Price Reversal

The Price Reversal indicator identifies down reversals after up price extensions, and up reversals after down price extensions. A strong, multiple-day move is considered a price extension.

Description

The indicator searches for a down (up) setup and triggers on the day after an up (down) price extension has finished. The Price Reversal indicator identifies and plots only the first trigger of the day.

This indicator can be used with intraday charts only.

Default Inputs

NumDays( 3 ) sets the number of days to identify the reversal.

MinConsolIndex( 2.25 ) sets a value in the range from 1 to NumDays.

FinalRangeFactor( 1 ) sets the factor applied to the final range. Use 1 for Crit1, .75 for Crit2.

RevCriteria( 1 ) sets the reversal criteria.

GapSizeFactor( .2 ) sets the factor used for the gap size. This input is only used when RevCriteria = 1 and it forces CurrDayOpGap to be >= PrevDayTR * GapSizeFactor.

HiLineColor( magenta ) sets the color for the plot of the true highest value.

LoLineColor( lightgray ) sets the color for the plot of the true lowest value.