Reversal scoreDynamic divergence indicator on 3 indicators, without delays or repaints
Technological choices have been made so as not to lie to you about the signals, and so that the backtesting is perfectly faithful to reality. The market is analyzed and looks for a dynamic status of divergence on the Fisher transformation, the Money Flow Index and the MACD: if the status is "divergence", it is quantified by a divergence score to assess its potential and whose parameters are multiple (including market structure during divergence status).
At the top Reversal score, at the bottom the divergence indicator integrated in Tradingview. On this last candle, there will indeed be an RSI divergence but which will only be displayed 5 candles later, where ASTRE displays it to you in real time:
You will notice how certain spikes trigger sharp divergence – an anomaly between the movement of the price and that of the indicators is a good sign of an instant reversal, and in m2, a way to take a 2:1 TP in seconds:
Usage tip: Follow the signals in the direction of the main trend! They are much less numerous but very effective! :
Reversal
Neo's %KIn my opinion the %K is the only part of the stochastic that you actually need. It's the fast RSI, so it responds much better to large price movements and reveals divergence a lot sooner than %D. The %D has no real confluence with the rest of my strategy so, I only use %K.
Horns Pattern Identifier [LuxAlgo]The following script detects regular and inverted horn patterns. Detected patterns are displayed alongside their respective confirmation and take profit levels derived from the pattern measure rule. Breakout of the confirmation levels are highlighted with labels.
This script is a continuation of the educational idea regarding horns patterns.
Settings
Threshold: Controls the maximum allowed slope of the line connecting two horns, with higher values allowing a higher slope.
Usage
Horn patterns are chart patterns introduced by Bulkowski in his book "Encyclopedia of Chart Patterns". We covered this pattern in the following post: Horn Tops & Bottoms Patterns - How To Find and Trade Them
The script allows the user to quickly determine the presence of a regular or inverted horn pattern, alongside automatically displaying the confirmation level and take profits associated with a detected pattern. These are calculated based on the rules described by Bulkowski.
Horn patterns are highlighted by a line connecting the horns, the dotted lines represent the confirmation level, once the price crosses this level a label will appear, either bullish or bearish depending on the detected pattern. The dashed line represents the take profit level.
Infiten's Price Percentage Oscillator Channel (PPOC Indicator)What is the script used for?
Infiten's Price Percentage Oscillator (PPOC Indicator) can be used as a contrarian indicator for volatile stocks and futures to indicate reversals, areas of support and resistance. For longer term trading, if the Short SMA or prices go above the High PPO Threshold line, it is a sign that the asset is overbought, whereas prices or the Short SMA going below the Low PPO Threshold line indicates that the asset is oversold.
What lines can be plotted?
Low PPO Thresh - Calculated as -PPO Threshold * Short MA + Long MA : Gives the price below which the PPO hits your lower threshold
High PPO Thresh - Calculated as PPO Threshold * Short MA + Long MA : Gives the price above which the PPO hits your upper threshold
MA PPO : Plots candles with the Low PPO Thresh as the low, High PPO Thresh as the high, Short MA as the open, and Long MA as the close.
Short SMA : plots the short simple moving average
Long SMA : plots the long simple moving average
Customizable Values :
Short MA Length : the number of bars back used to calculate the short moving average for a PPO
Long MA Length : the number of bars back used to calculate the long moving average for a PPO
PPO Threshold : the percent difference from the moving average expressed as a decimal (0.5 = 50%)
Recommendations:
Longer timeframes like 300 days are best with larger PPO Thresholds, I recommend using a PPO Threshold of 0.5 or higher. For shorter timeframes like 14 days I recommend setting smaller PPO Thresholds, like 0.3 or lower. I find that these values typically capture the most extremes in price action.
FaustFaust is a composite indicator that combines 3 volume indicators: TSV, OBV, and PVT.
TSV moving average is plotted as an oscillator. OBV and PVT are calculated internally.
Four divergences are calculated for each indicator (regular bearish, regular bullish, hidden bearish, and hidden bullish) with three look-back periods (high, mid, and small).
