cristian.d

Outside Reversal SetUp

766 0 148
https://www.tradingview.com/chart/WxpCE8mK/#

This is an outside reversal set up from Frank Ochoa's book Secrets of a Pivot Boss. He recommends using this in confirmation with Pivots but I guess you can play with any other indicator of your choice.

PATTERN PSYCHOLOGY "The power behind this pattern lies in the psychology behind the traders involved in this setup. If you have ever participated in a breakout at support or resistance only to have the market reverse sharply against you, then you are familiar with the market dynamics of this setup.

Basically, market participants are testing the waters above resistance or below support to make sure there is no new business to be done at these levels. When no initiative buyers or sellers participate in range extension, responsive participants have all the information theyneed to reverse price back toward a new area of perceived value."
Remove from Favorite Scripts Add to Favorite Scripts
//  Created by Cristian.D - from Secrets of a Pivot Boss - Frank Ochoa
study(title="OutsideReversal", shorttitle="OReversal", overlay=true)

// 
ReversalLong = low < low[1] and close > high[1]  and open <close[1]
ReversalShort = high > high[1] and close < low[1] and open >open[1]



// Bar Colors and signals
plotshape(ReversalLong,  title= "ReversalLong", location=location.belowbar, color=lime, style=shape.arrowup, text="BUY")
plotshape(ReversalShort,  title= "ReversalShort", location=location.abovebar, color=red, style=shape.arrowdown, text="SELL")

bgcolor(ReversalLong ==1 ? lime : ReversalShort==1 ? red : na, transp=70)






Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out