This indicator is a interpretation of the Red Dog Reversal Pattern which was discovered by T3Live founder Scott Redler. (AFAIK)
The indicator is maybe useful for Day Trade or Swing Trade.
BUY Criteria: 1. Stock is down for multiple days 2. Stock goes below prior day's low 3. Stock trades back up through prior day's low, which triggers the buy 4. The stop is set at the current intraday low
SELL Criteria: 1. Stock is up for multiple days 2. Stock goes above the prior day's high 3. Stock trades back down through prior day's high, which triggers the sell 4. The stop is set at the current intraday high
Please always remember, there is no holy grail indicator!
Thank you sir for providing this nice indicator, wonder if you can share the source code with you since I'm developing my own strategy right
PetyaIvanov
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Thanks alot, can you share the source code? I'd like to test a few modifications, but dont want to start from scratch.
sones
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I know this is old, but whats the timeframe you would suggest for this strategy?
fyntrade
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@sones, Hi, I recommend to do a study / deep dive. Very often patterns work in different timeframes. To get a conviction in the pattern you have to study hundreds of charts and find a way how the execution could work best for you. You may add more elements to it or even find that you can't get consistent results with it - what works for someone doesn't necessarily work for you. All the best
sones
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@fyntrade, Thank you. I plan to backtest it as well. I have had some moderate success with the alerts already. Do you plan to open source the code or share it, if not - I totally understand. Thanks!
Rossty
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@fyntrade Thanks for this!! Could you please advise on how to get alerts to work with this indicator? I am struggling to get them to work. Thanks in advance for any help you could offer!
dogron5
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Hi. Is there any way to add an alert on this indicator?
fyntrade
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@dongron5, haven't tried it yet with the integrated alert function. Otherwise I would have to add alertconditions to the source code.
hnguyen123
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Can you please share your source code?
fyntrade
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@hnguyen123, the source code represents precisely what is written in the description. It is not that complicated, but I'm sorry I will not give access to the source code yet.