Title = Name()+ " Price Break Indicator." ;
//+ " Trend is " + Trend_Text + ". SEQUENCE IS " + Sequence_Text;
Plot(C,Title,colorBlack,styleCandle);
///////// Parameters ////////
nBars_To_Scan = Param("Number of bars to Scan",20, 10,480, 10); //Number of bars to include in scan
PB_Interval = Param("Number of Bars for Price Break",3,2,3,1);
///////// Use Array of Prices and Price Breaks to Look Back and Determine What Price Break is For Current Bar
Seedbar = nBars_To_Scan + 1; //Need an initial value to start the PB process
if (BarCount > Seedbar) //Make sure there are enough bars available to evaluate
{
Price[0]= LastValue(Ref(C,-Seedbar)); //Seed the 0 Bar in the Array with Values
Trend[0]=1; //1 = Long, 0=Short
Sequence[0]=0; //Sequence counter - counts number of new price breaks
Price_Break[0] = LastValue(Ref(C,-Seedbar));
High_C1[0] = LastValue(Ref(C,-Seedbar)); //Highest Close 1 Ago
High_C2[0]= LastValue(Ref(C,-Seedbar)); //Highest Close 2 Ago
High_C3[0]= LastValue(Ref(C,-Seedbar)); //Highest Close 3 Ago
Low_C1[0] = LastValue(Ref(C,-Seedbar)); //Lowest Close 1 Ago
Low_C2[0] = LastValue(Ref(C,-Seedbar)); //Lowest Close 2 Ago
Low_C3[0] = LastValue(Ref(C,-Seedbar)); //Lowest Close 3 Ago
for ( i=1; i < Seedbar ; i++) //Cycle through prices filling in price array and caculating price breaks
{
Prior = i-1; //Index for Prior entry in array. Set the current array values to
Trend[i]=Trend[Prior]; //prior values to make sure everything that isn't changed later
Price_Break[i] = Price_Break[Prior]; //gets carried forward to the next row in the array.
Low_C1[i] = Low_C1[Prior]; //Carryover current values
Low_C2[i] = Low_C2[Prior];
Low_C3[i] = Low_C3[Prior];
High_C1[i] = High_C1[Prior]; //Carryover current values
High_C2[i] = High_C2[Prior];
High_C3[i] = High_C3[Prior];
Sequence[i] = Sequence[Prior];
Price[i] = LastValue (Ref (C,-(Seedbar-i))); //Seedbar is the bar just in front of where I start the method. Works since i starts at 1
if (Price[i] >Price[Prior] AND Trend[Prior] == 1 ) // If Close is Greater than the prior close And the Trend is Long
{ if (Price[i] >High_C1[Prior]) //If the Close is greater than the last highest close
{ //Test For Price Break. The IIF is there to accomodate a 2 price or 3 price break option
//based on the PB_Interval parameter
Price_Break[i] = IIf(PB_Interval == 3,High_C3[Prior],IIf(PB_Interval == 2,High_C2[Prior],High_C3[Prior]));
//The 3PB method says I take the highest close 4 ago as the new price break.
Sequence[i] = Sequence[i] + 1; //Increment Sequence if Price Break
High_C3[i] = High_C2[Prior]; //Stacking the higher closes like this avoids having to go back and iterate through the.
High_C2[i] = High_C1[Prior]; //closes to find and count the higher closes. They are just carried forward in the stack.
High_C1[i] = Price[i]; //When a higher close occurs, it is put on the top of the stack, each close below is
} //pushed down in sequence, and the earliest (farthest back) close goes away.
}
if (Price[i] >Price[Prior] AND Trend[Prior] == 0 ) // If Close is Greater than the prior close And the Trend is Short
{ if (Price[i] >Price_Break[Prior]) //If Close > Price Break in trend is Short, Reverse and go Long
{
High_C1[i] = High_C2[i] = High_C3[i] = Price[i]; //Initialize sequence of new Highs
Price_Break[i] = Price[i]; //Set new value for Price Break
Trend[i] = 1; //Set the trend Long
Sequence = 0;
}
}
if (Price[i] 0, "Long","Short");
} //Close the For Loop
} //Close the first test for sufficient bars to do the study