OPEN-SOURCE SCRIPT
Smart Reversal Compass [forexobroker]
Smart Reversal Compass combines four independent reversal signals -- RSI divergence, volume climax, reversal candle pattern (pin bar or engulfing), and support/resistance touch -- into a single cardinal compass reading. North means an up-reversal is forming; South means a down-reversal is forming. The compass only fires a signal when at least the configured minimum number of confluences (default 3 of 4) are lit simultaneously on the same bar.
This indicator is designed for traders who reject single-signal reversal trades because they understand that any one pattern is weak on its own, but the coincidence of four unrelated signals at the same price level is a genuinely rare and significant event. The dashboard shows every component's live state so you can see the compass "light up" in real time as conditions align.
🔶 CONCEPTS
Reversals almost never begin from a single condition. A pin bar in isolation is noise. Oversold RSI in isolation is noise. A volume spike in isolation is noise. But when a pin bar prints at a prior swing low, with volume spiking and RSI forming a higher low as price forms a lower low, the probability of a reversal rises dramatically. This indicator formalizes that truth: it asks four independent questions, tallies the answers, and only points a directional arrow when enough of them agree. The compass metaphor makes the reading intuitive -- you see where the market is pointing at a glance.
🔶 HOW IT WORKS
- Monitors RSI at each new pivot high and pivot low and compares to the previous pivot to detect divergence
- Checks if current bar volume exceeds the SMA by the climax multiplier
- Classifies the current bar as a pin bar (wick ratio >= threshold) or engulfing (opposite-side engulfing pattern)
- Tests if the bar's high or low is within ATR tolerance of the last pivot high or low (S/R touch)
- Tallies confluence counts; fires BUY if bull count >= minimum and exceeds bear count, SELL in the mirror case
🔶 HOW TO USE
1. Add the indicator -- the dashboard (top-right) shows every component state and live confluence tallies
2. Green BUY triangle with "↑ N" label fires when bullish confluences reach the minimum and exceed bearish; pink SELL triangle with "↓ S" fires for the mirror
3. The signal label shows which components were lit using ● (lit) and ○ (dark) markers for fast postmortem review
4. Increase Min Confluences to 4 for only textbook-perfect reversals; lower to 2 for more frequent but less confirmed signals
5. Adjust S/R Tolerance wider to allow approximate level touches; narrower for stricter S/R proximity
🔶 FEATURES
- Non-repainting signals (barstate.isconfirmed)
- Works on all timeframes and instruments
- 9 alert conditions with JSON webhook support
- Four-factor confluence tally with live per-component dashboard
- Cardinal compass reading (N/S) on both chart labels and dashboard header
🔶 SETTINGS GUIDE
- RSI Length -- Period for RSI divergence detection
- Divergence Lookback -- Maximum bars since last pivot to still qualify as divergence
- Pivot Length -- Lookback for swing high/low detection
- Volume SMA Length -- Baseline for volume climax detection
- Volume Climax Multiplier -- Volume must exceed this multiple of SMA
- Pin Bar Wick Ratio -- Rejection wick must be at least this fraction of total range
- S/R Tolerance (ATR) -- Distance in ATR units for S/R touch qualification
- Min Confluences -- Minimum lit confluences to trigger signal (2-4)
- Signal Cooldown Bars -- Minimum bars between consecutive signals
🔶 ALERTS
- SRC Buy Compass N -- Bullish compass signal (N) fired
- SRC Sell Compass S -- Bearish compass signal (S) fired
- SRC Any Signal -- Any directional compass signal
- SRC Bull Divergence -- Bullish RSI divergence detected
- SRC Bear Divergence -- Bearish RSI divergence detected
- SRC Volume Climax -- Volume climax detected on the bar
- SRC Reversal Candle -- Pin bar or engulfing candle detected
- SRC Perfect 4/4 -- All four confluences lit simultaneously
- SRC Webhook JSON -- Generic webhook payload for external automation
🔶 LIMITATIONS & DISCLAIMER
- This is a technical analysis tool, not financial advice. Always use proper risk management.
- Past confluence setups do not guarantee future price movements.
- Divergence detection depends on confirmed pivots and therefore lags by the pivot length.
- A compass reading of N or S indicates reversal potential based on confluence, not a probability guarantee of a successful trade.
This indicator is designed for traders who reject single-signal reversal trades because they understand that any one pattern is weak on its own, but the coincidence of four unrelated signals at the same price level is a genuinely rare and significant event. The dashboard shows every component's live state so you can see the compass "light up" in real time as conditions align.
🔶 CONCEPTS
Reversals almost never begin from a single condition. A pin bar in isolation is noise. Oversold RSI in isolation is noise. A volume spike in isolation is noise. But when a pin bar prints at a prior swing low, with volume spiking and RSI forming a higher low as price forms a lower low, the probability of a reversal rises dramatically. This indicator formalizes that truth: it asks four independent questions, tallies the answers, and only points a directional arrow when enough of them agree. The compass metaphor makes the reading intuitive -- you see where the market is pointing at a glance.