For TSV, the fattest plotted line is the divergence with the highest look-back period, and the thinnest line is the divergence with the shortest look-back period.
For PVT, the larger the circle, the higher the divergence look-back period.
For OBV, the larger the triangle, the higher the divergence look-back period.
RelicusRoad - Support and ResistanceWe bring you dynamically created fundamental support and resistance analysis required for any instrument a trader trades.
Support & Resistance Concept
The concepts of trading level support and resistance are undoubtedly two of the most highly discussed attributes of technical analysis . As part of analyzing chart patterns, these terms are used by traders to refer to price levels on charts that tend to act as barriers, preventing the price of an asset from getting pushed in a certain direction.
At first, the explanation and idea behind identifying these levels seem easy, but as you'll find out, support and resistance can come in various forms, and the concept is more difficult to master than it first appears, this is where RelicusRoad - Support and Resistance comes in and draws them for you.
Technical analysts use support and resistance levels to identify price points on a chart where the probabilities favor a pause or reversal of a prevailing trend.
Support occurs where a downtrend is expected to pause due to a concentration of demand.
Resistance occurs where an uptrend is expected to pause temporarily, due to a concentration of supply.
Market psychology plays a major role as traders and investors remember the past and react to changing conditions to anticipate future market movement.
Support and resistance areas can be identified on charts using trendlines and moving averages.
[DMG] REVEREND v2REVEREND (RSI based Trend Reversal Indicator)
Info:
This is an RSI based convergence divergence (like MACD) indicator using SMAs or DEMAs for smoothing.
You can optionally filter the signals with the stochastic momentum indicator (SMI) levels or via simple overbought/oversold RSI levels.
Signals:
Purple is the Slow MA, Green is the Fast MA, Blue is the SMI (Momentum).
Buy and Sell signals are shown as circles (yellow on top sell, green on bottom buy)
The histogram is for easier differentiation (like macd) zero crossings creating the signals.
Usage:
Settings can never be perfect for any indicator, defaults should be good for BTC, ETH.
Sell signals should be taken with falling momentum, buys with rising momentum.
Watch out for false signals if Momentum is still rising while it prints a sell signal it is most likely false, you can filter these by using longer MAs but then it becomes more lagging.
A sufficiently fast fast-MA can be used for tracking RSI itself and since it also displays the stoch. momentum signal you can also check for divergences yourself or anticipate moves by their slope.
This is my main indicator for a year now and I wish I had followed it more ;) I additionally use EMAs, VWAP, Divergences and Volume Indicators, just remember price is king.
If you have questions or additional ideas I'd be happy to read them!
Good Luck! :D
wnG - Spikes IdentifierThis indicator, based on the ATR, allows you to identify the potential reversal on price and helps you identify the Support and Resistance.
When the price moves far away from the multiple moving average, the background color changes :
- Red for Short potential entry
- Green for Long potential entry
There are 2 ways to use this script :
- Conservative : Use it in your trading system to Take Profit ==> when the background turns red, close LONG position (and green = close short).
- Aggressive : As soon as the background turns red, enter SHORT (and green = long).
For aggressive use, I recommand you to couple this script with an oscillator to confirm the signals (RSI stochastic for example).
You can customize the sensibility with 4 levels :
- low probability of reversal
- medium probability of reversal
- high probability of reversal
- very high probability of reversal
PS : the "High" and "Very High" probability setup are the only one I'm using in my trading systems.
Genie (AB=CD Fibonacci Extensions and Peaks & Valleys)Our proprietary algorithm supports two types of Signals to choose from (and uses Matrices to keep track of the various waves): 'Fibonacci Extensions' where it spots extended waves (XABC) to predict AB=CD moves and puts the Take Profit levels accordingly to commonly used Fibonacci ratios; OR 'P&V' which stands for Peaks & Valleys (M and W) capturing full Peaks and Valleys formations to signal.
