OPEN-SOURCE SCRIPT
PopGun Trading, PG Pattern Detector
PopGun Bar Pattern Strategy
PG Trading
The indicator does the following:
It detects the Outside Bar, the smaller inside Bar and the 3rd Pop Gun that is bigger, than the inside Bar.
When the Pop Gun was detected, the indicator will calculate 3 targets for long and short trades.
In our understanding, a Pop Gun is neutral. The next candles after the Pop Gun will decide if the PG breakout is bullish or bearish.
So if one of the next candles after the PG is breaking the high or low of the PG Candle, this is a breakout confirmation and can traded long or short.
We are using the PG Indicator for Stock, Futures and Index Trading.
The Script uses 3 targets per default, but you can extend the target dots up to 6.
If you want to see the targets in plain text, you can activate the PG Box.
The targets are calculated really easy: Just the height of the candle multiplied with 1, 2 and 3 (4,5 and 6 additionally). In some communities there is an ATR calculation for more extended targets but it seems, that the ATR Calculation will sometimes lead to unreachable targets if the ATR is really high intraday...
We trade PopGuns starting at M15 chart. I think PGs smaler than M15 are not worth a trade...
Maybe i will add the ATR Function in the future just to compare the 2 ways to calculate PG targets. We are really doing well with 1,2,3 targets based on the PG Candle size. (Low to High).
Please leave a comment if you have some feature requests or input to make this the best Pop Gun Indicator in Trading View ;-)
PG Trading
The indicator does the following:
It detects the Outside Bar, the smaller inside Bar and the 3rd Pop Gun that is bigger, than the inside Bar.
When the Pop Gun was detected, the indicator will calculate 3 targets for long and short trades.
In our understanding, a Pop Gun is neutral. The next candles after the Pop Gun will decide if the PG breakout is bullish or bearish.
So if one of the next candles after the PG is breaking the high or low of the PG Candle, this is a breakout confirmation and can traded long or short.
We are using the PG Indicator for Stock, Futures and Index Trading.
The Script uses 3 targets per default, but you can extend the target dots up to 6.
If you want to see the targets in plain text, you can activate the PG Box.
The targets are calculated really easy: Just the height of the candle multiplied with 1, 2 and 3 (4,5 and 6 additionally). In some communities there is an ATR calculation for more extended targets but it seems, that the ATR Calculation will sometimes lead to unreachable targets if the ATR is really high intraday...
We trade PopGuns starting at M15 chart. I think PGs smaler than M15 are not worth a trade...
Maybe i will add the ATR Function in the future just to compare the 2 ways to calculate PG targets. We are really doing well with 1,2,3 targets based on the PG Candle size. (Low to High).
Please leave a comment if you have some feature requests or input to make this the best Pop Gun Indicator in Trading View ;-)
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.
Got a lot of feature requests to pay for additions. I will never ever charge any money or sell subscriptions for retailers.
If the idea is good, i will sit down and try to make it happen for free. You can buy me a coffee instead.
If the idea is good, i will sit down and try to make it happen for free. You can buy me a coffee instead.
Disclaimer
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