As an Indicator, this script places triangle markers above and below candlesticks which have retraced more than 45% of their High to Low or Low to High range.
This indicator is based on a strategy said to have been presented by Rob Hoffman. Usually used with a trend indicator to determine favorability for entering
long or short. ~ Samuel Collier
To use in strategy builder,
First select which triangle types you want to plot. The triangle type labels (ie "UpTriangleLowClose", "UpTriangleHighClose", "DownTriangleLowClose",
"DownTriangleHighClose") in the input menu are named combining the following attributes:
1) The direction the triangles are pointing: "UpTriangle" (ie Green) or "DownTriangle" (ie Red)
2) The Bar "Close" in relation to Bar "Open": HighClose (ie Close Higher than Open) or LowClose (ie Close Lower than Open)
Next, choose the plot from the drop down in the indicator menu that you wish to compare:
1) "RetraceDownTriangle"; or
Finally, since the triangle plot is only assigned a value when a retracement occurs and has no value every other OnBarUpdate, to use in Strategy Builder, simply
compare the Indicator Plots (ie "RetraceDownTriangle", "RetraceUpTriangle") to zero according to the following "if" statements:
1) "if (RetraceUpTriangle != 0)" or "if (RetraceDownTriangle != 0)"; or
2) "if (RetraceUpTriangle > 0)" or "if (RetraceDownTriangle > 0)".
Either of those comparisons will return a "true". How this is done in Strategy Builder:
1) under "Conditions and Actions" select "add",
2) select "Indicators" then the "Rob Hoffman Inventory Retracement"
3) scroll down to "plots", select value plot from the "value plot" drop down menu,
4) change the center operator to either "not equal" or "greater",
5) then select "Misc" on the right,
6) then select "numeric value" and leave it at 0 (zero).
|File Size||2.7 KB|
|# of Downloads||332|
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