60 Anchor setup

D

deerock

New member
VIP
Hi Ben, this request idea comes from a service I use that trades a concept called the 60 anchor. It is very straight forward. All it is is an inside candle on the hourly chart but only when it occurs on the last two hours of the trading day. The 2nd to last candle is 2:30pm et to 3:30pm et and the last candle is 3:30pm to 4pm et. With TOS the last 1 hour candle is really only 30 minutes. When the last 30 min candle (which shows as an h1 candle) is an inside bar then this can be an important trade-able level in the future. Sometimes it is the next day or even sometime in the future when price retraces to it. What I'd like is a scan to look for these setups. Let me know what you think.

His service does share a google drive for the 60 anchor to display on the chart but it isn't something to use as a scan. None the less, if you think that script can be useful to you let me know.
 
Shinthus

Shinthus

Member
VIP
Frankly, this strategy sounds similar to the 1.272 Magic Fib indicator here.
 
BenTen

BenTen

Administrative
Staff
VIP
Warehouse
If you want to scan for inside bar on the hourly then use this indicator.

Code:
## OneNote Archive Name: Inside Bar (Simple) _Mobius
## Suggested Tos Name using JQ naming convention: InsideBarSimple_Mobius   
## OneNote Section: Candles
## Archive Date: 02.10.2019
## Provenance: Posted by Alpha in the Lounge on 02.10.2019

## Archive, Usage or Lounge Notes:
## End OneNote Archive Header

# Inside Bar (Simple)
# Mobius
# Chat Room Request

def insideBar = if (High < High[1]) and
                   (Low > Low[1]) and
                   !isNaN(close[-1])
                then 1
                else Double.NaN;

AssignPriceColor(if !isNaN(insideBar)
                 then color.Blue
                 else color.current);

Alert(insidebar, "", Alert.ONCE, Sound.Bell);

# End code Simple Inside Bar
Also take a look at this one as well.
 
S

skynetgen

Member
Warehouse
Well this is basically a proxy for ranged price action at EOD. Ranged price action is a signal all in itself. And sqz into ranged at the EOD often has follow up next day. Its trivial to make scans/indicator for it however it produces tons of false positives, so Unless paired with something else I see no edge

I am very interested in the ranged price action, however I did not crack the puzzle yet and was not able to build a system out of it. However that doesnt mean it cannot be done- maybe someone else did it already (very likely lol), but I havent seen such systems myself yet
 

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