PopGun Indicator

v10.3
PopGun Indicator

Jeffrey Kennedy from Elliot Wave International shared the PopGun Bar Pattern. He meant it as a way to find impulse waves for Elliot wave  traders.

To trade the Popgun bar pattern, you must know what is an inside bar and an outside bar. (see attached screenshot)

An insidebar  is one that is completely engulfed by the bar before it. It represents a contraction in range and a pause in directional trading activity.

An outside bar is one that completely engulfs the bar before it. It shows strength in both directions. Depending on the context, it is a sign of strength or a precursor to erratic movements.

The Popgun bar pattern consists of an inside bar followed by an outside bar.

Trading Rules – Popgun Bar Pattern

Long Trading Setup

  1. An inside bar
  2. An outside bar that closed higher than it opened
  3. Buy on close of outside bar

Short Trading Setup

  1. An inside bar
  2. An outside bar that closed lower than it opened
  3. Sell on close of outside bar

(In my opinion, if you want you can also trade the just direct reversal of the second outside. Maybe take profit with first close after second outside.)

In this way you have to go long direct after a red candle and you have to go direct short on green candle. Possible to close the trade with close of reversal candle.)

until then

JohnScher

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Risk disclosure:

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 : How to import ITF files into ProRealTime platform?

PRC is also on YouTube, subscribe to our channel for exclusive content and tutorials

  1. JohnScher • 06/25/2018 #

    It seems a little mistake has crept in.
    Here is the code in plain text.

    // PopGun Indikator
    // coded by JohnScher

    //for the graphics
    PIP = 10*pipsize
    LIN = 3

    //percentrange = Support or Resistance in Percent og the Range High-Low = 25% default
    //percentrange = 25 // default
    Support = (High-Low)*percentrange/100
    Resistance = (High-Low)*percentrange/100

    //indicator PopGun
    PG = High[2]>High[1] and Low[2]High[1] and Lowopen // greencandle = long , as rerversal short
    PGShort = PG and Close= tstart and time <= tend then

    IF PGLong Then
    rL=0
    gL=0
    bL=250
    DRAWARROWUP(barindex,LOW-PIP)coloured(rL,gL,bL)
    DRAWSEGMENT(barindex,LOW-SUPPORT,barindex+LIN, LOW-SUPPORT )coloured(rL,gL,bL)
    // to trade as reversal red candle = Long
    rL=250
    gL=0
    bL=0
    DRAWARROWDOWN(barindex,HIGH+PIP)coloured(rs,gs,bs)
    DRAWSEGMENT(barindex,High+Resistance,barindex+LIN, High+Resistance )coloured(rs,gs,bs)
    Endif

    IF PGShort then
    rS=0
    gS=0
    bS=250
    DRAWARROWDOWN(barindex,HIGH+PIP)coloured(rs,gs,bs)
    DRAWSEGMENT(barindex,High+Resistance,barindex+LIN, High+Resistance )coloured(rs,gs,bs)
    // to trade as reversal red candle = Long
    rL=250
    gL=0
    bL=0
    DRAWARROWUP(barindex,LOW-PIP)coloured(rL,gL,bL)
    DRAWSEGMENT(barindex,LOW-SUPPORT,barindex+LIN, LOW-SUPPORT )coloured(rL,gL,bL)

    ENDIF

    ENDIF
    return

    If you have any problems, please feel freee to contact me again.

  2. Carlos Garcia • 06/25/2018 #

    Doesn´t work on PRT V10.3

  3. Alai-n • 06/25/2018 #

    Hello … Error Syntax Line 14

  4. JohnScher • 06/25/2018 #
  5. JohnScher • 06/25/2018 #

    // PopGun Indikator
    // coded by JohnScher
    // without timewindow, working on prt10.3
    //for the graphics
    PIP = 10*pipsize
    LIN = 5

    //percentrange = Support or Resistance in Percent og the Range High-Low = 25% default
    //percentrange = 25 // default
    Support = (High-Low)*percentrange/100
    Resistance = (High-Low)*percentrange/100

    //indicator PopGun
    PG = High[2]>High[1] and Low[2]High[1] and Lowopen // greencandle = long , as rerversal short
    PGShort = PG and Close<Open //redcandle = short, as reversal long

    // timewindow to show the popgun
    // tstart = 080000 fefautl
    // tend = 220000

    IF PGLong Then
    rL=250
    gL=0
    bL=0
    DRAWARROWUP(barindex,LOW-PIP)coloured(rL,gL,bL)
    DRAWSEGMENT(barindex,LOW-SUPPORT,barindex-LIN, LOW-SUPPORT )coloured(rL,gL,bL)
    // to trade as reversal red candle = Long
    rL=250
    gL=0
    bL=0
    DRAWARROWDOWN(barindex,HIGH+PIP)coloured(rs,gs,bs)
    DRAWSEGMENT(barindex,High+Resistance,barindex-LIN, High+Resistance )coloured(rs,gs,bs)
    Endif

    IF PGShort then
    rS=0
    gS=0
    bS=250
    DRAWARROWDOWN(barindex,HIGH+PIP)coloured(rs,gs,bs)
    DRAWSEGMENT(barindex,High+Resistance,barindex-LIN, High+Resistance )coloured(rs,gs,bs)
    // to trade as reversal red candle = Long
    rL=250
    gL=0
    bL=0
    DRAWARROWUP(barindex,LOW-PIP)coloured(rL,gL,bL)
    DRAWSEGMENT(barindex,LOW-SUPPORT,barindex-LIN, LOW-SUPPORT )coloured(rL,gL,bL)

    ENDIF

    return

  6. Alai-n • 06/25/2018 #

    Re … Error syntax line 14 (Low [2] (<) High [1]) I guess. And how to define lowopen and pglong ???

