Range_Outlier_Action
This identifies Buy and Sell Points once the period high breaches the SMA High and period low breaches the SMA Low. It produces profitable results greater than 87% of the time. You should still monitor and set up stop-losses as appropriate.
All forecasts are based on analysis of past behavior. Prior movements are not always indicative of future movement. Develop the theory, test the theory. Do your own research. Nothing in this analysis constitutes advice. YouTube For More. Good luck!!
//Created by Chris Guthrie on September 11, 2016 study(title="Range_Outlier_Action", shorttitle="RNG_Outlier_Action", overlay=true) bsa = input(true, title="Display Buy-Sell Arrows") bsl = input(true, title="Display Buy-Sell Letters") //Moving Averages smaHI = sma(high, 10) smaLO = sma(low, 10) //Basic Criteria Schema plHI = plot(smaHI, title="High MA", style=line, linewidth=2, color=lime) plLO = plot(smaLO, title="Low MA", style=line, linewidth=2, color=red) fill(plHI, plLO, color=silver, transp=75) //Aggressive Trend Entry entryADT = smaHI < high and smaHI < high[1] and high < high[1] entryAUT = low < smaLO and low[1] < smaLO and low > low[1] //Conservative Trend Entry entryCDT = smaHI < high and smaHI < high [1] and high < high[1] and high < high [2] entryCUT = low < smaLO and low[1] < smaLO and low > low[1] and low > low[2] //Symbology //plotarrow(bsa and entryADT ? entryADT : na, title="Aggressive Down Trend Entry", colordown=red, maxheight=30, minheight=30, transp=0) //plotarrow(bsa and entryAUT ? entryAUT : na, title="Aggressive Up Trend Entry", colorup=lime, maxheight=30, minheight=30, transp=0) plotchar(bsl and entryCDT ? entryCDT : na, title="Conservative Down Trend Entry", offset=0, char='S', location=location.abovebar, color=red, transp=0) plotchar(bsl and entryCUT ? entryCUT : na, title="Conservative Up Trend Entry", offset=0, char='B', location=location.belowbar, color=lime, transp=0)