PROTECTED SOURCE SCRIPT
Reversal Bars
Updated
Reversals, both upward and downward, show where major market participants believe a stock has gone too far and can often mark a change in trend.
Upside Reversal:
Current bar undercuts previous bar
Price closes in the upper 60% of the range
Downside Reversal:
Current bar makes a high above previous bar
Price closes in the lower 60% of the range
This indicator will plot a label below an upside reversal and above a downside reversal that shows the closing range of the bar.
Upside Reversal:
Current bar undercuts previous bar
Price closes in the upper 60% of the range
Downside Reversal:
Current bar makes a high above previous bar
Price closes in the lower 60% of the range
This indicator will plot a label below an upside reversal and above a downside reversal that shows the closing range of the bar.
Release Notes
Can now select label colors. Release Notes
Can now show the last upside and downside reversal or choose to show only upside or only downside reversals. Release Notes
Option to show historical reversal barsRelease Notes
Alert function addedRelease Notes
Small change to label placement and ability to choose text color for labels. Release Notes
Update to make signals better and more display options. Toggle on/off a requirement for the upside reversal low to be below the 21 ema or 50 sma and close back above the moving average.
Toggle on/off a requirement for the downside reversal high to be the highest bar of the last 21 bars.
Option to change bar colors for reversal bars, allowing labels to be turned off.
Protected script
This script is published closed-source and you may privately use it freely.
Want to use this script on a chart?
Trusted Pine programmer. Send me a message for script development.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.