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
Thanks a lot for the indicator....I use amibroker and was trying to code this pattern but couldnt succeed. Could you please help me by describing the structure of exhaustion bar. Is it like a hammer/shooting star?
Joy_Bangla
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THis is awesome script. Any changes you think we should to adapt it for bitcoin?
glaz
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@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.
SATHYANR
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@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
jbh2000
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hey there - super great indicator!
is there a way how i can put alerts on it?
it seems there are 4 chars - but i cannot create an alert with them. do you have any solution for that?
keep up the great work!
ashgilbert
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@jbh2000, hi mate did you ever work out how to put alerts on this?
swedenumberone
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@glaz This is a great script. Anyone happen to know if this could be replicated in ThinkOrSwim?
JalRad
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i cant thank you enough!! ur amazing
thanks alot my friend