Leledc Exhaustion V4

16 thg 11, 2019

This is one of my fav script (Leledec Exhaustion). The original script was written in V2 by Glaz here

All I did is to convert this to Version 4 of Pine Scripting language.

An Exhaustion Bar is a bar which signals the exhaustion of the trend in the current direction. In other words, an exhaustion bar is “A bar of the last seller” in case of a downtrend and “A bar of
last buyer” in case of an uptrend.

Having said that when a party cannot take the price further in their direction, naturally the other party comes in, takes charge and reverses the direction of the trend.


The Psychology

Let's assume that we have a group of people, say 100 people who decide to go for a casual running. After running for a few KM's few of them will say “I am exhausted. I cannot run further”. They will quit running. After running further, another bunch of runners will say “I am exhausted. I can’t run further” and they also will quit running. This goes on and on and then there will be a stage where only a few will be left in the running. Now a stage will come where the last person left in the running will say “ am exhausted” and he stops running. That means no one is left now in the
running. This means all are exhausted in the running.

The same way an exhaustion bar works. The reason is an exhaustion bar sometimes formed at almost tops and bottoms.

Timeframe
The exhaustion bars are found on all Time frames as a trend also exists on all Timeframes. However, as a thumb rule “Higher the Time frame, higher will be the accuracy as well as the profitability”.

Trading the Leledec Exhaustion Bars

• I may trade as soon as it is shown on the chart.
  
• I may trade when price breaks the high/low of the bar depending on whether I am getting bullish or bearish signal
  
• I may trade when price breaks the high/low of the bar depending on whether I am getting bullish or bearish signal. I may also be looking to ensure the current volume is higher than the previous few
  (? how many?) bar volumes.
  

30 thg 11, 2019

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Added minor leledec and ability to add alerts

4 thg 1, 2020

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Ensuring abilities to hide or show min leledec as it is not widely used in crypto. Maj Leledec is more useful for crypto/bitcoin

25 thg 9, 2020

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Providing a clear alert message

22 thg 7, 2023

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Updated to V5