

11/19/2013 84.2717 -1.3486911/20/2013 83.8446 -1.82131

11/21/2013 84.1372 -0.9779

11/22/2013 84.2423 -0.58134

11/23/2013 84.6379 0.230569

11/24/2013 84.4299 -0.01551

11/25/2013 84.4308 0.188794



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11/26/2013 84.2267 0.455724

11/27/2013 84.1526 0.018303

11/28/2013 84.4498 0.246313

11/29/2013 84.5333 -0.12359

11/30/2013 84.5734 0.169963

12/1/2013 84.4657 0.041336

12/2/2013 84.4669 0.285183

12/3/2013 84.204 0.06108

12/4/2013 84.2663 -0.21729

12/5/2013 84.2199 -0.37074

12/6/2013 83.6782 -1.05849

12/7/2013 83.7559 -0.84034

12/8/2013 83.4488 -1.20532

12/9/2013 83.4494 -0.89616

12/10/2013 83.3788 -1.0532112/11/2013 83.6874 -0.63227

12/12/2013 84.1363 0.547454

12/13/2013 84.8984 1.364083

12/14/2013 85.1495 2.038016

12/15/2013 85.2093 2.108943

12/16/2013 85.2093 2.195402

12/17/2013 85.0133 1.584348

12/18/2013 84.7316 0.707542

12/19/2013 84.7864 -0.13192

12/20/2013 84.7723 -0.44299

12/21/2013 84.6528 -0.6531

12/22/2013 84.5812 -0.73713

12/23/2013 84.58 -0.50968

12/24/2013 84.4851 -0.29092

12/25/2013 84.2768 -0.60104

12/26/2013 84.2436 -0.62367

12/27/2013 84.4446 -0.24595

12/28/2013 84.9746 0.465115

12/29/2013 84.8641 0.33589512/30/2013 84.8653 0.45002

12/31/2013 85.0387 0.904045

1/1/2014 84.9623 0.853121

1/2/2014 84.9094 0.55042

1/3/2014 84.8264 -0.17441

1/4/2014 84.7765 -0.10322



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1/5/2014 84.3944 -0.55488

1/6/2014 84.3944 -0.75766

1/7/2014 84.5961 -0.43101

1/8/2014 84.6676 -0.28477

1/9/2014 84.2706 -0.65522

1/10/2014 84.0508 -0.85602

1/11/2014 83.7817 -0.726

1/12/2014 83.5841 -0.96013

1/13/2014 83.5847 -1.19556

1/14/2014 83.5484 -1.32188

1/15/2014 83.6465 -0.74059

1/16/2014 83.4737 -0.68661

1/17/2014 83.3325 -0.53616

1/18/2014 83.1653 -0.50105

1/19/2014 83.0371 -0.655141/20/2014 83.0389 -0.60983

1/21/2014 83.0609 -0.70009

1/22/2014 83.2599 -0.25613

1/23/2014 83.5829 0.300483

1/24/2014 83.977 0.976008

1/25/2014 85.1303 2.520801

1/26/2014 85.5506 3.024727

1/27/2014 85.5499 2.996596

1/28/2014 86.0141 3.307955

1/29/2014 85.8274 2.685358

1/30/2014 85.2774 1.548519

1/31/2014 85.2215 0.10713

2/1/2014 84.5235 -1.20058

2/2/2014 84.0997 -1.69515

2/3/2014 84.0984 -2.22719

2/4/2014 84.4374 -1.61953

2/5/2014 84.4717 -0.9448

2/6/2014 84.1921 -1.20791

2/7/2014 84.2254 -0.352682/8/2014 84.2966 0.234127

2/9/2014 84.3164 0.25922

2/10/2014 84.3158 -0.14401

2/11/2014 84.5992 0.150938

2/12/2014 84.7618 0.676667

2/13/2014 84.1548 -0.08382



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2/14/2014 84.4552 0.188145

2/15/2014 84.6503 0.396008

2/16/2014 84.3553 0.046848

2/17/2014 84.3535 -0.29043

2/18/2014 84.5046 -0.30344

2/19/2014 84.8669 0.846179

2/20/2014 85.3078 1.009529

2/21/2014 85.1989 0.648078

2/22/2014 84.887 0.63031

2/23/2014 84.8139 0.545798

2/24/2014 84.8133 0.365306

2/25/2014 84.9136 0.055027

2/26/2014 84.7907 -0.60616

2/27/2014 84.79 -0.47994

2/28/2014 84.7024 -0.21747

-6

-4

-2

0

2

4

6

8

R O C

DAYS

ROC- EUR/INR

ROC



PAGE 134 OF 221

Many traders use a value greater than zero to indicate an increase in upward momentum and a

value less than zero to indicate an increase in selling pressure. However, some of the most

valuable signals are generated when the price of the asset and the ROC are heading in opposite

directions (known as divergence).



August 2013


September 2013

After this high and low, the RATE OF CHANGE is somewhat consistent for the past 5-6 months.

The positive value means there is enough market support to continue to drive price activity in

the direction of the current trend. A negative value suggests there is a lack of support, and

prices may begin to become stagnant or reverse.

From this, we CONCLUDE that as the ROC curve has a negative value in the end of February, the

current downward trend will reverse for some time till the formation of ‘D’ which matches with

our BUY signal of Technical Analysis.



PAGE 135 OF 221

GBP/INR

TECHNICAL ANALYSIS

THE ABOVE CHART SHOWS THE TREND OF INR AGAINST GBP SINCE 2004 TILL 2014.



PAGE 136 OF 221



PAGE 137 OF 221

CALCULATION OF MOVING AVG FOR GBP/INR

Date Close12 Days Moving

Avg.

24 Days Moving

Avg.

3/1/2013 82.0632

3/2/2013 82.7729

3/3/2013 82.7441

3/4/2013 82.7452

3/5/2013 82.8072

3/6/2013 82.9636

3/7/2013 82.6922

3/8/2013 81.9566

3/9/2013 81.4902

3/10/2013 80.9014

3/11/2013 80.9025

3/12/2013 81.0167 82.08798333

3/13/2013 80.7179 81.975875

3/14/2013 80.9341 81.82264167

3/15/2013 81.1544 81.69016667

3/16/2013 81.6299 81.597225

3/17/2013 81.4686 81.485675

3/18/2013 81.4686 81.36109167

3/19/2013 81.7141 81.27958333

3/20/2013 81.8969 81.27460833

3/21/2013 82.1451 81.32918333

3/22/2013 82.185 81.43615

3/23/2013 82.5508 81.57350833

3/24/2013 82.5636 81.70241667 81.8952

3/25/2013 82.5636 81.856225 81.91605

3/26/2013 82.3994 81.97833333 81.9004875

3/27/2013 82.2678 82.07111667 81.88064167

3/28/2013 82.276 82.12495833 81.86109167

3/29/2013 82.3066 82.19479167 81.84023333

3/30/2013 82.666 82.294575 81.82783333



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3/31/2013 82.5614 82.36518333 81.82238333

4/1/2013 82.5614 82.42055833 81.84758333

4/2/2013 82.7609 82.471875 81.90052917

4/3/2013 82.4791 82.49638333 81.96626667

4/4/2013 82.1984 82.46701667 82.02026254/5/2013 82.7787 82.48494167 82.09367917

4/6/2013 83.543 82.56655833 82.21139167

4/7/2013 83.6228 82.66850833 82.32342083

4/8/2013 83.6228 82.781425 82.42627083

4/9/2013 83.5724 82.88945833 82.50720833

4/10/2013 83.1722 82.96159167 82.57819167

4/11/2013 83.2027 83.00631667 82.65044583

4/12/2013 83.2921 83.06720833 82.71619583

4/13/2013 83.553 83.14984167 82.7852

4/14/2013 83.4033 83.203375 82.837625

4/15/2013 83.4033 83.28039167 82.8883875

4/16/2013 83.4234 83.382475 82.92474583

4/17/2013 82.8768 83.39065 82.93779583

4/18/2013 82.3216 83.28886667 82.9277125

4/19/2013 82.1012 83.16206667 82.9152875

4/20/2013 82.0783 83.03335833 82.90739167

4/21/2013 81.5688 82.86639167 82.8779254/22/2013 81.5688 82.732775 82.84718333

4/23/2013 82.053 82.63696667 82.82164167

4/24/2013 82.5088 82.57169167 82.81945

4/25/2013 82.442 82.47910833 82.814475

4/26/2013 82.9032 82.43743333 82.82040417

4/27/2013 83.5387 82.44871667 82.86455417

4/28/2013 83.6533 82.467875 82.925175

4/29/2013 83.6533 82.53258333 82.96161667

4/30/2013 83.8034 82.65606667 82.97246667

5/1/2013 83.1725 82.74534167 82.95370417

5/2/2013 82.8948 82.81338333 82.92337083

5/3/2013 83.058 82.93748333 82.9019375

5/4/2013 83.2027 83.07364167 82.90320833

5/5/2013 83.082 83.15939167 82.89817917



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5/6/2013 83.082 83.20715833 82.889425

5/7/2013 83.566 83.300825 82.88996667

5/8/2013 83.5767 83.35695 82.89719167

5/9/2013 83.3561 83.34173333 82.895225

5/10/2013 83.7921 83.3533 82.91058755/11/2013 83.92 83.375525 82.95405417

5/12/2013 83.68 83.36524167 83.01065417

5/13/2013 83.68 83.40753333 83.0764375

5/14/2013 83.8512 83.48723333 83.15030833

5/15/2013 83.3569 83.51214167 83.2248125

5/16/2013 83.1268 83.50581667 83.28972917

5/17/2013 83.2185 83.51719167 83.33829167

5/18/2013 83.3806 83.542075 83.37461667

5/19/2013 83.2487 83.51563333 83.40822917

5/20/2013 83.2487 83.4883 83.422625

5/21/2013 83.4962 83.499975 83.42085417

5/22/2013 83.698 83.49213333 83.42271667

5/23/2013 83.7771 83.480225 83.427875

5/24/2013 83.9305 83.5011 83.43317083

5/25/2013 84.0289 83.530175 83.46885417

5/26/2013 84.2524 83.56360833 83.52542083

5/27/2013 84.2524 83.63823333 83.57518755/28/2013 84.0716 83.71696667 83.61139167

5/29/2013 84.1974 83.79854167 83.65786667

5/30/2013 84.6601 83.90516667 83.72362083

5/31/2013 85.321 84.07785833 83.79674583

6/1/2013 85.9886 84.30618333 83.89724167

6/2/2013 86.0323 84.517525 84.00875

6/3/2013 86.0323 84.71205 84.10209167

6/4/2013 86.2778 84.92044167 84.20033333

6/5/2013 86.4078 85.12688333 84.31399167

6/6/2013 86.8678 85.36345833 84.44681667

6/7/2013 87.8986 85.66730833 84.61545833

6/8/2013 88.6834 86.03655833 84.83739583

6/9/2013 89.0602 86.452275 85.08462083

6/10/2013 89.0602 86.85750833 85.328025



PAGE 140 OF 221

6/11/2013 89.7686 87.28321667 85.59419167

6/12/2013 90.8841 87.74680833 85.91233333

6/13/2013 90.7237 88.1414 86.22379167

6/14/2013 90.9741 88.55321667 86.53537083

6/15/2013 90.3042 88.90920833 86.810629176/16/2013 90.3504 89.24859167 87.08451667

6/17/2013 90.3504 89.57714167 87.3520125

6/18/2013 90.707 89.897075 87.63026667

6/19/2013 91.611 90.20644167 87.936875

6/20/2013 91.877 90.472575 88.25456667

6/21/2013 92.4565 90.7556 88.6039375

6/22/2013 92.2271 91.01950833 88.93850833

6/23/2013 91.956 91.20179167 89.24250417

6/24/2013 91.956 91.29111667 89.5189625

6/25/2013 92.0344 91.40034167 89.77087083

6/26/2013 92.1583 91.499025 90.02612083

6/27/2013 92.5395 91.6853 90.29725417

6/28/2013 92.2786 91.84598333 90.5472875

6/29/2013 90.9606 91.89683333 90.7369875

6/30/2013 90.6375 91.89104167 90.89405833

7/1/2013 90.6375 91.80991667 91.00817917

7/2/2013 90.3515 91.68279167 91.077683337/3/2013 90.3452 91.50685 91.131225

7/4/2013 91.4193 91.43953333 91.22952083

7/5/2013 91.2534 91.38098333 91.2913875

7/6/2013 90.5866 91.26686667 91.27899167

7/7/2013 90.7991 91.163925 91.28213333

7/8/2013 90.7991 91.05065833 91.27484167

7/9/2013 90.6679 90.89469167 91.28999583

7/10/2013 89.5614 90.66825833 91.25712083

7/11/2013 89.3434 90.53349167 91.2151625

7/12/2013 90.3031 90.505625 91.19833333

7/13/2013 90.6553 90.50710833 91.1585125

7/14/2013 90.443 90.51473333 91.0987625

7/15/2013 90.443 90.52288333 91.01486667

7/16/2013 90.2376 90.42440833 90.93197083



PAGE 141 OF 221

7/17/2013 89.3543 90.26615 90.82356667

7/18/2013 89.9494 90.21305 90.73995833

7/19/2013 90.614 90.197625 90.680775

7/20/2013 90.9345 90.20890833 90.62978333

7/21/2013 90.7857 90.218725 90.556708337/22/2013 90.7857 90.32075 90.49450417

7/23/2013 91.0803 90.46549167 90.49949167

7/24/2013 91.5114 90.56618333 90.53590417

7/25/2013 91.1413 90.60668333 90.55689583

7/26/2013 90.7032 90.62836667 90.57155

7/27/2013 90.861 90.6632 90.59304167

7/28/2013 90.8757 90.716375 90.57039167

7/29/2013 90.8757 90.84315833 90.55465417

7/30/2013 91.2729 90.95345 90.58325

7/31/2013 92.2767 91.09200833 90.64481667

8/1/2013 92.889 91.25488333 90.73189583

8/2/2013 92.1748 91.37064167 90.79468333

8/3/2013 92.5634 91.51878333 90.91976667

8/4/2013 93.4076 91.712725 91.08910833

8/5/2013 93.4076 91.87074167 91.2184625

8/6/2013 93.6564 92.08033333 91.34350833

8/7/2013 94.5014 92.39685 91.512608338/8/2013 94.6783 92.71495833 91.68907917

8/9/2013 94.754 93.03815 91.8772625

8/10/2013 94.1632 93.31210833 92.07763333

8/11/2013 93.7688 93.5201 92.236775

8/12/2013 93.7688 93.64444167 92.368225

8/13/2013 94.3611 93.76711667 92.511

8/14/2013 94.9435 93.99784167 92.68424167

8/15/2013 95.0876 94.20819167 92.8634875

8/16/2013 95.4695 94.38001667 93.04637083

8/17/2013 96.8713 94.66865833 93.2697

8/18/2013 97.8568 95.01869167 93.5495125

8/19/2013 97.8568 95.29830833 93.84757917

8/20/2013 98.7939 95.641275 94.17811667

8/21/2013 99.9277 96.07241667 94.55528333



PAGE 142 OF 221

8/22/2013 100.641 96.61223333 94.96217083

8/23/2013 101.42 97.24983333 95.38496667

8/24/2013 100.384 97.8011 95.72277083

8/25/2013 100.086 98.278175 96.02264583

8/26/2013 100.086 98.70671667 96.352279178/27/2013 100.327 99.14333333 96.6757625

