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# Rob Hoffman's Inventory Retracement Bar - by UCSgears

2229 8
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

```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")```
Thank you. should this be combined with the other one?
Alphaoptions
yes, for the TREND Def.
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.
javakittydc
javakittydc
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.
at.nexus7
I haven't come across those yet...
ucsgears
Thx for this...if your ever in South Africa we will have a beer..
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