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Price Action Swing with Keltner Minor Trend Rule

gbPriceActionSwing Ver 1.1, TraderGB, March 23, 2021

This is a modified version of PriceActionSwing indicator that includes the Keltner Minor Trend Rule.

The minor trend turns:
(1) UP when price moves above its most recent high and stays UP until price moves below its most recent low, when it is considered to have turned DOWN.
(2) DOWN when price moves below its most recent low and stays DOWN until price moves above its most recent high, when it is considered to have turned UP.

Keltner defines an upward trend by the failure to make lower lows and a downward trend by the failure to make higher highs.

General Usage:
1) When the trend is up (background=green), you'll want to trade long on the up swings of the up trend (the Trend is Up and the Swing of the up trend is Up).
2) When the trend is down (background=red), you'll want to trade short on the down swings of the down trend (the Trend is Down and the Swing of the down trend is Down)

Suggestion Application - have three charts:
(1) Long-Term Chart: Used to get an idea of the long term trend.
(2) Intermediate-Term Chart: Used to detect the swing points turning in the same direction as the trend.
(3) Short-Term Chart: Used for entry/exit and trade management in the same direction of the trend and swing.

The screenshot shows a 30-tick range bar chart with the indicator parameters: SwingType=Standard and SwingSize=20.
The large green arrow shows the trend direction being up. The smaller green arrows show the "up swings" within the "up trend".
There are seven up swings in the ES of roughly 59, 82, 85, 102, 47, 58 and 53 points.
Looking within the up swings, there are many opportunities to get long using a lower timeframe chart.

References:
How to Make Money in Commodities, Chester W. Keltner, Keltner Statistical Services, 1960 (pages 52-54, 61-64).
The line chart on the top of page 61 clearly illustrates this rule.

Updates: Ver 1.1, 3/23/2021
1) Added independed AddOn gbPriceActionSwingBaseMethods. Some users were having issues with an existing version of PriceActionSwingBaseMethods that was different from the version that this indicator is based on.

Category NinjaTrader 8 Indicators and More

Details: Price Action Swing with Keltner Minor Trend Rule
Category: NinjaTrader 8 Indicators and More

March 20th, 2021
Size: 18.20 KB
Downloaded: 1347 times

Comments/ratings

yvrtrader22 April 17th, 2021 12:51 PM

Thank you so much .. 5 STARS all around

vaibhavkamble April 21st, 2021 03:43 PM

Thank you!

faithdefender May 6th, 2021 05:11 PM

I am going to try this on Forex pairs

faithdefender May 6th, 2021 06:41 PM

I like it. Thanks

kalalex June 11th, 2021 03:37 PM

No Comment

kiro July 27th, 2021 05:37 AM

Thank you!

BKOp September 12th, 2021 09:19 PM

GB, this is excellent work. Since I would like to use this indicator in Ninja strategies and in BloodHound, could you add a TrendValue plot just as you did for your gbCloseOverCloseTrendMap indicator?
This is what you said for that indicator:
"There is a separate transparent plot called TrendValue that can be used for those wanting to include this in Market Analyzer. A value of 1 indicates an uptrend and a value of -1 indicates a downtrend."

DavidFutures January 23rd, 2022 11:12 PM

Thanks, Great Work!

trendisyourfriend February 8th, 2022 07:08 AM

Good job. Appreciate your sharing.

zoomie February 13th, 2022 04:22 PM

Great indicator...Thank you

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