8/28/2013 102.823 99.756125 97.06807083

8/29/2013 105.17 100.4476833 97.55817083

8/30/2013 104.596 101.0092833 98.0139875

8/31/2013 103.669 101.4936333 98.39597083

9/1/2013 103.06 101.8491417 98.74520833

9/2/2013 103.06 102.1101667 99.09129167

9/3/2013 103.242 102.3269167 99.469575

9/4/2013 105.14 102.6369167 99.943375

9/5/2013 105.031 103.0241667 100.4126333

9/6/2013 103.378 103.2985 100.7883375

9/7/2013 102.064 103.4633333 101.085025

9/8/2013 100.877 103.5091667 101.32625

9/9/2013 100.877 103.347 101.5515625

9/10/2013 101.146 103.0116667 101.729675

9/11/2013 100.417 102.6634167 101.83635

9/12/2013 100.072 102.3636667 101.928659/13/2013 100.186 102.1241667 101.9866542

9/14/2013 100.421 101.90425 102.0072083

9/15/2013 100.196 101.6504167 101.9886667

9/16/2013 100.196 101.2384167 101.9376667

9/17/2013 99.9889 100.8182417 101.9212042

9/18/2013 100.303 100.5619917 101.9302458

9/19/2013 100.32 100.4166583 101.9399958

9/20/2013 98.8343 100.2464333 101.8778

9/21/2013 99.2719 100.112675 101.7298375

9/22/2013 99.659 99.98875833 101.5002125

9/23/2013 99.659 99.92559167 101.2945042

9/24/2013 99.9787 99.91781667 101.1407417

9/25/2013 100.103 99.9109 101.0175333

9/26/2013 99.9486 99.87153333 100.8878917



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9/27/2013 99.2418 99.79201667 100.7212167

9/28/2013 99.7742 99.75686667 100.4976417

9/29/2013 101.173 99.85554167 100.3368917

9/30/2013 101.173 99.92804167 100.2450167

10/1/2013 101.16 99.99804167 100.2073510/2/2013 100.981 100.1769333 100.2116833

10/3/2013 100.874 100.3104417 100.2115583

10/4/2013 99.8954 100.3301417 100.15945

10/5/2013 98.5527 100.23795 100.0817708

10/6/2013 97.6548 100.0442917 99.98105417

10/7/2013 97.6548 99.840275 99.8755875

10/8/2013 98.4947 99.71911667 99.795325

10/9/2013 98.8363 99.685325 99.73867083

10/10/2013 98.5857 99.58628333 99.671575

10/11/2013 97.727 99.29911667 99.57732917

10/12/2013 96.8911 98.94229167 99.43516667

10/13/2013 96.6274 98.564575 99.28130833

10/14/2013 96.6274 98.201775 99.18935417

10/15/2013 97.1994 97.89555833 99.103

10/16/2013 97.643 97.70785833 99.019

10/17/2013 97.9019 97.653625 98.9457875

10/18/2013 97.6847 97.65611667 98.8502041710/19/2013 98.2189 97.703125 98.7717

10/20/2013 98.1924 97.67793333 98.698525

10/21/2013 98.1924 97.624275 98.6548

10/22/2013 98.7391 97.63705833 98.61167083

10/23/2013 98.834 97.72930833 98.5142125

10/24/2013 98.8927 97.89610833 98.4192

10/25/2013 98.9101 98.08633333 98.32545417

10/26/2013 98.9823 98.282575 98.242175

10/27/2013 98.7237 98.4096 98.15257917

10/28/2013 98.7237 98.49965833 98.10375833

10/29/2013 98.8785 98.58104167 98.11733333

10/30/2013 98.3869 98.63955833 98.1478375

10/31/2013 97.8932 98.61241667 98.15777083

11/1/2013 98.077 98.6028 98.14036667



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11/2/2013 98.7955 98.65305833 98.13866667

11/3/2013 98.4957 98.632775 98.13491667

11/4/2013 98.4957 98.60458333 98.16694583

11/5/2013 98.6082 98.580875 98.23849167

11/6/2013 98.7906 98.57091667 98.32862511/7/2013 99.7873 98.638 98.4602875

11/8/2013 100.303 98.76960833 98.58960417

11/9/2013 100.781 98.94105 98.72035417

11/10/2013 101.079 99.124425 98.85273333

11/11/2013 101.077 99.3486 98.99407917

11/12/2013 101.344 99.63616667 99.12429167

11/13/2013 101.548 99.92541667 99.26410833

11/14/2013 101.309 100.134875 99.39396667

11/15/2013 101.269 100.3659833 99.49937917

11/16/2013 101.207 100.591925 99.59825417

11/17/2013 100.834 100.7774083 99.67914167

11/18/2013 100.834 100.9476917 99.75930417

11/19/2013 100.58 101.01375 99.825875

11/20/2013 99.9252 100.9822667 99.8759375

11/21/2013 100.394 100.9500167 99.94553333

11/22/2013 100.981 100.94185 100.0331375

11/23/2013 101.527 100.97935 100.16397511/24/2013 101.034 100.9535167 100.2948417

11/25/2013 101.034 100.9106833 100.41805

11/26/2013 100.827 100.8705167 100.5026958

11/27/2013 100.49 100.8056 100.5857917

11/28/2013 101.036 100.79135 100.6916375

11/29/2013 101.512 100.84785 100.8126292

11/30/2013 101.617 100.9131 100.9303958

12/1/2013 101.698 101.0062667 101.0100083

12/2/2013 101.699 101.1540833 101.068175

12/3/2013 101.687 101.2618333 101.105925

12/4/2013 101.802 101.33025 101.13605

12/5/2013 101.541 101.3314167 101.1553833

12/6/2013 100.549 101.291 101.1222583

12/7/2013 100.102 101.2133333 101.0620083



PAGE 145 OF 221

12/8/2013 99.5321 101.105425 100.9879708

12/9/2013 99.5327 101.02565 100.915625

12/10/2013 99.5108 100.89855 100.84495

12/11/2013 100.028 100.7748833 100.8113667

12/12/2013 100.287 100.66405 100.78857512/13/2013 100.885 100.5963 100.8012833

12/14/2013 101.112 100.5473833 100.8507333

12/15/2013 101.045 100.4938833 100.8778583

12/16/2013 101.044 100.4307167 100.8804833

12/17/2013 100.765 100.36605 100.8487333

12/18/2013 100.308 100.3459667 100.8184833

12/19/2013 100.598 100.3873 100.8003167

12/20/2013 101.531 100.553875 100.82965

12/21/2013 101.39 100.70865 100.86715

12/22/2013 101.002 100.8329167 100.8657333

12/23/2013 101 100.9139167 100.8444

12/24/2013 100.921 100.96675 100.8154

12/25/2013 100.745 100.9550833 100.7756917

12/26/2013 100.79 100.92825 100.7378167

12/27/2013 101.14 100.9361667 100.715025

12/28/2013 101.711 100.99175 100.7112333

12/29/2013 101.728 101.072 100.71902512/30/2013 101.729 101.1904167 100.7681917

12/31/2013 101.854 101.2950833 100.8411917

1/1/2014 101.808 101.3181667 100.9360208

1/2/2014 102.018 101.3705 101.039575

1/3/2014 102.218 101.4718333 101.152375

1/4/2014 102.164 101.5688333 101.241375

1/5/2014 101.964 101.65575 101.31125

1/6/2014 101.965 101.7574167 101.35625

1/7/2014 101.899 101.8498333 101.3890417

1/8/2014 101.932 101.9158333 101.426

1/9/2014 101.724 101.9169167 101.4543333

1/10/2014 101.798 101.92275 101.497375

1/11/2014 101.258 101.8835 101.5369583

1/12/2014 100.778 101.7938333 101.5444583



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1/13/2014 100.778 101.708 101.5130833

1/14/2014 100.537 101.5845833 101.4775417

1/15/2014 100.412 101.4340833 101.4529583

1/16/2014 100.464 101.2924167 101.430625

1/17/2014 100.12 101.13875 101.397251/18/2014 100.259 100.9965833 101.377

1/19/2014 100.694 100.8961667 101.373

1/20/2014 100.695 100.7930833 101.3544583

1/21/2014 100.716 100.7090833 101.313

1/22/2014 101.053 100.647 101.284875

1/23/2014 101.837 100.69525 101.289375

1/24/2014 102.383 100.829 101.3114167

1/25/2014 103.158 101.0273333 101.3676667

1/26/2014 103.077 101.239 101.4117917

1/27/2014 103.071 101.4605833 101.4473333

1/28/2014 103.95 101.7510833 101.52175

1/29/2014 104.168 102.0884167 101.6135833

1/30/2014 103.458 102.355 101.6757917

1/31/2014 103.419 102.5820833 101.739125

2/1/2014 102.863 102.76275 101.7779167

2/2/2014 102.514 102.9125833 101.8108333

2/3/2014 102.512 103.0341667 101.84058332/4/2014 102.445 103.0848333 101.8900417

2/5/2014 101.91 103.0454167 101.9372083

2/6/2014 101.577 102.9136667 101.9705

2/7/2014 101.407 102.7745 102.00675

2/8/2014 101.396 102.6349167 102.04775

2/9/2014 101.464 102.42775 102.0894167

2/10/2014 101.464 102.2024167 102.1454167

2/11/2014 101.803 102.0645 102.20975

2/12/2014 101.966 101.9434167 102.26275

2/13/2014 101.976 101.8695 102.316125

2/14/2014 102.961 101.90675 102.4096667

2/15/2014 103.202 101.96425 102.4992083

2/16/2014 103.183 102.02575 102.5552917

2/17/2014 103.183 102.1318333 102.588625



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2/18/2014 103.267 102.2726667 102.5931667

2/19/2014 103.295 102.43 102.60225

2/20/2014 103.496 102.605 102.6199583

2/21/2014 103.469 102.7720833 102.5999167

2/22/2014 103.059 102.905 102.55370832/23/2014 102.6 102.9714167 102.5179583

2/24/2014 102.597 103.024 102.4837083

2/25/2014 102.847 103.0965833 102.4830417

2/26/2014 102.892 103.0908333 102.4987917

2/27/2014 103.005 103.0744167 102.5193333

2/28/2014 103.16 103.0725 102.549125

0

20

40

60

80

100

120

P R I C E

DAYS

Short term Moving Avg.-GBP/INR

Close

12 Days Moving Avg.



PAGE 148 OF 221

0

20

40

60

80

100

120

P R I C E

DAYS

Long term Moving Avg.-GBP/INR

Close

24 Days Moving Avg.



PAGE 149 OF 221

The above chart shows the MACD of the closing price of GBP/INR along with its Japanese

Candlestick Chart in the year starting from 1/3/2013 to 28/2/2014.

X-axis shows the DAYS and Y-axis indicates the CLOSING PRICE of the currency.


1. The ‘C’ formation will take place around the price INR 103.486, according to the

Fibonacci Ratio of 61.80%.

2. So, it is advisable for the investor to sell his/her POUNDS when it reaches the above rate

i.e. 103.486 after the appearance of Bearish signal.

3. The ‘D’ formation will take place around the price INR 96.350, according to the Fibonacci

Ratio of 61.80%.

4. So, it is advisable to buy POUNDS when it reaches to that point i.e. 96.350.

5. Upward penetration of a falling average indicates further rise and gives buy

signal so the chart shows buy signal on 11th

October at point ‘D’ and downward

penetration of rising average indicates the possibility of further fall so it shows

sell signal on 3rd

December 2013, 27th

January 2014, 17th

February 2014 as per

our technical analysis.

6. In the same way, buy POUNDS on or around 24th

of March, 2014 at ‘B’, so that when we

reach the point ‘C’ at 103.486 we can square off the investment and earn profits.



PAGE 150 OF 221

CALCULATION OF RSI FOR GBP/INR

RSI = 100 - 100


DATE CLOSE CHANGE GAIN LOSSAVG.

GAIN

AVG.

