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!