Three-Bar Reversal Signal

18 ott

This indicator is a simple setup of Three Bar Reversal. Logic of the code is as below.

Rules :
Long Setup
Bar 1 closes down
Low of Bar 2 is below the low of Bar 1 (and Bar 3)
Bar 3 closes above the high of both Bar 1 and Bar 2
Buy at the close of Bar 3

Short Setup
Bar 1 closes up
High of Bar 2 is above the high of Bar 1 (and Bar 3)
Bar 3 closes below the low of both Bar 1 and Bar 2
Sell at the close of Bar 3

18 ott

Note di rilascio

Updated title and username

18 ott

Note di rilascio

Updated the Script to generate indicator only when the bar is closed.

8 nov

Note di rilascio

Updating the current script by changing the detection method from high to close. Hence reducing unwanted signals.

8 nov

Note di rilascio

Updated visible marker on the chart to highlight 3-Bar setup for better recognition and decision making on 3 Bar reversal.