Swing Reversal Indicator was meant to help identify pivot points on the chart which indicate momentum to buy and sell. The indicator uses 3 main questions to help plot the points:
Criteria
Did price take out yesterday's high or low?
Is today's range bigger than yesterday? (Indicates activity in price)
Is the close in the upper/lower portion of the candle? Thus, indicating momentum in that direction
This indicator was built to help me find pivot points for directional options trading however can be used for equities and forex swing trading and other strategies. Used in conjunction with a BB extreme can provide good setups.
Alerts are available for both the long and the short positions and the indicator will repaint as price moves.
The character Plotted can be changed in the settings The size of the candle area can be changed as well if you want to tighten/loosen the trigger points based on the third question above.
Release Notes
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Fixed issue with the hiding/showing of the long signal and short signals.
Longs: 1. Did we take out yesterday's low 2. Is this candle larger than yesterday 3. Did we close in the top area of the candle (default 25%)
Shorts: 1. Did we take out yesterday's high 2. Is this candle larger than yesterday 3. Did we close in the bottom area of the candle (default 25%)