Rob Hoffman's Inventory Retracement Bar - by UCSgears

Claims by Rob Hoffman
Developed and used to win trading competitions around the world, the Hoffman Inventory Retracement Trade is quickly becoming one of the most popular ways to identify where short-term counter trend institutional inventory has subsided and when it’s time to re-enter into a trade’s original trend direction.

I have not included the TREND condition.

- Enjoy

Rob Hoffman Inventory Retracement Bar - http://tradersonline-mag.com/01_ezine/01_traders/en/2014/09/files/assets/basic-html/page54.html

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study(title="UCS_Rob Hoffman_Inventory Retracement Bar", shorttitle="UCS_RH_IRB", precision=2, overlay=true)

z = input(45, title="Inventory Retracement Percentage %", maxval=100)

// Candle Range
a = abs(high - low)
// Candle Body
b = abs(close - open)
// Percent to Decimal
c = z/100

// Range Verification 
rv = b < c*a

// Price Level for Retracement
x = low + (c * a)
y = high - (c * a)

sl = rv == 1 and high > y and close < y and open < y 
ss = rv == 1 and low < x and close > x and open > x 

// Line Definition
li = sl ? y : ss ? x : (x+y)/2

// Plot Statement
plotshape(sl, style=shape.triangledown, location=location.abovebar, color=red, title = "Long Bar", transp = 0)
plotshape(ss, style=shape.triangleup, location=location.belowbar, color=green, title = "Short Bar", transp = 0)

plot(li, style = line, color = blue, title = "Inventory Bar Retracement Price Line")
Are you, by the way, familiar with Rob Hoffman's indicators - Tone, Lock, Fire and Thrust? Do you have any idea how to construct those? Thanks.
ucsgears PRO at.nexus7
I haven't come across those yet...
+1 Reply
Torrie1 ucsgears
Thx for this...if your ever in South Africa we will have a beer..
This is an interesting study. I tried to paste into TOS and got an error. Is this study available in their directory? The article is quite interesting also. I have always hoped I could look at certain candle formations to get insights. This was intriguing.
ucsgears PRO javakittydc
Yes, you can purchase the tos version for a premium. http://www.becomeabettertrader.com/index.php/trading-indicators/
ucsgears PRO javakittydc
Here is the correct link " http://www.becomeabettertrader.com/products/department4.cfm%22
Thank you. should this be combined with the other one?
ucsgears PRO Alphaoptions
yes, for the TREND Def.
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