Hooray! Another new John indicator!
John claims this indicator is lag-less and uses the SPY on the Daily as an example.
This indicator is a slight modification of Reflex, which I have posted here
I think it's better for Stocks and ETFs than Reflex since it factors in long trends. It tends to keep you in winning trades for a long time.
I believe this indicator can be used for entries or exits, potentially both.
1. Entering Long positions at the low points (Stocks and ETFs)
2. Entering Long when the Reflex crosses above the zero lines (Stocks, ETFs, )
1. Exiting Long positions at a new high point (Stocks and ETFs)
2. Exiting Long when the Reflex crosses below the zero lines (Stocks, ETFs, )
In this example, I place a Long order on the SPY every time the Reflex crosses above the zero level and exit when it crosses below or pops my stop loss, set at 1.5 * Daily ATR.
Let me know in the comment section if you're able to use this in a strategy.
2. Changed default plotting style to "Columns"
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.