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The template that implements this idea is named Inside-Breakout and can be downloaded from the Ensign web site. The idea implemented by this template uses the MACD study for direction. When the MACD is above its average, the High of an Inside range bar is used as a Buy stop. When the MACD is below its average, the Low of an Inside range bar is used as a Sell stop.
The Green zone shows where bars are trading above the most recent Buy stop. The Red zone shows where bars are trading below the most recent Sell stop. The following two alerts establish the trend direction based on MACD being above or below its average.
When the MACD trend is Up, and an Inside bar occurs, the following alert will copy the Inside bar's High into global variable 1, and draw a short horizontal green line on the chart at the High price.
When the MACD trend is Down, and an Inside bar occurs, the following alert will copy the Inside bar's Low into global variable 2, and draw a short horizontal red line on the chart at the Low price.
When a Bar's High exceeds the High Stop in global variable 1, the zone on the chart is colored light green.
When the Bar's Low is below the Low Stop in global variable 2, the zone on the chart is colored light red.
Last modified 1/15/08 6:32 PM |
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