OPEN-SOURCE SCRIPT
Daily Range Reversals
Key Features of "Daily Range Reversals"
Continuous Daily Box: The purple range box now starts at the beginning of the trading day and extends seamlessly through the price action all the way to the right-side PO3 visualization. It automatically tracks the previous day's High-Low range with a dashed midpoint line.
Reversal Pattern Detection:
Engulfing: Identifies when a candle body completely "swallows" the previous candle's body.
Hammers & Shooting Stars: Detects single-bar rejections with long wicks (at least 2x the body size).
Strategic Filtering:
35% Zone Check: Signals only trigger if the candle closes within the upper 35% or lower 35% of the previous day's range. This ensures you only see high-probability reversals at the extremities.
High-Volume Requirement: A signal only appears if the volume of the reversal bar is significantly higher than its 20-period average (adjustable via the "Volume Multiplier").
Signal Cooldown: To keep the chart clean, the script waits for 3 bars (default) after a signal before allowing another one to prevent clustering.
PO3 Side-by-Side Visualization: To the right of the price, you can see the completed Previous Daily Candle next to the Active Daily Candle updating in real-time. This helps you visualize how the current day is expanding relative to yesterday's range.
Replay Optimized: I used persistent objects that update only on the last bar, which fixes the "ghosting" issue you experienced in Bar Replay.
How to use it:
Monitor the Zone: Watch for price to enter the top or bottom 35% of the purple daily box.
Confirm the Pattern: Look for a triangle signal (Bullish below, Bearish above). These will only appear on a candle close that confirms both the pattern and the high-volume criteria.
Entry: These signals are designed to capture reversals back toward the daily midpoint or the opposite side of the range.
Continuous Daily Box: The purple range box now starts at the beginning of the trading day and extends seamlessly through the price action all the way to the right-side PO3 visualization. It automatically tracks the previous day's High-Low range with a dashed midpoint line.
Reversal Pattern Detection:
Engulfing: Identifies when a candle body completely "swallows" the previous candle's body.
Hammers & Shooting Stars: Detects single-bar rejections with long wicks (at least 2x the body size).
Strategic Filtering:
35% Zone Check: Signals only trigger if the candle closes within the upper 35% or lower 35% of the previous day's range. This ensures you only see high-probability reversals at the extremities.
High-Volume Requirement: A signal only appears if the volume of the reversal bar is significantly higher than its 20-period average (adjustable via the "Volume Multiplier").
Signal Cooldown: To keep the chart clean, the script waits for 3 bars (default) after a signal before allowing another one to prevent clustering.
PO3 Side-by-Side Visualization: To the right of the price, you can see the completed Previous Daily Candle next to the Active Daily Candle updating in real-time. This helps you visualize how the current day is expanding relative to yesterday's range.
Replay Optimized: I used persistent objects that update only on the last bar, which fixes the "ghosting" issue you experienced in Bar Replay.
How to use it:
Monitor the Zone: Watch for price to enter the top or bottom 35% of the purple daily box.
Confirm the Pattern: Look for a triangle signal (Bullish below, Bearish above). These will only appear on a candle close that confirms both the pattern and the high-volume criteria.
Entry: These signals are designed to capture reversals back toward the daily midpoint or the opposite side of the range.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.