ooh, the R:R ratio for an EA based on this would be GOLDEN. I'm looking at this on a EURUSD H1 and doing some manual backtesting... looks to give 150+pips (on 5digit) for most of its signals, usually more -- but the beauty is that the stop loss never has to be much greater than the previous bar's high/low. Break-even of 150, trailing stop of 250, target of 400 or so... i will DEFINITELY automate this when i have time.
lookin forward to it.