2011 Mar: Three-Bar Inside Bar Pattern

[eSignal]

File Name: ThreeBar_IBP.efs

Description:
Three-Bar Inside Bar Pattern

Formula Parameters:
Profit Target Level: 0.75
Stop-loss Level: 0.75

Notes:
The related article is copyrighted material. If you are not
a subscriber of Stocks & Commodities, please visit
www.traders.com.

Download File:
ThreeBar_IBP.efs



EFS Code:

/*********************************
Provided By:  
    Interactive Data Corporation (Copyright © 2010) 
    All rights reserved. This sample eSignal Formula Script (EFS)
    is for educational purposes only. Interactive Data Corporation
    reserves the right to modify and overwrite this EFS file with 
    each new release. 
    
Description:        
    Three-Bar Inside Bar Pattern 
 
Version:            1.0  14/01/2011

Formula Parameters:                     Default:
    Profit Target Level                   0.75
    Stop-loss Level                       0.75
    
    
Notes:
 The related article is copyrighted material. If you are not
 a subscriber of Stocks & Commodities, please visit 
 [url]www.traders.com.[/url]

**********************************/
var fpArray = new Array();
var bVersion = null;
function preMain()
{

    setPriceStudy(true);
    
    var x=0;
    fpArray[x] = new FunctionParameter("gPT", FunctionParameter.NUMBER);
    with(fpArray[x++])
    {
    setName("Profit Target Level");
    setLowerLimit(0.0001);
        setDefault(0.75);
    }
    fpArray[x] = new FunctionParameter("gSL", FunctionParameter.NUMBER);
    with(fpArray[x++])
    {
    setName("Stop-loss Level");
    setLowerLimit(0.0001);
        setDefault(0.75);
    }    
}

var i = 0;
var entryPrice = 0;
var startPos = 0;
function main(gPT, gSL)
{
    if (bVersion == null) bVersion = verify();
    if (bVersion == false) return;   

    if (getCurrentBarIndex() == 0 || getCurrentBarCount() < 4) return;
    
    if ((high(0) < high(-1)) && (low(0) > low(-1)))
    {
        drawLineRelative(-1,high(-1),0,high(-1), PS_SOLID, 1, Color.grey, i++);
        drawLineRelative(-1,low(-1),0,low(-1), PS_SOLID, 1, Color.grey, i++);
    }

    // Exit Strategy
    if (Strategy.isLong())
    {
            startPos --;
            if (high(0) >= entryPrice+entryPrice*(gPT / 100))
            {//limit long position
                Strategy.doSell("Exit Long", Strategy.LIMIT, Strategy.THISBAR, Strategy.ALL, 
                    Math.max(open(0), (entryPrice+entryPrice*(gPT / 100))));
                drawShapeRelative(0,AboveBar1, Shape.DOWNARROW, null, Color.lime, Shape.PRESET, i++);
                drawTextRelative(0,AboveBar2, "Sell", Color.white, Color.lime, 
                    Text.PRESET|Text.FRAME|Text.CENTER, "Arial", 10, i++);
                drawTextRelative(0,AboveBar3, "0", Color.lime, null, Text.PRESET | Text.CENTER, "Arial", 10, i++);
                drawLineRelative(startPos, open(startPos), 0, open(0), PS_SOLID, 2, Color.yellow, i++);
            }
            if (low(0) <= entryPrice-entryPrice*(gSL / 100))
            {//stop long position
                Strategy.doSell("Exit Long", Strategy.STOP, Strategy.THISBAR, Strategy.ALL, 
                    Math.min(open(0), (entryPrice-entryPrice*(gSL / 100))));
                drawShapeRelative(0,AboveBar1, Shape.DOWNARROW, null, Color.lime, Shape.PRESET, i++);
                drawTextRelative(0,AboveBar2, "Sell", Color.white, Color.lime, 
                    Text.PRESET|Text.FRAME|Text.CENTER, "Arial", 10, i++);
                drawTextRelative(0,AboveBar3, "0", Color.lime, null, Text.PRESET | Text.CENTER, "Arial", 10, i++);
                drawLineRelative(startPos, open(startPos), 0, open(0), PS_SOLID, 2, Color.yellow, i++);
            }
    }
    if (Strategy.isShort())
    {
            startPos--;
            if (low(0) <= entryPrice-entryPrice*(gPT / 100))
            {//limit short position
                Strategy.doCover("Exit Short", Strategy.LIMIT, Strategy.THISBAR, Strategy.ALL, 
                    Math.min(open(0), (entryPrice-entryPrice*(gSL / 100))));
                drawShapeRelative(0,BelowBar1, Shape.UPARROW, null, Color.red, Shape.PRESET, i++);
                drawTextRelative(0,BelowBar2, "Cover", Color.white, Color.red, 
                    Text.PRESET|Text.FRAME|Text.CENTER, "Arial", 10, i++);
                drawTextRelative(0,BelowBar3, "0", Color.red, null, Text.PRESET|Text.CENTER, "Arial", 10, i++);
                drawLineRelative(startPos, open(startPos), 0, open(0), PS_SOLID, 2, Color.yellow, i++);
            }
            if (high(0) >= entryPrice+entryPrice*(gSL / 100))
            {//stop short position
                Strategy.doCover("Exit Short", Strategy.STOP, Strategy.THISBAR, Strategy.ALL, 
                    Math.max(open(0), (entryPrice+entryPrice*(gSL / 100))));
                drawShapeRelative(0,BelowBar1, Shape.UPARROW, null, Color.red, Shape.PRESET, i++);
                drawTextRelative(0,BelowBar2, "Cover", Color.white, Color.red, 
                    Text.PRESET|Text.FRAME|Text.CENTER, "Arial", 10, i++);
                drawTextRelative(0,BelowBar3, "0", Color.red, null, Text.PRESET|Text.CENTER, "Arial", 10, i++);
                drawLineRelative(startPos, open(startPos), 0, open(0), PS_SOLID, 2, Color.yellow, i++);
            }
    }