    • JohnScher • 06/25/2018 #

      //indicator PopGun
      PG = High[2]>High[1] and Low[2]High[1] and LowHigh[1] and Low[2]High[1] and Lowopen // greencandle = long , as rerversal short
      PGShort = PG and Close<Open //redcandle = short, as reversal long

      // timewindow to show the popgun
      // tstart = 080000 fefautl
      // tend = 220000

      IF PGLong Then
      rL=250
      gL=0
      bL=0
      DRAWARROWUP(barindex,LOW-PIP)coloured(rL,gL,bL)
      DRAWSEGMENT(barindex,LOW-SUPPORT,barindex-LIN, LOW-SUPPORT )coloured(rL,gL,bL)
      // to trade as reversal red candle = Long
      rL=250
      gL=0
      bL=0
      DRAWARROWDOWN(barindex,HIGH+PIP)coloured(rs,gs,bs)
      DRAWSEGMENT(barindex,High+Resistance,barindex-LIN, High+Resistance )coloured(rs,gs,bs)
      Endif

      IF PGShort then
      rS=0
      gS=0
      bS=250
      DRAWARROWDOWN(barindex,HIGH+PIP)coloured(rs,gs,bs)
      DRAWSEGMENT(barindex,High+Resistance,barindex-LIN, High+Resistance )coloured(rs,gs,bs)
      // to trade as reversal red candle = Long
      rL=250
      gL=0
      bL=0
      DRAWARROWUP(barindex,LOW-PIP)coloured(rL,gL,bL)
      DRAWSEGMENT(barindex,LOW-SUPPORT,barindex-LIN, LOW-SUPPORT )coloured(rL,gL,bL)

      ENDIF

      return

  7. JohnScher • 06/25/2018 #

    @nicolas

    Here are some problems with the code.
    Can you put in the correct code as attached?

    // PopGun Indikator
    // coded by JohnScher

    //for the graphics
    PIP = 10*pipsize
    LIN = 5

    //percentrange = Support or Resistance in Percent og the Range High-Low = 25% default
    //percentrange = 25 // default
    Support = (High-Low)*percentrange/100
    Resistance = (High-Low)*percentrange/100

    //indicator PopGun
    PG = High[2]>High[1] and Low[2]<Low[1] and High>High[1] and Low<Low[1]

    // the second outside candle
    PGLong = PG and Close>open // greencandle = long , as rerversal short
    PGShort = PG and Close<Open //redcandle = short, as reversal long

    // timewindow to show the popgun
    // tstart = 080000 fefautl
    // tend = 220000

    IF PGLong Then
    rL=250
    gL=0
    bL=0
    DRAWARROWUP(barindex,LOW-PIP)coloured(rL,gL,bL)
    DRAWSEGMENT(barindex,LOW-SUPPORT,barindex-LIN, LOW-SUPPORT )coloured(rL,gL,bL)
    // to trade as reversal red candle = Long
    rL=250
    gL=0
    bL=0
    DRAWARROWDOWN(barindex,HIGH+PIP)coloured(rs,gs,bs)
    DRAWSEGMENT(barindex,High+Resistance,barindex-LIN, High+Resistance )coloured(rs,gs,bs)
    Endif

    IF PGShort then
    rS=0
    gS=0
    bS=250
    DRAWARROWDOWN(barindex,HIGH+PIP)coloured(rs,gs,bs)
    DRAWSEGMENT(barindex,High+Resistance,barindex-LIN, High+Resistance )coloured(rs,gs,bs)
    // to trade as reversal red candle = Long
    rL=250
    gL=0
    bL=0
    DRAWARROWUP(barindex,LOW-PIP)coloured(rL,gL,bL)
    DRAWSEGMENT(barindex,LOW-SUPPORT,barindex-LIN, LOW-SUPPORT )coloured(rL,gL,bL)

    ENDIF

    return

    • Nicolas • 06/25/2018 #

      Hi, please send it to contact[at]prorealcode.com . Many thanks.

  8. JohnScher • 06/25/2018 #

    @nicolas
    done, in this moment

  9. JohnScher • 06/25/2018 #

    After a small error crept in, a correct itf.file has been uploaded.

  10. dougie80 • 06/25/2018 #

    Great Indicator, Is there a way to use this as an alert ?

    • JohnScher • 06/25/2018 #

      I created the screener with some help here from PRT. It is surely somewhere in one of the forum posts.On the start page of the ProRealcode-website there is a search function. In the library it is not to be found.
      Helpful are the PopGuns the higher the time unit is. In stocks best daily and higher up.

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