Original idea by ChartArt.
First published indicator - constructive criticism welcome.
(The indicator is experimental and doesn't work most of the time.)
I would describe it as an "coincident indicator". The signals occur at approximately the same time as the conditions it signifies. Rather than predicting future events it changes at the same time to the upside as possible bottoms show up.
P.S. hobble skirt is a syllable of chart, that is how I came up with the name
"A hobble skirt was a skirt with a narrow enough hem to significantly impede the wearer's stride, and was a short-lived fashion trend around the turn of the twentieth century."
P.P.S. Bottoms are also short-lived...
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.
study("Hobble Skirt Bottom Impede Fashion (by ChartArt)", shorttitle = "CA_Hobble_Bottom") // version 1.0 // idea and art creation by ChartArt on 1-19-2014 // // A very noisy indicator to detect bottoms and new uptrends. // The indicator is experimental and doesn't work most of the time, hence the ridiculous name. // // list of my work: // https://www.tradingview.com/u/ChartArt/ switch1=input(true, title="Enable Hobble Skirt Bottom?") switch2=input(true, title="Enable Fashion?") switch3=input(true, title="Enable Impede?") skirt = low-low hobble_skirt = ((skirt-skirt)+(skirt-skirt))/2 bottom=low>low ? green : red impede=(low>low or low>low) and (high>high or high>high) and (hl2>hl2 or hl2>hl2) and skirt>0 ? green : red fashion_length = input(3, title="Fashion Length") fashion=ema(hobble_skirt,fashion_length) plot(switch1?hobble_skirt:na, color=bottom, linewidth=3) plot(switch2?fashion:na, color=aqua, linewidth=2, linewidth=1) bgcolor(switch3?impede:na, transp=80)