This indicators combines a and to produce signals for possible price reversal. The signals are displayed by default as green arrows for and red arrows for .
To trigger a signal the indicator checks for the following:
- A candle closes above the upper
- The following candle closes within the upper
- The is below the set threshold (10 by default)
- A candle closes below the lower
- The following candle closes within the lower
- The is above the set threshold (90 by default)
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
Discord Trading Community: https://discord.gg/eDfhKvS5AC