LOSSRS

7 DAY

RSI

3/1/2013 82.0632

3/2/2013 82.7729 0.7097 0.7097 0

3/3/2013 82.7441 -0.0288 0 0.0288

3/4/2013 82.7452 0.0011 0.0011 0

3/5/2013 82.8072 0.062 0.062 0

3/6/2013 82.9636 0.1564 0.1564 0

3/7/2013 82.6922 -0.2714 0 0.2714

3/8/2013 81.9566 -0.7356 0 0.7356 0.132743 0.147971 0.897084 47.287

3/9/2013 81.4902 -0.4664 0 0.4664 0.031357 0.2146 0.146119 12.749

3/10/2013 80.9014 -0.5888 0 0.5888 0.031357 0.2946 0.10644 9.620

3/11/2013 80.9025 0.0011 0.0011 0 0.031357 0.2946 0.10644 9.620

3/12/2013 81.0167 0.1142 0.1142 0 0.038814 0.2946 0.131752 11.641

3/13/2013 80.7179 -0.2988 0 0.2988 0.016471 0.337286 0.048835 4.656

3/14/2013 80.9341 0.2162 0.2162 0 0.047357 0.298514 0.158643 13.692

3/15/2013 81.1544 0.2203 0.2203 0 0.078829 0.193429 0.407533 28.953

3/16/2013 81.6299 0.4755 0.4755 0 0.146757 0.1268 1.157391 53.647

3/17/2013 81.4686 -0.1613 0 0.1613 0.146757 0.065729 2.232775 69.066


1+RS



PAGE 151 OF 221

3/18/2013 81.4686 0 0 0 0.1466 0.065729 2.230385 69.043

3/19/2013 81.7141 0.2455 0.2455 0 0.165357 0.065729 2.515757 71.556

3/20/2013 81.8969 0.1828 0.1828 0 0.191471 0.023043 8.309361 89.258

3/21/2013 82.1451 0.2482 0.2482 0 0.196043 0.023043 8.50775 89.482

3/22/2013 82.185 0.0399 0.0399 0 0.170271 0.023043 7.389337 88.080

3/23/2013 82.5508 0.3658 0.3658 0 0.1546 0.023043 6.709237 87.028

3/24/2013 82.5636 0.0128 0.0128 0 0.156429 0 0 1

3/25/2013 82.5636 0 0 0 0.156429 0 0 1

3/26/2013 82.3994 -0.1642 0 0.1642 0.121357 0.023457 5.173569 83.801

3/27/2013 82.2678 -0.1316 0 0.1316 0.095243 0.042257 2.253888 69.267

3/28/2013 82.276 0.0082 0.0082 0 0.060957 0.042257 1.442529 59.058

3/29/2013 82.3066 0.0306 0.0306 0 0.059629 0.042257 1.411089 58.524

3/30/2013 82.666 0.3594 0.3594 0 0.058714 0.042257 1.389452 58.149

3/31/2013 82.5614 -0.1046 0 0.1046 0.056886 0.0572 0.994505 49.862

4/1/2013 82.5614 0 0 0 0.056886 0.0572 0.994505 49.862

4/2/2013 82.7609 0.1995 0.1995 0 0.085386 0.033743 2.530483 71.675

4/3/2013 82.4791 -0.2818 0 0.2818 0.085386 0.0552 1.546843 60.73

4/4/2013 82.1984 -0.2807 0 0.2807 0.084214 0.0953 0.883676 46.91

4/5/2013 82.7787 0.5803 0.5803 0 0.162743 0.0953 1.70769 63.068

4/6/2013 83.543 0.7643 0.7643 0 0.220586 0.0953 2.314645 69.830

4/7/2013 83.6228 0.0798 0.0798 0 0.231986 0.080357 2.886933 74.272

4/8/2013 83.6228 0 0 0 0.231986 0.080357 2.886933 74.272

4/9/2013 83.5724 -0.0504 0 0.0504 0.203486 0.087557 2.324033 69.916

4/10/2013 83.1722 -0.4002 0 0.4002 0.203486 0.104471 1.947764 66.075

4/11/2013 83.2027 0.0305 0.0305 0 0.207843 0.064371 3.228806 76.352

4/12/2013 83.2921 0.0894 0.0894 0 0.137714 0.064371 2.13937 68.146

4/13/2013 83.553 0.2609 0.2609 0 0.0658 0.064371 1.022193 50.548

4/14/2013 83.4033 -0.1497 0 0.1497 0.0544 0.085757 0.634349 38.813



PAGE 152 OF 221

4/15/2013 83.4033 0 0 0 0.0544 0.085757 0.634349 38.813

4/16/2013 83.4234 0.0201 0.0201 0 0.057271 0.078557 0.729042 42.164

4/17/2013 82.8768 -0.5466 0 0.5466 0.057271 0.099471 0.575758 36.538

4/18/2013 82.3216 -0.5552 0 0.5552 0.052914 0.178786 0.295965 22.837

4/19/2013 82.1012 -0.2204 0 0.2204 0.040143 0.210271 0.19091 16.030

4/20/2013 82.0783 -0.0229 0 0.0229 0.002871 0.213543 0.013447 1.326

4/21/2013 81.5688 -0.5095 0 0.5095 0.002871 0.264943 0.010838 1.0721

4/22/2013 81.5688 0 0 0 0.002871 0.264943 0.010838 1.0721

4/23/2013 82.053 0.4842 0.4842 0 0.069171 0.264943 0.261081 20.702

4/24/2013 82.5088 0.4558 0.4558 0 0.134286 0.186857 0.718654 41.814

4/25/2013 82.442 -0.0668 0 0.0668 0.134286 0.117086 1.146901 53.421

4/26/2013 82.9032 0.4612 0.4612 0 0.200171 0.0856 2.338451 70.045

4/27/2013 83.5387 0.6355 0.6355 0 0.290957 0.082329 3.534097 77.944

4/28/2013 83.6533 0.1146 0.1146 0 0.307329 0.009543 32.20509 96.988

4/29/2013 83.6533 0 0 0 0.307329 0.009543 32.20509 96.988

4/30/2013 83.8034 0.1501 0.1501 0 0.2596 0.009543 27.20359 96.454

5/1/2013 83.1725 -0.6309 0 0.6309 0.194486 0.099671 1.951268 66.116

5/2/2013 82.8948 -0.2777 0 0.2777 0.194486 0.1298 1.498349 59.973

5/3/2013 83.058 0.1632 0.1632 0 0.151914 0.1298 1.170372 53.924

5/4/2013 83.2027 0.1447 0.1447 0 0.0818 0.1298 0.6302 38.657

5/5/2013 83.082 -0.1207 0 0.1207 0.065429 0.147043 0.444963 30.794

5/6/2013 83.082 0 0 0 0.065429 0.147043 0.444963 30.794

5/7/2013 83.566 0.484 0.484 0 0.113129 0.147043 0.769358 43.482

5/8/2013 83.5767 0.0107 0.0107 0 0.114657 0.056914 2.014558 66.827

5/9/2013 83.3561 -0.2206 0 0.2206 0.114657 0.048757 2.351597 70.163

5/10/2013 83.7921 0.436 0.436 0 0.153629 0.048757 3.150894 75.90

5/11/2013 83.92 0.1279 0.1279 0 0.151229 0.048757 3.10167 75.619

5/12/2013 83.68 -0.24 0 0.24 0.151229 0.0658 2.298307 69.681



PAGE 153 OF 221

5/13/2013 83.68 0 0 0 0.151229 0.0658 2.298307 69.681

5/14/2013 83.8512 0.1712 0.1712 0 0.106543 0.0658 1.619192 61.820

5/15/2013 83.3569 -0.4943 0 0.4943 0.105014 0.136414 0.769819 43.497

5/16/2013 83.1268 -0.2301 0 0.2301 0.105014 0.137771 0.762236 43.25

5/17/2013 83.2185 0.0917 0.0917 0 0.055829 0.137771 0.405226 28.837

5/18/2013 83.3806 0.1621 0.1621 0 0.060714 0.137771 0.440689 30.588

5/19/2013 83.2487 -0.1319 0 0.1319 0.060714 0.122329 0.496321 33.169

5/20/2013 83.2487 0 0 0 0.060714 0.122329 0.496321 33.169

5/21/2013 83.4962 0.2475 0.2475 0 0.071614 0.122329 0.585426 36.925

5/22/2013 83.698 0.2018 0.2018 0 0.100443 0.051714 1.942265 66.012

5/23/2013 83.7771 0.0791 0.0791 0 0.111743 0.018843 5.93025 85.570

5/24/2013 83.9305 0.1534 0.1534 0 0.120557 0.018843 6.398029 86.482

5/25/2013 84.0289 0.0984 0.0984 0 0.111457 0.018843 5.915087 85.538

5/26/2013 84.2524 0.2235 0.2235 0 0.143386 0 0 1

5/27/2013 84.2524 0 0 0 0.143386 0 0 1

5/28/2013 84.0716 -0.1808 0 0.1808 0.108029 0.025829 4.182522 80.704

5/29/2013 84.1974 0.1258 0.1258 0 0.097171 0.025829 3.762168 79.001

5/30/2013 84.6601 0.4627 0.4627 0 0.151971 0.025829 5.88385 85.473

5/31/2013 85.321 0.6609 0.6609 0 0.224471 0.025829 8.690819 89.680

6/1/2013 85.9886 0.6676 0.6676 0 0.305786 0.025829 11.83905 92.211

6/2/2013 86.0323 0.0437 0.0437 0 0.2801 0.025829 10.84458 91.557

6/3/2013 86.0323 0 0 0 0.2801 0.025829 10.84458 91.557

6/4/2013 86.2778 0.2455 0.2455 0 0.315171 0 0 1

6/5/2013 86.4078 0.13 0.13 0 0.315771 0 0 1

6/6/2013 86.8678 0.46 0.46 0 0.315386 0 0 1

6/7/2013 87.8986 1.0308 1.0308 0 0.368229 0 0 1

6/8/2013 88.6834 0.7848 0.7848 0 0.384971 0 0 1

6/9/2013 89.0602 0.3768 0.3768 0 0.432557 0 0 1



PAGE 154 OF 221

6/10/2013 89.0602 0 0 0 0.432557 0 0 1

6/11/2013 89.7686 0.7084 0.7084 0 0.498686 0 0 1

6/12/2013 90.8841 1.1155 1.1155 0 0.639471 0 0 1

6/13/2013 90.7237 -0.1604 0 0.1604 0.573757 0.022914 25.03928 96.159

6/14/2013 90.9741 0.2504 0.2504 0 0.462271 0.022914 20.17394 95.277

6/15/2013 90.3042 -0.6699 0 0.6699 0.350157 0.118614 2.952066 74.696

6/16/2013 90.3504 0.0462 0.0462 0 0.302929 0.118614 2.553896 71.861

6/17/2013 90.3504 0 0 0 0.302929 0.118614 2.553896 71.861

6/18/2013 90.707 0.3566 0.3566 0 0.252671 0.118614 2.130194 68.05

6/19/2013 91.611 0.904 0.904 0 0.222457 0.118614 1.875467 65.223

6/20/2013 91.877 0.266 0.266 0 0.260457 0.0957 2.7216 73.129

6/21/2013 92.4565 0.5795 0.5795 0 0.307471 0.0957 3.212868 76.26

6/22/2013 92.2271 -0.2294 0 0.2294 0.307471 0.032771 9.382302 90.368

6/23/2013 91.956 -0.2711 0 0.2711 0.300871 0.0715 4.207992 80.798

6/24/2013 91.956 0 0 0 0.300871 0.0715 4.207992 80.798

6/25/2013 92.0344 0.0784 0.0784 0 0.261129 0.0715 3.652148 78.504

6/26/2013 92.1583 0.1239 0.1239 0 0.149686 0.0715 2.093506 67.674

6/27/2013 92.5395 0.3812 0.3812 0 0.166143 0.0715 2.323676 69.912

6/28/2013 92.2786 -0.2609 0 0.2609 0.083357 0.108771 0.766351 43.386

6/29/2013 90.9606 -1.318 0 1.318 0.083357 0.264286 0.315405 23.977

6/30/2013 90.6375 -0.3231 0 0.3231 0.083357 0.271714 0.306782 23.476

7/1/2013 90.6375 0 0 0 0.083357 0.271714 0.306782 23.476

7/2/2013 90.3515 -0.286 0 0.286 0.072157 0.312571 0.23085 18.755

7/3/2013 90.3452 -0.0063 0 0.0063 0.054457 0.313471 0.173723 14.801

7/4/2013 91.4193 1.0741 1.0741 0 0.153443 0.313471 0.489496 32.863

7/5/2013 91.2534 -0.1659 0 0.1659 0.153443 0.2999 0.511647 33.846

7/6/2013 90.5866 -0.6668 0 0.6668 0.153443 0.206871 0.741731 42.585

7/7/2013 90.7991 0.2125 0.2125 0 0.1838 0.160714 1.143644 53.350



PAGE 155 OF 221

7/8/2013 90.7991 0 0 0 0.1838 0.160714 1.143644 53.350

7/9/2013 90.6679 -0.1312 0 0.1312 0.1838 0.1386 1.326118 57.009

7/10/2013 89.5614 -1.1065 0 1.1065 0.1838 0.295771 0.621426 38.325

7/11/2013 89.3434 -0.218 0 0.218 0.030357 0.326914 0.09286 8.4969

7/12/2013 90.3031 0.9597 0.9597 0 0.167457 0.303214 0.552273 35.578

7/13/2013 90.6553 0.3522 0.3522 0 0.217771 0.207957 1.047194 51.152

7/14/2013 90.443 -0.2123 0 0.2123 0.187414 0.238286 0.786511 44.024

7/15/2013 90.443 0 0 0 0.187414 0.238286 0.786511 44.024

