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.

Input Parameters

Parameter Description
length The number of bars prior to the current bar used to find the past Close price.

Further Reading

1. "A Color-Based System for Short Term Trading" by Edgar Kraut. Technical Analysis of Stocks & Commodities, July 2011.