OPEN-SOURCE SCRIPT
Noro's ZZ-4 Strategy
Updated
Indicator by Noro
The Price Channel indicator is used.
Used OHLC4 to calculate the values of the Price Channel indicator.
Red lines are drawn from the lower boundary of the price channel.
Lime lines are drawn from the upper boundary of the price channel.
Trading
You need to use market stop orders.
If the price is higher than the lime line, open the long position (and close the short position)
If the price is lower than the red line, open the short position (and close the long position)
The Price Channel indicator is used.
Used OHLC4 to calculate the values of the Price Channel indicator.
Red lines are drawn from the lower boundary of the price channel.
Lime lines are drawn from the upper boundary of the price channel.
Trading
You need to use market stop orders.
If the price is higher than the lime line, open the long position (and close the short position)
If the price is lower than the red line, open the short position (and close the long position)
Release Notes
:(Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
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