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.
Script open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Script open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.