    // Entry Strategy
    if (!Strategy.isInTrade())
    {
            if ((close(-1) > close(-2)) && (high(-2) < high(-3)) && (low(-2) > low(-3)) && (close(-3) > close(-4)))
            {//entry long position    
                Strategy.doLong ("Entry Long", Strategy.MARKET, Strategy.THISBAR);
                drawShapeRelative(0,BelowBar1, Shape.UPARROW, null, Color.lime, Shape.PRESET, i++);
                drawTextRelative(0,BelowBar2, "Buy", Color.white, Color.lime, 
                    Text.PRESET|Text.FRAME|Text.CENTER, "Arial", 10, i++);
                drawTextRelative(0,BelowBar3, "1", Color.lime, null, Text.PRESET|Text.CENTER, "Arial", 10, i++);
                entryPrice = close(-1);
                startPos = 0;
            }
            if ((close(-1) < close(-2)) && (high(-2) < high(-3)) && (low(-2) > low(-3)) && close(-3) < close(-4)) 
            {//entry short position   
                Strategy.doShort ("Entry Short", Strategy.MARKET, Strategy.THISBAR);
                drawShapeRelative(0,AboveBar1, Shape.DOWNARROW, null, Color.red, Shape.PRESET, i++);
                drawTextRelative(0,AboveBar2, "Short", Color.white, Color.red, 
                    Text.PRESET|Text.FRAME|Text.CENTER, "Arial", 10, i++);
                drawTextRelative(0,AboveBar3, "-1", Color.red, null, Text.PRESET  | Text.CENTER, "Arial", 10, i++);
                entryPrice = close(-1);
                startPos = 0;
            }
    }

    if (Strategy.isLong()) setBarBgColor(Color.darkgreen);
    if (Strategy.isShort()) setBarBgColor(Color.maroon);    
    
}

function verify() {
    var b = false;
    if (getBuildNumber() < 779) {
        drawTextAbsolute(5, 35, "This study requires version 8.0 or later.", 
            Color.white, Color.blue, Text.RELATIVETOBOTTOM|Text.RELATIVETOLEFT|Text.BOLD|Text.LEFT,
            null, 13, "error");
        drawTextAbsolute(5, 20, "Click HERE to upgrade.@URL=http://www.esignal.com/download/default.asp", 
            Color.white, Color.blue, Text.RELATIVETOBOTTOM|Text.RELATIVETOLEFT|Text.BOLD|Text.LEFT,
            null, 13, "upgrade");
        return b;
    } else {
        b = true;
    }
    return b;
}