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The Pivot Points Reversal pattern consists of three bars. It appears, as a rule, after a quick trend.
In a bearish pattern the price moves up and sets a new maximum. The maximum of the next bar does not exceed the maximum of the previous bar and closes below its minimum.
In a bullish pattern the price moves down and sets a new minimum. The minimum of the next bar does not exceed the minimum of the previous bar and closes above its maximum.
This indicator find the Pivot Points Reversal patterns on the chart and displays them. The indicator signals should not be taken literally. The same pattern can signal a reversal of the current trend or the completion of correction and the continuation of the movement.
The indicator has three adjustable parameters:
- DrawGraphic - draw the graphical representation of the pattern.
- ObjectsColorUP - the color of graphical objects for long.
- ObjectsColorDN - the color of graphical objects for short.