OPEN-SOURCE SCRIPT
Wick Reversal Indicator - Aligned with "Secrets of a Pivot Boss"
The Wick Reversal Indicator is a powerful technical tool developed in accordance with the pseudocode outlined in the book "Secrets of a Pivot Boss" by Franklin O. Ochoa, Jr. This indicator assists traders in identifying potential market reversal points with enhanced precision.
By closely following the principles discussed in the book, the Wick Reversal Indicator evaluates key factors such as candlestick body size, wick length, and the relationship between close and open prices. It provides clear bullish and bearish reversal signals, visualized through triangular markers on the price chart.
Traders can fine-tune the sensitivity of the indicator by adjusting the Wick Multiplier and Body Percentage parameters to match their trading preferences and timeframes. This customization feature ensures adaptability to different market conditions and trading strategies.
With the Wick Reversal Indicator, traders gain an automated and objective tool for identifying potential market reversals, backed by the time-tested methodology presented in "Secrets of a Pivot Boss." It serves as a valuable addition to traders' analysis, aiding in informed decision-making and enhancing trading outcomes.
By closely following the principles discussed in the book, the Wick Reversal Indicator evaluates key factors such as candlestick body size, wick length, and the relationship between close and open prices. It provides clear bullish and bearish reversal signals, visualized through triangular markers on the price chart.
Traders can fine-tune the sensitivity of the indicator by adjusting the Wick Multiplier and Body Percentage parameters to match their trading preferences and timeframes. This customization feature ensures adaptability to different market conditions and trading strategies.
With the Wick Reversal Indicator, traders gain an automated and objective tool for identifying potential market reversals, backed by the time-tested methodology presented in "Secrets of a Pivot Boss." It serves as a valuable addition to traders' analysis, aiding in informed decision-making and enhancing trading outcomes.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.