7/16/2013 90.2376 -0.2054 0 0.2054 0.187414 0.248886 0.753013 42.955

7/17/2013 89.3543 -0.8833 0 0.8833 0.187414 0.217 0.86366 46.342

7/18/2013 89.9494 0.5951 0.5951 0 0.272429 0.185857 1.465796 59.445

7/19/2013 90.614 0.6646 0.6646 0 0.230271 0.185857 1.23897 55.336

7/20/2013 90.9345 0.3205 0.3205 0 0.225743 0.185857 1.214604 54.84

7/21/2013 90.7857 -0.1488 0 0.1488 0.225743 0.176786 1.276929 56.08

7/22/2013 90.7857 0 0 0 0.225743 0.176786 1.276929 56.08

7/23/2013 91.0803 0.2946 0.2946 0 0.267829 0.147443 1.816491 64.494

7/24/2013 91.5114 0.4311 0.4311 0 0.329414 0.021257 15.49664 93.938

7/25/2013 91.1413 -0.3701 0 0.3701 0.2444 0.074129 3.296974 76.727

7/26/2013 90.7032 -0.4381 0 0.4381 0.149457 0.136714 1.093208 52.226

7/27/2013 90.861 0.1578 0.1578 0 0.126214 0.136714 0.923197 48.003

7/28/2013 90.8757 0.0147 0.0147 0 0.128314 0.115457 1.111359 52.637

7/29/2013 90.8757 0 0 0 0.128314 0.115457 1.111359 52.637

7/30/2013 91.2729 0.3972 0.3972 0 0.142971 0.115457 1.238307 55.323

7/31/2013 92.2767 1.0038 1.0038 0 0.224786 0.115457 1.946919 66.066

8/1/2013 92.889 0.6123 0.6123 0 0.312257 0.062586 4.989272 83.303

8/2/2013 92.1748 -0.7142 0 0.7142 0.312257 0.102029 3.060487 75.372

8/3/2013 92.5634 0.3886 0.3886 0 0.345229 0.102029 3.383646 77.187

8/4/2013 93.4076 0.8442 0.8442 0 0.463729 0.102029 4.545085 81.966



PAGE 156 OF 221

8/5/2013 93.4076 0 0 0 0.463729 0.102029 4.545085 81.966

8/6/2013 93.6564 0.2488 0.2488 0 0.442529 0.102029 4.3373 81.263

8/7/2013 94.5014 0.845 0.845 0 0.419843 0.102029 4.114954 80.449

8/8/2013 94.6783 0.1769 0.1769 0 0.357643 0.102029 3.505321 77.804

8/9/2013 94.754 0.0757 0.0757 0 0.368457 0 0 1

8/10/2013 94.1632 -0.5908 0 0.5908 0.312943 0.0844 3.707854 78.75

8/11/2013 93.7688 -0.3944 0 0.3944 0.192343 0.140743 1.366626 57.745

8/12/2013 93.7688 0 0 0 0.192343 0.140743 1.366626 57.745

8/13/2013 94.3611 0.5923 0.5923 0 0.241414 0.140743 1.715286 63.171

8/14/2013 94.9435 0.5824 0.5824 0 0.2039 0.140743 1.448741 59.162

8/15/2013 95.0876 0.1441 0.1441 0 0.199214 0.140743 1.415449 58.599

8/16/2013 95.4695 0.3819 0.3819 0 0.242957 0.140743 1.726248 63.319

8/17/2013 96.8713 1.4018 1.4018 0 0.443214 0.056343 7.866379 88.721

8/18/2013 97.8568 0.9855 0.9855 0 0.584 0 0 1

8/19/2013 97.8568 0 0 0 0.584 0 0 1

8/20/2013 98.7939 0.9371 0.9371 0 0.633257 0 0 1

8/21/2013 99.9277 1.1338 1.1338 0 0.712029 0 0 1

8/22/2013 100.641 0.7133 0.7133 0 0.793343 0 0 1

8/23/2013 101.42 0.779 0.779 0 0.850071 0 0 1

8/24/2013 100.384 -1.036 0 1.036 0.649814 0.148 4.390637 81.449

8/25/2013 100.086 -0.298 0 0.298 0.509029 0.190571 2.671064 72.759

8/26/2013 100.086 0 0 0 0.509029 0.190571 2.671064 72.759

8/27/2013 100.327 0.241 0.241 0 0.409586 0.190571 2.14925 68.246

8/28/2013 102.823 2.496 2.496 0 0.604186 0.190571 3.17039 76.021

8/29/2013 105.17 2.347 2.347 0 0.837571 0.190571 4.395052 81.46

8/30/2013 104.596 -0.574 0 0.574 0.726286 0.272571 2.66457 72.711

8/31/2013 103.669 -0.927 0 0.927 0.726286 0.257 2.826014 73.863

9/1/2013 103.06 -0.609 0 0.609 0.726286 0.301429 2.409479 70.



PAGE 157 OF 221

9/2/2013 103.06 0 0 0 0.726286 0.301429 2.409479 70.

9/3/2013 103.242 0.182 0.182 0 0.717857 0.301429 2.381517 70.427

9/4/2013 105.14 1.898 1.898 0 0.632429 0.301429 2.098104 67.72

9/5/2013 105.031 -0.109 0 0.109 0.297143 0.317 0.937359 48.383

9/6/2013 103.378 -1.653 0 1.653 0.297143 0.471143 0.630685 38.676

9/7/2013 102.064 -1.314 0 1.314 0.297143 0.526429 0.56445 36.079

9/8/2013 100.877 -1.187 0 1.187 0.297143 0.609 0.487919 32.792

9/9/2013 100.877 0 0 0 0.297143 0.609 0.487919 32.792

9/10/2013 101.146 0.269 0.269 0 0.309571 0.609 0.508327 33.70

9/11/2013 100.417 -0.729 0 0.729 0.038429 0.713143 0.053886 5.1130

9/12/2013 100.072 -0.345 0 0.345 0.038429 0.746857 0.051454 4.8935

9/13/2013 100.186 0.114 0.114 0 0.054714 0.510714 0.107133 9.6766

9/14/2013 100.421 0.235 0.235 0 0.088286 0.323 0.27333 21.465

9/15/2013 100.196 -0.225 0 0.225 0.088286 0.185571 0.475751 32.237

9/16/2013 100.196 0 0 0 0.088286 0.185571 0.475751 32.237

9/17/2013 99.9889 -0.2071 0 0.2071 0.049857 0.215157 0.231724 18.8

9/18/2013 100.303 0.3141 0.3141 0 0.094729 0.111014 0.853301 46.042

9/19/2013 100.32 0.017 0.017 0 0.097157 0.061729 1.573941 61.149

9/20/2013 98.8343 -1.4857 0 1.4857 0.080871 0.273971 0.295182 22.790

9/21/2013 99.2719 0.4376 0.4376 0 0.109814 0.273971 0.400824 28.613

9/22/2013 99.659 0.3871 0.3871 0 0.165114 0.241829 0.682774 40.574

9/23/2013 99.659 0 0 0 0.165114 0.241829 0.682774 40.574

9/24/2013 99.9787 0.3197 0.3197 0 0.210786 0.212243 0.993135 49.827

9/25/2013 100.103 0.1243 0.1243 0 0.183671 0.212243 0.865383 46.391

9/26/2013 99.9486 -0.1544 0 0.1544 0.181243 0.2343 0.77355 43.615

9/27/2013 99.2418 -0.7068 0 0.7068 0.181243 0.123029 1.473177 59.566

9/28/2013 99.7742 0.5324 0.5324 0 0.194786 0.123029 1.583256 61.289

9/29/2013 101.173 1.3988 1.3988 0 0.339314 0.123029 2.758012 73.390



PAGE 158 OF 221

9/30/2013 101.173 0 0 0 0.339314 0.123029 2.758012 73.390

10/1/2013 101.16 -0.013 0 0.013 0.293643 0.124886 2.351293 70.160

10/2/2013 100.981 -0.179 0 0.179 0.275886 0.150457 1.83365 64.709

10/3/2013 100.874 -0.107 0 0.107 0.275886 0.143686 1.920064 65.754

10/4/2013 99.8954 -0.9786 0 0.9786 0.275886 0.182514 1.511584 60.184

10/5/2013 98.5527 -1.3427 0 1.3427 0.199829 0.374329 0.533832 34.803

10/6/2013 97.6548 -0.8979 0 0.8979 0 0.5026 0

10/7/2013 97.6548 0 0 0 0 0.5026 0

10/8/2013 98.4947 0.8399 0.8399 0 0.119986 0.500743 0.239615 19.329

10/9/2013 98.8363 0.3416 0.3416 0 0.168786 0.475171 0.35521 26.210

10/10/2013 98.5857 -0.2506 0 0.2506 0.168786 0.495686 0.34051 25.40

10/11/2013 97.727 -0.8587 0 0.8587 0.168786 0.478557 0.352697 26.073

10/12/2013 96.8911 -0.8359 0 0.8359 0.168786 0.406157 0.415568 29.356

10/13/2013 96.6274 -0.2637 0 0.2637 0.168786 0.315557 0.534882 34.84

10/14/2013 96.6274 0 0 0 0.168786 0.315557 0.534882 34.84

10/15/2013 97.1994 0.572 0.572 0 0.130514 0.315557 0.4136 29.258

10/16/2013 97.643 0.4436 0.4436 0 0.145086 0.315557 0.459776 31.496

10/17/2013 97.9019 0.2589 0.2589 0 0.182071 0.279757 0.65082 39.424

10/18/2013 97.6847 -0.2172 0 0.2172 0.182071 0.188114 0.967877 49.183

10/19/2013 98.2189 0.5342 0.5342 0 0.258386 0.0687 3.761073 78.996

10/20/2013 98.1924 -0.0265 0 0.0265 0.258386 0.034814 7.42183 88.12

10/21/2013 98.1924 0 0 0 0.258386 0.034814 7.42183 88.12

10/22/2013 98.7391 0.5467 0.5467 0 0.254771 0.034814 7.318014 87.97

10/23/2013 98.834 0.0949 0.0949 0 0.204957 0.034814 5.887156 85.480

10/24/2013 98.8927 0.0587 0.0587 0 0.176357 0.034814 5.065654 83.513

10/25/2013 98.9101 0.0174 0.0174 0 0.178843 0.003786 47.24151 97.92

10/26/2013 98.9823 0.0722 0.0722 0 0.112843 0.003786 29.80755 96.754

10/27/2013 98.7237 -0.2586 0 0.2586 0.112843 0.036943 3.054524 75.336



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10/28/2013 98.7237 0 0 0 0.112843 0.036943 3.054524 75.336

10/29/2013 98.8785 0.1548 0.1548 0 0.056857 0.036943 1.539056 60.615

10/30/2013 98.3869 -0.4916 0 0.4916 0.0433 0.107171 0.404026 28.776

10/31/2013 97.8932 -0.4937 0 0.4937 0.034914 0.1777 0.196479 16.421

11/1/2013 98.077 0.1838 0.1838 0 0.058686 0.1777 0.330252 24.826

11/2/2013 98.7955 0.7185 0.7185 0 0.151014 0.1777 0.849827 45.94

11/3/2013 98.4957 -0.2998 0 0.2998 0.151014 0.183586 0.822582 45.132

11/4/2013 98.4957 0 0 0 0.151014 0.183586 0.822582 45.132

11/5/2013 98.6082 0.1125 0.1125 0 0.144971 0.183586 0.789666 44.123

11/6/2013 98.7906 0.1824 0.1824 0 0.171029 0.113357 1.508759 60.139

11/7/2013 99.7873 0.9967 0.9967 0 0.313414 0.042829 7.317879 87.97

11/8/2013 100.303 0.5157 0.5157 0 0.360829 0.042829 8.42495 89.389

11/9/2013 100.781 0.478 0.478 0 0.326471 0.042829 7.622748 88.402

11/10/2013 101.079 0.298 0.298 0 0.369043 0 0 1

11/11/2013 101.077 -0.002 0 0.002 0.369043 0.000286 1291.65 99.922

11/12/2013 101.344 0.267 0.267 0 0.391114 0.000286 1368.9 99.9

11/13/2013 101.548 0.204 0.204 0 0.3942 0.000286 1379.7 99.927

11/14/2013 101.309 -0.239 0 0.239 0.251814 0.034429 7.314108 87.972

11/15/2013 101.269 -0.04 0 0.04 0.178143 0.040143 4.437722 81.609

11/16/2013 101.207 -0.062 0 0.062 0.109857 0.049 2.241983 69.154

11/17/2013 100.834 -0.373 0 0.373 0.067286 0.102286 0.657821 39.679

11/18/2013 100.834 0 0 0 0.067286 0.102 0.659664 39.746

11/19/2013 100.58 -0.254 0 0.254 0.029143 0.138286 0.210744 17.406

11/20/2013 99.9252 -0.6548 0 0.6548 0 0.231829 0

11/21/2013 100.394 0.4688 0.4688 0 0.066971 0.197686 0.338777 25.304

11/22/2013 100.981 0.587 0.587 0 0.150829 0.191971 0.785682 43.9

11/23/2013 101.527 0.546 0.546 0 0.228829 0.183114 1.249649 55.548

11/24/2013 101.034 -0.493 0 0.493 0.228829 0.200257 1.142674 53.329



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11/25/2013 101.034 0 0 0 0.228829 0.200257 1.142674 53.329

