OPEN-SOURCE SCRIPT
Oops Reversal
This indicator identifies bullish Oops reversal days — a classic setup refined for stronger confirmation and early detection.
✅ Criteria for Signal (on current day):
Gap Down Open:
The stock opens below the previous day's low, suggesting initial weakness.
Shallow Intraday Dip:
Price doesn't fall more than 1% below the open, indicating the sell-off lacks follow-through.
Strong Reversal:
During the same day, the stock rallies and crosses the previous day's low by at least 1%, confirming strength and buyer control.
✅ Criteria for Signal (on current day):
Gap Down Open:
The stock opens below the previous day's low, suggesting initial weakness.
Shallow Intraday Dip:
Price doesn't fall more than 1% below the open, indicating the sell-off lacks follow-through.
Strong Reversal:
During the same day, the stock rallies and crosses the previous day's low by at least 1%, confirming strength and buyer control.
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.