Mastering the Trade

[Cribbage]

I have an indicator that I wanted to get in working order. Its close, but not quite doing what I want it to and I can't quite tell how its drawing the clouds I'm telling it to. Its based on a strategy John Carter describes in Mastering the Trade. Its a trend reversal strategy where you find the candle the makes the lowest low, and then trade the high of that candle on longs, and vice versa when going short. I came up with the following code to help me see these candles.

plot LOHP = Lowest(high, 78);
plot LowestLow = Lowest(low, 78);
plot HOLP = Highest(low, 78);
plot HighestHigh = Highest(high, 78);

AddCloud(HOLP, HighestHigh, Color.WHITE, Color.LIGHT_GREEN);
AddCloud(LOHP, LowestLow, Color.RED, Color.WHITE);

Its close, but it isn't always plotting the high of the low (and vice versa) and I can't always tell where its getting its high from. I chose a lookback of 78 because I use this on a 10min chart and thought looking back 2 days was a good place to start. Any help is appreciated.

 

[SleepyZ]

I have an indicator that I wanted to get in working order. Its close, but not quite doing what I want it to and I can't quite tell how its drawing the clouds I'm telling it to. Its based on a strategy John Carter describes in Mastering the Trade. Its a trend reversal strategy where you find the candle the makes the lowest low, and then trade the high of that candle on longs, and vice versa when going short. I came up with the following code to help me see these candles.

plot LOHP = Lowest(high, 78);
plot LowestLow = Lowest(low, 78);
plot HOLP = Highest(low, 78);
plot HighestHigh = Highest(high, 78);

AddCloud(HOLP, HighestHigh, Color.WHITE, Color.LIGHT_GREEN);
AddCloud(LOHP, LowestLow, Color.RED, Color.WHITE);

Its close, but it isn't always plotting the high of the low (and vice versa) and I can't always tell where its getting its high from. I chose a lookback of 78 because I use this on a 10min chart and thought looking back 2 days was a good place to start. Any help is appreciated.

Your code above is basically TOS's pricechannel indicator, often referred to as Donchian Channel, with an addition of lowestlow and highesthigh. Nice work by the way.

Researching HOLP/LOHP, I found an open source code on Trading View. Here is that indicator in thinkscript with credit to the author from TV. I could not find this as a commercial indicator by John Carter.

#// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
#// © jasonowl
#// The HOLP strategy was developed by trader-author John F. Carter in his book 'Mastering the trade: proven
#// techniques for profiting from intraday and swing trading set ups' (ISBN 0-07-145958-8). The strategy, which gives buy signals, is a reversal strategy.
#// https://www.whselfinvest.com/en/trading_strategies_19_holp.php

#//@version=4
#study(title="HOLP/LOHP", overlay=true)
#float setHigh = na, float setLow = na
#bool buytrigger = 0, selltrigger = 0

#// Input options
input period = 78;#input(20, title="Period")

#// Calculate values
def hiClose = highest(close, period)[1];
def loClose = lowest(close, period)[1];
def sethigh = if low < lowest(low,period)[1]
              then high
              else
              setHigh[1];
def setlow  = if high > highest(high,period)[1]
              then low
              else
              setLow[1];

plot buytrigger = if close crosses above setHigh[1]
                  then low
                  else double.nan;

plot selltrigger = if close crosses below setLow[1]
                   then high
                   else double.nan;


#// Plot values on the chart
plot hclose =hiclose;#(series=hiClose, title="High Close", color=color.green, linewidth=1)
plot lclose =loclose;#(series=loClose, title="Low Close", color=color.red, linewidth=1)
#plotshape(buytrigger, title="Buy", style=shape.triangleup, location=location.belowbar, color=color.lime)
#plotshape(selltrigger, title="Sell", style=shape.triangledown, location=location.abovebar, color=color.orange)
plot shigh=sethigh;#(setHigh, title="HighforTrigger",style=plot.style_circles, linewidth=2, color=color.white)
plot slow=setlow;#(setLow, title="LowforTrigger",style=plot.style