OPEN-SOURCE SCRIPT
Updated Swing Reversal Indicator
Swing Reversal Indicator was meant to help identify pivot points on the chart which indicate momentum to buy and sell. The indicator uses 3 main questions to help plot the points:
Criteria
This indicator was built to help me find pivot points for directional options trading however can be used for equities and forex swing trading and other strategies. Used in conjunction with a BB extreme can provide good setups.
Alerts are available for both the long and the short positions and the indicator will repaint as price moves.
The character Plotted can be changed in the settings
The size of the candle area can be changed as well if you want to tighten/loosen the trigger points based on the third question above.
Criteria
- Did price take out yesterday's high or low?
- Is today's range bigger than yesterday? (Indicates activity in price)
- Is the close in the upper/lower portion of the candle? Thus, indicating momentum in that direction
This indicator was built to help me find pivot points for directional options trading however can be used for equities and forex swing trading and other strategies. Used in conjunction with a BB extreme can provide good setups.
Alerts are available for both the long and the short positions and the indicator will repaint as price moves.
The character Plotted can be changed in the settings
The size of the candle area can be changed as well if you want to tighten/loosen the trigger points based on the third question above.
Release Notes
Fixed issue with the hiding/showing of the long signal and short signals. Longs:
1. Did we take out yesterday's low
2. Is this candle larger than yesterday
3. Did we close in the top area of the candle (default 25%)
Shorts:
1. Did we take out yesterday's high
2. Is this candle larger than yesterday
3. Did we close in the bottom area of the candle (default 25%)
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.
Difficult Takes a day, Impossible Takes a Week!
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.
Difficult Takes a day, Impossible Takes a Week!
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.