The indicator searches for the Closing Price Reversal pattern.
It is a strong reversal pattern, particularly if appears after a quick movement.
The signal bar opens with a gap from the closing price of the previous bar, the opening price is close to the maximum price of the bar. The close price is below the close price of the previous bar, and it is close to the minimum price of the bar (for the bearish setup). And vice versa for the bullish setup.
Indicator puts a mark above/below the signal bar and draws the pending order placing level.
It has two parameters:
- Relative size of the candle - the relative size of the pattern. The smaller the value, the smaller bars are included in the search.
- ATR's period for calculate relative candle size - the ATR period for the calculation of the first parameter.