THE REVVIND TOOL helps you IDENTIFY & TRADE REVERSALS in the live market.
This indicator uses a completely different strategy than TE RECAT to highlight the reversals.
Rules are similar to that of RECAT TOOL with the only difference that in REVVIND, the candles formed adjacent to the DAY/LOW candles can/must be considered as well.
HOW TO USE: AFTER YOU APPLY THE SCRIPT.
1. WAIT FOR THE FORMATION BLUE/YELLOW COLOURED BARS NEAR DAY HIGH/LOW. Accuracy is highest when the REVERSALS are caught 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. 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 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).