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Trying to get this somewhat closer to Bullish Percent Index is it possible to ignore the Gann swings counts and only focus on the breakouts? I think if we only count the breakouts on say a 3 or 4 bar Gann swing… this would be closer?
Breakout as defined here:
Use Breakout: This option can only be used with a swing count greater than one. If the turning point of the previous swing is exceeded before the number of bars in the swing count has occurred this is called a ‘breakout’ and the new swing will be drawn. For example, with a two bar swing count, a down day occurs on the first day that has taken out the previous swing low. Normally this bar would not be considered in the calculation until the second down day, but by selecting the Use Breakout option the next swing is drawn on the first bar.
An Upswing breakout for example would remain and be counted as a breakout as long as it exceeds prior breakout point.
- This reply was modified 1 month, 3 weeks ago by Simon.