Dots are the major swings holow circles are the minor swings
1)the script looks if there are 6 uptrend candles
2)on the 6th the high is touching the upper channel
3) and also is a bullish (red) candle.
The maj_qual and min_qual rhey should have a length of 3-14 and for the channel use the Donchian and see what makes sense or you can replace it in the code with another like Bollinger bands.
even though i done understand the logic behind this ; what does bindex/sindex/qual/lens means?? i do understand it is coding language; but still it will be nice if it can be explained in plain english:) can you post the explanation OF THESE MATHS in ENGLISH:)
my experience with this back testing is that this works well in NSE stocks in 20 mts timeframe with candle breakout of the signal candle; minor signals seem to be more accurate than major, is my observation even though i dont understand the reason!!!
Thanks again for sharing this
bindex:=bindex + 1. When bindex is greater than qual input and current bars close<open and the current high is greater than highest h over last len bars, then code will plot a dot on the bar, for upside exhaustion. RIGHT?
Converse code for downside exhaustion. RIGHT?
if (bindex>qual) and (close<open) and high>=highest(high,len)
if ((sindex>qual) and (close>open) and (low<= lowest(low,len)))
AM I RIGHT?