The strategy closes the short trade next time the daily close is lower than the open in any of the next trading days. In addition the NR7ID can be colored (the color is red when the close is lower that day than the open, else the color is green) and the can be drawn with a color based on the direction of the slope. To fine-tune the strategy it is highly recommended to change the period length of the , which determines if the measured slope is downwards or not. In this version 1.1 I made a small change to long only version. By default only the NR7ID days are colored.
How to trade NR7 and Inside Day Pattern
NR7 indicator script from Tradingview user Lazybear:
P.S. You can find the 'long only' version of this trading strategy here:
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.