11/26/2013 100.827 -0.207 0 0.207 0.228829 0.193543 1.182315 54.17

11/27/2013 100.49 -0.337 0 0.337 0.228829 0.148143 1.544648 60.701

11/28/2013 101.036 0.546 0.546 0 0.239857 0.148143 1.619094 61.818

11/29/2013 101.512 0.476 0.476 0 0.224 0.148143 1.512054 60.191

11/30/2013 101.617 0.105 0.105 0 0.161 0.148143 1.086789 52.079

12/1/2013 101.698 0.081 0.081 0 0.172571 0.077714 2.220588 68.949

12/2/2013 101.699 0.001 0.001 0 0.172714 0.077714 2.222426 68.967

12/3/2013 101.687 -0.012 0 0.012 0.172714 0.049857 3.464183 77.599

12/4/2013 101.802 0.115 0.115 0 0.189143 0.001714 110.3333 99.10

12/5/2013 101.541 -0.261 0 0.261 0.111143 0.039 2.849817 74.024

12/6/2013 100.549 -0.992 0 0.992 0.043143 0.180714 0.238735 19.27

12/7/2013 100.102 -0.447 0 0.447 0.028143 0.244571 0.11507 10.319

12/8/2013 99.5321 -0.5699 0 0.5699 0.016571 0.325986 0.050835 4.8375

12/9/2013 99.5327 0.0006 0.0006 0 0.016514 0.325986 0.05066 4.8216

12/10/2013 99.5108 -0.0219 0 0.0219 0.016514 0.3274 0.050441 4.8018

12/11/2013 100.028 0.5172 0.5172 0 0.073971 0.3274 0.225936 18.429

12/12/2013 100.287 0.259 0.259 0 0.110971 0.290114 0.382509 27.667

12/13/2013 100.885 0.598 0.598 0 0.1964 0.1484 1.32345 56.960

12/14/2013 101.112 0.227 0.227 0 0.228829 0.084543 2.706658 73.021

12/15/2013 101.045 -0.067 0 0.067 0.228829 0.0127 18.018 94.741

12/16/2013 101.044 -0.001 0 0.001 0.228743 0.012843 17.8109 94.683

12/17/2013 100.765 -0.279 0 0.279 0.228743 0.049571 4.614409 82.188

12/18/2013 100.308 -0.457 0 0.457 0.154857 0.114857 1.348259 57.415

12/19/2013 100.598 0.29 0.29 0 0.159286 0.114857 1.386816 58.103

12/20/2013 101.531 0.933 0.933 0 0.207143 0.114857 1.803483 64.330

12/21/2013 101.39 -0.141 0 0.141 0.174714 0.135 1.29418 56.411

12/22/2013 101.002 -0.388 0 0.388 0.174714 0.180857 0.966035 49.13



PAGE 161 OF 221

12/23/2013 101 -0.002 0 0.002 0.174714 0.181 0.965272 49.116

12/24/2013 100.921 -0.079 0 0.079 0.174714 0.152429 1.146204 53.406

12/25/2013 100.745 -0.176 0 0.176 0.174714 0.112286 1.55598 60.876

12/26/2013 100.79 0.045 0.045 0 0.139714 0.112286 1.244275 55.442

12/27/2013 101.14 0.35 0.35 0 0.056429 0.112286 0.502545 33.446

12/28/2013 101.711 0.571 0.571 0 0.138 0.092143 1.497674 59.962

12/29/2013 101.728 0.017 0.017 0 0.140429 0.036714 3.824903 79.274

12/30/2013 101.729 0.001 0.001 0 0.140571 0.036429 3.858824 79.418

12/31/2013 101.854 0.125 0.125 0 0.158429 0.025143 6.301136 86.30

1/1/2014 101.808 -0.046 0 0.046 0.158429 0.006571 24.1087 96.017

1/2/2014 102.018 0.21 0.21 0 0.182 0.006571 27.69565 96.515

1/3/2014 102.218 0.2 0.2 0 0.160571 0.006571 24.43478 96.068

1/4/2014 102.164 -0.054 0 0.054 0.079 0.014286 5.53 84.686

1/5/2014 101.964 -0.2 0 0.2 0.076571 0.042857 1.786667 64.114

1/6/2014 101.965 0.001 0.001 0 0.076571 0.042857 1.786667 64.114

1/7/2014 101.899 -0.066 0 0.066 0.058714 0.052286 1.122951 52.895

1/8/2014 101.932 0.033 0.033 0 0.063429 0.045714 1.3875 58.115

1/9/2014 101.724 -0.208 0 0.208 0.033429 0.075429 0.443182 30.708

1/10/2014 101.798 0.074 0.074 0 0.015429 0.075429 0.204545 16.981

1/11/2014 101.258 -0.54 0 0.54 0.015429 0.144857 0.106509 9.6256

1/12/2014 100.778 -0.48 0 0.48 0.015429 0.184857 0.083462 7.7032

1/13/2014 100.778 0 0 0 0.015286 0.184857 0.082689 7.6374

1/14/2014 100.537 -0.241 0 0.241 0.015286 0.209857 0.072839 6.789

1/15/2014 100.412 -0.125 0 0.125 0.010571 0.227714 0.046424 4.4364

1/16/2014 100.464 0.052 0.052 0 0.018 0.198 0.090909 8.3333

1/17/2014 100.12 -0.344 0 0.344 0.007429 0.247143 0.030058 2.918

1/18/2014 100.259 0.139 0.139 0 0.027286 0.17 0.160504 13.830

1/19/2014 100.694 0.435 0.435 0 0.089429 0.101429 0.88169 46.856



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1/20/2014 100.695 0.001 0.001 0 0.089571 0.101429 0.883099 46.896

1/21/2014 100.716 0.021 0.021 0 0.092571 0.067 1.381663 58.012

1/22/2014 101.053 0.337 0.337 0 0.140714 0.049143 2.863372 74.115

1/23/2014 101.837 0.784 0.784 0 0.245286 0.049143 4.991279 83.309

1/24/2014 102.383 0.546 0.546 0 0.323286 0 0 1

1/25/2014 103.158 0.775 0.775 0 0.414143 0 0 1

1/26/2014 103.077 -0.081 0 0.081 0.352 0.011571 30.41975 96.817

1/27/2014 103.071 -0.006 0 0.006 0.351857 0.012429 28.31034 96.588

1/28/2014 103.95 0.879 0.879 0 0.474429 0.012429 38.17241 97.447

1/29/2014 104.168 0.218 0.218 0 0.457429 0.012429 36.8046 97.354

1/30/2014 103.458 -0.71 0 0.71 0.345429 0.113857 3.033877 75.209

1/31/2014 103.419 -0.039 0 0.039 0.267429 0.119429 2.239234 69.128

2/1/2014 102.863 -0.556 0 0.556 0.156714 0.198857 0.788075 44.073

2/2/2014 102.514 -0.349 0 0.349 0.156714 0.237143 0.660843 39.789

2/3/2014 102.512 -0.002 0 0.002 0.156714 0.236571 0.66244 39.847

2/4/2014 102.445 -0.067 0 0.067 0.031143 0.246143 0.126524 11.231

2/5/2014 101.91 -0.535 0 0.535 0 0.322571 0

2/6/2014 101.577 -0.333 0 0.333 0 0.268714 0

2/7/2014 101.407 -0.17 0 0.17 0 0.287429 0

2/8/2014 101.396 -0.011 0 0.011 0 0.209571 0

2/9/2014 101.464 0.068 0.068 0 0.009714 0.159714 0.060823 5.7335

2/10/2014 101.464 0 0 0 0.009714 0.159429 0.060932 5.7432

2/11/2014 101.803 0.339 0.339 0 0.058143 0.149857 0.387989 27.95

2/12/2014 101.966 0.163 0.163 0 0.081429 0.073429 1.108949 52.583

2/13/2014 101.976 0.01 0.01 0 0.082857 0.025857 3.20442 76.215

2/14/2014 102.961 0.985 0.985 0 0.223571 0.001571 142.2727 99.302

2/15/2014 103.202 0.241 0.241 0 0.258 0 0 1

2/16/2014 103.183 -0.019 0 0.019 0.248286 0.002714 91.47368 98.918



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2/17/2014 103.183 0 0 0 0.248286 0.002714 91.47368 98.918

2/18/2014 103.267 0.084 0.084 0 0.211857 0.002714 78.05263 98.735

2/19/2014 103.295 0.028 0.028 0 0.192571 0.002714 70.94737 98.61

2/20/2014 103.496 0.201 0.201 0 0.219857 0.002714 81 98.780

2/21/2014 103.469 -0.027 0 0.027 0.079143 0.006571 12.04348 92.333

2/22/2014 103.059 -0.41 0 0.41 0.044714 0.065143 0.686404 40.702

2/23/2014 102.6 -0.459 0 0.459 0.044714 0.128 0.34933 25.889

2/24/2014 102.597 -0.003 0 0.003 0.044714 0.128429 0.348165 25.825

2/25/2014 102.847 0.25 0.25 0 0.068429 0.128429 0.532814 34.760

2/26/2014 102.892 0.045 0.045 0 0.070857 0.128429 0.551724 35.555

2/27/2014 103.005 0.113 0.113 0 0.058286 0.128429 0.453838 31.216

2/28/2014 103.16 0.155 0.155 0 0.080429 0.124571 0.645642 39.233

0

20

40

60

80

100

120

R S I

DAYS

7 Day GBP/INR

7 Day RSI



PAGE 164 OF 221

In the above chart RSI is calculated for 7 days for USD/INR.

The broad rule, if RSI crosses 70 there may be downturn & time to sell. If RSI falls

below 30 it is time to buy the share.


1. Varying the time period of the Relative Strength Index can increase or decrease the

number of buy and sell signals. So, lesser the time period of RSI, higher the appearance

of signals.

2. The chart shows Overbought Regions when RSI crosses mark of 70:

a. 28th

August , 2013 and 27th


3. The chart shows Oversold Regions when RSI crosses mark of 30:

a. 11th

October,2013 , 9th

December, 2013 , 16th

January, 2013 and 10th

March,

2014. It gives an indication to buy.

4. Since it is nearing the mark of 25, it is highly predicted that it has already reached the

Oversold Region. And thus, gives an indication to buy pounds currently and hold them

till point ‘C’ is reached.



