Trending Bar SR is a simple script define a Bar called "Trending Bar". Depend on direction of Trending Bar, if Trending Bar is UpTrend then this indicator plot Bar's Low Price as Support and if Trending Bar is DownTrend then it plot Bar's High Price as Resistance. Beside, this indicaor also plot 4 levels retracement of Trending Bar for trading. 1. Define Trending Bar 1.1 Uptrend Bar + Close Price higher than previous High Price + Body greater than sum of shadows (up and down) + Color: A green dot is plotted at bottom chart. 1.2 Downtrend Bar + Close Price lower than previous Low Price + Body greater than sum of shadows (up and down) + Color: A red dot is plotted at bottom chart. 2. Retracement Level + Trending Bar Retracement 0.5 is called Equerium. + Trending Bar Retracement 0.618 is called Perfect Entry. + Trending Bar Retracement 0.705 is called Optimal Entry. + Trending Bar Retracement 0.79 is called Max Entry. 3. Trading + When Price crossed Equerium, consider open position at Perfect Entry, Optimal Entry with stoploss place at Max Entry. + If place order at Max Entry, stoploss can place at Support or Resistance.
it seems the dot is printed bu the alert is produced after the next cancle close i.e delayed.. any reason? thanks
decentMeerkat007
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@decentMeerkat007, sorry I think i figured it out, need to use "Once per Bar" and Not "Once per bar close" ?
decentMeerkat007
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hi, this seems like a great script and i am trying to digest it. Can you kindly explain under what circumstance would a repeat dot appear in the bottom ( and hence alert ) ? Also would you say to wait for bar close for entries/stops or is it like one touch as soon as happens? Many thanks