Signal Trigger for two types of positions: Breakout or Confirmation when price retraces back to them (so you wait for a candle to close away from price first to Trigger). The idea is whenever a proper Peak or Valley matching those conditions is printed, price usually reacts at those levels by doing a Reversal, so they represent potential entries .
For Confirmation signals, you want price to close away from the level first to then return to it, and that candle close is either a Close (only the close should be outside the level), Hard Close (OPEN and CLOSE outside the level) or Full Close (HIGH, OPEN, CLOSE, LOW all outside the level).
Note that the Signal is to be taken as soon as a Green or Red arrow appears (not before), based on your desired settings.
The Level of Entry is decided by the user; 'Extreme' means you want the algorithm to process based on the Wicks/Pins (Highs and Lows of candles) so while 'Body' means the Borders (Open and Close of candles). Based on this choice the Signal will change accordingly.
The indicator also provides recommended Take Profit levels as well as a Stop Loss levels. The Take Profits are measured based on the wave structure formation.
All features are configurable from the indicator's settings including setting Minimum Take Profit and Reward:Risk (RR) to filter Signals.
This indicator has Alerts for LONG and SHORT signals. You can create a new Alert, select the indicator from the "Condition" list and create it. You can create an Alert for each different timeframe if you want the indicator to monitor various timeframes and give you Alerts accordingly.
TheStrat Reversal IndicatorThis indicator shows TheStrat 2-2 and 2-1-2 reversal setups.
2-2 Setups: Identifies specific 2-2 reversal setups. Long 2-2 reversals are shown when there is a 2d-2d-2d green candle sequence. Short 2-2 reversals are shown when there is a 2u-2u-2u red candle sequence. Setups are marked with "2-2" and a green up triangle for long setups or a red down triangle for short setups.
2-1-2 Setups: Identifies any 2-1-2 reversal setup. Setups are marked with "2-1-2" and a green up triangle for long setups or a red down triangle for short setups.
Both setups will then show a flag indicator on the next live candle if they actually trigger.
An alert can be set that will trigger on any live setup. This alert will trigger as soon as the setup candle shows, and will not wait till that setup candle closes. This is to allow you to watch the setup complete live and then watch the trigger condition live as well. Alerts must be set for each time frame you wish to alert on.
All candles are marked with labels underneath to identify the candle type.
When there is a live setup forming there is also a R-multiple calculation shown to the right of the current candle. This R-multiple is calculated from the setup candle's high or low to the 1st target previous candle.
This indicator works on any time frame.
RSI MTF Ob+OsHello Traders,
This indicator use the same concept as my previous indicator "CCI MTF Ob+Os".
It is a simple "Relative Strength Index" ( RSI ) indicator with multi-timeframe (MTF) overbought and oversold level.
It can detect overbought and oversold level up to 5 timeframes, which help traders spot potential reversal point more easily.
There are options to select 1-5 timeframes to detect overbought and oversold.
Aqua Background is "Oversold" , looking for "Long".
Orange Background is "Overbought" , looking for "Short".
Have fun :)
CCI MTF Ob+OsHello Traders,
This is a simple Commodity Channel Index (CCI) indicator with multi-timeframe (MTF) overbought and oversold level.
It can detect overbought and oversold level up to 5 timeframes, which help traders spot potential reversal point more easily.
There are options to select 1-5 timeframes to detect overbought and oversold.
Green Background is "Oversold" , looking for "Long".
Red Background is "Overbought" , looking for "Short".
Have fun :)
Fibonacci Progression with Breaks [LuxAlgo]This indicator highlights points where price significantly deviates from a central level. This deviation distance is determined by a user-set value or using a multiple of a period 200 Atr and is multiplied by successive values of the Fibonacci sequence.
Settings
Method: Distance method, options include "Manual" or "Atr"
Size: Distance in points if the selected method is "Manual" or Atr multiplier if the selected method is "Atr"
Sequence Length: Determines the maximum number of significant deviations allowed.
Usage
The indicator allows highlighting potential reversal points, but it can also determine trends using the central level, with an uptrend detected if the central level is higher than its previous value and vice versa for a downtrend.
