Pinescript Indicator: GBULT
Budget: $250 – $750 USD
Indicator details
Notes:
* Steps below define a bull indicator but the opposite should occur for a bear indicator.
* Indicator is reset whenever any candle in sequence breaks the current Low defined in step 1 before completion of step 3 defined below
Steps
1. Impulse, is any bar that breaks high (based on previous code, I will provide this code that calculates High and Low AH HL.txt)
2. MRH is based on candles prior to Impulse (step1, see FindingMRH and MRL.png). We basically look at previous candles in bull impulse we look for a high that is lower than candle after, we keep doing this until the candle before ithas a high that is higher than currently processing candle. Then we look for the candle that has a high that is higher than its previous candle or is an inside bar candle. Draw on Chart Horizontal line (orange) 4 bars long on the right, print price and MRH text
3. Entry line is MRH (Step1) plus pip offset a indicator variable generally 3 pips above MRH. Entry line starts after impulse candle. Draw Horizontal Line 4 bars long, print price and ENTER text. Also Draw Horizontal Line, print Stop Loss Price and text SL (SL is a variable in indicator generally 10pips below MRH)
a. The above is valid unless there is an inside side bar prior to MRH then the inside bar high become the MRH.
4. Display table on Chart containing most recent indicator
Date Entered HOUR L/S Entry SL
2019-01-02 08:00 Long 1.1969 1.1676
Date: is date of candle in step 3
Time: Is time of candle hour in step 3
L/S: long (bull) or short (bear) based on step one impulse candle, breaking high is Long impulse
Entry: is Entry price (step 3) MRH+Offset indicator variable
SL: is stop loss price (step 3.) Stop loss is an indicator variable (generally -10pips)
Notes:
* Steps below define a bull indicator but the opposite should occur for a bear indicator.
* Indicator is reset whenever any candle in sequence breaks the current Low defined in step 1 before completion of step 3 defined below
Steps
1. Impulse, is any bar that breaks high (based on previous code, I will provide this code that calculates High and Low AH HL.txt)
2. MRH is based on candles prior to Impulse (step1, see FindingMRH and MRL.png). We basically look at previous candles in bull impulse we look for a high that is lower than candle after, we keep doing this until the candle before ithas a high that is higher than currently processing candle. Then we look for the candle that has a high that is higher than its previous candle or is an inside bar candle. Draw on Chart Horizontal line (orange) 4 bars long on the right, print price and MRH text
3. Entry line is MRH (Step1) plus pip offset a indicator variable generally 3 pips above MRH. Entry line starts after impulse candle. Draw Horizontal Line 4 bars long, print price and ENTER text. Also Draw Horizontal Line, print Stop Loss Price and text SL (SL is a variable in indicator generally 10pips below MRH)
a. The above is valid unless there is an inside side bar prior to MRH then the inside bar high become the MRH.
4. Display table on Chart containing most recent indicator
Date Entered HOUR L/S Entry SL
2019-01-02 08:00 Long 1.1969 1.1676
Date: is date of candle in step 3
Time: Is time of candle hour in step 3
L/S: long (bull) or short (bear) based on step one impulse candle, breaking high is Long impulse
Entry: is Entry price (step 3) MRH+Offset indicator variable
SL: is stop loss price (step 3.) Stop loss is an indicator variable (generally -10pips)
Related categories:
Pine Script