Positive-Bar Percentage Signals with Optional Trade Reversal

Summary

This strategy counts how many bars closed above their opens during a configurable lookback window, then converts that count into a percentage. It signals long when the percentage reaches an upper threshold and short when it falls to a lower threshold. The description says the direction can be reversed, and the script includes an option to restrict trading to long or short positions and to allow direct position reversals.

The script also offers optional stop and target logic based on strategy stops, recent swing highs or lows, or ATR, with a configurable risk-reward ratio. These are implementation choices rather than evidence of effectiveness. The supplied document is a partial script and provides no backtest results, market specification, or discussion of transaction costs and market regimes. Its comments note that the preferred direction can differ across timeframes, so the thresholds and reversal setting require validation before use.

Key ideas

• The indicator measures the share of bars closing above their opens in a selected lookback window.
• Upper and lower percentage thresholds generate long and short signals.
• The trade direction can be reversed, and entries can be limited to one side.
• Optional exits use strategy stops, swing points, or ATR with a risk-reward setting.
• The partial source provides no results, and its comments indicate direction may vary by timeframe.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.