When an uptrend is detected, and the price deviates significantly upward from it a first checkmark will be highlighted alongside the Fibonacci sequence used as a multiplier, if the price deviates downward, a cross will be shown instead, then the distance threshold will be multiplied by the next value in the Fibonacci sequence.
If the price deviates from the central level such that the length of the sequence is greater than the user set Sequence Length , a break label will be shown alongside a new central level with a value determined by the current closing price, while the Fibonacci multiplier will be reset to 1.
Upper and lower extremities made from the central level and threshold distance are highlighted and can be used as support and resistances.
K's Reversal Indicator IK's reversal indicator I is a special combination between Bollinger bands and the MACD oscillator. It is a contrarian indicator that depends on the following conditions:
• A buy signal is generated whenever the current market price is below the 100-period lower Bollinger band while simultaneously, the MACD value must be above its signal line. At the same time, the previous MACD value must be below its previous signal line.
• A sell (short) signal is generated whenever the current market price is above the 100-period upper Bollinger band while simultaneously, the MACD value must be below its signal line. At the same time, the previous MACD value must be above its previous signal line.
The way to use K's reversal indicator is to combine it with your already long/short bias in a sideways/range market in order to maximize the probability of success.
Limitations of the indicator include the following:
• There are no clear exit rules that work well on average across the markets. Even though K’s reversal indicator gives contrarian signals, it does not show when to exit the positions.
• As with other indicators, it underperforms on some markets and is not to be used everywhere.
• False signals tend to occur during trending markets but there is no proven way to detect a false signal.
Esqvair's Neural Reversal Probability IndicatorIntroduction
Esqvair's Neural Reversal Probability Indicator is the indicator that shows probability of reversal.
Warning: This script should only be used on 1 minute chart.
How to use
When a signal appears (by default it is a green bar), a reversal should be expected.
The signal appears when the indicator value >= Threshold.
If you want more signals, you must lower the threshold, if less, you must increase the threshold.
For some assets, like Forex pairs, you have to optimize the threshold yourself, but for most stocks, the default threshold works well.
How well a threshold fits an asset depends on the volatility of the asset.
For most assets, the indicator ranges from 35 to 75.
Settings
Smoothing - The default is 1, which means no smoothing. Indicator smoothing by SMA.
Threshold - default 71.0 is responsible for the occurrence of signals, read "How to use" part to learn more
The Indicator
This indicator is a pre-trained neural network that was trained outside of TradingView and then its structure and weights values were converted to PineScript.
Warning: A neural network is a black box in the sense that although it can approximate any function, studying its structure will not give you any idea about the structure of the function being approximated.
Possible questions
Why does the indicator value most time range from 35 to 75 when the probability should ranges from 0 to 100?
-Due to some randomness in the markets, a neural network can never be 100% sure.
What data was used to train the neural network?
-This was BTCUSD 1 minute chart data from 02/05/2020 to 02/05/2022.
Where did you train the neural network and convert it to PineScript?
-I used a programming language that I know.
Wick Pressure by SiddWolfMultiple Wicks forming at OverSold & OverBought levels create Buying and Selling Pressure. This Script tries to capture the essence of the buy and sell pressure created by those wicks. Wick pressure shows that the trend is Exhausted.
How it works:
This Wick Pressure Indicator checks for three candles forming the wicks in overbought and oversold zones. The zones are set by RSI and can be changed in settings. Those three candles should form a bit long wick and length of the wick is determined by ATR. The ATR multiple can be changed from settings. And then the script draws a box in the area formed by three candle wicks.
Confluence:
This indicator should not be used on its own. You should include it in your existing trading strategy. Any indicator should be rigorously tested before making any real trades.
Settings is the Key:
Settings are key to all of my indicators. Play around with it a bit. Change the ATR multiplier. Read the tooltips to understand what each settings mean. Tooltips are the (i) button in-front of each settings.
FAQs:
Q. Does the indicator Repaint ?
--- No. None of my indicators repaints. What you see now is what's drawn in real time.
