Program 90 | Finding extreme oscillator 'hooks'
Автор: markplex
Загружено: 2025-05-23
Просмотров: 134
Описание:
This TradeStation EasyLanguage program is designed to assist traders in identifying potential trade entry zones by analyzing key oscillator behavior. The script monitors several popular momentum indicators—including %R, MACD Histogram, Commodity Channel Index (CCI), and Stochastic Oscillator—for the formation of "hooks" or pivot points that occur beyond overbought or oversold thresholds. The values of the overbought and oversold levels are set using user inputs.
A hook is defined here as a local turning point in the oscillator's movement, signaling a possible shift in momentum. When two such hooks occur consecutively in the same extreme zone (either overbought or oversold), the oscillator is flagged with a visual plot on the chart. If the oscillator subsequently crosses back through the overbought or oversold line within a user defined number of bars, an additional plot is drawn.
A 'hook' is marked with a cross and a crossover of the oversold line with a dot.
By highlighting these recurring patterns, this tool aims to give traders an early visual cue of potential momentum reversals. It’s not a standalone trading signal, but rather a contextual aid to support broader technical analysis and decision-making.
See https://markplex.com/easylanguage-pro...
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