OPEN-SOURCE SCRIPT
Updated Ripping and Dipping (Reversal + Trend Signals)
Waits for a series of EMAs to be stacking from fastest to slowest for a user input X bars, then signals trend or reversal trades based on a simple close above/below the high/low of the last bar. Designed to catch quick trend trades once strength is confirmed, and quick reversal trades once trend has overextended.
Release Notes
Waits for a series of EMA's to line up stacked from fast to slow, indicating a strong trend In either direction. When RIPPING or DIPPING and X (user inputted) bars have past, AND a bar closes above/below a high/low of previous bar potential buys and sells are indicated with small circles. There are also UP and DOWN arrow signals that appear on the first bar after RIPPING and DIPPING occur. These are designed to confirm Reversals. 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.
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.
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.