In this method look for recent block of black candles and take the before black candle as base handle ,Draw a line forward with the value open and close of the base candle ,When the price falls into this region next in near future execute buy order. Stop loss wont work.
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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.
//@version=2 study("ZONE",overlay=false) len = input(35,title="Period") smooth = input(100,title="Smooth") plotcandle(open, high, low, close, title='candle', color=(open < close) ? green : red, wickcolor=gray) // This is working isHigherHigh() => high>high and high>high and low>low and low>low and close>close and high>close and close>high and close>low and close>(open and low) and close>(openand low)and close>(openand low) isHigherHigh() => high>high and high>high and close>close and close>close and close>open and close>open and close>open and low>open and low>open and (open+low)<(open+close) //and low>ohlc4 and low>ohlc4 //and low>open and low>open this code is to make sure low not below open of before candle barcolor(isHigherHigh()? black :na) barcolor(isHigherHigh()? black :na, -1) barcolor((isHigherHigh() and close>open)? black :na, -2) //barcolor()