This indicator is from John Carters book “Mastering the trade” an plots the bars green or red.
It checks if the price is above or under the average price of the previous 5 bars.
The indicator should hep you stay in a trade until the colors chance.
Two bars of the opposite color is the signal to get in or out.
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averageprice = (((high[5]+low[5])/2)+((high[4]+low[4])/2)+((high[3]+low[3])/2)+((high[2]+low[2])/2)+((high[1]+low[1])/2)+((high[6]+low[6])/2))/6 if close > averageprice then drawcandle(open,high,low,close) coloured(0,255,0) endif if close < averageprice then drawcandle(open,high,low,close) coloured(255,0,0) endif return |
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