Demark Setup Indicator [CC]

The Setup Indicator was created by Tom Demark and this is one of many steps in his Sequential Indicator that I will be publishing at a later date. You guys all seemed to really like my Demark Reversal Points script and this indicator is very similar to that one. This indicator was designed for minor trend reversals and as you can see in my example chart, it gives many more buy and sell signals. Not all are perfect of course but it does a pretty good job in identifying minor price reversals overall. This indicator looks for downtrends or uptrends that exist for a certain amount of time to determine price reversal points.

If you like this one then let me know and I will continue publishing more Demark indicators or at least my versions of them. Let me know if there are any other indicators you would like to see me publish!
Open-source Skript

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Möchten Sie dieses Skript auf einem Chart verwenden?