KDJ index

Technical analysis tools in futures and stock markets

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synonym kdj (kdj) Generally refers to KDJ index

KDJ index, called random index in Chinese, is a rather novel and practical technical analysis index. It was first used for futures market The analysis of trend analysis , futures and stock market The most commonly used technical analysis tool on.

The random index KDJ is generally a statistical system used for stock analysis Principles of Statistics , through a specific cycle (usually 9 days, 9 weeks, etc.) Maximum price 、 minimum price And the last calculation cycle Closing price And the proportional relationship between the three to calculate the Immature random value RSV， Then according to Smooth moving average To calculate K value 、 D value And J value , and draw diagram To study and judge the stock trend.

Chinese name: KDJ index
Foreign name: Stochastic Indicator

Alias: Random index
founder: Dr. George C. Lane
Features: Novel and practical technical analysis indicators

catalog

origin

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The Chinese name of KDJ index is also called random index , originally from futures market , initiated by George Lane. The random index KDJ first appeared in the form of KD index, and KD index William index Developed on the basis of. But KD index only judges the stock Overbought and oversold In KDJ indicators, the concept of moving average linear speed is integrated to form a more accurate basis for buying and selling signals. In practice, K line and D line cooperate with J line to form KDJ index for use. KDJ index mainly studies the highest price, lowest price and Closing price At the same time, some advantages of momentum concept, strength index and moving average are also integrated. Therefore, it can study and judge the market quickly, quickly and intuitively, and is widely used in the short and medium term of the stock market trend analysis , futures and stock market The most commonly used technical analysis tool on.

computing method

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The calculation of KDJ is complex. First, select the cycle（ n Day n Week, etc.), and then calculate the Immature random value (i.e. RSV value), and then calculate K Value D Value J Value, etc.

(1) The calculation formula of RSV is:

In the formula,

C Is the closing price of the day;

L n Before n The lowest price within the day;

H n Before n The highest price in the day.

(2) K value of one day=2/3 × K value of the previous day+1/3 × RSV of the current day, that is

K i And RSV i They respectively represent the K Value and RSV value;

K i -1 Represents the previous day's K Value, if there is no previous day's K Value, use 50 instead.

(3) On one day D Value=2/3 × D value of the previous day+1/3 × K value of the current day, i.e

D i and K i Respectively represent the D Values and K Value;

D i -1 Represents the previous day's D Value, if there is no previous day's D Value, use 50 instead.

(4) J Value=3 × K value of the current day - 2 × D value of the current day, i.e

For example: I have 30 days' data of a stock in my hand, and I want to calculate the KDJ value of the ninth day with the ninth day as the cycle. The calculation method is

(1) First calculate the RSV value of the 9th day:

RSV = ( C − L ) ÷ ( H − L ) × 100

In the formula

C On the 9th day Closing price ；

L Within 9 days from day 1 to day 9 minimum price ；

H It is the highest price in 9 days from the first day to the ninth day.

(2) Calculate the K Value:

K Value=2/3 × K-value of the 8th day+1/3 × RSV of the 9th day

Day 8 K Value is replaced by 50

(3) Calculate the D Value:

D Value=2/3 × D value on the 8th day+1/3 × K value on the 9th day

Day 8 D Value is replaced by 50

(4) Calculate the value of J on the 9th day:

J Value=3 × K-value on the 9th day - 2 × D-value on the 9th day

KDJ index

(5) With the ninth day K Values and D Value, you can further calculate the K Value D Values and J Value, and then the value of K Values and D Value to calculate the value of K Value D Values and J Value, and so on.

KDJ index

Indicator principle

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The random index KDJ is based on Maximum price 、 minimum price and Closing price The K, D and J value A point formed on the coordinate of the index is connected with countless such points to form a complete and reflective point Price fluctuation KDJ indicator of trend. It mainly takes advantage of price fluctuations True amplitude To reflect the strength and weakness of the price trend Overbought and oversold Phenomenon, a technical tool that sends buying and selling signals before prices rise or fall. In the design process, it mainly studies the relationship between the highest price, the lowest price and the closing price, and also integrates the momentum concept, strength indicators and Moving Average Therefore, we can study and judge the market quickly, quickly and intuitively. Because KDJ line is essentially a concept of random fluctuation, it is more accurate for grasping the short-term market trend.

