This system makes use of %R and a lot to determine the entries/exits. Refer to the documents listed below for the complete set of rules.
* System Trading Rules: https://drive.google.com/file/d/0Bx48Du_...
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.
// // @author LazyBear // // If you use this code in its orignal/modified form, do drop me a note. // study(title = "Price Headley Accelaration Bands [LazyBear]", shorttitle="PHAB_LB", overlay=true) length=input(20) ub=(high*(1+2*((((high-low)/((high+low)/2))*1000)*0.001))) su=sma(ub, length ) lb=(low*(1-2*((((high-low)/((high+low)/2))*1000)*0.001))) sl=sma(lb, length ) u=plot(su, color=blue, linewidth=2) l=plot(sl, color=red, linewidth=2) fill(u,l,gray, transp=90) plot(avg(su,sl), style=3, color=gray)
For ex., these are the short trade setup & entry rules:
IF Price closes below the lower Acceleration Band for 2 consecutive days AND Williams%R(30) <= -80 AND ADX(14) >= 25 AND Slope(ADX(14), 2) >= 0 THEN
* (EOD) Enter Short MOO the next day
* (REAL TIME) Enter Short MOC 15 minutes before close