Idea is to provide a tool to detect break-out's from a dead band around an , and to detect back-in's to the dead band.
Detection is fundamentally based on how much %, at least, a certain candle body has ruptured the dead band (adjustable).
Long and short flags are placed on the chart, as well as the deadband. Can be used to generate alers .
With minimal modifications, can be convert to a Strategy script.
Following are ideas to play around if you want. Room for improvements:
- convert constants into inputs, and diversify thresholds assimetrically
- play around with wether or not using pyramiding (here pyramiding is blocked)
- look at several bars in a sequence, not only current
I'm a Process Control Engineer in my profession and I try to mix some of the control theory within trading charts as a hobby, as I trade also for a hobby. I'm happy to hear you've found nice real use for that.
I suggest the following:
- convert it into a strategy to back-test it
- if you still confirm the potential, you can use this script to generate real alerts
Reach out if you want to discuss anything.
PS: I'm planning to publish a more featured version with stoploss and takeprofit ;)
I am not into coding but I am starting to think that is wise to learn so I can tweak my trading ideas. Your thinking is diverse and would glad to see your next work
Glad to hear back, and thank you for sharing