Scope of application

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Futures, stocks, funds Electronic spot , Securities

Application essentials

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KDJ random index is sensitive and fast, which is better for medium and short-term trend band analysis and judgment Technical indicators 。 Generally, for those who want to expand the fund and band, the KDJ value of the current month will gradually enter the market when it is low; When the main force operates at ordinary times, it pays more attention to the position of Zhou KDJ and makes research and judgment on the cyclic high and low points of the midline band. Therefore, the one-sided mode often causes the repeated passivation of the daily KDJ; The daily KDJ is extremely sensitive to the direction of stock price changes, and is an important method for daily trading in and out; For small band Short term passengers For example, 30 minutes and 60 minutes KDJ is also an important reference index; For investors who have designated a trading plan to place an order immediately, 5 minutes and 15 minutes of KDJ can provide the best access time.

Tips

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1. The K and D values are always between 0 and 100. When D is greater than 80, the market is overbought. When D is less than 20, the market is oversold.

2. In the rising trend, the K value is greater than the D value, and when the K line breaks through the D line upwards, it is a buy signal. In the downward trend, the K value is less than the D value. When the K line falls below the D line, it is a sell signal.

3. KD index can not only reflect the degree of overbought and oversold in the market, but also send buying and selling signals through cross breakthroughs.

4. KD index is not suitable for stocks with small issuance and inactive trading, but KD index is very popular in the market Large cap stocks Very high accuracy 。

5. When the random index deviates from the stock price, it is generally a signal of turning the trend.

6. The speed of K and D values rising or falling decreases, Inclination Leveling down is an early warning signal of short-term trend change.^[1]

matters needing attention

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Although the random index has overcome Moving Average Systematic Closing price However, it has its own insuperable defects and limitations. Therefore, we use random indicators to determine the investment strategy The following questions should be paid attention to.

1. Share price Short term volatility Sharp or instantaneous market range is too large Large time KDJ signals often fail, which means that stocks with too much speculation KD value It is easy to passivate at high position or low position. In addition, for random indicators Trading volume It is not applicable to too small individual stocks, but it is applicable to Blue chip stock ， Accuracy It is very high. At the same time, it should also be noted that the stock buying and selling signals provided by random indicators have more or less dead corners, especially the performance of individual stocks Fundamental plane 、 Policy And market activity Strong market Medium, Overbought and oversold All states may exist for a long period of time, and trend reversal may not occur immediately. One of the strongest signals that can be obtained from random analysis is deviation, that is, when the K value is above 80, the stock price may rise further. If investors sell stocks prematurely, they will lose some profits; When the K value is below 20, the stock price may fall further. If investors buy stocks prematurely, they may be trapped. At this time, the reference value of KDJ index decreases, and investors should follow the timing Potential analysis At the same time, refer to other indicators and use them together with random indicators.

2. J value can be negative , can also exceed 100. For example, the J value is greater than 100 or less than 0 in the previous case of galloping phenomenon. This is mainly due to the fact that J line is more sensitive than K and D.

3. Because the buying and selling signals provided by random indicators are relatively frequent, investors still have greater risks if they decide their investment strategies based on these cross breakthrough points in isolation. Therefore, when using K and D lines, it is necessary to make a judgment with the stock price trend chart. When the stock price cross breaks Support pressure line If the K and D lines intersect in the overbought or oversold area, the stock buying and selling signals provided by the KD line will be more effective. In addition, the more K and D cross back and forth in this bit, the better.

4. When K and D values rise or fall at a reduced speed, Inclination Leveling down is an early warning signal of short-term trend change. This is the case for the overall market Popular stocks and Stock index Of accuracy Higher. And right Unusual shares or Small-cap The accuracy of is low.

