Bar Period Type >> Reversal Bar (reversal ticks in tick size steps)
This setting is for creating a Reversal bar chart. A chart of this type has alternating up and down bars. A new bar is only started when prices reverse from the High of an Up bar by the specified number of price Ticks or the Low of a Down bar by the specified number of price Ticks. The specified number of Ticks is multiplied by the Tick Size of the chart and this is the actual value that the prices have to reverse by from the High or Low of the bar. The first bar will be either an Up bar or Down bar depending upon the direction of prices at the beginning of the chart. After the first bar, the bars will alternate between Up and Down bars.
This type of chart is very similar to a Point and Figure chart. It is a suitable replacement for that type of chart and allows to apply indicators without changing the code.