Swing Failure Pattern [UAlgo]

🔶 Description:

The Swing Failure Pattern (SFP)o aims to identify potential reversal points in price action by detecting instances where price attempts to break past a previous high or low but fails to sustain that momentum, often indicating a shift in market sentiment.

🔶 Key Features:

Swing Failure Pattern Identification: The indicator identifies Swing Failure Patterns where price attempts to breach a recent high or low but fails to maintain that momentum, potentially signaling a reversal.

Customizable Lookback Period: Traders can adjust the lookback period to define the range within which Swing Failure Patterns are identified.

Minimum Bars Between SFP: This feature allows users to set a minimum number of bars required between Swing Failure Patterns to filter out noise and improve the accuracy of signals.

RSI Confluence: Traders have the option to incorporate RSI (Relative Strength Index) confluence into the signals, filtering SFP signals based on overbought and oversold levels of RSI. This adds an additional layer of confirmation to potential reversal points.

Example :

without Confluence :

with Confluence:

Customizable RSI Parameters: Users can customize the length of the RSI period as well as define overbought and oversold levels according to their trading strategy.

Visual Alerts: The indicator provides visual alerts on the price chart using labels to highlight potential Swing Failure Patterns, aiding traders in identifying these patterns quickly and efficiently.

Disclaimer:

Please note that the Swing Failure Pattern indicator is provided for informational purposes only and should not be considered as financial advice. Trading involves substantial risk, and users should conduct their own research and analysis or consult with a financial advisor before making any investment decisions based on this indicator. Additionally, past performance is not indicative of future results.

Release Notes:

chart update.