5. KDJ index ratio RSI The accuracy rate is high, and there are clear buying and selling points, but the K and D lines When crossing Attention must be paid“ Spoof ”This is mainly because KDJ index is too sensitive and has a good mass base, so it is often manipulated by the main force.

6. It is more accurate when the crossing breakthrough of K line and D line is more than 80 or less than 20. When this cross breakthrough occurs around 50, it indicates that the market trend is trapped Board , is looking for a breakthrough direction. At this time, the buying and selling signals provided by the crossing of Line K and Line D are invalid.

To sum up, we can think that, Random index Fully consider in the design Price fluctuation Random of amplitude With the measurement of medium and short term fluctuations, its short-term market measurement function is more accurate and effective than the moving average. It is more sensitive than the strength index in the prediction of short-term overbought and oversold in the market. At the same time, this indicator can provide a clear Point of sale 。 Therefore, this indicator is widely used by investors. Although, the random index can be Short term investment^[2] It provides a simple, direct, fast and effective investment reference basis. However, as an investor, it should be understood that the key to successful use of random indicators is to combine the analysis of random indicators with other Technical indicators Or a combination of analytical methods.

Indicator analysis

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In the face of unpredictable China Stock market It is necessary to learn and accurately use relevant technical indicators for stock analysis, which can help us better grasp the rules and better start to operate. Today, I will give you an introduction to stock speculation from five aspects.

The first aspect is the deviation of KD indicators. When KD is at a high or low level, if there is a deviation from the stock price trend, it is a signal to take action.

Second, if the value of J index exceeds 100 or is lower than 0, it belongs to the abnormal area of price. If it is greater than 100, it is overbought, and if it is less than 0, it is oversold.

The third aspect is the value of KD. Unification of KD Value range From 0 to 100, we can divide it into three regions: over 80 is overbought, under 20 is overbought, and the rest is wandering. But here Stock investors It should be noted that this division is only a signal prompt and cannot be operated completely according to this analysis method.

The fourth aspect is the intersection of KD indicators. The relationship between K and D is like that between stock price and MA The same relationship, there are also death cross and gold cross.

Fifth, the shape of KD index curve. When KD index is formed at a higher or lower position Head shoulder shape And multiple tops (bottoms) are signals to take action. Here, stock investors also need to note that these patterns must appear at a higher or lower position. The higher or lower the position, the more reliable the conclusion will be.

Practical application

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KDJ Common Default Parameters It is 9. From my personal experience, the short line can change the parameter to 5, which not only makes the reaction more rapid and accurate, but also reduces the passivation phenomenon. The commonly used KDJ parameters are 5, 9, 19, 36, 45, 73, etc. Return in actual combat The By comprehensive analysis of different cycles, the short, medium and long trend will be clear at a glance. If there are different cycles resonance Phenomenon Reliability enlarge.

Practical research and judgment

(1) The K line is a quick confirmation line - the value above 90 is overbought, and the value below 10 is oversold;

Line D is slow Trunk line ——Values above 80 are overbought, and values below 20 are oversold;

The J line is a directional sensitive line. When the J value is greater than 90, especially for more than five consecutive days, the stock price will at least form a short-term head. Conversely, when the J value is less than 10, especially for more than several consecutive days, the stock price will at least form a short-term bottom.

(2) When the value of K is gradually larger than the value of D, the graph shows that the K line passes through the D line from below, so when the K line breaks through the D line on the graph, it is commonly known as kdj Is the signal of purchase.

In actual combat, when the K and D lines are below 20, the short-term buying signal is more accurate; If the K value is below 50, the right bottom is formed by threading the D value twice from bottom to top To the left Benthic“ W bottom ”The future stock price may be quite Increase 。

(3) When the K value is gradually smaller than the D value, the graph shows that the K line crosses the D line from the top, and the display trend is downward. Therefore, when the K line breaks through the D line on the graph, it is commonly known as the dead cross, which is the signal of selling.

