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This appears to be close to what you asked for. (ELA attached)
It is not too bad, visually speaking...
Plots 1 and 2 should be Points with scaling the Same as Symbol
Bob Fulks
{ *******************************************************************
Indicator : Davis 2-Bar Reversal
Last Edit : 08/13/01
Provided By : Bob Fulks
Description : Coded per specs in Omega List post of today
********************************************************************}
Input: Length(5), Fraction(0.25);
Vars: Trend(0);
Trend = LinearRegSlope(Close, Length);
if Trend > 0 and
High = High[1] and
Close[1] >= High[1] - Fraction * Range[1] and
Close <= Low + Fraction * Range then begin
Plot1(High + Range, "1");
if CheckAlert then Alert = TRUE;
end;
if Trend < 0 and
Low = Low[1] and
Close[1] <= Low[1] + Fraction * Range[1] and
Close >= High - Fraction * Range then begin
Plot2(Low - Range, "2");
if CheckAlert then Alert = TRUE;
end;
>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
Attachment:
Description: "DAVISREV.ELA"
Attachment:
Description: "%DAVISREV.ELA"
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