OPEN-SOURCE SCRIPT
Reversal Points [CC]
Actualizado
This original script was created based on a suggestion from @kerpiciwuasile. My original Reversal Points script was removed because I modeled it after an indicator by Demark, but this script will have no such issues. Reversal points are an exciting concept for me because it is such a useful tool when placing trades. This is my first attempt at a new overall layout for my script and I included a bunch of customization so let me know what you think.
My script works by finding lows that are surrounded by bars that have higher lows and highs that are surrounded by lower highs. I use this logic to find short term lows or highs and I use the same concept to find mid-term lows or highs but a mid-term high is a short term high surrounded by lower short term highs and a mid-term low is a short term low surrounded by higher short term lows. And of course this means that long term highs or lows use the same logic to find highs or lows that are surrounded by mid-term highs or lows. I would recommend to buy at the long term low points or sell at the long term high points.
Keep in mind of course that short term highs and lows are very common and reversal points will get rarer as you look for longer term reversal points. I would recommend to experiment and see which reversal points work best for you and of course, know that there is no magical formula to use for all stocks.
Also there are a few scenarios where you want to enable or disable the inside bar setting. You would want to ignore inside bars if the market is currently very volatile or if you are using this indicator on a crypto chart. This is not an exact science but more of a recommendation, so feel free to experiment with it.
Reversal points are crucial for traders as they signal a potential change in the market trend, providing opportunities for entry or exit.
In summary, this code snippet is a powerful tool for traders to detect and visualize reversal points on a trading chart, providing valuable insights into potential trend changes and facilitating more informed trading decisions.
Let me know if you would like me to publish other scripts or if you want me to do something custom for you!
My script works by finding lows that are surrounded by bars that have higher lows and highs that are surrounded by lower highs. I use this logic to find short term lows or highs and I use the same concept to find mid-term lows or highs but a mid-term high is a short term high surrounded by lower short term highs and a mid-term low is a short term low surrounded by higher short term lows. And of course this means that long term highs or lows use the same logic to find highs or lows that are surrounded by mid-term highs or lows. I would recommend to buy at the long term low points or sell at the long term high points.
Keep in mind of course that short term highs and lows are very common and reversal points will get rarer as you look for longer term reversal points. I would recommend to experiment and see which reversal points work best for you and of course, know that there is no magical formula to use for all stocks.
Also there are a few scenarios where you want to enable or disable the inside bar setting. You would want to ignore inside bars if the market is currently very volatile or if you are using this indicator on a crypto chart. This is not an exact science but more of a recommendation, so feel free to experiment with it.
Reversal points are crucial for traders as they signal a potential change in the market trend, providing opportunities for entry or exit.
In summary, this code snippet is a powerful tool for traders to detect and visualize reversal points on a trading chart, providing valuable insights into potential trend changes and facilitating more informed trading decisions.
Let me know if you would like me to publish other scripts or if you want me to do something custom for you!
Notas de prensa
Added alert conditions for all reversal point typesScript de código abierto
Siguiendo fielmente el espíritu de TradingView, el autor de este script lo ha publicado en código abierto, permitiendo que otros traders puedan entenderlo y verificarlo. ¡Olé por el autor! Puede utilizarlo de forma gratuita, pero tenga en cuenta que la reutilización de este código en la publicación se rige por las Normas internas. Puede añadir este script a sus favoritos y usarlo en un gráfico.
¿Quiere utilizar este script en un gráfico?
I created the largest stock indicator library:
github.com/ooples/
Custom Indicator Requests:
forms.gle/ouMffZR3dQ8bSJQG7
Tips are appreciated:
paypal.me/cheatcountry
patreon.com/cheatcountry
github.com/ooples/
Custom Indicator Requests:
forms.gle/ouMffZR3dQ8bSJQG7
Tips are appreciated:
paypal.me/cheatcountry
patreon.com/cheatcountry
Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.