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I was wondering if someone may be of assistance in creating and .ela (or
strategy) with an alert for a consecutive two bar pattern.
The first bar would be an inside bar (the H and the L would be inside the
range of the subsequent second bar).
The second bar would be an outside bar (exceeding the H and L of the prior
"inside" bar).
The events would occur in this sequence...
1. The second bar would first exceed the H or the L of the preceding "inside
bar". It doesn't matter which extreme of the prior "inside" bar (H or L) is
exceeded first as long as one extreme (H or L) is infact initially exceeded.
The first extreme (H or L) must be exceed by a minimum of 2 ticks .
Once the H or L of the "inside bar" has been exceeded by a minimum of 2
ticks....
then price within that second bar would have to reverse and take out the
opposite extreme of the (prior) inside bar by at least 2 ticks. At that
point an alert would occur.
For example: Using the S&P contact...
The first bar would have a H of 1170.50 and a Low of 1168.70
The second bar must open within the range of the first bar...
The second bar would take out the H of 1170.50 by at least 2 ticks
(=>1170.70) and then reverse and take out the low of the first bar (1168.70)
by at least 2 ticks (=<1168.50). The alert then is triggered.
This sequence could have also happened in reverse where the L was taken
out first then the H (each by 2 ticks and then the alert occurs on the
subsequent take out of the H).
The .ela must be able to accomodate for an alert to occur on the second
extreme violation of the first (inside) bar no matter which initial extreme
(of the inside bar) was violated...setting up the potential subsequent
(opposite) extreme violation.
This .ela (study ...or whatever) could be applied to any time frame and
there would be an imput indicating the value of each tick.
Thank you in advance for your assistance.
LJ
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