Indicators: HLR
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HLR:
The HighestLowestRange (HLR) determines the relative price position in range of the several X bars ago.
If price located at range bottom (new low), the indicator is equal to 0, if price position at the top of the range (new high), the indicator is equal to 1 (or 100%).
Trade signals. The long position is opened when HLR overcomes the 0.8 level, the postion is reversed to short when HLR breakdowns the 0.2 level, in other words, the position is opened when the price is located in the upper or lower bounds (20%) of the price range. The indicator was tested with system, based on 40-day channel breakout.
Author: Nikolay Kositsin