Three Bar Reversal

12 thg 6, 2024

This script was written to make it easier to discover three bar reversal patterns.

A three bar reversal occurs when these conditions are met:

Long Setup (Reversal Up)

1. Bar 1 closes down
2. Low of Bar 2 is below the low of Bar 1 and Bar 3
3. Bar 3 closes above the high of both Bar 1 and Bar 2

Short Setup (Reversal Down)

1. Bar 1 closes up
2. High of Bar 2 is above the high of Bar 1 and Bar 3
3. Bar 3 closes below the low of both Bar 1 and Bar 2

When this indicator is added to your chart, you will see "Reversal Up" or "Reversal Down" when one of the above conditions are met.

It is recommended to use the 1 minute time frame for short scalps and 5 minute time frame for longer held day trade positions.

This indicator also has an alert option.
To enable an alert:

1. Create a new alert
2. Set condition "Reversal" and "Any alert() function call"
3. Give the alert a unique name

It is good to have an alert for different tickers and different time frames!
When the alert is triggered, you will receive a message:
Reversal up on: ticker-ID-here
or
Reversal down on: ticker-ID-here

Never miss a trade setup again!

13 thg 6, 2024

Phát hành các Ghi chú

Fixed alert message to display ticker name.

13 thg 6, 2024

Phát hành các Ghi chú

Updated chart image to clean chart.

8 thg 7, 2024

Phát hành các Ghi chú

Added 9 EMA and 21 EMA for trend confirmation. This will reduce false signals and ensure that signals are going with the trend. Reversal up now required 9 EMA to be above the 21 EMA and reversal down requires the 9 EMA to be below the 21 EMA.