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Hi Coders small question : How can I exactly determine the barnumber of a certain pivot ? If there's any existing code example for TS please let me know. Thanks Jojo
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Hello, This indicator is designed to indicate trend and potential support/resistance levels. It originated from my work with the wide range bodies and their translation into tick charts. My theory is that wide range bodies appear in tick charts as consecutive bars higher or lower (3 bars with higher highs, higher lows, etc.). It's not an exactly true translation, but often it works out that way in my experience. Taking the theory one step further, if you have 2 sets of 3 consecutive up or down bars, you normally will have a trend intact. This indicator recognizes (bullish example) when there is three consecutive bars setting higher highs and higher lows. Then it looks for the occurrence to happen once again and sets a dotted line where the pivot was that started the move. New lines will appear as the trend progresses and new legs appear. These lines are areas of support within the trend. If price begins to run into the lines, then you have likely run into a range and should look for range trades as opposed to continuation trades. Once the range fails you get flat until new trend bars are established (this is beacuse the range may just expand to shake more people out). I am posting this for feedback. Since we each have a diverse approach to trading I would be interested to see if anyone finds this analysis fitting into their style well. Getting late, sorry if I don't make much sense here - -here you go. PS> the indicator is designed to run on tick charts, maybe on volume bars as well. 3BAR.ELD
