The SpectrumBarsLE strategy generates a Long Entry signal when a Green or Blue item of the Spectrum Bars study appears (Close price is greater than that from a specified number of bars ago).
Note that, by default, this strategy can only be used to open a new position but not to close the existing one.
|The number of bars prior to the current bar used to find the past Close price.
1. "A Color-Based System for Short Term Trading" by Edgar Kraut. Technical Analysis of Stocks & Commodities, July 2011.