OPEN-SOURCE SCRIPT
Failure Swing Indicator
Identify Failure Swing nice and easy
J. Welles Wilder Jr. describes Failure Swings as specific chart patterns used in conjunction with the Relative Strength Index (RSI) to identify potential reversals in price trends.
These patterns signal weakening momentum and can indicate a shift in market direction
Wilder emphasized that these patterns are more reliable when confirmed by price action or other technical indicators.
J. Welles Wilder Jr. describes Failure Swings as specific chart patterns used in conjunction with the Relative Strength Index (RSI) to identify potential reversals in price trends.
These patterns signal weakening momentum and can indicate a shift in market direction
Wilder emphasized that these patterns are more reliable when confirmed by price action or other technical indicators.
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.