A simple script for analyzing two types of reversal candles. HHLC and LLHC reversal candles.
HHLC
If a candle has a higher high and a lower close than the previous candle, it is marked with a red HHLC downward pointing arrow.
LLHC
If a candle has a lower low and a higher close than the previous candle, it is marked with a green LLHC upward pointing arrow.
The script's first iteration helps identify candles that MIGHT be reversal candles.
Remember to check: 1. What market cycle the price action for a stock is in. 2. Which reversal you're looking for as a result of that market cycle.
I'm not a pro, so hopefully, the stuff to remember is correct. Please examine the candles to determine if they fit your parameters for a reversal candle.
Shout out to TJ for teaching about these reversal candles! He's a freaking boss!!
Release Notes
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Changes 7/26 These changes were put in to make the chart less busy when the indicator is applied.
The text above the arrows has been removed.
Arrow shapes have been changed to triangle shapes.