🔶 HOW IT WORKS
- Monitors RSI at each new pivot high and pivot low and compares to the previous pivot to detect divergence
- Checks if current bar volume exceeds the SMA by the climax multiplier
- Classifies the current bar as a pin bar (wick ratio >= threshold) or engulfing (opposite-side engulfing pattern)
- Tests if the bar's high or low is within ATR tolerance of the last pivot high or low (S/R touch)
- Tallies confluence counts; fires BUY if bull count >= minimum and exceeds bear count, SELL in the mirror case
🔶 HOW TO USE
1. Add the indicator -- the dashboard (top-right) shows every component state and live confluence tallies
2. Green BUY triangle with "↑ N" label fires when bullish confluences reach the minimum and exceed bearish; pink SELL triangle with "↓ S" fires for the mirror
3. The signal label shows which components were lit using ● (lit) and ○ (dark) markers for fast postmortem review
4. Increase Min Confluences to 4 for only textbook-perfect reversals; lower to 2 for more frequent but less confirmed signals
5. Adjust S/R Tolerance wider to allow approximate level touches; narrower for stricter S/R proximity
🔶 FEATURES
- Non-repainting signals (barstate.isconfirmed)
- Works on all timeframes and instruments
- 9 alert conditions with JSON webhook support
- Four-factor confluence tally with live per-component dashboard
- Cardinal compass reading (N/S) on both chart labels and dashboard header
🔶 SETTINGS GUIDE
- RSI Length -- Period for RSI divergence detection
- Divergence Lookback -- Maximum bars since last pivot to still qualify as divergence
- Pivot Length -- Lookback for swing high/low detection
- Volume SMA Length -- Baseline for volume climax detection
- Volume Climax Multiplier -- Volume must exceed this multiple of SMA
- Pin Bar Wick Ratio -- Rejection wick must be at least this fraction of total range
- S/R Tolerance (ATR) -- Distance in ATR units for S/R touch qualification
- Min Confluences -- Minimum lit confluences to trigger signal (2-4)
- Signal Cooldown Bars -- Minimum bars between consecutive signals
🔶 ALERTS
- SRC Buy Compass N -- Bullish compass signal (N) fired
- SRC Sell Compass S -- Bearish compass signal (S) fired
- SRC Any Signal -- Any directional compass signal
- SRC Bull Divergence -- Bullish RSI divergence detected
- SRC Bear Divergence -- Bearish RSI divergence detected
- SRC Volume Climax -- Volume climax detected on the bar
- SRC Reversal Candle -- Pin bar or engulfing candle detected
- SRC Perfect 4/4 -- All four confluences lit simultaneously
- SRC Webhook JSON -- Generic webhook payload for external automation
🔶 LIMITATIONS & DISCLAIMER
- This is a technical analysis tool, not financial advice. Always use proper risk management.
- Past confluence setups do not guarantee future price movements.
- Divergence detection depends on confirmed pivots and therefore lags by the pivot length.
- A compass reading of N or S indicates reversal potential based on confluence, not a probability guarantee of a successful trade.
Скрипт с открытым кодом
В истинном духе TradingView, создатель этого скрипта сделал его открытым исходным кодом, чтобы трейдеры могли проверить и убедиться в его функциональности. Браво автору! Вы можете использовать его бесплатно, но помните, что перепубликация кода подчиняется нашим Правилам поведения.
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All scripts & content provided by Forexobroker are for informational & educational purposes only.
🔵Join our free telegram for updates : t.me/algotradingedge
All scripts & content provided by Forexobroker are for informational & educational purposes only.
Отказ от ответственности
Информация и публикации не предназначены для предоставления и не являются финансовыми, инвестиционными, торговыми или другими видами советов или рекомендаций, предоставленных или одобренных TradingView. Подробнее читайте в Условиях использования.
Скрипт с открытым кодом
В истинном духе TradingView, создатель этого скрипта сделал его открытым исходным кодом, чтобы трейдеры могли проверить и убедиться в его функциональности. Браво автору! Вы можете использовать его бесплатно, но помните, что перепубликация кода подчиняется нашим Правилам поведения.
🔵Gain access to our powerful tools : kestutisbalciunas.com/tradingview/
🔵Join our free telegram for updates : t.me/algotradingedge
All scripts & content provided by Forexobroker are for informational & educational purposes only.
🔵Join our free telegram for updates : t.me/algotradingedge
All scripts & content provided by Forexobroker are for informational & educational purposes only.
Отказ от ответственности
Информация и публикации не предназначены для предоставления и не являются финансовыми, инвестиционными, торговыми или другими видами советов или рекомендаций, предоставленных или одобренных TradingView. Подробнее читайте в Условиях использования.