OPEN-SOURCE SCRIPT
Oops!
Oops! is based on an overemotional response, then a quick reversal of the concomitant overreaction of price. The overreaction we are looking for to give us a buy signal is an opening that is below the previous day's low. The entry comes when, following the lower open, price then rallies back to the previous day's low (selling pressures have been abated and a market rally should follow). A sell signal is just the opposite. We will be looking for an open greater than the prior day's high. Our entry then comes from price falling back to the prior high, giving us a strong short-term suggestion of lower prices to come.
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