In actual combat, when the K and D lines are above 80, the short-term selling signal is more accurate; If the value of K is above 50, the value of D will be penetrated twice from top to bottom, forming a lower right head than the left head“ M head ”The future stock price may be quite Decline 。

(4) It is also a practical method to judge the top and bottom of the stock price through the deviation of KDJ from the stock price: (A) Stock price set a new record , and KD value If there is no record high, it is a top deviation and should be sold; (B) The stock price is at a new low, while the KD value is not at a new low Bottom deviation , should buy;

It should be noted that the KDJ top bottom deviation judgment method can only be compared with the KD value at the high and low points of the previous wave, and cannot be skipped for comparison.

Application experience

(1) In practice, some of them are short and smooth Short term passengers Use minute indicators to judge future market decisions Trading opportunity , on T+0 The 15 minute and 30 minute KDJ indicators are commonly used in the era T+1 30 minutes and 60 minutes KDJ to guide in and out. Several empirical rules are summarized as follows:

(A) If KDJ consolidates below 20 in 30 minutes for a long time, and KDJ consolidates below 20 in 60 minutes, then once K value exceeds D value in 30 minutes and exceeds 20, it may trigger a rally lasting more than two days; if Daily line KDJ indicators also cross at a low level, which may be an intermediate market. But pay attention to K value and D value kdj Only when K value is more than 20% higher than D value can this kind of crossing be effective;

(B) If the KDJ turns down above 80 in 30 minutes, the K value breaks through the D value and falls below 80, while the KDJ just crosses 20 and falls below 50 in 60 minutes, it indicates that the market will be in a reverse direction, and after the KDJ bottoms out in 30 minutes, it may continue to rise;

(C) If the KDJ is above 80 in 30 minutes and 60 minutes, and the K value crosses the D value downward at the same time after consolidation for a long time, it indicates that the downward adjustment of the market for at least two days is required;

(D) If the KDJ drops below 20 in 30 minutes and turns upward, while the KDJ remains above 50 in 60 minutes, it is necessary to observe whether the K value will effectively pass through the D value (the K value is greater than 20% of the D value) in 60 minutes. If it is effective, it means that a new round of upward attack will start; If it is invalid, it means that it is only a rebound in the process of falling, and it will continue to fall after the rebound;

(E) If KDJ stopped falling before 50 minutes in 30 minutes and KDJ just crossed upward in 60 minutes, it means that the market may continue to rise again, which is only a retracement

(F) 30 minutes or 60 minutes KDJ appears Deviation phenomenon Can also be used as the basis for judging the top and bottom of the big market. See the above for details Daily line Deviant discourse;

(G) In the super strong market, the KDJ can reach more than 90 within 30 minutes, and there are many invalid intersections at high levels. At this time, focus on 60 minutes KDJ , when the KDJ goes down in 60 minutes When crossing , which may lead to a deeper downshift in the short line;

(H) In the process of collapse, the KDJ can approach the value of 0 within 30 minutes, but the general trend is still declining. At this time, you should also watch the KDJ for 60 minutes. When the KDJ effectively crosses upwards in 60 minutes, it will trigger a strong rebound.

(2) When the market is extremely strong and weak one-sided market KDJ in China and Japan has been passivated repeatedly and should be used instead MACD Equal medium length index; Current share price Short term volatility Intense, daily KDJ Reaction lag , should be used instead CCI , ROC and other indicators; Or use SLOWKD Slow speed index;

(3) KDJ in Perimeter The medium parameter is generally 5, and the KDJ index of the week bottoms out and bottoms out, which has an obvious hint effect Band operation It can save a lot of hard work and strive for Profit maximization It should be noted that the general weekly J value is in the V shape in the oversold area Single sole The rise indicates that the market is just rebounding and forming Double bottom Is a reliable intermediate market; But the value of J is overbought There is also the possibility of a sharp decline in the single ceiling, so we should be vigilant, and at this time, we should combine other indicators for comprehensive research and judgment; However, when the stock market is in a bull market, the stock price will still rise sharply after the J value is in the overbought area for a period of time.

