A popgun is a well-known chart pattern consisting of 3 candles. 2 outside candles that completely enclose an inside candle with its highs and lows.
For the sake of simplicity, the breakout is traded in the trend direction which is determined by the 2nd outside candle. This is where the impulse wave according to the Elliot Wave Theory comes into play. The breakout is determined when the high or low of the 2nd outside candle is exceeded within the next 5 candles. There is a little or no dispute about this.
The difficulties are determining in the target!
The question arises whether to use points in general or points or a percentage of the price of the value or as a percentage of the 2nd outside or even as a percentage of the 1st outside candle or even more so according to some other target profit or a trailings stop or or or….
Here we worked with percentages of the 2nd outside.
The author means that one jumps into the impulse coming from the 2nd outside and then takes the impulse over a certain “distance”, e.g. from 25% of the range of the 2nd outside to 50% of the range of the 2nd outside. Cause PopGuns can be traded in all markets and all time frames, so you can take this “distance” very often.
|
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 |
//................................................................................... // PopGunIndicator with Tradingzone // timeframes : all // timezone : all // instuments : all // here dax40 1H // coded in january 2023 // coded by JohnScher //................................................................................... //.................................................................................. // for the graphics PIP=10*pipsize //default LIN=5 //default rl=0 gl=250 bl=0 rs=250 gs=0 bs=0 rts = 136 gts = 0 bts = 255 //................................................................................... // indicator PopGun PG = High[2]>High[1] and Low[2]<Low[1] and High>High[1] and Low<Low[1] // the second outsidecandle determins the possible trade direction PGLong = PG and close > open PGShort = PG and close < open //................................................................................... // percentrangestart = support or resistance from the range High-Low in percent, possible entry into a trade percentrangestart = 25 startlongtrade = (High-Low)*percentrangestart/100 // startlongtrade = High+PIP //alternativ in pips instead percent startshorttrade = (High-Low)*percentrangestart/100 // startshorttrade = Low-PIP //alternativ in pips instead percent slt = startlongtrade*pipsize sst = startshorttrade*pipsize //................................................................................... // percentrangestart = support or resistance from the range High-Low in percent, possible entry into a trade percentrangeend = 75 endlongtrade = (High-Low)*percentrangeend/100 // startlongtrade = High+PIP //alternativ in pips instead percent endshorttrade = (High-Low)*percentrangeend/100 // startshorttrade = Low-PIP //alternativ in pips instead percent elt = endlongtrade*pipsize est = endshorttrade*pipsize //.................................... //................................................................................... // time_window to show and trade the PopGun tstart = 080000 // attention it needs 3 candles for PopGun! - so e.g. in dax40 and timeframe 1H starttime ideal tstart = 110000 tend = 220000 // attention the spread in case of an overnightclose //................................................................................... // maincode IF time >= tstart and time <= tend then IF PGLong Then DRAWARROWUP(barindex,Low-PIP)coloured(rl,gl,bl) DRAWSEGMENT(barindex,High,barindex+LIN,High)coloured(rl,gl,bl) DRAWSEGMENT(barindex,Low,barindex+LIN,Low)coloured(rl,gl,bl) DRAWSEGMENT(barindex,High+slt,barindex+LIN, High+slt)coloured(rts,gts,bts) //possible entry into a trade DRAWSEGMENT(barindex,High+elt,barindex+LIN, High+elt)coloured(rts,gts,bts) //possible exit from a trade Endif IF PGShort then DRAWARROWDOWN(barindex,High+PiP)coloured(rs,gs,bs) DRAWSEGMENT(barindex,High,barindex+LIN, High)coloured(rs,gs,bs) DRAWSEGMENT(barindex,Low,barindex+LIN,Low)coloured(rs,gs,bs) DRAWSEGMENT(barindex,Low-sst,barindex+LIN,Low-sst)coloured(rts,gts,bts) //possible entry into a trade DRAWSEGMENT(barindex,Low-est,barindex+LIN,Low-est)coloured(rts,gts,bts) //possible exit from a trade Endif Endif //................................................................................... return |
Share this
No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.
ProRealTime ITF files and other attachments :
Filename : download the ITF files
Find other exclusive trading pro-tools on 
PRC is also on YouTube, subscribe to our channel for exclusive content and tutorials
Hallo John, dein Indikator gefällt mir wirklich gut, kannst du ein Alarm mit einarbeiten auf den Pfeil oder vielleicht noch einen Screener daraus machen ???? Das wäre Richtig Perfekt !!!!
For a long time now, however, I have been involved only now and then with with popgun indicator, screener and strategies…….
look at this
https://www.prorealcode.com/topic/pg-screener/
( everytime with the medikit of roberto)
coded Strategy will follow soon