Reversal Points

Hi , in this script i tried to find reversal points on big trends. For this purpose i have used Supertrend and Donchian channels. I combined both in a single indicator for finding reversal points. I am suggesting for using higher time frames like 4 hours or 1 day. It will be work in lower time frames too. But the signals will be less reliable than higher timeframes. Here is settings in this script:

New low sensitiity : this setting for donchian channels lookback. Bigger value result as less signals.
Atr Period: Period for Atr , it is for supertrend indicator in it.
Source: Source for supertrend indicator.
Atr Multiplier : Atr multiplier setting for Supertrend. Bigger value will be result as less signals.

Good luck.
Enes.

Release Notes

Added Signals for reversal from Bottoms.

Release Notes

1-Added buy sell alerts

2- Added rsi filter.

Rsi filter working like this:

In last x candles that specified in lookback setting that user can select, if rsi lower than rsi filter bottom value the filter condition become true and when filter condition true if there is a buy signal, indicator will print it. Indicator wont signal buy if there was not rsi fall under to filter value in last x candles.

Reverse is true for top signals.

Enjoy!

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.

For quick access on a chart, add this script to your favorites — learn more here.

Enes_Yetkin_

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

For quick access on a chart, add this script to your favorites — learn more here.

Enes_Yetkin_