123 Down

 

MSL = market structure low MSH = market structure high This detects a MSH followed by a MSL, followed by a MSH that's lower than the previous MSL This is useful for finding potential turning points to go short. It's useful in conjunction in areas that are potential pivots, such as Volatility Bands. Parameters: BarsBack MinSeparation Min Separation specfies the minimum separation in number of bars between the two mshs.

Min Separation must be less than BarsBack

Arguments:

None

Output Indicators:

Detected

This outputs a 1 if a 123Dn is found within the last number of bars specified by BarsBack
or a 0 otherwise.

Example:

Study Name Expanded in a 3 minute timeframe:

I3_123Dn(10,5)_I3

This study detects 123Dn structures if they occur in the last 10 bars of the 3 minute time frame. It detects 123Dns that have a minimum 5 bar separation between the MSHs

The output indicators names are appended to the studyname, that is if the studyname is sn1 then the outputindicator is

sn1::Detected

 

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