OPEN-SOURCE SCRIPT
Combo Strategy 123 Reversal & ECO
This is combo strategies for get a cumulative signal.
First strategy
This System was created from the Book "How I Tripled My Money In The
Futures Market" by Ulf Jensen, Page 183. This is reverse type of strategies.
The strategy buys at market, if close price is higher than the previous close
during 2 days and the meaning of 9-days Stochastic Slow Oscillator is lower than 50.
The strategy sells at market, if close price is lower than the previous close price
during 2 days and the meaning of 9-days Stochastic Fast Oscillator is higher than 50.
Second strategy
We call this one the ECO for short, but it will be listed on the indicator list
at W. Blau’s Ergodic Candlestick Oscillator. The ECO is a momentum indicator.
It is based on candlestick bars, and takes into account the size and direction
of the candlestick "body". We have found it to be a very good momentum indicator,
and especially smooth, because it is unaffected by gaps in price, unlike many other
momentum indicators.
We like to use this indicator as an additional trend confirmation tool, or as an
alternate trend definition tool, in place of a weekly indicator. The simplest way
of using the indicator is simply to define the trend based on which side of the "0"
line the indicator is located on. If the indicator is above "0", then the trend is up.
If the indicator is below "0" then the trend is down. You can add an additional
qualifier by noting the "slope" of the indicator, and the crossing points of the slow
and fast lines. Some like to use the slope alone to define trend direction. If the
lines are sloping upward, the trend is up. Alternately, if the lines are sloping
downward, the trend is down. In this view, the point where the lines "cross" is the
point where the trend changes.
When the ECO is below the "0" line, the trend is down, and we are qualified only to
sell on new short signals from the Hi-Lo Activator. In other words, when the ECO is
above 0, we are not allowed to take short signals, and when the ECO is below 0, we
are not allowed to take long signals.
WARNING:
- For purpose educate only
- This script to change bars colors.
First strategy
This System was created from the Book "How I Tripled My Money In The
Futures Market" by Ulf Jensen, Page 183. This is reverse type of strategies.
The strategy buys at market, if close price is higher than the previous close
during 2 days and the meaning of 9-days Stochastic Slow Oscillator is lower than 50.
The strategy sells at market, if close price is lower than the previous close price
during 2 days and the meaning of 9-days Stochastic Fast Oscillator is higher than 50.
Second strategy
We call this one the ECO for short, but it will be listed on the indicator list
at W. Blau’s Ergodic Candlestick Oscillator. The ECO is a momentum indicator.
It is based on candlestick bars, and takes into account the size and direction
of the candlestick "body". We have found it to be a very good momentum indicator,
and especially smooth, because it is unaffected by gaps in price, unlike many other
momentum indicators.
We like to use this indicator as an additional trend confirmation tool, or as an
alternate trend definition tool, in place of a weekly indicator. The simplest way
of using the indicator is simply to define the trend based on which side of the "0"
line the indicator is located on. If the indicator is above "0", then the trend is up.
If the indicator is below "0" then the trend is down. You can add an additional
qualifier by noting the "slope" of the indicator, and the crossing points of the slow
and fast lines. Some like to use the slope alone to define trend direction. If the
lines are sloping upward, the trend is up. Alternately, if the lines are sloping
downward, the trend is down. In this view, the point where the lines "cross" is the
point where the trend changes.
When the ECO is below the "0" line, the trend is down, and we are qualified only to
sell on new short signals from the Hi-Lo Activator. In other words, when the ECO is
above 0, we are not allowed to take short signals, and when the ECO is below 0, we
are not allowed to take long signals.
WARNING:
- For purpose educate only
- This script to change bars colors.
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