Rifle LONG

Rifle Shooter Long Indicator

Provides buy/sell signals on DOW symbols including YM, MYM, and US30. Algorithm monitors price action for a drop of price of X points within N minutes. On achieving this drop, the algorithm waits for the price action to drop below one of three levels. Levels end in 23/43/73. For example, 42223 or 42273. Once dropping below the level the algorithm is considered setup if the RSI is below 30. Once setup, it will remain setup until the RSI exceeds 30 or a buy signal is triggered. A buy signal triggers when setup and the following conditions are achieved: 1) price action rises above the level, change in RSI indicates an end/exhaustion of the price drop, and the bar has positive upward momentum.

After signal entry a customizable stop loss and take profit are plotted on the chart adjusting to price action. It will signal exit accordingly.

Requirements for use:
1) 30 second chart
2) Dow symbol

The script has a matching indicator for the SHORT entry. Both indicators rely on common cod within the RifleShooterLib library.

Additionally, the BackTesterLib library is used to provide backtesting statistics and presentation.