OPEN-SOURCE SCRIPT
One Candle Reversal
The script will change the bar color if the bar has a body larger the 55% of the range and a range more then 90% of the 20 period ATR.
OCR bars can be used for risk management (stop loss) or buy/sell decisions.
NB an OCR candle does not guarantee, with any probability, a reversal of direction.
It merely can be in indication of a cleanup action of buyers or sellers.
OCR bars can be used for risk management (stop loss) or buy/sell decisions.
NB an OCR candle does not guarantee, with any probability, a reversal of direction.
It merely can be in indication of a cleanup action of buyers or sellers.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.