FALSE BREAK RECLAIM
FALSE BREAK RECLAIM is a 4-candle pattern indicator designed to identify potential false breaks and level reclaims around a prior candle’s high or low.
For a bullish setup, Candle 2 closes below Candle 1’s low, Candle 3 closes back above that level, and Candle 4 trades back into or through Candle 1’s low but closes back above it. This suggests the downside break failed and the level was reclaimed.
For a bearish setup, Candle 2 closes above Candle 1’s high, Candle 3 closes back below that level, and Candle 4 trades back into or through Candle 1’s high but closes back below it. This suggests the upside break failed and the level was reclaimed.
The indicator can also use an optional volume confirmation filter, requiring Candle 3’s volume to be greater than Candle 1’s volume before a signal is allowed.
Signals are plotted back on Candle 1, marking the original level that was broken, reclaimed, and then rejected.
This indicator can be useful for spotting potential liquidity sweeps, failed breakouts, support/resistance reclaims, and reversal setups.
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