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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: 263 times

Comments/ratings

rocksolid68 March 21st, 2021 11:05 AM

Thanks for the excellent indi!

BKOp March 21st, 2021 12:50 PM

3/24/21 Version 1.1 solved the import issues listed below in my original post:

3/21/21 Import failed. When asked to update @ATR.cs with your newer version, I declined. I will do an NT backup and try the import again and accept the ATR.cs update.

Import failed again even after accepting the new @ATR.cs
Error states "may contain duplicate method names that already exist on your PC, modify a method signature that other scripts were dependent on, or be missing a required file on either your PC or the import archive."

Your indicator's use of trend looks very interesting, so I wish I could try it out. I will check here occasionally in case you can overcome this install issue.

bobc635 March 22nd, 2021 10:42 AM

Thx TraderGB... Will check it out... I use PASwing daily

Ssjaznguy March 22nd, 2021 11:51 PM

any fix to the problem yet? I cant install the indicator like BKOp

Tradarr March 23rd, 2021 05:00 PM

Thank You Sir!

Linds March 23rd, 2021 05:58 PM

No Comment

TomTownsend March 24th, 2021 09:49 PM

Thank you, have been looking for something like this!

Tangotx March 26th, 2021 01:34 PM

@TraderGB . . . Thanks for sharing. Question: Is there a way to add the "delta volume" of each swing to the options that get printed on the char? An alternative would be to simply replace the "absolute volume" option for the "delta volume" as in my opinion delta provides a much better picture of what the swing might do next.

ap29680 March 26th, 2021 03:08 PM

Great Indicator

intifadamericana April 3rd, 2021 07:27 PM

Thanks.