I get the best results when I see the price rise or fall from the , along with a second indicator indicating a possible reversal (my favorite is Divergence for Many Indicators v4 by LonesomeTheBlue. Who knew divergence (both regular and hidden) was so common and useful for finding probable reversals? If I find the price above or below the line with a second signal, I'll place a buy or sell within that same 2-hour window the price tends to return back to the higher timeframe for a nice profit very quickly. Other times it does take a little longer to return with only a small percentage of time not returning within a reasonable amount of time, or very unusually, not at all. The image above shows a number of profitable trading opportunities using a combination of the Target and LonesomeTheBlue's Divergence for Many Indicators v4. You can further limit risk by only taking trades that are in the same direction of the overall trend, possibly confirmed on a higher timeframe.
This script will only be visible on the 5-minute timeframe the way it is written right now. I wouldn't suggest shorter or longer timeframes unless some editing is done by you. It doesn't seem to work as well with stocks, but is best on due to the wave-like natures of the market. Trade safe, trade with the trend, use stops and limits appropriately and stay safe.
I also added a support and resistance option, set to show by default. It's kind of nice to see some indication of why the price may be consolidating around an area a little bit. It's helpful, at least in my case. Sorry if you don't like the colors, but I added the ones easier for me to see (#colorblindnesssucks).
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.