PAGE 165 OF 221

CALCULATION OF ROC FOR GBP/INR


DATE CLOSE ROC

3/1/2013 82.0632

3/2/2013 82.7729

3/3/2013 82.7441

3/4/2013 82.7452

3/5/2013 82.8072

3/6/2013 82.9636

3/7/2013 82.6922 0.766482

3/8/2013 81.9566 -0.98619

3/9/2013 81.4902 -1.5154

3/10/2013 80.9014 -2.22829

3/11/2013 80.9025 -2.30016

3/12/2013 81.0167 -2.34669

3/13/2013 80.7179 -2.38753

3/14/2013 80.9341 -1.24761

3/15/2013 81.1544 -0.412073/16/2013 81.6299 0.900479

3/17/2013 81.4686 0.699731

3/18/2013 81.4686 0.557786

3/19/2013 81.7141 1.234175

3/20/2013 81.8969 1.18961

3/21/2013 82.1451 1.220759

3/22/2013 82.185 0.68002

3/23/2013 82.5508 1.328365

3/24/2013 82.5636 1.344076

3/25/2013 82.5636 1.0396

3/26/2013 82.3994 0.613576

3/27/2013 82.2678 0.14937

3/28/2013 82.276 0.110726

3/29/2013 82.3066 -0.29582

3/30/2013 82.666 0.124026



PAGE 166 OF 221

3/31/2013 82.5614 -0.00266

4/1/2013 82.5614 0.196603

4/2/2013 82.7609 0.599384

4/3/2013 82.4791 0.246852

4/4/2013 82.1984 -0.13146

4/5/2013 82.7787 0.136332

4/6/2013 83.543 1.188933

4/7/2013 83.6228 1.285589

4/8/2013 83.6228 1.041434

4/9/2013 83.5724 1.325548

4/10/2013 83.1722 1.184695

4/11/2013 83.2027 0.512209

4/12/2013 83.2921 -0.30032

4/13/2013 83.553 -0.08347

4/14/2013 83.4033 -0.262494/15/2013 83.4033 -0.20234

4/16/2013 83.4234 0.302024

4/17/2013 82.8768 -0.39169

4/18/2013 82.3216 -1.16518

4/19/2013 82.1012 -1.73758

4/20/2013 82.0783 -1.58867

4/21/2013 81.5688 -2.19955

4/22/2013 81.5688 -2.22312

4/23/2013 82.053 -0.99401

4/24/2013 82.5088 0.227401

4/25/2013 82.442 0.415097

4/26/2013 82.9032 1.005016

4/27/2013 83.5387 2.415017

4/28/2013 83.6533 2.555511

4/29/2013 83.6533 1.950325

4/30/2013 83.8034 1.569045

5/1/2013 83.1725 0.886077

5/2/2013 82.8948 -0.01013

5/3/2013 83.058 -0.575425/4/2013 83.2027 -0.53865

5/5/2013 83.082 -0.68294

5/6/2013 83.082 -0.86082

5/7/2013 83.566 0.473113

5/8/2013 83.5767 0.822609

5/9/2013 83.3561 0.358906



PAGE 167 OF 221

5/10/2013 83.7921 0.70839

5/11/2013 83.92 1.008642

5/12/2013 83.68 0.719771

5/13/2013 83.68 0.136419

5/14/2013 83.8512 0.328441

5/15/2013 83.3569 0.00096

5/16/2013 83.1268 -0.79399

5/17/2013 83.2185 -0.83592

5/18/2013 83.3806 -0.35779

5/19/2013 83.2487 -0.51542

5/20/2013 83.2487 -0.71853

5/21/2013 83.4962 0.167113

5/22/2013 83.698 0.687143

5/23/2013 83.7771 0.671245

5/24/2013 83.9305 0.6595065/25/2013 84.0289 0.937192

5/26/2013 84.2524 1.205664

5/27/2013 84.2524 0.90567

5/28/2013 84.0716 0.446367

5/29/2013 84.1974 0.501688

5/30/2013 84.6601 0.869291

5/31/2013 85.321 1.537685

6/1/2013 85.9886 2.060713

6/2/2013 86.0323 2.112581

6/3/2013 86.0323 2.332179

6/4/2013 86.2778 2.47086

6/5/2013 86.4078 2.064373

6/6/2013 86.8678 1.812918

6/7/2013 87.8986 2.221225

6/8/2013 88.6834 3.081517

6/9/2013 89.0602 3.519492

6/10/2013 89.0602 3.224932

6/11/2013 89.7686 3.889464

6/12/2013 90.8841 4.6234626/13/2013 90.7237 3.214044

6/14/2013 90.9741 2.583009

6/15/2013 90.3042 1.396808

6/16/2013 90.3504 1.448683

6/17/2013 90.3504 0.648111

6/18/2013 90.707 -0.19486



PAGE 168 OF 221

6/19/2013 91.611 0.978024

6/20/2013 91.877 0.99248

6/21/2013 92.4565 2.383389

6/22/2013 92.2271 2.077135

6/23/2013 91.956 1.777081

6/24/2013 91.956 1.376961

6/25/2013 92.0344 0.462172

6/26/2013 92.1583 0.30617

6/27/2013 92.5395 0.089772

6/28/2013 92.2786 0.05584

6/29/2013 90.9606 -1.08247

6/30/2013 90.6375 -1.43384

7/1/2013 90.6375 -1.5178

7/2/2013 90.3515 -1.96054

7/3/2013 90.3452 -2.37127/4/2013 91.4193 -0.9312

7/5/2013 91.2534 0.321898

7/6/2013 90.5866 -0.05616

7/7/2013 90.7991 0.178293

7/8/2013 90.7991 0.495399

7/9/2013 90.6679 0.357186

7/10/2013 89.5614 -2.03228

7/11/2013 89.3434 -2.09307

7/12/2013 90.3031 -0.31296

7/13/2013 90.6553 -0.15837

7/14/2013 90.443 -0.39218

7/15/2013 90.443 -0.24805

7/16/2013 90.2376 0.755013

7/17/2013 89.3543 0.0122

7/18/2013 89.9494 -0.39168

7/19/2013 90.614 -0.04556

7/20/2013 90.9345 0.543436

7/21/2013 90.7857 0.378913

7/22/2013 90.7857 0.6073967/23/2013 91.0803 1.931636

7/24/2013 91.5114 1.736532

7/25/2013 91.1413 0.581919

7/26/2013 90.7032 -0.25436

7/27/2013 90.861 0.082943

7/28/2013 90.8757 0.099135



PAGE 169 OF 221

7/29/2013 90.8757 -0.22464

7/30/2013 91.2729 -0.26062

7/31/2013 92.2767 1.245758

8/1/2013 92.889 2.409838

8/2/2013 92.1748 1.445945

8/3/2013 92.5634 1.857152

8/4/2013 93.4076 2.786113

8/5/2013 93.4076 2.33881

8/6/2013 93.6564 1.495177

8/7/2013 94.5014 1.735835

8/8/2013 94.6783 2.716035

8/9/2013 94.754 2.366594

8/10/2013 94.1632 0.808928

8/11/2013 93.7688 0.386692

8/12/2013 93.7688 0.1200138/13/2013 94.3611 -0.14846

8/14/2013 94.9435 0.280106

8/15/2013 95.0876 0.35207

8/16/2013 95.4695 1.387272

8/17/2013 96.8713 3.30867

8/18/2013 97.8568 4.359659

8/19/2013 97.8568 3.704599

8/20/2013 98.7939 4.055465

8/21/2013 99.9277 5.090148

8/22/2013 100.641 5.416913

8/23/2013 101.42 4.695612

8/24/2013 100.384 2.582549

8/25/2013 100.086 2.278023

8/26/2013 100.086 1.307874

8/27/2013 100.327 0.399589

8/28/2013 102.823 2.168102

8/29/2013 105.17 3.697496

8/30/2013 104.596 4.195888

8/31/2013 103.669 3.5799219/1/2013 103.06 2.971445

9/2/2013 103.06 2.724092

9/3/2013 103.242 0.407496

9/4/2013 105.14 -0.02853

9/5/2013 105.031 0.415886

9/6/2013 103.378 -0.2807



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9/7/2013 102.064 -0.96643

9/8/2013 100.877 -2.11818

9/9/2013 100.877 -2.29073

9/10/2013 101.146 -3.79874

9/11/2013 100.417 -4.39299

9/12/2013 100.072 -3.19797

9/13/2013 100.186 -1.84002

9/14/2013 100.421 -0.45204

9/15/2013 100.196 -0.67508

9/16/2013 100.196 -0.93924

9/17/2013 99.9889 -0.42632

9/18/2013 100.303 0.230834

9/19/2013 100.32 0.133751

9/20/2013 98.8343 -1.58005

9/21/2013 99.2719 -0.922299/22/2013 99.659 -0.53595

9/23/2013 99.659 -0.32994

9/24/2013 99.9787 -0.32332

9/25/2013 100.103 -0.21631

9/26/2013 99.9486 1.127443

9/27/2013 99.2418 -0.03032

9/28/2013 99.7742 0.115594

9/29/2013 101.173 1.51918

9/30/2013 101.173 1.194554

10/1/2013 101.16 1.055912

10/2/2013 100.981 1.032931

10/3/2013 100.874 1.64467

10/4/2013 99.8954 0.121474

10/5/2013 98.5527 -2.58992

10/6/2013 97.6548 -3.47741

10/7/2013 97.6548 -3.46501

10/8/2013 98.4947 -2.46215

10/9/2013 98.8363 -2.02004

10/10/2013 98.5857 -1.3110710/11/2013 97.727 -0.83783

10/12/2013 96.8911 -0.78204

10/13/2013 96.6274 -1.05207

10/14/2013 96.6274 -1.89584

10/15/2013 97.1994 -1.65617

10/16/2013 97.643 -0.95622



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10/17/2013 97.9019 0.178968

10/18/2013 97.6847 0.819064

10/19/2013 98.2189 1.647048

10/20/2013 98.1924 1.619623

10/21/2013 98.1924 1.021611

10/22/2013 98.7391 1.122559

10/23/2013 98.834 0.952075

10/24/2013 98.8927 1.236632

10/25/2013 98.9101 0.703734

10/26/2013 98.9823 0.804441

10/27/2013 98.7237 0.541081

10/28/2013 98.7237 -0.0156

10/29/2013 98.8785 0.045025

10/30/2013 98.3869 -0.51146

10/31/2013 97.8932 -1.0281111/1/2013 98.077 -0.91461

11/2/2013 98.7955 0.072728

11/3/2013 98.4957 -0.23095

11/4/2013 98.4957 -0.38714

11/5/2013 98.6082 0.224928

11/6/2013 98.7906 0.916713

11/7/2013 99.7873 1.743834

11/8/2013 100.303 1.525879

11/9/2013 100.781 2.320203

11/10/2013 101.079 2.622754

11/11/2013 101.077 2.503646

11/12/2013 101.344 2.584659

11/13/2013 101.548 1.764453

11/14/2013 101.309 1.002961

11/15/2013 101.269 0.484218

11/16/2013 101.207 0.126634

11/17/2013 100.834 -0.24041

11/18/2013 100.834 -0.50324

11/19/2013 100.58 -0.9532411/20/2013 99.9252 -1.36592

11/21/2013 100.394 -0.86404

11/22/2013 100.981 -0.2233

11/23/2013 101.527 0.687268

11/24/2013 101.034 0.198346

11/25/2013 101.034 0.451382



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11/26/2013 100.827 0.902475

11/27/2013 100.49 0.095623

11/28/2013 101.036 0.054466

11/29/2013 101.512 -0.01477

11/30/2013 101.617 0.577033

12/1/2013 101.698 0.657205

12/2/2013 101.699 0.864848

12/3/2013 101.687 1.191163

12/4/2013 101.802 0.758146

12/5/2013 101.541 0.028568

12/6/2013 100.549 -1.05101

12/7/2013 100.102 -1.56935

12/8/2013 99.5321 -2.1307

12/9/2013 99.5327 -2.11856

12/10/2013 99.5108 -2.2506412/11/2013 100.028 -1.49004

12/12/2013 100.287 -0.26057

12/13/2013 100.885 0.782202

12/14/2013 101.112 1.587327

12/15/2013 101.045 1.5194

12/16/2013 101.044 1.540737

12/17/2013 100.765 0.736794

12/18/2013 100.308 0.02094

12/19/2013 100.598 -0.28448

12/20/2013 101.531 0.414392

12/21/2013 101.39 0.341432

12/22/2013 101.002 -0.04157

12/23/2013 101 0.233216

12/24/2013 100.921 0.611118

12/25/2013 100.745 0.146126

12/26/2013 100.79 -0.72983

12/27/2013 101.14 -0.24657

12/28/2013 101.711 0.701966

12/29/2013 101.728 0.72079212/30/2013 101.729 0.800626

12/31/2013 101.854 1.100799

1/1/2014 101.808 1.010021

1/2/2014 102.018 0.868104

1/3/2014 102.218 0.498471

1/4/2014 102.164 0.428594



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1/5/2014 101.964 0.231006

1/6/2014 101.965 0.10898

1/7/2014 101.899 0.089384

1/8/2014 101.932 -0.0843

1/9/2014 101.724 -0.48328

1/10/2014 101.798 -0.35825

1/11/2014 101.258 -0.6924

1/12/2014 100.778 -1.16412

1/13/2014 100.778 -1.10011

1/14/2014 100.537 -1.36856

1/15/2014 100.412 -1.28976

1/16/2014 100.464 -1.31044

1/17/2014 100.12 -1.12386

1/18/2014 100.259 -0.51499

1/19/2014 100.694 -0.083351/20/2014 100.695 0.157156

1/21/2014 100.716 0.302753

1/22/2014 101.053 0.58628

1/23/2014 101.837 1.714942

1/24/2014 102.383 2.118513

1/25/2014 103.158 2.447018

1/26/2014 103.077 2.365559

1/27/2014 103.071 2.338258

1/28/2014 103.95 2.866812

1/29/2014 104.168 2.288952

1/30/2014 103.458 1.049979

1/31/2014 103.419 0.25301

2/1/2014 102.863 -0.20761

2/2/2014 102.514 -0.5404

2/3/2014 102.512 -1.38336

2/4/2014 102.445 -1.65406

2/5/2014 101.91 -1.49626

2/6/2014 101.577 -1.7811

2/7/2014 101.407 -1.415472/8/2014 101.396 -1.09058

2/9/2014 101.464 -1.02232

2/10/2014 101.464 -0.95759

2/11/2014 101.803 -0.10499

2/12/2014 101.966 0.382961

2/13/2014 101.976 0.561105



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2/14/2014 102.961 1.543453

2/15/2014 103.202 1.712923

2/16/2014 103.183 1.694197

2/17/2014 103.183 1.355559

2/18/2014 103.267 1.275916

2/19/2014 103.295 1.293442

2/20/2014 103.496 0.519614

2/21/2014 103.469 0.258716

2/22/2014 103.059 -0.12017

2/23/2014 102.6 -0.56502

2/24/2014 102.597 -0.6488

2/25/2014 102.847 -0.43371

2/26/2014 102.892 -0.5836

2/27/2014 103.005 -0.44844

2/28/2014 103.16 0.098002

-6

-4

-2

0

2

4

6

R O C

DAYS

ROC- GBP/INR

ROC



PAGE 175 OF 221

Many traders use a value greater than zero to indicate an increase in upward momentum and a

value less than zero to indicate an increase in selling pressure. However, some of the most

valuable signals are generated when the price of the asset and the ROC are heading in opposite

directions (known as divergence).



August 2013


September 2013

After this high and low, the RATE OF CHANGE is somewhat consistent for the past 5-6 months.

The positive value means there is enough market support to continue to drive price activity in

the direction of the current trend. A negative value suggests there is a lack of support, and

prices may begin to become stagnant or reverse.

From this, we CONCLUDE that as the ROC curve has a positive value in the end of February, the

current upward trend will continue for some time which matches with our BUY signal of

Technical Analysis.



OPTION TRA

An option is common form of a

one party (the option holder)

transaction with another party (

Options can be embedded into

Most exchange-traded options

have a huge variety of underlyi

assets).

There are two main types of opt

o Call options provide th

underlying asset at a sp

stock fails to meet the

becomes worthless.

PAGE 176 OF 221

ING STRATEGIES

erivative. It's a contract, or a provision of a co

the right, but not the obligation to perf

the option issuer or option writer) according t

any kinds of contracts.

have stocks as their underlying asset but OT

g assets (bonds, currencies, commodities, sw

ions: calls and puts:

holder the right (but not the obligation)

cified price (the strike price), for a certain peri

strike price before the expiration date, the o

OPTIONS

PUT CALL

ntract, that gives

rm a specified

specified terms.

-traded options

ps, or baskets of

to purchase an

od of time. If the

tion expires and



Investors buy calls whe

sell a call if they think

option.

o Put options give the hol

strike price). The seller

strike price. Put options

Investors buy puts if th

one if they think it will r

OPTIONS(EXERCISING

STYLE)

PAGE 177 OF 221

they think the share price of the underlying s

it will fall. Selling an option is also referred t

der the right to sell an underlying asset at a s

or writer) of the put option is obligated to bu

can be exercised at any time before the option

ey think the share price of the underlying sto

ise.

AMERICAOPTION

EUROPEOPTION

curity will rise or

as ''writing'' an

ecified price(the

the stock at the

expires.

k will fall, or sell

N

N



PAGE 178 OF 221

AMERICAN OPTION

It is an option that can be exercised anytime during its life. American options allow option

holders to exercise the option at any time prior to and including its maturity date, thus

increasing the value of the option to the holder.

EUROPEAN OPTION

It is an option that can only be exercised at the end of its life, at its maturity. European options

tend to sometimes trade at a discount to its comparable American option. This is because

American options allow investors more opportunities to exercise the contract.

BASIC CHARACTERISTICS

Both put and call options have three basic characteristics: EXERCISE PRICE, EXPIRATION DATE

AND TIME TO EXPIRATION.

The buyer has the right to buy or sell the asset.

To acquire the right of an option, the buyer of the option must pay a price to the seller.

This is called the option price or the premium.

The exercise price is also called the fixed price, strike price or just the strike and is

determined at the beginning of the transaction. It is the fixed price at which the holder

of the call or put can buy or sell the underlying asset.



PAGE 179 OF 221

Exercising is using this right the option grants you to buy or sell the underlying asset.

The seller may have a potential commitment to buy or sell the asset if the buyer

exercises his right on the option.

The expiration date is the final date that the option holder has to exercise her right to

buy or sell the underlying asset.

Time to expiration is the amount of time from the purchase of the option until the

expiration date. At expiration, the call holder will pay the exercise price and receive the

underlying securities (or an equivalent cash settlement) if the option expires in the

money. The call seller will deliver the securities at the exercise price and receive the

cash value of those securities or receive equivalent cash settlement in lieu of delivering

the securities.

Defaults on over-the counter option transactions are based on counterparties, while

exchange-traded options use a clearing house.

MECHANISM: CALL AND PUT

CALL OPTION

LONG CALL

An investor typically 'buys a call' when he expects the price of the underlying instrument will go

above the call's 'strike price,' hopefully significantly so, before the call expires.

The investor pays a non-refundable premium for the legal right to exercise the call at the strike

price, meaning he can purchase the underlying instrument at the strike price.



PAGE 180 OF 221

Typically, if the price of the underlying instrument has surpassed the strike price, the buyer

pays the strike price to actually purchase the underlying instrument, and then sells the

instrument and pockets the profit. Of course, the investor can also hold onto the underlying

instrument, if he feels it will continue to climb even higher.

SHORT CALL

An investor typically 'writes a call' when he expects the price of the underlying instrument tostay below the call's strike price.

The writer (seller) receives the premium up front as his or her profit.

However, if the call buyer decides to exercise his option to buy, then the writer has the

obligation to sell the underlying instrument at the strike price.

Often the writer of the call does not actually own the underlying instrument, and must

purchase it on the open market in order to be able to sell it to the buyer of the call. The seller of

the call will lose the difference between his purchase price of the underlying instrument and

the strike price. This risk can be huge if the underlying instrument skyrockets unexpectedly in

price.



PUT OPTION

LONG PUT

A buyer thinks the price

He pays a premium whic

The buyer has the right t

Payoff diagram will be as follow

SHORT PUT

PAGE 181 OF 221

f a stock will decrease.

he will never get back.

o sell the stock at the strike price.

:



The writer receives a premium

buy the stock at the strike price

the premium.

PAGE 182 OF 221

rom the buyer. If the buyer exercises his optio

. If the buyer does not exercise his option, the

n, the writer will

writer's profit is



PAGE 183 OF 221

COMBINATIONS STRATEGIES

SHORT STRADDLE (SELL STRADDLE)

The short straddle - a.k.a. sell straddle or naked straddle sale - is a neutral options strategy that

involves the simultaneous selling of a put and a call of the same underlying asset, striking

price and expiration date.

Short straddles are limited profit, unlimited risk options trading strategies that are used when

the options trader thinks that the underlying securities will experience little volatility in the

near term.

OPTIONSTRADING

STRATEGIES

[A]

COMBINATIONS

[B]

SPREADS



PAGE 184 OF 221

LIMITED PROFIT

Maximum profit for the short straddle is achieved when the underlying stock price on

expiration date is trading at the strike price of the options sold. At this price, both options

expire worthless and the options trader gets to keep the entire initial credit taken as profit.

The formula for calculating maximum profit is given below:

Max Profit = Net Premium Received - Commissions Paid

Max Profit Achieved When Price of Underlying = Strike Price of Short Call/Put



PAGE 185 OF 221

UNLIMITED RISK

Large losses for the short straddle can be incurred when the underlying stock price makes a

strong move either upwards or downwards at expiration, causing the short call or the short put

to expire deep in the money.

