Core idea behind designing this tool is to IDENTIFY & TRADE REVERSALS in the live market. Reversal can be a TREND REVERSAL or a TEMPORARY PULL BACK. This tool works perfectly in both situations.
Reversals are identified using:
- failure to break through long term support & resistance, pivots & daily H/L
- volume divergence
- orderflow concept of "skipping of prices".
- flow of price against the momentum during a trend.
Plots are 21/50/100 EMAs which are colour coded to represent the current trend.
ROYAL-BLUE CANDLES represent "ACTION CANDLES"; the high probability candles for finding best reversal trades.
HOW TO USE:
AFTER YOU APPLY THE SCRIPT.
1. WAIT FOR THE FORMATION NEON-BLUE/YELLOW COLOURED BARS AT/NEAR DAY HIGH/LOW.
Accuracy is highest when the REVERSALS are caught at/near DAY HIGH/LOW. I would suggest you to work only on near DAY HIGH/LOW candles.
Do not jump into the trade. Wait for the candle to close.
2. NEON-BLUE represents the start of a BEARISH TREND or simply "SELL SIGNAL".
YELLOW represents the beginning of a BULLISH TREND or simply "BUY SIGNAL".
3. If the NEON-BLUE candle is formed at/near DAY HIGH.
SELL below it's LOW with DAY HIGH as Stoploss. (Keep some BUFFER).
If the YELLOW candle is formed at/near DAY LOW.
BUY above it's HIGH with DAY LOW as Stoploss. (Keep some BUFFER).
Risk : Reward = 1:1
Trail Stoploss for 1:2, 1:2.5, 1:3
REKAB can be used in any timeframe. However, lower timeframes tend to have more noise as compared to 15mins and above.
REKAB can be used with all the SCRIPTS. However, high volume scripts give better results.
THERE IS ABSOLUTELY NO REPAINTING AFTER THE CANDLE IS CLOSED.
THIS IS A PAID SCRIPT. FOR ACCESS PLEASE SEND A PRIVATE MESSAGE OR WHATSAPP ME (NUMBER IN SIGNATURES)
AS PER TRADINGVIEW POLICY, PLEASE DO NOT ASK FOR ACCESS IN COMMENTS SECTION.
- Added H/L plot-shape option for RECAT code.
- Resolved the issue of 1st candle reversal recognition.
- Changed the default color combination.
Added higher timeframe trend options for traders who want to trade in 30mins, 45mins & 1-hour timeframe.
Added higher period EMAs; color-coded to represent a particular trend.
Removed trend colors from 21/50 EMA due to issues with higher timeframe trend-anticipation. Now use the "Current Trend Band" option instead. Works in all timeframes.
Colors are customizable.
CODED ACTIONS CANDLES FOR AGGRESSIVE ENTRIES.
- Minor Visual Changes
- Now you can set alerts for "HIGH/LOW RECAT" Signals
- Now you can choose your SL only get alerts on the signals that meet your SL criteria.
For example, for the 1% SL limit, input 0.01 in the Max candle size text box.
- Similarly, you can filter small-sized "deceptive signal candles" by using Min Candle Size Filter.
- Fixed Hollow Candles for easy recognition of signals.
Whatsapp - +91 9999 504 500
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