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- Price flip is a signal of a potential reverse:
- TD Price Flip: A TD Price Flip occurs when the market records a close less than the close four bars before, immediately followed by a close greater than the close four bars earlier.
- TD Price Flip: A TD Price Flip occurs when the market records a close greater than the close four bars earlier, immediately followed by a close less than the close four bars earlier.
- Setup filters out the signals, that is, it identifies where a new trend starts and when there is only a correction within the current trend:
- TD Buy Setup: After a TD Price Flip, there must be nine consecutive closes; each one less than the corresponding close four bars earlier.
- TD Sell Setup: After a TD Price Flip, there must be nine consecutive closes, each one greater than the corresponding close four bars earlier.
- TD Setup (nine consecutive closes; each one less/greater than the corresponding close four bars earlier): Counts are represented by numbers from 1 to 9
- GREEN display = sell setup
- RED display = buy setup
- Perfected/Unperfected Setup:
- RED character 9 display = Perfected buy setup
- GREEN character 9 display = Perfected sell setup
- GRAY character 9 display = Unperfected buy/sell setup
- TDST Levels ( TD Setup Trend level helps to determine the underlying directional bias):
- TDST Support is a GREEN dotted line (Formed after valid sell setup)
- TDST Resistance is a RED dotted line (Formed after valid buy setup)
- TDST intermediate Support is a GREEN setback dotted line (Formed after invalid sell setup)
- TDST intermediate Resistance is a RED setback dotted line (Formed after invalid buy setup)
- Setup Tag (Visual indication to determine Setup validity)
- RED character ︼ displays below 9 = Valid buy setup / Qualify for new countdown
- GRAY character ︼ displays below 9 = invalid buy setup
- GREEN character ︻ displays above 9 = Valid sell setup / Qualify for new countdown
- GRAY character ︻ displays above 9 = invalid sell setup
- Extension (last setup true range is greater than previous setup - or extension lower limit parameter - and smaller than the extension upper limit parameter)
- Fuchsia character E displayed with Diamond Flag
- Recycle (Double consecutive setup without recording a reversal price flip)
- Green character R displayed when valid setup
- Gray character R displayed when invalid setup
- Fuchsia character R displayed when combined with Extension Flag
- Price Flip Bars = Number of Bars to generate a Price Flip
- Setup Upper Limit = upper limit to generate a valid Setup
- Setup Lower Limit = lower limit to generate a valid Setup
- Setup Range Source= Setup Range extremities source (Open/Close/HL ( high-Low ))
- Strict Setup = Last setup must exceed the extreme range level established by the previous Setup
- Show/Hide Setup
- Ignore Recycle
- Ignore Extension
- Small-Cap: Price Flip will be more sensitive even if there is no price change
New: Adding Risk Lines for TD buy/sell Setup.
Risk Line Settings available:
1. Demark Rule: Identify the TD Setup bar with the highest/lowest true high/low, and add the true range of that bar to its true high/low.
2. ATR mode: Get an ATR based level to the completed setup (bar 9).
Risk Tolerance parameters:
Define your risk tolerance= difference between the close of TD Setup (bar 9) and associated TDST Line
Visual background associated with Risk Tolerance:
- Buy Setup: Green=OK; Gray=above risk
- Sell Setup: Red=OK; Gray=above risk
Label: MATHR3E BASIC TDST-1.3
New: Risk Lines for TD buy/sell Countdowns.
Fix: TD Setup Risk Lines stop once crossed. Extend parameter added to keep them synchronized with TDST lines
Fix: TDST Lines are now calculated based on True Low / True High from completed setups.
Other options (HL/open/close) have been removed in order to free variables for other features.
Fix: TD Risk Lines also calculated based on True Low / True High values.
New: Parameter "Ignore TDST Lines" to continue risk line beyond TDST line violation
- Upgraded: Pinescript V4
- New: Parameter "Setup location": Move setups above/below bars in on clic // options=
- New: Parameter "Extend TDST Lines" to continue/stop TDST lines beyond its violation
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