Please use other indicators to find good entry and good exit. This is why this publication has so many indicators. A good indicator will find good results even on line chart. Feel free to try on "Heiken Ashi" but understand that "line" chart is much more realistic
Due to tradingview's crappy auto resize, the best way to view this script is to click on the share button and "Make it Mine".
Then you can see why my other indicators are "PRESENT"
Remember that Heiken Ashi do not provide true backtest results because bars are "averaged".
However, this strategy works well with regular candles and line charts if you find the right settings and chart time frame
study(title="HIGHER HIGH LOWER LOW STUDY", shorttitle="HH LL STUDY", overlay=true)
//Higher High or Lower Low Entry Inputs
price = input(ohlc4)
LookBack = input(22)
Highest = highest(LookBack)
Lowest = lowest(LookBack)
long = price > Highest
short = price < Lowest
//Safety Confirmation Inputs - Helps to thin out false breakouts or break downs
length = input(2)
High_Guard = highest(length)
Low_Guard = lowest(length)
length2 = input(1)
long1 = long == 1 and Highest > High_Guard
short1 = short == 1 and Lowest < Low_Guard
plotshape(long1, style=shape.triangleup, location=location.top, size=size.small, color=color.green)
plotshape(short1, style=shape.triangledown, location=location.bottom, size=size.small, color=color.red)
alertcondition(long1, "LONG BTCUSD 15M HHLL", "LONG BTCUSD 15M HHLL")
alertcondition(short1, "SHORT BTCUSD 15M HHLL", "SHORT BTCUSD 15M HHLL")