People avoid looking for good exits because exits do not give them control over the market. However, exits do control something. They control whether you make a profit or a loss, and they control just how big that profit or loss will be. Since they do so much, perhaps they are worthy of a lot more study on the part of most people.
Van K. Tharp

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Reversal Days

Formula for: Wealth-Lab

custom indicator

Views: 2342

Added: November 26, 2006

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Tags: Wealth-Lab, custom indicator

This script identifies Reversal Highs and Reversal Lows. From the article "Can Reversal Days Catch Market Turning Points" in the October 2005 issue. (Active Trader Magazine)

Code:

var Bar: integer;
SetBarColors( 988, 988 );
for Bar := 20 to BarCount - 1 do
begin
  if PriceHigh( Bar ) > Highest( Bar - 1, #High, 5 ) then
    if PriceClose( Bar ) <= PriceLow( Bar - 1 ) then
      SetBarColor( Bar, #Red );
  if PriceLow( Bar ) < Lowest( Bar - 1, #Low, 5 ) then
    if PriceClose( Bar ) >= PriceHigh( Bar - 1 ) then
      SetBarColor( Bar, #Green );
end;

Code to difficult? Find somebody to help you with coding here.

Source: http://www.activetradermag.com/index.htm

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