Stock selection method

stay stock market In order to make money, we must first do a good job in stock selection. How to choose good stocks? To sum up, there are six aspects, namely: K-line form average Technical indicators volume , hot spots and Main cost 。 This issue starts with Perimeter KDJ and Daily line KDJ kdj Stock selection method.

The daily line KDJ is a sensitive indicator that changes quickly, Randomness Strong. False buying and selling signals often occur, making investors at a loss when buying and selling according to the buying and selling signals they send. Using the weekly KDJ and daily KDJ common golden fork stock selection method, you can filter out false buying signals and find high-quality successful buying signals.

The following options can be selected for the weekly KDJ and daily KDJ common golden fork stock selection method:

The first buying method: dozen Lead time Buying method.

In actual operation, we often encounter the following problems: Daily line KDJ changes Speed ratio Perimeter KDJ fast, when the perimeter KDJ kdj At that time, the daily KDJ had advanced Jincha several days, the stock price had also risen for a while, and the buying cost had risen. Aggressive investors can buy in advance in order to cost reduction 。

Buy in advance Legal essentials The following conditions are met: ① Weekly closing Male line The hook of weekly line K and J will go up with a golden fork (not a golden fork). ② The daily line KDJ develops Jincha within this week, and the daily volume of Jincha is positive (if the daily line KDJ Jincha is the same day, the same day volume More than 5 days Average Better.)

The second buying method: weekly KDJ is just a golden fork, and daily KDJ is a golden fork buying method.

The third kind of buying method: weekly K and D "will die forever" buying method.

The conditions for this method are:

① After Zhou KDJ's golden fork, Stock price retracement collect Zhou Yin Line , and then scale up again.

② Perimeter K. D Two lines will Dead fork However, there was no real dead cross, and the K line reopened and went up.

③ Daily line KDJ Golden Fork. If you buy stocks in this way, you can catch the fast and strong rising market.

The color of KDJ indicators in various software: K line is white, D line is yellow, and J line is purple.

Operation method

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1. When the three KDJ values are below 20 as a whole, the market is oversold; If the overall level is above 80 Verbal principle The representative market is displayed as overbought ； In between, it shows the balance of buying and selling, and the change trend is not very obvious.

2. If all the values of KDJ are above 50, the market will be displayed as Bull market , the market has an upward trend; If all three are below 50, it will be displayed as Short market The market has a downward trend.

3. When K value is greater than D value When the market trend rises, K line When the line breaks through D upward, the buying signal will be displayed; on the contrary, when the line K breaks through D downward, the selling signal will be displayed.

4. When KDJ index is compared with K-line diagram The trend of is opposite, which means that the market may be about to reverse. In addition, when the trend of K line and D line suddenly weakens, it is also the expected signal of market reversal.

5. According to the three lines of KDJ Movement speed It can be judged that the market sensitivity of Line D is relatively small, and that of Line J is the largest.^[3]

Indicator summary

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Basic search investors often have such doubts in the process of using indicators: sometimes indicators are serious Overbought , but the price continues to rise; Sometimes the index is passivated in the oversold area for more than ten weeks, but the price is still not Stop falling and stabilize 。 In fact, investors confuse the relationship between indicators and prices here. Indicators cannot determine the trend of the market, but the price itself determines the operation of indicators. The price is the cause, the indicator is the result, the result can be derived from the cause, and the cause can be traced from the result, which is the inversion of the cart before the horse. In fact, it is most effective Market behavior It is form that investors should first analyze from the technical form Market participants And obey the market. Don't try to use the overbought, oversold or passivated indicators to blindly determine that the market should rebound or callback before the rising and falling trend has changed. Therefore, we should flexibly use KDJ index to give full play to its auxiliary reference function.

