OPEN-SOURCE SCRIPT
3-Bar Reversal Detection with Stop Loss,
3-Bar Reversal Detection: We'll need to define the 3-bar reversal pattern:
For a bullish reversal: Three consecutive bars where:
The first bar has a high higher than the previous bar and a low lower than the previous bar.
The second bar makes a lower low and a lower high.
The third bar makes a higher high and a higher low compared to the second bar.
For a bearish reversal: The pattern is the opposite.
Timeframes to monitor: We will use 1m, 3m, 5m, and 15m timeframes.
Signal when 3-bar reversal happens in two or more timeframes simultaneously: The script will generate an alert when the 3-bar reversal appears in any two of the specified timeframes.
For a bullish reversal: Three consecutive bars where:
The first bar has a high higher than the previous bar and a low lower than the previous bar.
The second bar makes a lower low and a lower high.
The third bar makes a higher high and a higher low compared to the second bar.
For a bearish reversal: The pattern is the opposite.
Timeframes to monitor: We will use 1m, 3m, 5m, and 15m timeframes.
Signal when 3-bar reversal happens in two or more timeframes simultaneously: The script will generate an alert when the 3-bar reversal appears in any two of the specified timeframes.
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