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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.
