This indicator is designed to identify potential market tops and bottoms based on customizable conditions. It employs price action analysis, considering candlestick patterns, body size, and recent price history. Traders can adjust parameters like the threshold multiplier and body size multiplier to fine-tune sensitivity.
Features: Identifies potential tops and bottoms. Customizable threshold and body size multipliers. Utilizes price action analysis exclusively. User-friendly and visually represented on the chart.
Usage: Red Triangles: Indicate potential market tops. Green Triangles: Indicate potential market bottoms.
Parameters: Threshold Multiplier: Adjusts sensitivity. Body Size Multiplier: Controls the significance of candlestick body size. Note:
This indicator is for traders preferring price action analysis to identify potential reversals. It's recommended to use alongside other technical analysis tools for comprehensive trading decisions.
Disclaimer:
Trading involves risk; thorough analysis is crucial before making decisions. This indicator is a tool for technical analysis and should be part of a broader trading strategy.
Release Notes
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- Changed default threshold multiplier to 0.1 - Changed photshape triangle size to size.small
Very good concept but the script the top and bottom signals are not showing at all
digit23
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Hello, @gbemisijuade2! The script is currently visible; you may consider experimenting with color changes or adjusting the Multiplier parameters for customization. This script solely relies on candle OHLC data and does not take into account factors such as overbought/oversold conditions, gap analysis, moving averages, or trends. Therefore, it is advisable to complement your analysis with other technical indicators for a comprehensive perspective.
gbemisijuade2
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@digit23, fully understood. Thanks, I meant that the concept it itself based on price action is quite interesting. However, even with trying out different colors and parameters (including the default). The green and red signal candles do not show up on the chart
digit23
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Hey @gbemisijuade2 checkout the new update. Now Signals are more clearly visible.