OPEN-SOURCE SCRIPT
BB After Close
This is just an idea I am toying with.
Enforce patience by triggering after the previous candle close. This way you enter on a confirmation.
I like the way this pairs with a donchian channel, and also I just like donchian channels
How I would trade this, say for a long dip buy:
1. Do not trade the first candle of the day. Close any open positions at the end of the day.
2. Generally speaking, Green/Yellow are bullish signals and Red/Orange are bearish signals
3. The diamond is the signal, and the square is the confirmation of the signal. So generally go with the square as your signal.
4. The cross (which looks like a plus sign) is the "happy" profit stop and the xcross (which is an 'x' sign) is the less happy loss stop. These stop symbols may show up frequently in strong trends - in these situations, use them as a sign of trend as well.
Enforce patience by triggering after the previous candle close. This way you enter on a confirmation.
I like the way this pairs with a donchian channel, and also I just like donchian channels
How I would trade this, say for a long dip buy:
1. Do not trade the first candle of the day. Close any open positions at the end of the day.
2. Generally speaking, Green/Yellow are bullish signals and Red/Orange are bearish signals
3. The diamond is the signal, and the square is the confirmation of the signal. So generally go with the square as your signal.
4. The cross (which looks like a plus sign) is the "happy" profit stop and the xcross (which is an 'x' sign) is the less happy loss stop. These stop symbols may show up frequently in strong trends - in these situations, use them as a sign of trend as well.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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