OPEN-SOURCE SCRIPT
Sunil Spinning Top Indicator
The spinning top is single candlestick pattern can be used as a reversal pattern.
Long Entry ->
If formed near the support go long on the next candle crossing over the high of the spinning top candle.
Stop Loss = Low of the Spinning Top Candle
If formed near the Resistance go short on the next candle crossing under the low of the spinning top candle.
Stop Loss = High of the Spinning Top Candle
Back test and give your feedback.
Long Entry ->
If formed near the support go long on the next candle crossing over the high of the spinning top candle.
Stop Loss = Low of the Spinning Top Candle
If formed near the Resistance go short on the next candle crossing under the low of the spinning top candle.
Stop Loss = High of the Spinning Top Candle
Back test and give your feedback.
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 publication is governed by House rules. You can favorite it to use it on a chart.
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