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Very often if price reaches the same high...or the same low on two
consecutive bars it will reverse direction if the following conditions
occur:
If price in an uptrend gets to the same high (on the second bar)...and...
on the first bar price closes within 25% of the HIGH of that 1st bar....
and on the second bar price closes within 25% of the LOW of that second
bar...price will normally reverse.
In a downtrend if price gets to the same low (on the 2nd bar)...and...on the
first bar price closes within 25% of th LOW of that 1st bar...and on the
second bar price closes within 25% of the HIGH of that second bar...price
will normally reverse.
If possible I would like an ela that would plot on the close of the second
bar by putting a dot above the second bar. Both the (1) size of the dot and
(2) the location of the dot above ( or below) the second bar could be
adjusted by settings within the ela.
If at all possible it would be nice to have a True setting to condition the
two bar reaching the exact same High or Low....and a False setting allowing
the user in another imput variable to indicate how far below the 1st high
(in an uptrend) or above the 1st low in an uptend the second bar may form.
This is a more complicated condition however, and if the equal high (or
low..depending on the trend) of both bars could be captured in real
time...that would certainly be high on my wish list.
I would use this indicator on short term time frames intraday.
Thank you very much for your feedback.
LD
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