OPEN-SOURCE SCRIPT
Professional 3SD Institutional Rejection
This indicator identifies institutional "liquidity grab" and "momentum exhaustion" zones using the statistical extremes of 3 Standard Deviations (3SD) on Bollinger Bands. Unlike standard strategies, it doesn't just look for band touches; it confirms price "wicking" outside the 3SD and closing back inside the 2SD band (rejection), while ensuring the Money Flow Index (MFI) shows signs of exhaustion. It is highly effective on 1H, 4H, and Daily timeframes for mean-reversion setups targeting the median line.
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.