Leledc Exhaustion Bar

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An mt4 indicator converted to pine,its not always accurate but combined with S/R , pivots , fibs etc will give an edge.
Dots are the major swings holow circles are the minor swings

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Great indicator. Thank you for sharing!
@SATHYANR, ill give you an example, maj_qual=input(6) is how many times the close is higher than the close 4 bars ago, each time it adds +1 to sindex so its the same counting method as the TD indicator.The maj_len is a channel the same as the Donchian channel if you plot it,then for a signal to be plotted there are 3 rules,
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.
+1 Reply
@glaz, wow glaz, thanks for the clarification. and for sharing the script
This one gives near accurate signals; and much before than any other lagging indicators!! thanks for sharing, glaz;
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
can someone please verify my understanding of this code: keeps a cumulative sum of when the close is greater than close 4 bars ago Here, if (close>close)
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?
glaz lizmerrill
@lizmerrill, yea,maj_qual is the bar count, maj_len is the highest/lowest, also when that happens looks for the candle to turn red/green to plot the signal
lizmerrill lizmerrill
@lizmerrill, also, if code is keeping a running count of bindex and sindex, once bindex satisfies qualifications, it is reset to 0 and starts over, while sindex is still accumulating values until it reaches qual level and pattern on bar is complete then it resets to 0, CORRECT?
glaz lizmerrill
@lizmerrill, it resets to 0 when the count of close>close breaks
@glaz, resets to 0 when this condition happens, not necessarily when count of c>close breaks, here is where it resets:
if (bindex>qual) and (close<open) and high>=highest(high,len)
if ((sindex>qual) and (close>open) and (low<= lowest(low,len)))
@glaz This is a great script. Anyone happen to know if this could be replicated in ThinkOrSwim?
+2 Reply
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