Price Action Trend Reversal Prediction V1To use this indicator click on "Add to Favorites". In your chart add it as you would any any other indicator.
Version 1 of this script supports Buy/Long actions.
*** This is a predictive indicator based off previous bars data, not current bars action. There is no such thing as a 100% correct indicator ***
This is based on 9 day consecutive price action.
Each day the criteria is met in a row the green will become brighter.
Once it hits the 9th day the indicator will be bright green with half of it aqua.
If it meets the criteria for a perfect reversal the indicator will be all aqua.
Version 2 will include Sell/Short indication as well.
Reversals
Downside Weekly ReversalBased on Thomas Bulkowski's top ranking small pattern: the Downside Weekly Reversal pattern.
Add this indicator to your weekly charts.
Blue bars represent weekly reversals and green bars following blue bars indicate an upside breakout. These are to be traded in a Bull market.
Red bars following blue bars indicate a downside breakout. These are to be traded in a Bear market.
More details: thepatternsite.com
B3 Donchian CloudsThis is the Donchian Channel expressed with a percentage cloud. Default 12.5% of the range will be filled at each edge, this helps to show reversal possibilities as price returns to the area between the clouds. This offers a usage to essentially fade the turtle trader system. That system is loosely based on the playing of the breakouts of the the channel... as you can see the that last turtle trade long in YM1! was and is off the charts awesome. I will look for the fall out of the cloud to short the market.
B3 Directional Trend IndexB3 Directional Trend Index ~ All about the trend! William Blau is the designer of this gem, and IMHO it is the best trend finder of all the lagging indicators out there I have tested. It is important to pay attention to the slope and thickness of the line, and its relationship to zero. A reversion to the zero may look momentous, but in fact it could reverse when it reaches mean, only to turn back around. You can see this in March and April of this silver futures daily chart. Makes for a great instrument on anything you consider trendy, like crude oil for example. The default user inputs are set to my liking, as I find them to be great on all charts and resolutions. You may read around to find more about this on the internet, or its mentioned in Krausz's work. Also, imprtant to remember when no trend, trend finders like this sufffer, so be wise as to what market condition you are in. Rangy and within Range = no, On the Move = yes.
B3 ECOBlau's Ergodic Candlestick Oscillator = a decent trend finder, however slightly lagged. It can help you to see a reversal entry if you are looking for one. I find the one line ECO hard to use, so I have created this histogram version with a signal line. The colors help to show you whats going on with the ECO and its bias. This indicator shows up in a couple books by people other than Blau, and namely by Krausz. You can also see divergences, for example in pic above the lower or second of the two green humps showing that the general uptrend might be weakened as this run contained less momentum. Tighten up the signal line to see a faster change in its color. These settings are the B3 input settings for default, meaning the ones I use in trading. They are not however the default values you might read about other places.
