//...................................................................................
// PopGunSystem with Tradingzone
// timeframes : all
// timezone : all
// instuments : all
// here dax40 1H
// here timezone europe, berlin
// coded in january 2023
// coded by JohnScher
//...................................................................................


defparam cumulateorders = true
once ordersize = 1
once tradeon = 0


//...................................................................................
// 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
startshorttrade = (High-Low)*percentrangestart/100
slt = startlongtrade*pipsize
sst = startshorttrade*pipsize


//...................................................................................
// percentrangestart = support or resistance from the range High-Low in percent, possible exit from a trade
percentrangeend = 50
endlongtrade  = (High-Low)*percentrangeend/100
endshorttrade = (High-Low)*percentrangeend/100
elt = endlongtrade*pipsize
est = endshorttrade*pipsize


//...................................................................................
// time_window to  trade the PopGun, kick off in daily or higher timeframes
tstart = 110000  // attention it needs 3 candles for PopGun! - so e.g. in dax40 and timeframe 1H starttime ideal tstart = 110000
tend   = 210000  // attention the spread in case of an overnightclose


//...................................................................................
// maincode
// determine time
IF time >= tstart  and time <= tend  then
// case longtrade
IF not longonmarket and PGLong Then
tradeon = 1
Entry = slt
Endif
IF tradeon >5 or longonmarket then
tradeon = 0
Elsif tradeon[1] > 0 then
tradeon = tradeon + 1
Endif
If tradeon then
buy ordersize contracts at Entry Stop
set stop loss  low
set target profit  elt
Endif
//case shorttrade
IF not shortonmarket and PGShort Then
tradeon = 1
Entry = sst
Endif
IF tradeon >5 or shortonmarket then
tradeon = 0
Elsif tradeon[1] > 0 then
tradeon = tradeon + 1
Endif
If tradeon then
sellshort ordersize contracts at Entry Stop
set stop loss  high
set target profit  est
Endif

Endif

The trade starts at entry stop
the entry stop = high + 25 percent from the range high-low
you can change the entry stop auf 0 percent, so the trade start at high stop
// schönen Gruß an tippi
// und korrigiere mal deinen Namen Killerplautze

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 with gains.

correction…

line 50
// percentrangestart = support or resistance from the range High-Low in percent, possible exit from a trade

gl and lg at all
i m off to next weekend

I’m a bit confused now, are you guys talking about an indicator or an algo now???? Find the popgun interesting as an indicator. Even better in Algo, of course ??? Is there a ready made algo as Itf. ????