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Internal Bar Strength Indicator

951 4 52
The internal bar strength or ( IBS             ) is an oscillating indicator which measures the relative position of the close price with respect to the low to high range for the same period.
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//@version=2
strategy("IBS", initial_capital=10000, overlay=false, pyramiding=5)

strategy.risk.allow_entry_in(strategy.direction.long)


src = close
ibs = (close - low) / (high - low) * 100

longCondition = ibs < 17
if (longCondition)
    strategy.entry("My Long Entry Id", strategy.long)

shortCondition = close > high[1]
if (shortCondition)
    strategy.entry("My Short Entry Id", strategy.short)
As said by Llewelyn at systemtradersuccess.com, 2002 and 2008 are 2 of the 3 best performing years. Bull market bias must be reconsidered. Works great with VIX (daily) and some currencies pairs (hourly)
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IMO there is a bias in this backtest because markets were bullish 90% of the time since 1990.
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Source for this strategy can be found here : http://systemtradersuccess.com/internal-bar-strength-indicator
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thank you
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