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.
Script open-source
Dans l'esprit de TradingView, le créateur de ce script l'a rendu open-source, afin que les traders puissent examiner et vérifier sa fonctionnalité. Bravo à l'auteur! Vous pouvez l'utiliser gratuitement, mais n'oubliez pas que la republication du code est soumise à nos Règles.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Script open-source
Dans l'esprit de TradingView, le créateur de ce script l'a rendu open-source, afin que les traders puissent examiner et vérifier sa fonctionnalité. Bravo à l'auteur! Vous pouvez l'utiliser gratuitement, mais n'oubliez pas que la republication du code est soumise à nos Règles.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.