Q. Indicator doesn't show anything ?
--- Maybe you've messed up the settings so reset it. or try different coin/stock.
Q. Does this indicator give financial advice?
--- No. Nope. Nein. Não. नहीं.
Conclusion:
This indicator is very basic but if used correctly it can be very powerful. Hit me up if you'd like to see the screener/scanner for this or any of my indicators. If you have any questions or suggestions feel free to comment below. I'd love to connect with you. Thank you.
~ SiddWolf
Trending Bollinger Bands by SiddWolfBollinger Bands are mostly used for trend reversal. I believe they should be used for Trend Continuation and Trend Confirmation.
In this Trending Bollinger Bands script you will see two bands drawn on chart. The Upper band is suggestive of Uptrend and Lower Band is suggestive of Downtrend Market. It just provides the guidance of where the market is now and where it is headed. It is not to be used as a standalone indicator. Use this to confirm your hypothesis of Uptrend or Downtrend.
Bollinger Bands Trend
When the price crosses the moving average it is interpreted as the price is gonna continue in that direction. But most of the time it is a fake breakout. With this script you get an additional confirmation so that you know it is not a fake breakout and the price have caught the trend.
Bollinger Bands Reversal:
This indicator can also work for reversal. For example when price closes outside the outer bands, it is most likely that the trend is gonna reverse. Don't just enter the trade wait for some other confirmation as reversal trading is more complicated.
Confluence:
Confluence is the key factor for profitable trading. Don't use this indicator as standalone indicator instead combine it with other indicators and price action. Like the divergence occurring when the price is outside the bands is suggestive of trend reversal. I have created a non-delay, non-repaint indicator for finding divergence. I'd soon publish that script. Stay tuned.
Settings is the Key:
Try to play around with the settings. It is a simple yet effective indicator. Change the moving average type or length. I've found moving average RMA or WMA works better than SMA. Find the best setting that works with your setup. Set the Band Source as High/Low to make the outer bands more extreme.
Conclusion:
This is my first script but it isn't my last. I've created quite a few gems that I'm gonna publish soon. If you have any questions or suggestions feel free to comment below. I'd love to connect with you. Thank you.
Distance from Vwap// How it Works \\
Measuring the distance of the close price from a higher timeframe VWAP - Volume Weighted Average Price
There is a threshold which is calculated by looking back at the previous x amount of bars and storing the highest/lowest values
If the distance from the vwap stretches above that threshold, the histogram will go green if price is above VWAP and red if its below the vwap
If the distance from the vwap reaches below the low threshold you will see the histogram flashes orange
// Settings \\
In the settings you have the ability to change what timeframe the indicator is calculated on, as well as this you can change the timeframe the VWAP is calculated on.
I always recommend using a higher timeframe vwap as they tend to me more respected
e.g on the hourly timeframe, I use the weekly VWAP, on 1 minute timeframe you may want to use 4 hour timeframe but obviously feel free to experiment
// Use Case \\
When histogram is flashing green, prices is pulling far away from the vwap, obviously you don't want to be buying a falling knife but if you have levels of confluence this can help spot reversals.
I personally wait until the first candle after its been green to get confirmation of the fall weakening. Vica versa for reds and shorts/sells.
When you see orange flashes, this shows that price has been consolidating and the price is very close to the higher time frame VWAP which could be considered a safe entry point as they tend to lead to a big move to follow
// Suggestions \\
Happy for anyone to make any suggestions on changes which could improve the script,
// Terms \\
Feel free to use the script, If you do use the script could you please just tag me as I am interested to see how people are using it. Good Luck!
Pivot Order Blocks// How it Works \\
Order Blocks based on pivot reversal candle
When a pivot High or Pivot Low is found and confirmed, a box will be plotted on the open and close values of that pivot candle
// Settings \\
In the settings you have the ability to change the distances required to confirm an pivot High or Low
These are the lengths where the script checks to see if it is at its local high or low.
