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I have created an indicator that will trigger signal when a Category 3
resistance pattern is formed.
For the benefits of other user, a Category 3 resistance pattern is
formed when the 3 bars immediately prior to and immediately after the
pivotal bar must have their highs that are lower than the high of the
bar pinpointing the Category 3 resistance.
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The codes for my indicator are as below:
{Category 3 Resistance}
L1:=Ref(H,-6);
L2:=Ref(H,-5);
L3:=Ref(H,-4);
PP:=Ref(H,-3);
R1:=Ref(H,-2);
R2:=Ref(H,-1);
R3:=HIGH;
bingo:=PP>L1 AND PP>L2 AND PP>L3 AND PP>R1 AND PP>R2 AND PP>R3;
bingo
My indicator plots a vertical line on same day (that means 7th. day)
when the "bingo" statement is true. However I wanted the indicator to
plot the vertical line on the same day as the bar pinpointing the
Category 3 resistance (in this case the 4th. bar). I was able to
"force" the indicator to do that by replacing the code "bingo" with
"Ref(bingo,3)".
I would appreciate comment whether the code "Ref(bingo,3)" is the
proper way.
Regards,
ALM
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