Hi guys.
This is really a kiddy tool setup, coded on the logic of Directional Line from the book "Mastering Trade Selection and Management" , by Jay Norris/Al Gaskill .
Amazon.com: Mastering Trade Selection and Management: Advanced Strategies for Long-Term Profitability (9780071754989): Jay Norris, Al Gaskill: Books (
Logic of DL is straight forward and in whole book of average material i found only this to pick...:sarcastic:
"Directional line marks the low of the current
highest closing candle in an uptrend or the high of the current lowest
closing candle in a downtrend."
Its been coded on similar frame as of NT's SuperTrend ( and so named ) , i added some visuals as per my liking and usability ( test yourself ). As the concept is to wait for "Closing"...so better not to use COBC = false. You may find its use as per your liking and premise, use of TLs and MAs are a good supplementary tools with this. Personally i felt it as better for Exits. Previously i thought to add some ATR filters also, but felt if used than originality of concept would have been destroyed so left ATR thingy.
Try and enjoy on MultiSeries Time Chart ( beawre of illusion on MultiTime Series Chart...:becky: )