OPEN-SOURCE SCRIPT
Volume Based Price Action
This indicator is uses volume and common candlestick patterns to suggest potential trend reversals. It is not quite meant to be used as a buy/sell signal. Instead, it should be used to evaluate market psychology based on when the buyers or sellers fully dominated the price action.
In the current version, the indicators looks for engulfing and pin-bar patterns. Optionally, it also considers rising volume as further confirmation to the signal. In future, I plan on allowing it to track more candlestick patterns.
Please let me know if you have any suggestions, concerns, or comments!
In the current version, the indicators looks for engulfing and pin-bar patterns. Optionally, it also considers rising volume as further confirmation to the signal. In future, I plan on allowing it to track more candlestick patterns.
Please let me know if you have any suggestions, concerns, or comments!
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.