LonesomeTheBlue

Candlestick Reversal System

Hello Traders,

In the book "Secrets of a Pivot Boss: Revealing Proven Methods for Profiting in the Market" by Franklin Ochoa, Four different types of reversal systems were introduced and candlestick patterns are used to find reversals. I will not write a lot about the book, you should get/read it for yourself. There are many great ideas in the book, Candlesetick Reversal System, Following Trend, Time Price Opportunity, Advanced Camarilla Concepts and much more.

Reversal systems mentioned in the book are :
- Wick Reversal System
- Exteme Reversal System
- Outside Reversal System
- Doji Reversal System

I tried to add these four reversal systems to the script. If you need detailed info you better read the book ;)


Enjoy!
Release Notes: Alerts added.
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Kommentarer

How to use this please brief me
+28 Svara
Hi Lonesome - First of all awesome work bro. This is what I observed while testing.

1) Out Side Reversal setup is working perfectly fine. Both long & short.
2) The logic for Extreme reversal set up is incorrect. Both long & short. The first bar is not getting considered in the logic; The body of the first bar of the pattern should encompass more than 50 percent of the bar's total range, but usually not more than 80-85 percent. The second bar should be opposite and close within the body of the first candle.
3) Wick reversal working on the long side (basically hammer), but not on short side (inverted hammer) , may have to fine tune. Some time not getting signal for long as well.
4) The logic for Doji reversal is not correct, not giving proper signal will have to involve 3 to 4 candles in the logic. Also a 10 period/SMA or EMA as per pivot boss. (one of the two bars following the doji must close below/above the low/high of the doji ) - We may not get a perfect doji, may have to do some adjust met in the logic to give signal. Eg; the Doji candle (10% of each other) should open and close above 95% or more of the body of the previous candle and one of the 2/3 bars following the doji must close below/above the low/high of the doji for short & Long.

If any way you can fix this, your indicator will be a kick-ass one.
+18 Svara
LonesomeTheBlue yesuthulasi
@yesuthulasi, good comment, gonna check them when I have time
+7 Svara
TraderRahul007 LonesomeTheBlue
@LonesomeTheBlue, Yes it needs a revision. excellent work!
+3 Svara
GordonClark02 LonesomeTheBlue
@LonesomeTheBlue, Agreed. Can't wait until to see your revised one, but this is pretty kick ass already. Great job.
Svara
LivermoresFollower LonesomeTheBlue
@LonesomeTheBlue, thanks for
Svara
Good work man.. Which time frame does it work well ?
+15 Svara
Hello Lonesome,

1000x thanks for the time and effort you are putting into all this indicators. Although you are so helpfull for the community, can we ask for just a little bit more for this script. What realy would be amazing is an ALERT for when the Red en Blue triangles are showing.

Thanks again and i hope lots off people are supoprting you!
+4 Svara
JuanCortijo JuanCortijo
Well i did some research and got the alert working by myself

// Alerts
alertcondition(longsignal, "Long", "Candlestick Reversal Long")
alertcondition(shortsignal, "Short", "Candlestick Reversal Short")
+2 Svara
LonesomeTheBlue JuanCortijo
@JuanCortijo, alerts added. (actually no support :)
+1 Svara
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