Reversal point indicator
This indicator finds and displays the potential bullish and bearish turning points using different parameters:
LONG SIGNALS
1. Red/Green candle (reversal)
2. Bullish candle close above the open of the previous red candle
3. Space to the left (the low of the last 3 candles lower than the low of the last 50 candles)
4. default stochastic (8,3,3) was in the oversold area within the last 3 candles
SHORT SIGNALS
1. Green/Red candle (reversal)
2. Bearish candle close below the close of the previous green candle
3. Space to the left (the high of the last 3 candles higher than the high of the last 50 candles)
4. default stochastic (8,3,3) was in the overbought area within the last 3 candles
Indicator coded by a request in the English forum.
//PRC_Reversal point indicator | indicator
//09.04.2017
//Nicolas @ www.prorealcode.com
//Sharing ProRealTime knowledge
//https://www.prorealcode.com/topic/need-help-coding-the-following-reversal-indicator/
// LONG
//Red/Green candle (reversal)
//Bullish candle close above the open of the previous red candle
//Space to the left (the low of the last 3 candles lower than the low of the last 50 candles)
//default stochastic (8,3,3) was in the oversold area within the last 3 candles
sto = stochastic[8,3]
c1 = close[1]<open[1] and close>open
c2 = close>open[1]
c3 = lowest[3](low)<lowest[50](low)[1] or lowest[3](low)<lowest[50](low)[2] or lowest[3](low)<lowest[50](low)[3]
c4 = summation[3](sto<20)>0
long = c1 and c2 and c3 and c4
if long then
drawarrowup(barindex,lowest[3](low)) coloured(0,255,0)
endif
// SHORT
//Green/Red candle (reversal)
//Bearish candle close below the close of the previous green candle
//Space to the left (the high of the last 3 candles higher than the high of the last 50 candles)
//default stochastic (8,3,3) was in the overbought area within the last 3 candles.
c5 = close[1]>open[1] and close<open
c6 = close<open[1]
c7 = highest[3](high)>highest[50](high)[1] or highest[3](high)>highest[50](high)[2] or highest[3](high)>highest[50](high)[3]
c8 = summation[3](sto>80)>0
short = c5 and c6 and c7 and c8
if short then
drawarrowdown(barindex,highest[3](high)) coloured(255,0,0)
endif
return long as "long reversal", short as "short reversal"
Comments
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No worries! What I meant is when I create an assisted ProBacktest it won't take any trades if I set Buy to: When Price, (or high, or close) = Reversal Point Indic (25 25 20), Buy 10 per point. I had also tried: When Reversal Point Indic (25 25 20), = Reversal Point Indic (25 25 20), Buy 10 per point... but of course it just buys every single bar regardless of where the drawarrowup and drawarrowdown arrows are on the chart. So if I want to get it to buy (and sell) at the exact points where those drawarrowup and drawarrowdown markers are on the price chart how do I set the conditions in assisted creation? (I did try your suggestion aswell and used barindex,close, but it takes no trades). Cheers,
Here's a screenshot of the difference between the standard indicator with default settings and an indicator that has Ehler's Universal Oscillator replacing the standard Oscillator and uses Ehler's MESA Period to determine the cycle period. The S&P500 period was found at 32 bars and I used an average of 25 bar cycles. The modified indicator seems to take less false short signals while picking up a few more longs. My arrows are dark green and orange. The only thing that isn't working is the variable settings window control of the Oscillator bandedge values, that has to be set manually within the code and not from the settings window. Not sure why? If anyone had any ideas that'd be appreciated. I'm not a coder so please let me know if it's not coded correctly. Cheers. https://www.dropbox.com/s/ardrak2xsg5ehrv/Reversalpointunivosc.png?dl=0 (Neither Firefox or Chrome is adding the code here). //PRC_Reversal point indicator | indicator //09.04.2017 //Nicolas @ www.prorealcode.com //Sharing ProRealTime knowledge //https://www.prorealcode.com/topic/need-help-coding-the-following-reversal-indicator/ //LowestLow = 50 --- Use Mesa Period //HighestHigh = 50 // DrawText offset1 = 17 * pipsize //150 Dow //offset2 = offset1 * 4 // Default = 4 //Bandedge = 25 UnivOsc = MyUnivOsc MyUnivOsc, ignored = Call "Ehler's Univ Osc SuperSmoother"[25] // LONG //Red/Green candle (reversal) //Bullish candle close above the open of the previous red candle //Space to the left (the low of the last 3 candles lower than the low of the last 50 candles) //default stochastic (8,3,3) was in the oversold area within the last 3 candles c1 = close[1]open c2 = close>open[1] //default > c3 = lowest[3](low)<lowest[LowestLow](low)[1] or lowest[3](low)<lowest[LowestLow](low)[2] or lowest[3](low)<lowest[LowestLow](low)[3] c4 = summation[3](UnivOsc0 long = c1 and c2 and c3 and c4 if long then drawarrowup(barindex,lowest[3](low)-offset1) coloured(51,102,0) //=dark green //default (0,255,0) endif // SHORT //Green/Red candle (reversal) //Bearish candle close below the close of the previous green candle //Space to the left (the high of the last 3 candles higher than the high of the last 50 candles) //default stochastic (8,3,3) was in the overbought area within the last 3 candles. c5 = close[1]>open[1] and close<open c6 = close<open[1] //default highest[HighestHigh](high)[1] or highest[3](high)>highest[HighestHigh](high)[2] or highest[3](high)>highest[HighestHigh](high)[3] c8 = summation[3](UnivOsc>0.9)>0 short = c5 and c6 and c7 and c8 if short then drawarrowdown(barindex,highest[3](high)+offset1) coloured(255,153,0) //=orange //default (255,0,0) endif return long as "Long Reversal", short as "Short Reversal"
No sé lo que hago mal . si en la ultima linea solo dejo "return" no funciona y si lo pongo tal qual me altera la escala. me ayudas nicolas? gracias
Bonjour, excusez mon français. Est-il possible de mettre les résultats des stratégies dans Excel? Comment vous pouvez combiner plusieurs stratégies pour l'ensemble des résultats?
Merci a tous.
Hello, sorry for my English. Is there a way to put the results of the strategies in Excel? How can you combine several strategies to see overall results?
Thank you
gracias , muy bueno
I actually sorted it out
golong = long
goshort = short*-1
return golong as "LONG",goshort as "SHORT",0
This is a great indicator, works very well!! Is there any algo based on this indicator that can take trades according to the signals?