This indicator is developed using the basic rules of 40/3 swing trading. Rule #1 - New high for the last 40 days Rule #2 - 3 Consecutive days of the close being lower than the previous day Rule #3 - 4th days closing price is greater than the previous day When all 3 Rules are met, it will create the Aqua colored label indicating that the 40/3 criteria is met and a reversal is possible. Rule #4 - 4th days closing price is within the top 25% of that days high/low range. When Rule #4 is also met, it creates the Red label indicating that there is a very strong chance the reversal has begun.
Note di rilascio
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Added the ability to change the pullback days. It is defaulted to 3.
Note di rilascio
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Cleaned up script to make it easier to read and faster. Created a new function to allow consecutive counting based on criteria passed in, useful for many projects!
This is a hidden germ, please don't stop updating it. And thanks for sharing it. Cheers.
Metalxx14
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is there a possibility to unlock the timeframe for this? It might also work on shorter timeframes.
TimZhang
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I love your work Jason. Great one. Can you share the script? Thanks!
manukoenig
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Hi, can you please share the script?
cristian.d
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@manukoenig, geez can you guys READ? Can ya?
The source code of this study is protected. You can add it to your favorites and use it, but you cannot view or modify the script.
jasondhadley
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To use this script click on "Add To Favorites". In your chart click on Indicators on the top bar, select Favorites and then click on the script name.
@Anthonycom, you're welcome! I will most likely release the source code for the script as well in the near future.
Currently working on Trend Reversal and Buying/Selling exhaustion indicator that should be up tomorrow or Wednesday.
Once I am done with that I will go back and beautify this scripts code with comments included along the way so people can see what I intended step by step.
jasondhadley
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Tomorrow is Wednesday... Lol! Been a long 2 days so far. Wednesday or Thursday the new indicator will be released.