The formula for calculating loss is given below:

Maximum Loss = Unlimited

Loss Occurs When Price of Underlying > Strike Price of Short Call + Net Premium

Received OR Price of Underlying < Strike Price of Short Put - Net Premium Received

Loss = Price of Underlying - Strike Price of Short Call - Net Premium Received OR Strike

Price of Short Put - Price of Underlying - Net Premium Received + Commissions Paid

BREAKEVEN POINT(S)

There are 2 break-even points for the short straddle position. The breakeven points can be

calculated using the following formulae.

Upper Breakeven Point = Strike Price of Short Call + Net Premium Received

Lower Breakeven Point = Strike Price of Short Put - Net Premium Received



PAGE 186 OF 221

OPTION STRADDLE (LONG STRADDLE)

The long straddle, also known as buy straddle or simply "straddle", is a neutral strategy in

options trading that involve the simultaneously buying of aput

and acall

of thesame underlying stock, striking price and expiration date.

Long straddle options are unlimited profit, limited risk options trading strategies that are used

when the options trader thinks that the underlying securities will experience significant

volatility in the near term.

UNLIMITED PROFIT POTENTIAL

By having long positions in both call and put options, straddles can achieve large profits no

matter which way the underlying stock price heads, provided the move is strong enough.

The formula for calculating profit is given below:

Maximum Profit = Unlimited

Profit Achieved When Price of Underlying > Strike Price of Long Call + Net Premium

Paid OR Price of Underlying < Strike Price of Long Put - Net Premium Paid

Profit = Price of Underlying - Strike Price of Long Call - Net Premium Paid OR Strike

Price of Long Put - Price of Underlying - Net Premium Paid



PAGE 187 OF 221

LIMITED RISK

Maximum loss for long straddles occurs when the underlying stock price on expiration date is

trading at the strike price of the options bought. At this price, both options expire worthless

and the options trader loses the entire initial debit taken to enter the trade.

The formula for calculating maximum loss is given below:

Max Loss = Net Premium Paid + Commissions Paid

Max Loss Occurs When Price of Underlying = Strike Price of Long Call/Put

BREAKEVEN POINT(S)

There are 2 break-even points for the long straddle position. The breakeven points can be


Upper Breakeven Point = Strike Price of Long Call + Net Premium Paid

Lower Breakeven Point = Strike Price of Long Put - Net Premium Paid



PAGE 188 OF 221

SHORT STRANGLE (SELL STRANGLE)

The short strangle, also known as sell strangle, is a neutral strategy in options trading that

involve the simultaneous selling of a slightly out-of-the-money put and a slightly out-of-the-

money call of the same underlying stock and expiration date.

The short strangle option strategy is a limited profit, unlimited risk options trading strategy that

is taken when the options trader thinks that the underlying stock will experience little volatility

in the near term. Short strangles are credit spreads as a net credit is taken to enter the trade.

LIMITED PROFIT

Maximum profit for the short strangle occurs when the underlying stock price on expiration

date is trading between the strike prices of the options sold. At this price, both options expire

worthless and the options trader gets to keep the entire initial credit taken as profit.



Max Profit Achieved When Price of Underlying is in between the Strike Price of the

Short Call and the Strike Price of the Short Put



PAGE 189 OF 221

UNLIMITED RISK

Large losses for the short strangle can be experienced when the underlying stock price makes a

strong move either upwards or downwards at expiration.

The formula for calculating loss is given below:

Maximum Loss = Unlimited

Loss Occurs When Price of Underlying > Strike Price of Short Call + Net Premium

Received OR Price of Underlying < Strike Price of Short Put - Net Premium Received

Loss = Price of Underlying - Strike Price of Short Call - Net Premium Received OR Strike

Price of Short Put - Price of Underlying - Net Premium Received + Commissions Paid

BREAKEVEN POINT(S)

There are 2 break-even points for the short strangle position. The breakeven points can becalculated using the following formulae.

Upper Breakeven Point = Strike Price of Short Call + Net Premium Received

Lower Breakeven Point = Strike Price of Short Put - Net Premium Received



PAGE 190 OF 221

OPTION STRANGLE (LONG STRANGLE)

The long strangle, also known as buy strangle or simply "strangle", is a neutral strategy in

options trading that involve the simultaneous buying of a slightly out-of-the-money put and a

slightly out-of-the-money call of the same underlying stock and expiration date.

The long options strangle is an unlimited profit, limited risk strategy that is taken when the

options trader thinks that the underlying stock will experience significant volatility in the near

term. Long strangles are debit spreads as a net debit is taken to enter the trade.


Large gains for the long strangle option strategy are attainable when the underlying stock price

makes a very strong move either upwards or downwards at expiration.



Profit Achieved When Price of Underlying > Strike Price of Long Call + Net Premium

Paid OR Price of Underlying < Strike Price of Long Put - Net Premium Paid

Profit = Price of Underlying - Strike Price of Long Call - Net Premium Paid OR Strike

Price of Long Put - Price of Underlying - Net Premium Paid



PAGE 191 OF 221

LIMITED RISK

Maximum loss for the long strangles options strategy is hit when the underlying stock price on

expiration date is trading between the strike prices of the options bought. At this price, both

options expire worthless and the options trader loses the entire initial debit taken to enter the

trade.



Max Loss Occurs When Price of Underlying is in between Strike Price of Long Call and

Strike Price of Long Put

BREAKEVEN POINT(S)

There are 2 break-even points for the long strangle position. The breakeven points can be


Upper Breakeven Point = Strike Price of Long Call + Net Premium Paid

Lower Breakeven Point = Strike Price of Long Put - Net Premium Paid



PAGE 192 OF 221

STRIP

The strip is a modified, more bearish version of the common straddle. It involves buying a

number of at-the-money calls and twice the number of puts of the same underlying

stock, striking price and expiration date.

Strips are unlimited profit, limited risk options trading strategies that are used when the

options trader thinks that the underlying stock price will experience significant volatility in the

near term and is more likely to plunge downwards instead of rallying.


Large profit is attainable with the strip strategy when the underlying stock price makes a strong

move either upwards or downwards at expiration, with greater gains to be made with a

downward move.



Profit Achieved When Price of Underlying > Strike Price of Calls/Puts + Net Premium

Paid OR Price of Underlying < Strike Price of Calls/Puts - (Net Premium Paid/2)

Profit = Price of Underlying - Strike Price of Calls - Net Premium Paid OR 2 x (StrikePrice of Puts - Price of Underlying) - Net Premium Paid



PAGE 193 OF 221

LIMITED RISK

Maximum loss for the strip occurs when the underlying stock price on expiration date is trading

at the strike price of the call and put options purchased. At this price, all the options expire

worthless and the options trader loses the entire initial debit taken to enter the trade.


Max Loss = Net Premium Paid + Commissions Paid Max Loss Occurs When Price of Underlying = Strike Price of Calls/Puts

BREAKEVEN POINT(S)

There are 2 break-even points for the strip position. The breakeven points can be calculated

using the following formulae.

Upper Breakeven Point = Strike Price of Calls/Puts + Net Premium Paid

Lower Breakeven Point = Strike Price of Calls/Puts - (Net Premium Paid/2)



PAGE 194 OF 221

STRAP

The strap is a modified, more bullish version of the common straddle. It involves buying a

number of at-the-money puts and twice the number of calls of the same underlying

stock, striking price and expiration date.

Straps are unlimited profit, limited risk options trading strategies that are used when the

options trader thinks that the underlying stock price will experience significant volatility in the

near term and is more likely to rally upwards instead of plunging downwards.


Large profit is attainable with the strap strategy when the underlying stock price makes a strong

move either upwards or downwards at expiration, with greater gains to be made with an

upward move.



Profit Achieved When Price of Underlying > Strike Price of Calls/Puts + (Net Premium

Paid/2) OR Price of Underlying < Strike Price of Calls/Puts - Net Premium Paid

Profit = 2 x (Price of Underlying - Strike Price of Calls) - Net Premium Paid OR StrikePrice of Puts - Price of Underlying - Net Premium Paid



PAGE 195 OF 221

LIMITED RISK

Maximum loss for the strap occurs when the underlying stock price on expiration date is trading

at the strike price of the call and put options purchased. At this price, all the options expire

worthless and the options trader loses the entire initial debit taken to enter the trade.



Max Loss Occurs When Price of Underlying = Strike Price of Calls/Puts

BREAKEVEN POINT(S)

There are 2 break-even points for the strap position. The breakeven points can be calculated


Upper Breakeven Point = Strike Price of Calls/Puts + (Net Premium Paid/2)

Lower Breakeven Point = Strike Price of Calls/Puts - Net Premium Paid



PAGE 196 OF 221

SPREAD STRATEGIES

BUTTERFLY SPREAD

The butterfly spread is a neutral strategy that is a combination of a bull spread and a bear

spread. It is a limited profit, limited risk options strategy. There are 3 striking prices involved in

a butterfly spread and it can be constructed using calls or puts.

Butterfly Spread Construction

Buy 1 ITM Call

Sell 2 ATM CallsBuy 1 OTM Call

LONG CALL BUTTERFLY

Long butterfly spreads are entered when the investor thinks that the underlying stock will not

rise or fall much by expiration. Using calls, the long butterfly can be constructed by buying one

lower striking in-the-money call, writing two at-the-money calls and buying another higher

striking out-of-the-money call. A resulting net debit is taken to enter the trade.

LIMITED PROFIT

Maximum profit for the long butterfly spread is attained when the underlying stock price

remains unchanged at expiration. At this price, only the lower striking call expires in the money.




PAGE 197 OF 221

Max Profit = Strike Price of Short Call - Strike Price of Lower Strike Long Call - Net

Premium Paid - Commissions Paid

Max Profit Achieved When Price of Underlying = Strike Price of Short Calls

LIMITED RISK

Maximum loss for the long butterfly spread is limited to the initial debit taken to enter the

trade plus commissions.



Max Loss Occurs When Price of Underlying <= Strike Price of Lower Strike Long Call OR

Price of Underlying >= Strike Price of Higher Strike Long Call

BREAKEVEN POINT(S)

There are 2 break-even points for the butterfly spread position. The breakeven points can be


Upper Breakeven Point = Strike Price of Higher Strike Long Call - Net Premium Paid

Lower Breakeven Point = Strike Price of Lower Strike Long Call + Net Premium Paid



PAGE 198 OF 221

SHORT BUTTERFLY

The short butterfly is a neutral strategy like the long butterfly but bullish on volatility. It is a

limited profit, limited risk options trading strategy. There are 3 striking prices involved in a short

butterfly spread and it can be constructed using calls or puts.

Short Butterfly Construction

Sell 1 ITM Call

Buy 2 ATM Calls

Sell 1 OTM Call

SHORT CALL BUTTERFLY

Using calls, the short butterfly can be constructed by writing one lower striking in-the-money

call, buying two at-the-money calls and writing another higher striking out-of-the-money call,

giving the trader a net credit to enter the position.

LIMITED PROFIT

Maximum profit for the short butterfly is obtained when the underlying stock price rally passthe higher strike price or drops below the lower strike price at expiration.

If the stock ends up at the lower striking price, all the options expire worthless and the short

butterfly trader keeps the initial credit taken when entering the position.

However, if the stock price at expiry is equal to the higher strike price, the higher striking call

expires worthless while the "profits" of the two long calls owned is canceled out by the "loss"

incurred from shorting the lower striking call. Hence, the maximum profit is still only the initial

credit taken.



Max Profit Achieved When Price of Underlying <= Strike Price of Lower Strike Short

Call OR Price of Underlying >= Strike Price of Higher Strike Short Call



PAGE 199 OF 221

LIMITED RISK

Maximum loss for the short butterfly is incurred when the stock price of the underlying stock

remains unchanged at expiration. At this price, only the lower striking call which was shorted

expires in-the-money. The trader will have to buy back the call at its intrinsic value.


Max Loss = Strike Price of Long Call - Strike Price of Lower Strike Short Call - Net

Premium Received + Commissions Paid

Max Loss Occurs When Price of Underlying = Strike Price of Long Calls

BREAKEVEN POINT(S)

There are 2 break-even points for the short butterfly position. The breakeven points can be


Upper Breakeven Point = Strike Price of Highest Strike Short Call - Net Premium

Received

Lower Breakeven Point = Strike Price of Lowest Strike Short Call + Net Premium

Received



PAGE 200 OF 221

LONG PUT BUTTERFLY

The long put butterfly spread is a limited profit, limited risk options trading strategy that is

taken when the options trader thinks that the underlying security will not rise or fall much by

expiration.

There are 3 striking prices involved in a long put butterfly spread and it is constructed by buying

one lower striking put, writing two at-the-money puts and buying another higher striking put

for a net debit.

LIMITED PROFIT

Maximum gain for the long put butterfly is attained when the underlying stock price remains

unchanged at expiration. At this price, only the highest striking put expires in the money.


Max Profit = Strike Price of Higher Strike Long Put - Strike Price of Short Put - Net

Premium Paid - Commissions Paid

Max Profit Achieved When Price of Underlying = Strike Price of Short Put



PAGE 201 OF 221

LIMITED RISK

Maximum loss for the long put butterfly is limited to the initial debit taken to enter the trade

plus commissions.



Max Loss Occurs When Price of Underlying <= Strike Price of Lower Strike Long Put OR

Price of Underlying >= Strike Price of Higher Strike Long Put

BREAKEVEN POINT(S)

There are 2 break-even points for the long put butterfly position. The breakeven points can be


Upper Breakeven Point = Strike Price of Highest Strike Long Put - Net Premium Paid

Lower Breakeven Point = Strike Price of Lowest Strike Long Put + Net Premium Paid



PAGE 202 OF 221

SHORT PUT BUTTERFLY

The short put butterfly is a neutral strategy like the long put butterfly but bullish on volatility. It

is a limited profit, limited risk options strategy. There are 3 striking prices involved in a short put

butterfly and it can be constructed by writing one lower striking out-of-the-money put, buying

two at-the-money puts and writing another higher striking in-the-money put, giving the options

trader a net credit to put on the trade.

LIMITED PROFIT

Maximum profit is attained for the short put butterfly when the underlying stock price rally

pass the higher strike price or drops below the lower strike price at expiration.

If the stock ends up at the higher striking price, all the put options expire worthless and the

short put butterfly trader keeps the initial credit taken when entering the trade.

If, instead, the stock price at expiry is equal to the lower strike price, the lower striking put

option expires worthless while the "profits" of the remaining long put is canceled out by the

"loss" incurred from shorting the higher strike put. So the maximum profit is still only the initial

credit taken.




