Three-Day Low/High
Three-Day Low/High (3DL/3DH)
A trailing stop from Robert C. Miner's Dynamic Trading. A three-day low is not simply the lowest low of the last three bars. Miner defines it as "the lowest price of the three days from the extreme high, inclusive of the high and exclusive of inside-days." The three-day high is the mirror image.
How it works
- From the current bar, the script walks back until it finds three counted (non-inside) bars. Inside bars are included in the span but are not counted, so during congestion the stop doesn't tighten on every bar.
- 3DL is the lowest low of that span, and 3DH is the highest high.
- A close above the previous bar's 3DH switches to the up state: the stop is the 3DL, drawn in green below price. A close below the previous bar's 3DL switches to the down state: the stop is the 3DH, drawn in red above price.
- The values are recalculated every bar, so the stop trails as the trend runs.
Use
Use it as a protective stop that tightens as the trend runs. Miner: "If a trend is valid... the market will usually not retrace the range of the prior three days."
Notes
- The backward scan is capped at 100 bars.
- On the live bar, the value updates with each tick until the bar closes.
A trailing stop from Robert C. Miner's Dynamic Trading. A three-day low is not simply the lowest low of the last three bars. Miner defines it as "the lowest price of the three days from the extreme high, inclusive of the high and exclusive of inside-days." The three-day high is the mirror image.
How it works
- From the current bar, the script walks back until it finds three counted (non-inside) bars. Inside bars are included in the span but are not counted, so during congestion the stop doesn't tighten on every bar.
- 3DL is the lowest low of that span, and 3DH is the highest high.
- A close above the previous bar's 3DH switches to the up state: the stop is the 3DL, drawn in green below price. A close below the previous bar's 3DL switches to the down state: the stop is the 3DH, drawn in red above price.
- The values are recalculated every bar, so the stop trails as the trend runs.
Use
Use it as a protective stop that tightens as the trend runs. Miner: "If a trend is valid... the market will usually not retrace the range of the prior three days."
Notes
- The backward scan is capped at 100 bars.
- On the live bar, the value updates with each tick until the bar closes.
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.