Description
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.