This script reviews previous candle volatility and price action relative the time period chosen and creates pivots/levels/prices to watch for on each candle. This indicator can be run on any time period, but it was meant for longer intraday periods such as the 30m or 1 hour. The entry points are meant to only be valid on the candle in which they are created, once a new candle is created, the previous data is no longer valid. Thus trying to use this on a faster time period could be very difficult. Also the longer the candle has been in place, the less strength given to the entry points.
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Updated indicator to show wick volatility metric, basically this the value we are using to look for the reversal entry point. If its wick volatility .46, we are looking for .46 cents off a high (.46 cent worth of wick) to enter a bearish reversal position on the candle. Also hid the historical labels by default to only show current candle, but you can turn them on to back test.
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Added upward and downward volatility values to the historical labels that didnt trigger a signal to look for failed signals and help backtest more accurately
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Updating chart image to be correct/more accurate. And show the historical signals.
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updated logic to make this indicator safer, easier to use, easier to back test. It was impossible to tell how well it was working before as the entry points could move after the initial signal, giving a lot of false signals or failed signals. Now we will use the open of the candle as the entry point. If the volatility on the candle is met and the candle reverses direction (and color), we will then signal an entry at this price (the open price). This ultimately makes the signal safer and provides more confirmation of a reversal.
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Updated historical labels to include the pivot prices for each direction
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Updating chart...
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cleaning up UI, cleaning up logic, recalculated how signals are created to only signal the original candle reversal and not be overwritten
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Final update on the logic for this script, due to the limitations of historical data and repainting, this script is only accurate/reliable on the real time candle. There can be no back testing of historical data here. The algorithm is still watching for a large enough wick to be created, then signals for a possible entry if the candle flips direction (color).
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updating chart... not sure why the current chart image looks the way it does...