You also have the ability to change the amount of candles the box stretches over as well as the colors of the bullish and bearish boxes
// Use Case \\
Pivot points often provide Support and Resistance points on their own,
one way of marking up order blocks is by taking the pivot candle and marking that up as a resistance area where you could be looking for price to reverse
// Suggestions \\
Happy for anyone to make any suggestions on changes which could improve the script,
// Terms \\
Feel free to use the script, If you do use the script could you please just tag me as I am interested to see how people are using it. Good Luck!
VIX Reversal Scalper by Trend Friend - Stocks OnlyVIX REVERSAL SCALPER BY TREND FRIEND - STOCKS ONLY
This indicator is built for scalping, but can be used for swing trades by adjusting the signal settings to a higher number.
This indicator is meant for stocks with a lot of price action and volatility, so for best results, use it on charts that move similar to the S&P 500 or other similar charts.
This indicator uses real time data from the stock market overall, so it should only be used on stocks and will only give a few signals during after hours. It does work ok for crypto, but will not give signals when the US stock market is closed.
**HOW TO USE**
When the VIX Volatility Index trend changes direction, it will give a bull or bear signal on the chart depending on which way the VIX is now trending. Follow these when price is near support/resistance or fibonacci levels.
For more signals with earlier entries, go into settings and reduce the number. 10-100 is best for scalping. For less signals with later entries, change the number to a higher value. Use 100-500 for swing trades. Can go higher for long swing trades.
***MARKETS***
This indicator should only be used on the US stock markets as signals are given based on the VIX volatility index which measures volatility of the US Stock Markets.
***TIMEFRAMES***
This indicator works on all time frames.
**NOTE**
Repainting does happen but it is seldom. If I get enough requests to remove repainting I will, but since it is built for early entries, preventing it from repainting will make the signals show up later than normal.
Due to various factors, this indicator might not give exit signals every time it should, so be sure to watch the price action for entries/exits and don't rely solely on this indicator.
**INVERSE CHARTS**
If you are using this on an inverse ETF and the signals are showing backwards, please comment with what chart it is and I will configure the indicator to give the correct signals. I have included over 50 inverse ETFs into the code to show the correct signals on inverse charts, but I'm sure there are some that I have missed so feel free to let me know and I will update the script with the requested tickers.
***TIPS***
Try using numerous indicators of ours on your chart so you can instantly see the bullish or bearish trend of multiple indicators in real time without having to analyze the data. Some of our favorites are our Auto Fibonacci, Directional Movement Index, Volume Profile, Auto Support And Resistance and Money Flow Index in combination with this Vix Reversal Scalper. They all have real time Bullish and Bearish labels as well so you can immediately understand each indicator's trend.
[UPRIGHT Trading] Super Sar & (New) Sar Moving Averages (cc)Hello Traders,
(This is an original creation and a proof of concept.)
As most of you know the PSAR, parabolic SAR indicator, was developed by J. Welles Wilder Jr. and used to determine trend direction and potential reversals in price. This technical indicator uses a trailing stop and reverse method, 'SAR,' or "stop and reverse," to find potential exit and entry points.
My question was: Is it possible to create meaningful Moving Averages by using PSAR?
Turns out, the answer is yes.
As you can see on the above chart, not only is it possible, it does work.
Features:
I've created buy/sell signals, which act as early indication of a potential reversal.
5 original MAs.
My Super Sar
Customizability: For now, the ability to adjust the length and turn on/off the MAs (maybe more features to come).
Enjoy!
As always, please: Like, Follow, Support, etc...
Cheers,
Mike
(UPRIGHT Trading)
BORCv5: Breakout Reversal, Standard Deviation & Bollinger Bands
The BORCv5 (Breakout Reversal Confirmation) script can improve your trading by visualizing the standard deviation lines & bollinger bands on your chart, along with breakout reversal early warning and confirmation signals which can be interpreted as buy/sell signals.
- BORCv5 utilizes multi-period Bollinger Bands & custom signals to paint a clear picture of price movement.
