cristian.d

Reversal Candle Pattern SetUp

Dilihat 10971 kali
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An outside reversal candle set up script with buy/sell signals. Looks simple but it's pretty powerful especially if combined with your choice confirming indicator.

The pattern psychology is this one (Frank Ochoa explanation): "The power behind this pattern lies in the psychology behind the traders involved in this setup. If you have ever participated in a breakout at support or resistance only to have the market reverse sharply against you, then you are familiar with the market dynamics of this setup.

[Basically, market participants are testing the waters above resistance or below support to make sure there is no new business to be done at these levels. When no initiative buyers or sellers participate in range extension, responsive participants have all the information they need to reverse price back toward a new area of perceived value.
As you look at a bullish outside reversal pattern, you will notice that the current bar's low is lower than the
prior bar's low. Essentially, the market is testing the waters below recently established lows to see if a downside
follow-through will occur. When no additional selling pressure enters the market, the result is a flood of buying
pressure that causes a springboard effect, thereby shooting price above the prior bar's highs and creating the
beginning of a bullish advance."
Keluarkan daripada Skrip Pilihan Tambah kepada Skrip Pilihan
//  Created by Cristian.D - from Secrets of a Pivot Boss - Frank Ochoa
study(title="OutsideReversal", shorttitle="OReversal", overlay=true)


// 
ReversalLong = low < low[1] and close > high[1]  and open <close[1]
ReversalShort = high > high[1] and close < low[1] and open >open[1]



// Bar Colors and signals
plotshape(ReversalLong,  title= "ReversalLong", location=location.belowbar, color=lime, style=shape.arrowup, text="BUY")
plotshape(ReversalShort,  title= "ReversalShort", location=location.abovebar, color=red, style=shape.arrowdown, text="SELL")

bgcolor(ReversalLong ==1 ? lime : ReversalShort==1 ? red : na, transp=70)
Hi cristian...this script is very nice but i can see only sell signals and not buy ones....why? thanks
Balas
The solutions to this problem is to use with inputs lookback period: 1, Bar ATR multiplier: 0

Problem solved.
Balas
Can someone, please pretty please, with sugar on top, fix this script or code a new one that works for forex?
Balas
Hi, how do you get such nice signals? When i load the script in TV it looks not as you have.
Balas
This is a sweet script, appreciate it. I'm testing out alert functionality. Have others successfully used this in alerts? It would be cool to be able to set an alert that combines with a volume > mean alert
Balas
buy signal not show
Balas
If anyone wants to solve the lack of BUY signals then do this:
At the end of line 6 change "close" to "open".
So it looks like this: ReversalLong = low < low and close > high and open < open
+7 Balas
After that you can see the BUY signals
Balas
Thanks Cristian. Really good tool !! The only problem is I cannot see the "buy" signals just the "sell" ones. Are u aware of this ?
It seems I'm not the only one having this issue.
Looking forward to your kind response.
Balas
cristian.d RenzoLuna
Hmm, I never realized that cause I am looking at stocks and I have the buy signals...Are you guys trading Forex? For some reason, currencies don't show the buy signal, weird..I will see why is that..
+2 Balas
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