Here you get a script with the rules for "Glory Hole"-Strategy from Linda Raschke.
In Addition, I choose the SMA - not the EMA for this script.
If you get a trade Signal, then set an sell- oder buy-order on the high or low. If the next bar doesn't touch into the trade, then delete your order.
Have fun and good look.
This is an indicator from a book "Street Smarts—High Probability Short Term Trading Strategies" by L. Raschke & L.Connors.
I made it in histogram style for more comfortable reading chart:
- green histogram is buy signal or buy opportunity;
- red histogram is sell signal or sell opportunity;
- gray histogram is forward moving from last signal.