The HOLP strategy was developed by trader-author John F. Carter in his book 'Mastering the trade: proven techniques for profiting from intraday and swing trading set ups' (ISBN 0-07-145958-8). The strategy, which gives buy signals, is a reversal strategy. Reversal strategies try to determine the point in time when a trend reverses direction. In his book John F. Carter is actually skeptical of taking a position against the trend, quoting classics like "never catch a falling knife" (buy a steep sell off) and "never step in front of a train" (short sell a strong market). Given his skepticism he decides to base his strategy on the one single factor which he deems relevant: the market price.
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Just correcting the High and Low close input fields
Thanks for implementing this.
For the test of the long and short entries, I think it should be previos close, not current close to be consistent with John Carter's text. close is effectively the live price. John Carter's text says: after the close > the High of the Low bar then enter the trade.
In which case, should the code read:
if close yesterday < setLow 2 days ago...
?
(The comment editor won't let me enter square brackets)
For the test of the long and short entries, I think it should be previos close, not current close to be consistent with John Carter's text. close is effectively the live price. John Carter's text says: after the close > the High of the Low bar then enter the trade.
In which case, should the code read:
if close yesterday < setLow 2 days ago...
?
(The comment editor won't let me enter square brackets)