OPEN-SOURCE SCRIPT
BulletProof Long Wick Reversal Markers with Lines
This custom Pine Script indicator for TradingView identifies and marks potential reversal points on your chart based on long wick candles at swing highs (tops) and lows (bottoms). It focuses on candles where the wick is significantly longer than the body (e.g., shooting stars or hammers) and where the subsequent price reversal exceeds a minimum percentage move. Markers appear as colored circles (green for tops, red for bottoms), with horizontal lines extending from each marker to the current bar for easy reference as support/resistance levels.Key Features and InterpretationMarkers (Dots): Green circles at tops: Indicate a potential bearish reversal where price was pushed down after a long upper wick candle.
Red circles at bottoms: Indicate a potential bullish reversal where price was pushed up after a long lower wick candle.
These only appear if the wick-to-body ratio meets the threshold (default 2.0) and the reversal move is at least the minimum percentage (default 1%).
Lines: Horizontal lines extend from each marker to the current bar (updating in real-time). Use these as dynamic levels—e.g., a green top line might act as resistance, while a red bottom line could be support. Lines do not extend into the future blank space on the chart.
Time Filtering: By default, only markers from the last 7 days are shown to reduce clutter. Set to 0 to display all historical ones.
Best Used On: 1-hour charts as per your request, but it works on any timeframe. It's ideal for spotting reversals in trending markets or confirming entries/exits with other indicators.
Red circles at bottoms: Indicate a potential bullish reversal where price was pushed up after a long lower wick candle.
These only appear if the wick-to-body ratio meets the threshold (default 2.0) and the reversal move is at least the minimum percentage (default 1%).
Lines: Horizontal lines extend from each marker to the current bar (updating in real-time). Use these as dynamic levels—e.g., a green top line might act as resistance, while a red bottom line could be support. Lines do not extend into the future blank space on the chart.
Time Filtering: By default, only markers from the last 7 days are shown to reduce clutter. Set to 0 to display all historical ones.
Best Used On: 1-hour charts as per your request, but it works on any timeframe. It's ideal for spotting reversals in trending markets or confirming entries/exits with other indicators.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que la republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como asesoramiento o recomendaciones financieras, de inversión, de trading o de otro tipo proporcionadas o respaldadas por TradingView. Más información en Condiciones de uso.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que la republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como asesoramiento o recomendaciones financieras, de inversión, de trading o de otro tipo proporcionadas o respaldadas por TradingView. Más información en Condiciones de uso.