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{ Tom DeMark TD Setup Long/Short Entry Strategy
Written by: HamFon
Contact: ncrowle@sprintmail.com
Date: 07/27/2002, original 07/27/2002
Revision: 1.00
Status: Gnu Public License - this indicator may be used or shared freely with
no fee, as long as this original header comment is included.
Purpose: Generates a Buy or Sell Short order based on conditions price trend
Source: Active Trader Magazine, July 2002, page 64.
}
{ Generates a Buy signal when:
1) For each of the last 9 bars, the close is less than the close of the bar 4 bars earlier.
Reverse everything for Sell Short signal.
}
inputs:
TimeStart (0), TimeEnd (0), { hhmm integer or 0 to ignore }
AllowMultipleEntries (false), { blocks new trades if one already active }
DoLong (true), DoShort (true)
;
variables: CountLong (0), CountShort (0);
if CurrentBar < 9 then begin
CountLong = 0;
CountShort = 0;
end else begin
if C >= C[4] then CountLong = 0
else CountLong = CountLong + 1;
if C <= C[4] then CountShort = 0
else CountShort = CountShort + 1;
end;
if (AllowMultipleEntries or MarketPosition = 0)
and (TimeStart = 0 or Time >= TimeStart) and (TimeEnd = 0 or time <= TimeEnd)
then begin
if DoLong and CountLong >= 9
and (L < L[2] and L < L[3]) or (L[1] < L[2] and L[1] < L[3])
then begin
Buy ("TMSetupLE") next bar at C or higher;
Alert ("Ham TMSetup LE");
CountLong = 0;
end;
if DoShort and CountShort >= 9
and (H > H[2] and H > H[3]) or (H[1] > H[2] and H[1] > H[3])
then begin
Sell Short ("TMSetupSE") next bar at C or lower;
Alert ("Ham TMSetup SE");
CountShort = 0;
end;
end;