Passivation problem

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KDJ index is technical analysis An indicator frequently used by personnel. This indicator has the advantage of being sensitive and can give very obvious purchase signals and shipment signals, such as cross purchase of gold, Death crossover Shipping is easy for users to master, as long as they see the signal of incoming and outgoing. However, the KDJ indicator has obvious shortcomings. For example, its response is too sensitive, making users not buy too early lock-in , that is, the shipment is too early to be empty, that is, the so-called low level passivation and high level passivation of KDJ indicators. Many users of KDJ indicators often complain about the Spoof The problem is that when you use it, you often feel cheated. You think that the KDJ indicators are deliberately used by the makers to deceive people. In fact, it is because they failed to deal with the passivation problem.

KDJ indicator is a very good indicator, but it has a scope of use, usually stock price or stock market index In a certain range Box The KDJ index will send very accurate purchase signals and shipment signals. In this case, follow the lower order Golden cross Purchase, high position Death crossover Shipment, Accuracy Very high, investors can win more than lose less by following this method.

Through years of practical operation experience and teaching experience, the author summarizes the following methods, which can effectively solve the problem of KDJ index passivation and wire deception.

1. Magnification method. Because KDJ index is very sensitive, it often gives some miscellaneous information, which is easy to mislead investors, thinking that there is a purchase signal or a shipment signal, so the operation is wrong. If we amplify one level to confirm the reliability of the signal, it will have a better effect. If in Daily K Line Diagram The low level gold cross that generates KDJ indicators on the Weekly chart Looking up, if the weekly chart also produces golden cross at the low position, we will think that the signal is reliable and can be operated boldly. If the weekly chart shows that it is on the way down, then Daily chart The reliability of gold cross on is not strong, which may be the dealer's trick. At this time, we can use the wait-and-see method.

2. Morphological method. Due to the sensitivity of the KDJ indicator, the indicators it gives are often ahead of time, so we can help find the right buying points and selling points through the form of the KDJ indicator. The KDJ indicator forms a W bottom at the low level, Triple bottom and Head shoulder bottom shape Re purchase when necessary; In a strong market, the KDJ index forms M head and Top of head and shoulder The signal reliability of shipment will be strengthened.

3. Wave counting method. The combination of KDJ index and data wave is a very effective method. On the K line chart, we can often clearly distinguish one wave, three waves and five waves in ascending form. On the K line chart, when the stock price ends at the bottom of the market and starts to rise, the KDJ indicator usually sends a dead cross shipment signal when the first wave rises. At this time, we can give less consideration to this sell signal because it is likely to be an error signal or a fraud signal. When the stock index moves to the third sub wave, we will pay more attention to the sell signal. When the stock index moves to the obvious fifth sub wave, if the KDJ indicator gives a sell signal, we will resolutely ship. At this time, the signals given by the KDJ indicator will usually be very accurate. When the stock index has just ended its rise and started to fall, the buy signal of the KDJ indicator will be ignored in the first sub wave of the decline. When the stock index has dropped the third sub wave or the fifth sub wave, the buy signal of the KDJ indicator will be considered, especially after the five sub waves of decline, the buy signal given by the KDJ indicator is more accurate.

four Trendline Law. When the stock index or share price enters a very strong market or a very weak market, the stock index will form a unilateral upward trend and Unilateral decline Trend; In the unilateral downward trend, KDJ indicators will send out buying signals or passivate at a low level for many times. If investors follow the buying signals, they will be caught up too early. Some of them purchase at very low prices, and as a result, the stock price continues to fall, even if it is low. If you want to effectively solve this problem, you can add a line on the K line diagram Downtrend line Before the stock index and share price break the downtrend line, any buying signal sent by KDJ will not be considered. Only when the stock index and share price break the downtrend line, can we start to consider the buying signal of KDJ index; In the unilateral upward trend, the market trend is extremely strong, and the stock index will often send a sell signal at a high level. According to this signal, the operator will lose a large segment of the market, and we can also add a line on the daily K line Rising trend line Before the stock price or stock index breaks the rising trend line, the selling signal given by KDJ indicator will not be considered. Once the stock index and stock price break the rising trend line, the selling signal given by KDJ will be resolutely implemented without discount.

Special analysis

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I Analysis cycle of KDJ

Day, week, month, minute (mainly 60 minutes)

Below the 10th day is the analysis parameter KDJ The applicable period of research and judgment of is about 3 days (from kdj reach Dead fork 3 days)

Research and judgment of KDJ whose analysis parameters are below 50 days Life cycle About 10 days

The applicable period of KDJ's research and judgment for analysis parameters above 50 days is about 20 days

II average Antecedent principle

Once the share price is Long term moving average No matter what KDJ does, it can only be suppressed Short line operation Do not invest in the medium and long term. This is the premise of KDJ. In the long run average The stock price of KDJ Golden Cross is Oversold rebound It is possible to do short-term operations

3、 The general cycle of the rise

The daily KDJ lasts for 15 days - 1 month at most in the short and medium term

Week KDJ is in the middle stage, Duration 1 month - 3 months (once kdj , which will basically rise within a month, but Increase Not sure)

The monthly KDJ is long-term, and the duration is generally 3 months to 5 months

4、 After the removal of authority, the KDJ index has no significance for research and judgment, and it will take at least three months to study and judge again

V Modification of KDJ parameters

With the wide application of technical analysis, the importance of technical indicators is self-evident. However, the calculation of technical indicators has been greatly simplified, which has resulted in a large area of similarity of technical indicators and lost its guiding role. The website of the way of god of shares reminds us that in order to keep Accuracy 、 susceptibility and Timeliness It is necessary to reset parameters for some indicators and pay attention to the following general principles:

First, set parameters according to the time cycle. Whether the market or individual stocks, cycle time The cycle itself is often a very important parameter, which has a great impact on its operation average , strength indicators, etc. As for the period measurement, it can usually be determined by the time span of two important low points. At the same time, due to the long, medium and short term differences, investors must set personalized and familiar parameters according to the specific situation, and 5 (days) or its multiples, as well as Fibonantz series are good choices in this regard.

Second, keep different Time standard Consistency of. If will apply to Daily line When the parameters of are put into time-sharing, especially the shock indicators are too sensitive for Perimeter or Monthly line Therefore, in the application process, this principle must be adapted properly before it can be used. This is not a simple calculation problem, but needs to be fine tuned after conversion. Although individual indicators are absolutely consistent, good results can still be achieved.

Third, pay attention to the similarities and differences between the market and individual stocks. Due to the general and special relationship between the market and individual stocks, the same index parameter suitable for the market can be directly or slightly adjusted for most individual stocks, but there are differences between the two after all, and the average results of the market tend to cover up many truths or ignore individualization, that is, individual stocks in an ultra strong or ultra weak state are different from the market, The parameters should be set in a different way.

Fourth, constantly adjust and optimize with market changes. Strong stock and Disadvantaged shares It is quite different from the market situation, Balanced market It is also different from trend operation. In the face of the changing market, once the original parameters are found not suitable for the market situation at that time, we need to modify the parameters in order to optimize the indicators. This should be a long-term work, especially for the medium and short-term parameters.

Key points

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The KDJ index consists of three curves. The fastest moving speed is Line J, followed by Line K, and the slowest is Line D. Let's talk about the use of KDJ.

1. The range of KDJ index is mainly divided into three parts, namely below 20, between 20-80 and above 80. The range below 20 is oversold; Over 80 areas are overbought; The area between 20 and 80 is the trade balance area.

2. If K, D and J are all greater than 50, it is a bull market, Aftermarket Bullish; If K, D and J are all less than 50, it is a short market, and the future market is bearish.

3. In KDJ index graph, D curve running speed The slowest, the lowest sensitivity; The second is the K curve, J-curve The sensitivity is the strongest.

4. When J is greater than K and K is greater than D, the three index curves are Multiple Arrangement , indicating that the current market is a bull market; When the three indicators cross gold, the indicator sends a buying signal.

5. When the three index curves show short order When, it means that the short-term is Downward trend ； 3 curves appear Death crossover When the indicator is sent Sell signal 。

6. If the KD line cross break repeatedly fluctuates around 50, it indicates that the market is in the process of consolidation. At this time, it is necessary to combine the J value, observe the dynamics of KD deviation, and then decide on investment action.

