OPEN-SOURCE SCRIPT
Catching Trend Reversals by shorting tops and buying bottoms

HOLP (High of the low period) and LOHP (Low of the high period)
Catching Trend Reversals by shorting tops and buying bottoms
using this Swing High/Low Indicator
Trading Strategy comes from Mastering the Trade, by John Carter pg 300.
Trading Rules for Sells, Buys are reversed
1. Identifying a trending market, where today's price is making a 20-day high (17-18 day highs are also fine)
Note this is configurable by setting the trending period variable (defaults to 20)
For example if price is making a 20 period high or 20 period low, it will show a triangle up/down above the candle.
2. Identify the high bar in the uptrend
3. Go short once the price action closes below the low of this high bar
4. The initial stop is the high of the high bar.
5. If you are in the trade on the third day or period, use a 2 bar trailing stop.
You can check 2-bar trailing stop to draw the line, defaults to off.
Stop is indicated by the white dot.
Code Converted from TradeStation EasyLanguage
I can't find the original source anymore for the swing high/low plots, but if someone knows,
let me know and I'll credit here.
Catching Trend Reversals by shorting tops and buying bottoms
using this Swing High/Low Indicator
Trading Strategy comes from Mastering the Trade, by John Carter pg 300.
Trading Rules for Sells, Buys are reversed
1. Identifying a trending market, where today's price is making a 20-day high (17-18 day highs are also fine)
Note this is configurable by setting the trending period variable (defaults to 20)
For example if price is making a 20 period high or 20 period low, it will show a triangle up/down above the candle.
2. Identify the high bar in the uptrend
3. Go short once the price action closes below the low of this high bar
4. The initial stop is the high of the high bar.
5. If you are in the trade on the third day or period, use a 2 bar trailing stop.
You can check 2-bar trailing stop to draw the line, defaults to off.
Stop is indicated by the white dot.
Code Converted from TradeStation EasyLanguage
I can't find the original source anymore for the swing high/low plots, but if someone knows,
let me know and I'll credit here.
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Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Skrip sumber terbuka
Dalam semangat TradingView sebenar, pencipta skrip ini telah menjadikannya sumber terbuka, jadi pedagang boleh menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupuan anda boleh menggunakan secara percuma, ingat bahawa penerbitan semula kod ini tertakluk kepada Peraturan Dalaman.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.