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Behind the LSS Pivotal buy and sell numbers there is a simple formula based on the mean of three prices, which are the high, low and close prices. The formula is similar to the one that calculates pivot levels. Today buy and sell numbers are calculated based on yesterday's high, low and close price. This technical analysis indicator can be used in trending or ranging markets, with daily or intraday (one-minute, one-hour.) time-frame.
The LSS indicator creates two envelopes. The first one is called trend reaction buy or LSS pivotal sell and it acts as a resistance or a breakout level in case the market is trending. The second envelope acts as a support (and also as a breakout level in a trend following system) and it is called trend reaction sell or LSS pivotal buy.
The function that creates the LSS Pivotal Buy and Sell Numbers has a single argument that tells it whether to return the buy or sell envelope.
The name of the function is "LssBuySell" and here is an example that shows you how to plot the two bands or envelopes in a chart:
Right click on a chart, select "Edit formula" then type the following formula:
buynumber = LssBuySell(0);
sellnumber = LssBuySell(1);
Plot1(buynumber, sellnumber, "Buy Band", "Sell Band", colorTransparent, colorGreen, colorRed, ChartLine, StyleSymbolNone);
This trading indicator was described by George Angell in his book: Sniper Trading Workbook.
Trading financial instruments, including foreign exchange on margin, carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in financial instruments or foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.
