REVERSALS — Strategy by HermanBrummer

The systems basically play reversals, it enters when the close is lower than its low of 5 bars ago to enter
It exits when the price is higher than the high of 5 days ago

Uses a 200 MA as a market filter, does not trade when the price is below its 200 Moving average
Uses a 5% stop, as per the red Stop Loss Line -- can be adjusted

The amount of bars it uses to look for reversals is set to 5 by default, but can be adjusted in settings.

Best to use on directional instruments where you know that the long term direction is up, for example:

TQQQ, SSO, SPX, SPY, or sector tickers -- but it would be best to include some more advanced filtering for sectors

Open-source script

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.

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