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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: 1355 times
2340
TraderGB
Comments/ratings
richbois
February 23rd, 2022 09:46 AM
No Comment
kingoliver
February 26th, 2022 06:09 PM
No Comment
kingoliver
February 26th, 2022 06:10 PM
No Comment
kingoliver
February 26th, 2022 06:10 PM
Nice!
romus
March 15th, 2022 09:22 PM
Well done - Thank you!
TraderSC
June 19th, 2023 07:42 AM
No Comment
TraderSC
June 19th, 2023 07:42 AM
Great Work, Thanks
KenMourey
October 11th, 2023 05:29 PM
Giving it a go, thx
Celinhuw
October 12th, 2023 12:53 PM
Amazing Indicator.
racecarjw
November 12th, 2023 10:53 AM
Thank you for your generosity and sharing your work.
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All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.