iīve got the permission to share the indikator. please send me your email-adress, i reply with the indikator. i have an description of the rules in german. i try to translate it today.
pullbacktrader
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This Indicator is been made after i have seen the BrooksBars Indicator from Photog53. - (lot of Thanks to him !!!) It counts the Highs and Lows and iīve got a shadow inclued. I have wrote a description in German so that a professional programmer made …
If someone needs the description in german, please mail me!
pullbacktrader
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Are you sure that this indicator is really consistent with Al Brooks' practice? I personally have a doubt about it.
Let's suppose that we are in an uptrend.
There is a bear correction.
The first bar with a higher high corresponds to H1.
But, if the next bar has also a higher high (second bar of an uptrend leg), I think it is not an H2.
H2 will only appear after the next bear leg.
My reference: attached figure 4.16 of page 120 of its first book, and surrounding text.
You could be right!
Iīve got the basics of my definition from the attached files, but there would no H count ending after a lower low like in my indicator.
My interpretation of brooks H1 L1 counting is to identify small trends and so i think it make sense to stop counting at the time the price brake through the low/high of the prior bar. in my practice sometimes if the low is taken with one ore two ticks, i buy the next H1, witch is an H2 in the right definition, but it comes to the same results.
I hope you (and no one else) is afraid if its not what you are looking for, but its free to you to optimize the indicator to the right definition from brooks if you think this is helpful. i think itīs like i sayed: the counting is used to defined small trends and this indicator helps the viewer to get focus on it.