Put OR Price of Underlying >= Strike Price of Higher Strike Short Put



PAGE 203 OF 221

LIMITED RISK

Maximum loss for the short put butterfly is incurred when the price of the underlying asset

remains unchanged at expiration. At this price, only the higher striking put which was shorted

expires in-the-money. The trader will have to buy back that put option at its intrinsic value to

exit the trade.


Max Loss = Strike Price of Higher Strike Short Put - Strike Price of Long Put - Net

Premium Received + Commissions Paid

Max Loss Occurs When Price of Underlying = Strike Price of Long Put

BREAKEVEN POINT(S)

There are 2 break-even points for the short put butterfly position. The breakeven points can be


Upper Breakeven Point = Strike Price of Highest Strike Short Put - Net Premium

Received

Lower Breakeven Point = Strike Price of Lowest Strike Short Put + Net Premium

Received



PAGE 204 OF 221

CONDOR OPTIONS

The condor option strategy is a limited risk, non-directional option trading strategy that is

structured to earn a limited profit when the underlying security is perceived to have little

volatility.

Condor Construction

Sell 1 ITM Call

Buy 1 ITM Call (Lower Strike)

Sell 1 OTM Call

Buy 1 OTM Call (Higher Strike)

Using call options expiring on the same month, the trader can implement a long condor option

spread by writing a lower strike in-the-money call, buying an even lower striking in-the-money

call, writing a higher strike out-of-the-money call and buying another even higher striking out-

of-the-money call. A total of 4 legs are involved in the condor options strategy and a net debit is

required to establish the position.

LIMITED PROFIT

Maximum profit for the long condor option strategy is achieved when the stock price falls

between the 2 middle strikes at expiration. It can be derived that the maximum profit is equal

to the difference in strike prices of the 2 lower striking calls less the initial debit taken to enter

the trade.


Max Profit = Strike Price of Lower Strike Short Call - Strike Price of Lower Strike Long Call

- Net Premium Paid - Commissions Paid

Max Profit Achieved When Price of Underlying is in between the Strike Prices of the 2

Short Calls



PAGE 205 OF 221

LIMITED RISK

The maximum possible loss for a long condor option strategy is equal to the initial debit taken

when entering the trade. It happens when the underlying stock price on expiration date is at or

below the lowest strike price and also occurs when the stock price is at or above the highest

strike price of all the options involved.



Max Loss Occurs When Price of Underlying <= Strike Price of Lower Strike Long Call OR

Price of Underlying >= Strike Price of Higher Strike Long Call

BREAKEVEN POINT(S)

There are 2 break-even points for the condor position. The breakeven points can be calculated


Upper Breakeven Point = Strike Price of Highest Strike Long Call - Net Premium

Received

Lower Breakeven Point = Strike Price of Lowest Strike Long Call + Net Premium

Received



PAGE 206 OF 221

SHORT CONDOR

The short condor is a neutral strategy similar to the short butterfly. It is a limited risk, limited

profit trading strategy that is structured to earn a profit when the underlying stock is perceived

to be making a sharp move in either direction.

Using calls, the options trader can setup a short condor by combining a bear call spread and

a bull call spread. The trader enters a short call condor by buying a lower strike in-the-money

call, selling an even lower striking in-the-money call, buying a higher strike out-of-the-money

call and selling another even higher striking out-of-the-money call. A total of 4 legs are involved

in this trading strategy and a net credit is received on entering the trade.

LIMITED PROFIT POTENTIAL

The maximum possible profit for a short condor is equal to the initial credit received upon

entering the trade. It happens when the underlying stock price on expiration date is at or below

the lowest strike price and also occurs when the stock price is at or above the highest strike

price of all the options involved.




Call OR Price of Underlying >= Strike Price of Higher Strike Short Call



PAGE 207 OF 221

LIMITED RISK

Maximum loss is suffered when the underlying stock price falls between the 2 middle strikes

at expiration. It can be derived that the maximum loss is equal to the difference in strike

prices of the 2 lower striking calls less the initial credit taken to enter the trade.


Max Loss = Strike Price of Lower Strike Long Call - Strike Price of Lower Strike Short Call -

Net Premium Received + Commissions Paid

Max Loss Occurs When Price of Underlying is in between the Strike Prices of the 2 Long

Calls

BREAKEVEN POINT(S)

There are 2 break-even points for the short condor position. The breakeven points can be


Upper Breakeven Point = Strike Price of Highest Strike Short Call - Net Premium Paid

Lower Breakeven Point = Strike Price of Lowest Strike Short Call + Net Premium Paid



PAGE 208 OF 221

NEUTRAL CALENDAR SPREAD

The neutral calendar spread strategy involves buying long term calls and simultaneously writing

an equal number of near-month at-the-money or slightly out-of-the-money calls of the

same underlying security with the same strike price.

Neutral Calendar Spread Construction

Sell 1 Near-Term ATM Call

Buy 1 Long-Term ATM Call

The options trader applying this strategy is neutral towards the underlying for the short term

and is selling the near month calls to profit from their rapid time decay.


The maximum possible profit for the neutral calendar spread is limited to the premiums

collected from the sale of the near month options minus any time decay of the longer term

options. This happens if the underlying stock price remains unchanged on expiration of the near

month options.

LIMITED DOWNSIDE RISK

The maximum possible loss for the neutral calendar spread is limited to the initial debit taken

to put on the spread. It occurs when the stock price goes down and stays down until expiration

of the longer term options.



PAGE 209 OF 221

CALENDAR STRADDLE

The calendar straddle is implemented by selling a near term straddle while buying a longer term

straddle with the intention to profit from the rapid time decay of the near term options sold. It

is a limited profit, limited risk strategy entered by the options trader who thinks that the

underlying price will experience very little volatility in the near term.

Calendar Straddle Construction

Sell Near-Term Straddle

Buy Long-Term Straddle


Maximum gain for the calendar straddle is earned when the stock is trading at the strike price

of the options sold on expiration of the near term straddle. At this price, both the written

options expire worthless while the longer term straddle being held will suffer only a small loss

due to time decay.

Note that maximum profit is limited only on or before expiry of the near term straddle as the

options trader has the option of holding on to the longer term straddle to switch to the long

straddle strategy which has unlimited profit potential.



PAGE 210 OF 221

LIMITED RISK

Maximum loss for the calendar straddle is limited and is incurred when the stock price had

moved drastically in either direction on expiration of the near term straddle. At this price, both

the near-term straddle sold and the long term straddle held will be almost equal in value. The

options trader will typically sell the long term straddle to buy back the near term straddle and

thus the maximum loss is equal to the initial debit taken to enter the trade.



PAGE 211 OF 221

THE COLLAR STRATEGY

A collar is an options trading strategy that is constructed by holding shares of the underlying

stock while simultaneously buying protective puts and selling call options against that holding.

The puts and the calls are both out-of-the-money options having the same expiration month

and must be equal in number of contracts.

Collar Strategy Construction

Long 100 Shares

Sell 1 OTM Call

Buy 1 OTM Put

Technically, the collar strategy is the equivalent of an out-of-the-money covered call

strategy with the purchase of an additional protective put.

The collar is a good strategy to use if the options trader is writing covered calls to

earn premiums but wish to protect him from an unexpected sharp drop in the price of the

underlying security.



PAGE 212 OF 221



Max Profit = Strike Price of Short Call - Purchase Price of Underlying + Net Premium

Received - Commissions Paid

Max Profit Achieved When Price of Underlying >= Strike Price of Short Call

LIMITED RISK


Max Loss = Purchase Price of Underlying - Strike Price of Long Put - Net Premium

Received + Commissions Paid

Max Loss Occurs When Price of Underlying <= Strike Price of Long Put



PAGE 213 OF 221

BREAKEVEN POINT(S)

The underlying price at which break-even is achieved for the collar strategy position can be

calculated using the following formula.

Breakeven Point = Purchase Price of Underlying + Net Premium Paid

SUMMARY OF ALL STRATEGIES

SR.

NO.TYPE CALL PUT

EXERCISE

PRICE

EXPIRY

PERIOD

UNDERLYING

ASSETEXPECTATION

1 STRIPS BUY 1 BUY 2 SAME SAME SAME DOWNWARD TREND

2 STRAPS BUY 2 BUY 1 SAME SAME SAME UPWARD TREND

3 LONG STRADDLE BUY 1 BUY 1 SAME SAME SAME HIGH UNCERTAINTY

& VOLATILITY

4 SHORT STRADDLE SELL1

SELL1

SAME SAME SAME HIGH STABILITY

5 LONG STRANGLE BUY 1 BUY 1 DIFFERENT SAME SAME HIGH UNCERTAINTY

& VOLATILITY

6 SHORT STRANGLE SELL

1

SELL

1

DIFFERENT SAME SAME HIGH STABILITY



PAGE 214 OF 221

BUTTERFLY SPREAD

BUTTERFLY SPREAD

1 BUTTERFLY(CALL) BUY 1 LOW SAME SAME STABILITY

BUY 1 HIGH

SELL 2 AVERAGE

2 REVERSE BUTTERFLY (CALL) SELL 1 LOW SAME SAME VOLATILITY

SELL 1 HIGH

BUY 2 AVERAGE

3 BUTTERFLY(PUT) BUY 1 LOW SAME SAME STABILITY

BUY 1 HIGH

SELL 2 AVERAGE

4 REVERSE BUTTERFLY(PUT) SELL 1 LOW SAM E SAME VOLATILITY

SELL 1 HIGH

BUY 2 AVERAGE



PAGE 215 OF 221

CONDOR SPREAD

CONDOR SPREAD

1 LONG

CONDOR

(CALL)

BUY 1

(ITM)

LOW SAME SAME LOW VOLATILITY

(STABILITY)

BUY 1

(OTM)

HIGH

SELL 2

(ITM & OTM)

2 MIDDLE

PRICES

2 SHORT

/REVERSE

CONDOR

(CALL)

SELL 1

(ITM)

LOW SAME SAME VOLATILITY

SELL 1

(OTM)

HIGH

BUY 2

(ITM & OTM)

2 MIDDLE

PRICES

3 LONG

CONDOR

(PUT)

BUY 1 (ITM) LOW SAME SAME LOW

VOLATILITY

(STABILITY)

BUY 1

(OTM)

HIGH

SELL 2

(ITM & OTM)

2 MIDDLE

PRICES

4 SHORT/REVERSE

CONDOR

(PUT)

SELL 1 (ITM) LOW SAME SAME VOLATILITY

SELL 1

(OTM)

HIGH

BUY 2

(ITM & OTM)

2 MIDDLE

PRICES



PAGE 216 OF 221

REAL TIME USAGE OF OPTIONS

STRATEGIES

USD/INR

STRAPS BUY 2 CALLS BUY 1 PUT

PREMIUM 0.62 0.47 1710

EXERCISE PRICE 60

LOT SIZE 1000

SPOT PRICE GAIN FROM CALL GAIN FROM PUT NET GAIN/LOSS

56 0 4000 2290

57 0 3000 1290

58 0 2000 290

59 0 1000 -710

60 0 0 -1710

61 2000 0 290

62 4000 0 2290

63 6000 0 4290

64 8000 0 6290

LONG STRADDLE BUY 1 CALL BUY 1 PUT

PREMIUM 0.62 0.47 1090

LOT SIZE 1000

EXERCISE PRICE 60


56 0 4000 2910

57 0 3000 1910

58 0 2000 910

59 0 1000 -90

60 0 0 -1090

61 1000 0 -90

62 2000 0 910

63 3000 0 1910

64 4000 0 2910



PAGE 217 OF 221

LONG STRANGLE BUY 1 CALL BUY 1 PUT

PREMIUM 2.1275 0.1575 2285LOT SIZE 1000

EXERCISE PRICE 59 61


56 0 5000 2715

57 0 4000 1715

58 0 3000 715

59 0 2000 -285

60 1000 1000 -285

61 2000 0 -285

62 3000 0 715

63 4000 0 1715

64 5000 0 2715

REVERSE BUTTERFLY- CALL

AND PUT

SELL 1 CALL SELL 1 CALL BUY 2 CALLS

PREMIUM 2.1275 0.2475 0.62 1135

LOT SIZE 1000

EXERCISE PRICE 59 61 60

SPOT

PRICE

GAIN FROM

CALL 1

GAIN FROM

CALL 2

GAIN FROM

CALL 3

NET

GAIN

56 0 0 0 1135

57 0 0 0 1135

58 0 0 0 1135

59 0 0 0 1135

60 -1000 0 0 13561 -2000 0 2000 1135

62 -3000 -1000 4000 1135

63 -4000 -2000 6000 1135

64 -5000 -3000 8000 1135



PAGE 219 OF 221

CONCLUSION

We would now readdress our objective that any analysis is thoroughly possible from

FUNDAMENTAL as well TECHNICAL perspective .The project deals with a detailed study of the

TECHNICAL ANALYSIS through the use of JAPANESE CANDLE-STICKS and OPTION STRATEGIES. It

always has two movements of BULLISH and BEARISH TRENDS followed in a cyclical pattern.

The detailed study of TECHNICAL ANALYSIS helps an investor to buy or sell stock at the right

time. The indicators add an extra confidence on the position (Buy or Sell) of the Investor. The

expertise of TECHNICAL study helps analysts and chartists to form a decision of buy or sell for

their corporate investors as well.

The risk of the investors is minimized and the position of an investor is covered and protected

by the use of various option strategies. Thus, Expert knowledge of TECHNICAL ANALYSIS and

OPTION STRATEGIES helps an investor to make a DECISION that will optimize his profits.



PAGE 220 OF 221

REFERENCES

BIBLIOGRAPHY AND WEBOGRAPHY

REFERENCE BOOK:

IN THE WONDERLAND OF INVESTMENT BY A.N.SHANBHAG AND SANDEEP SHANBHAG

PART II, CHAPTER 22, Pg No. 244-261

WEBSITES:

www.netdania.com

www.nseindia.com

www.investopedia.com

www.wikipedia.com

www.oanda.com

www.rbi.org.in

www.optioneducation.org

www.optionsplaybook.com

www.theoptionsguide.com

www.moneycontrol.com

www.stockchart.com

www.candlestickforum.com



LINKS:

http://www.optionseducation.org/getting_started/options_overview.html

http://www.nse-

india.com/live_market/dynaContent/live_watch/live_index_watch.htm

http://www.rbi.org.in/scripts/otherlinks.aspx

http://www.moneycontrol.com/stocksmarketsindia/

technical analysis- stock market

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