Triangle Reversal Indicator

4 мар.

Triangle Reversal Indicator – A Visual Tool for Identifying Reversal Patterns

This indicator is designed to highlight potential trend reversal moments by comparing the current candle with the previous one. It offers a unique approach by focusing on distinct candle patterns rather than generic trend indicators, making it a valuable addition to your trading toolkit.

How It Works:
For a bullish signal, the indicator checks if:

The current candle is bullish (closing higher than it opens) while the previous candle was bearish.
The current candle’s low breaches the previous bearish candle’s low.
The current candle’s close is above the previous bearish candle’s close.
When these conditions are met, a tiny green triangle is plotted below the candle to signal a potential bullish reversal.

Conversely, for a bearish signal, it verifies if:

The current candle is bearish (closing lower than it opens) following a bullish candle.
The current candle’s high exceeds the previous bullish candle’s high.
The current candle’s close falls below the previous bullish candle’s close.
If all conditions are satisfied, a small red triangle appears above the candle to indicate a potential bearish reversal.

How to Use:
Simply apply the indicator on your chart and look for the tiny triangles that appear above or below the candles. These markers can serve as an additional visual cue when confirming entry or exit points, but it’s best used alongside your other analysis techniques.

Customization Options:
Users can further enhance the script by adding inputs for lookback periods, adjusting the triangle size, or modifying colors to match their chart themes.

4 мар.

Информация о релизе

This script introduces a refined approach to spotting potential trend reversals by comparing each candle with its immediate predecessor. Rather than relying solely on the candle’s inherent bullish or bearish nature, the indicator focuses on two specific price actions:

Bullish Signal:
A bullish triangle is displayed when the current candle dips below the previous candle’s low and then closes above the previous candle’s close. This suggests that despite an initial downward move, the price has gained upward momentum by the close.

Bearish Signal:
A bearish triangle appears when the current candle exceeds the previous candle’s high but then closes below the previous candle’s close. This pattern can hint at a potential reversal where the price attempts to rally but ultimately fails to hold higher levels.

How It Works:
By isolating these conditions, the script offers traders a clean, visual cue to help identify moments when market sentiment might be shifting. The simplicity of the design makes it easy to incorporate into your existing trading setup, whether you’re using it as a standalone alert or in conjunction with other indicators.

Usage:
Add this indicator to your chart and look for the tiny green or red triangles. They serve as early signals of a potential reversal, giving you additional confirmation for entry or exit decisions. Experiment with the settings or integrate further filters (like volume or moving averages) to tailor the indicator to your strategy.

5 мар.

Информация о релизе

Added Alert and now the signal will only show once the candle closed.

1 апр.

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updated as per mentor. Special thanks to @Alle-Donofrio. Candle color script added.

1 июл.

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updated the name and default settings.

5 дней назад

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updated the indicator label

18 часов назад

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updated the indicator title