High-Low Charts indicator

• 10/09/2022 at 7:00 PM #202224
  robertogozzi

  I ran into a video on YouTube (https://www.youtube.com/watch?v=NfrPZzinYlQ&list=WL&index=1), dealing with High-Low Charts. The idea is quite simple, build candles taking into account just the LOW and the HIGH, no shadows.

  Only 4 patterns may show:

  • Bullish pattern (Blue) is when a candle forms a higher HIGH and a higher LOW
  • Bearish pattern (Red) is when a candle forms a lower HIGH and a lower LOW
  • Engulfing (Grey or Green) is when the range is greater than the previous one; either HIGH or LOW can be equal to the prior candle
  • InsideBAR (Grey or Yellow) is when the range is smaller than the previous one; either HIGH or LOW can be equal to the prior candle

  While the BULLISH and the BEARISH patterns can be used to trade (especially reversals when showing at significant turning points) , the latter two are usually considered as trend continuation patterns.

  The code plots BULLISH candles BLUE, BEARISH candles RED, ENGULFING candles GREY (or GREEN, uncommenting lines 19-21) and INSIDEBAR candles GREY (or YELLOW, uncommenting lines 23-25).

  A light GREEN dot is plotted at the CLOSE, just as a reference. If you don’t like it, comment out line 28.
  Here is the indicator, which can be added ON or BELOW (or both) your chart:

  r = 211 //Grey g = 211 //Grey b = 211 //Grey t = 255 Bullish = (high > high[1]) AND (low > low[1]) Bearish = (high < high[1]) AND (low < low[1]) Engulfing = (high >= high[1]) AND (low <= low[1]) AND (range > range[1]) InsideBAR = (high <= high[1]) AND (low >= low[1]) AND (range < range[1]) IF Bullish THEN //Blue r = 0 g = 0 b = 205 ELSIF Bearish THEN //Red r = 238 g = 0 b = 0 ENDIF IF Engulfing THEN //Green //r = 193 //g = 255 //b = 193 ELSIF InsideBAR THEN //Yellow //r = 255 //g = 246 //b = 143 ENDIF DrawCandle(high,high,low,low) coloured(r,g,b,t) Drawtext("●",BarIndex,close,serif,bold,5) coloured(0,255,0,t) //Green RETURN

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  r         = 211     //Grey g         = 211     //Grey b         = 211     //Grey t         = 255 Bullish   = (high > high[1]) AND (low > low[1]) Bearish   = (high < high[1]) AND (low < low[1]) Engulfing = (high >= high[1]) AND (low <= low[1]) AND (range > range[1]) InsideBAR = (high <= high[1]) AND (low >= low[1]) AND (range < range[1]) IF Bullish THEN         //Blue    r = 0    g = 0    b = 205 ELSIF Bearish THEN      //Red    r = 238    g = 0    b = 0 ENDIF IF Engulfing THEN       //Green    //r = 193    //g = 255    //b = 193 ELSIF InsideBAR THEN    //Yellow    //r = 255    //g = 246    //b = 143 ENDIF DrawCandle(high,high,low,low) coloured(r,g,b,t) Drawtext("●",BarIndex,close,serif,bold,5) coloured(0,255,0,t)   //Green RETURN

  4 users thanked author for this post.

  ullle73, Nicolas, Louloute, PLermite

  

  robertogozzi

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  10/09/2022 at 7:13 PM #202227
  robertogozzi

  This is a simple strategy tested on DAX, Daily chart:

  Bullish = (high > high[1]) AND (low > low[1]) Bearish = (high < high[1]) AND (low < low[1]) IF Bullish AND (low[1] = lowest[20](low)) AND Not LongOnMarket THEN BUY 1 CONTRACT AT MARKET ENDIF IF Bearish AND (high[1] = highest[20](high)) AND Not ShortOnMarket THEN SELLSHORT 1 CONTRACT AT MARKET ENDIF SET TARGET pPROFIT 400 SET STOP pLOSS 200

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  Bullish   = (high > high[1]) AND (low > low[1]) Bearish   = (high < high[1]) AND (low < low[1]) IF Bullish AND (low[1] = lowest[20](low)) AND  Not LongOnMarket THEN    BUY 1 CONTRACT AT MARKET ENDIF IF Bearish AND (high[1] = highest[20](high)) AND Not ShortOnMarket THEN    SELLSHORT 1 CONTRACT AT MARKET ENDIF SET TARGET pPROFIT 400 SET STOP   pLOSS   200

  

  robertogozzi

  Moderator

  Topics: 69

  Replies: 17618

  Been thanked: 4335 times
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