ucsgears

Rob Hoffman's Inventory Retracement Bar - by UCSgears

Claims by Rob Hoffman
Developed and used to win trading competitions around the world, the Hoffman Inventory Retracement Trade is quickly becoming one of the most popular ways to identify where short-term counter trend institutional inventory has subsided and when it’s time to re-enter into a trade’s original trend direction.

I have not included the TREND condition.

- Enjoy


Rob Hoffman Inventory Retracement Bar - http://tradersonline-mag.com/01_ezine/01...

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study(title="UCS_Rob Hoffman_Inventory Retracement Bar", shorttitle="UCS_RH_IRB", precision=2, overlay=true)

z = input(45, title="Inventory Retracement Percentage %", maxval=100)

// Candle Range
a = abs(high - low)
// Candle Body
b = abs(close - open)
// Percent to Decimal
c = z/100

// Range Verification 
rv = b < c*a

// Price Level for Retracement
x = low + (c * a)
y = high - (c * a)

sl = rv == 1 and high > y and close < y and open < y 
ss = rv == 1 and low < x and close > x and open > x 

// Line Definition
li = sl ? y : ss ? x : (x+y)/2

// Plot Statement
plotshape(sl, style=shape.triangledown, location=location.abovebar, color=red, title = "Long Bar", transp = 0)
plotshape(ss, style=shape.triangleup, location=location.belowbar, color=green, title = "Short Bar", transp = 0)

plot(li, style = line, color = blue, title = "Inventory Bar Retracement Price Line")
Hey, thank you for this indicator! Could you please update it with a simple trend filter (price above / below a 20 EMA for example)? That would be great!
Responder
thanks , will check it out later ,
gotta go to Baltimore , MD
another funeral ,
she is also 68 , my older family and friends seem to be dying at this age
take care of your health all !
Responder
Are you, by the way, familiar with Rob Hoffman's indicators - Tone, Lock, Fire and Thrust? Do you have any idea how to construct those? Thanks.
Responder
ucsgears at.nexus7
I haven't come across those yet...
+2 Responder
Torrie1 ucsgears
Thx for this...if your ever in South Africa we will have a beer..
Responder
This is an interesting study. I tried to paste into TOS and got an error. Is this study available in their directory? The article is quite interesting also. I have always hoped I could look at certain candle formations to get insights. This was intriguing.
Responder
ucsgears javakittydc
Yes, you can purchase the tos version for a premium. http://www.becomeabettertrader.com/index.php/trading-indicators/
Responder
ucsgears javakittydc
Responder
Thank you. should this be combined with the other one?
Responder
ucsgears Alphaoptions
yes, for the TREND Def.
Responder
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