- BORCv5 works on everything: Futures, Equities, Indices, Crypto, and on any time interval.
The purple line represents the simple moving average (SMA) for the period (default: 20). You can use the EMA instead if you prefer via settings.
The Bollinger bands & trend lines tell you if the stock is trading "high" or "low" relative to its recent price action.
- The inner green/orange/red bands represent short term Bollinger Bands: 1 Standard Deviation (SD), 2SD, 3SD and 4SD
- The grey bands represent intermediate term Bollinger Bands.
The width of the bands changes due to volatility. Narrow Bollinger Bands represent low volatility, where price is relatively flat or trending slowly in one direction. Wide open Bollinger Bands signify either high volatility OR trending powerfully in one direction. If the Bands are pointing downwards it is a bearish trend and if the Bands are pointing upwards it is a bullish trend.
It is important to get the right amount of data (or context) for Bollinger Bands: Too small of a period for basis (5,8,10) and you won't have enough data (or context). Too high of a period and you will have too much data (or context). The right amount of data (or context) is also important because you want to follow averages that algos & other traders follow and you want the Bollinger length to give you enough data to see various standard deviations. Too low of a Bollinger length means the bands deform too easy & too high of a Bollinger length means they are too flat, making the data hard to interpret. We like 20 periods as a compromise between not enough & too much data but you can adjust this value in the script settings.
Breakout Reversal Confirmation Signals:
Pay attention to the triangles: they represent the price movement action of the larger period Bollinger Band that will filter out most of the false breakouts.
Triangles pop up when the price breaches the 2.9 standard deviation, meaning we're in an extreme range leading to a continuation or reversal.
Red Triangle:
- Pointing Down => Bearish Breakout has occurred, watch for a Bullish Reversal
- Pointing Up => Bullish Breakout has occurred, watch for a Bearish Reversal
Green Triangle:
- Pointing Down => Bearish Reversal is confirmed, price has a high chance to move Bearish
- Pointing Up => Bullish Reversal is confirmed, price has a high chance to move Bullish
Red Circle:
- Weak Bearish / Bullish Breakout
Green Circle:
- Weak Bearish / Bullish Reversal Confirmed
For more information, see the BORC PDF guide and examples !
PS: This script was originally published by reaganmcf and has been upgraded to Pine v5.
Signals Pirate™ ScalperSignalsPirate™ Scalper has been created specifically for asset scalping to help improve your short term trading by accurately identifying ‘Buy’ and ‘Sell’ opportunities!
The simplicity of this package ensures traders of all levels of expertise can utilise this tool and experience its benefits to the fullest. The only variable that alters the tools performance is the ‘Scalp Length’ option, which dictates how frequently scalping signals are identified. A value of 10 will result in more selective and less frequent signals, whereas a value of 1 will print ‘Buy’ and ‘Sell’ signals more often.
This tool has been formed using a number of trend reversal indicators, such as the RSI and Stochastics to identify overbought and oversold conditions. As well as these it incorporates crucial pivot points to identify potential support & resistance levels where scalp opportunities will have the highest chance of being successful. Combining these means when price is extremely oversold across a multitude of indicators while sitting at a pivot point support level, a ‘Buy Scalp’ label is created – and vice versa for ‘Sell Scalp’ signals.
The default settings are the best settings we’ve found so far but you can change them to build your own unique trading strategy. We’d recommend experimenting with these values to find the best results for the asset you are trading, and your own personal trading style.
Direction for use:
1. Use on any asset class and time frame, preferably on a lower timeframe (15min or less).
2. Fine tune the ‘Scalp Length’.
3. Enter a long position once a ‘Buy Scalp’ label is created, and close the position once a ‘Sell Scalp’ label is created. For short positions enter once a ‘Sell Scalp’ label is created and close once a ‘Buy Scalp’ label is created.
We hope you love this package, and it takes your trading and investing to the next level. Please let us know if you have any questions or queries regarding the logic behind the bundle, or if you have any suggestions for improvements etc. We love your feedback and are constantly striving to continuously improve!