Medium term application

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Fig. 1 Peripheral KDJ

As the stock saying goes, "Buy at the bottom and don't move like a mountain", and take on at a low level in the market in the right way Panic panel , Yes Medium long line The winning way of speculation and investment. Use the weekly KDJ to copy the big bottom, and long in the forked bottom area is the winner's way with high success rate. Since the nine week KDJ index reflects the rise and fall of the medium-term trend of stock prices, the midline reference value of its buying and selling signals is high.

However, the following conditions shall be met for individual stocks that use KDJ for bottom reading in 9 weeks:

① Individual shares Equity Active, with large amplitude of vibration.

② There is no obvious fleeing behavior at the top.

③ The plate is moderate, Circulation tray Less than 90 million shares (preferably less than 65 million shares).

④ The cumulative decline from the top or the unilateral sharp drop in the medium term is relatively large.

The accuracy of 9-week KDJ bottom reading for individual stocks meeting the above conditions is extremely high, and the specific signal characteristics are as follows:

The golden crossing of KDJ at week 1.9 below 20 is often the best cut in time (as shown at point B1 in Figure 1). Generally, there is at least a certain degree of rebound in the short and medium term.

2. When KDJ is around 20 (slightly higher than 20) or golden forks occur around 50, it is usually the bottom of the short and medium term. Only when KDJ is obvious Bottom deviation (The stock price reaches a new low, and the KD index refuses to reach a new low), and the low double cross or multiple cross * can be considered as Mid term bottom (or the bottom of the secondary level) (as shown in point B2 in Figure 1).

3. The index of line J is negative, which occurs for more than 2 weeks (usually 3-5 weeks). Passivation at the bottom often causes low rebound. Investors can regard this time as the bottom of the short and medium term, but they participate in a fast forward and fast out, profit on run attitude (as shown in point B3 in Figure 1). Unless there is 9-week RSI, 14-week RSI is lower than 20, or KDJ is low (about 20) Bottom deviation And KDJ can only be transferred to the middle line after bottom reading when they have handed in more reliable signals of medium and long lines such as * twice or more.

Through the above analysis, we have Fundamental plane Potential, Capital It is completely possible for Youzhuang's stocks to capture the forkable middle line bottom and long line bottom through 9 weeks of KDJ. But investors should have great patience and Middle line investment The firm belief of, at the most unsightly moment of the K line map involved in bottom copying, only in this way can achieve a high success rate, and win a lot of midline income.

Critical passivation phenomenon

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The so-called critical passivation refers to the most obvious, ferocious and direct passivation mode, which refers to the straight line from the highest position 100 (or the lowest position 0) to the lowest position 0 (or the highest position 100) without turning back. Remember the principle of direct arrival. If there is a stopover, it is not counted.

When the time parameter of KDJ is set to a specific value, usually nine weeks, that is, day K-line diagram When we study the critical passivation state of KDJ in 45 days, we can get some valuable results: after the critical passivation state of KDJ in 45 days appears, Aftermarket There is often a larger follow-up market, which is Stock price trend There will be a prelude to the reversal, often the real main driving wave is still behind. Since this method is used to judge whether there will be a large market, it also has the principle of confirmation:

1. First, follow the direct arrival, that is J value Run directly from bottom passivation state to Top passivation Status, no stay in the middle;

2. Because it is to judge the emergence of a new round of market, the stock price trend before this time should be obviously weak, with a large adjustment range, and the stock price is at a relative bottom, Adjustment time Quite sufficient, generally about half a year;

3. When the value of J reaches the top passivation position, it will generally retreat downward, but the lowest point of the callback should not be lower than the range of about 40. If the J value passivates directly from the top to the bottom, the upward trend cannot be confirmed. Grasping the above three confirmation conditions, we can use the critical value of 45 days J Passivation phenomenon Guide operation. It is not the best opportunity to intervene at the top of passivation. Generally, it can choose to intervene when the value of J rises again for the first time after it starts to fall back from the top of passivation.^[4]

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