HI veluri
thanks for such a nice thread,
your technique technique seems quite good and i too using similar set up which i would like to share , may this provide some helpful outcomes .
i use atr indicator for confirming the direction of market.
for bullish market we have , higher haighs and higer lows
for bear market lower highs and lower lows .
now suppose market is above it and bullish in daily chart , so it means that market is bullish in short or intermediate term .
now if prise is going to increase it need to make higher highs (no matter where it is going to close )
so we are going to look for inside or outside market if today range is inside previous range we are not going to trade due to inside market but in case of an outside market i.e., price breaking previous high we will enter into long position .and book profit as the price makes an new high .
opposite is also true we could short if price is below atr indicator and price breaks previous low in intraday .
any questions or suggestion are most welcomed .
atr afl for amibroker
_SECTION_BEGIN("ATRtrading");
period = Param("Period", 13, 1, 240, 1);
mult = Param("Multiplier", 1.7, 1, 240, 0.1);
f=ATR(period);
VS[0] = Close[0];
trend[0] = 0;
HighC[0]=0;
Lowc[0]=0;
for( i = period+1; i < BarCount; i++ )
{
vs
= vs[i-1];
trend = trend[i-1];
highC = HighC[i-1];
lowc = lowc[i-1];
if ((trend>=0) && ( C <VS ))
{
trend =-1;
HighC = C;
lowc = C;
}
if ((trend<=0) && (C >VS))
{
trend=1;
HighC = C;
lowc = C;
}
if (trend==-1)
{
if (C<lowc) lowc = C;
VS= lowc+ (mult*f);
}
if (trend==1)
{
if (C>HighC) HighC = C;
VS= HighC-(mult*f);
}
}
Buy=Cross(Trend,0);
Sell=Cross(0, Trend);
Plot(Close,"Close",colorBlack,styleCandle);
Plot(VS, "Vol Stop",IIf(trend==1,10,11 ),styleThick);
mkol = IIf( Trend==1, 10, 11);
Plot(5, "ribbon", mkol, styleOwnScale|styleArea|styleNoLabel, 0, -5); // Weekly trend
shape = Buy * shapeUpArrow + Sell * shapeDownArrow;
PlotShapes( shape, IIf( Buy, colorBlue, colorRed ), 0, IIf( Buy, Low-f, High+f));
_SECTION_END();
for e.g.,in this period not a single day loss , but technique provides only good entry exit and sl u have to select on ur own .
happy trading
abhi :clap: