PROTECTED SOURCE SCRIPT
40/3 Swing Indicator
Updated
This indicator is developed using the basic rules of 40/3 swing trading.
Rule #1 - New high for the last 40 days
Rule #2 - 3 Consecutive days of the close being lower than the previous day
Rule #3 - 4th days closing price is greater than the previous day
When all 3 Rules are met, it will create the Aqua colored label indicating that the 40/3 criteria is met and a reversal is possible.
Rule #4 - 4th days closing price is within the top 25% of that days high/low range.
When Rule #4 is also met, it creates the Red label indicating that there is a very strong chance the reversal has begun.
Rule #1 - New high for the last 40 days
Rule #2 - 3 Consecutive days of the close being lower than the previous day
Rule #3 - 4th days closing price is greater than the previous day
When all 3 Rules are met, it will create the Aqua colored label indicating that the 40/3 criteria is met and a reversal is possible.
Rule #4 - 4th days closing price is within the top 25% of that days high/low range.
When Rule #4 is also met, it creates the Red label indicating that there is a very strong chance the reversal has begun.
Release Notes
Added the ability to change the pullback days. It is defaulted to 3.Release Notes
Cleaned up script to make it easier to read and faster.Created a new function to allow consecutive counting based on criteria passed in, useful for many projects!
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