SnapBack Three Sigma Reversal

SnapBack Three Sigma Reversal marks exhaustion reversals: a candle that closes outside a 3-standard-deviation Bollinger Band (period 20) while RSI(2) is at an extreme, below 10 for a buy and above 90 for a sell. The arrow appears on the next candle, at its open, once the signal candle has closed.

It does not repaint. The indicator only reads closed candles, and every arrow and every result mark is written once and never moved or removed.

Statistics panel

The panel tests the signals on the chart you attach it to, with your broker's own prices:

  • signals, wins, losses and ties over the last N candles (50,000 by default)
  • win rate after a fixed horizon (3 candles by default, which is 15 minutes on M5)
  • break-even win rate for the payout you enter, the edge in points and the expectancy per unit staked, for fixed-time trades
  • average number of signals per day

A trade counts as a win when the close of the horizon candle is beyond the entry price in the direction of the signal. Trades never overlap in the count, and trades that span a market gap such as a weekend are left out.

This lets you check, symbol by symbol and timeframe by timeframe, whether the setup holds on your own feed before you use it. Results differ between symbols and timeframes: on our test data, M5 with a 3-candle horizon did better than M15 with a 1-candle horizon on EURJPY and GBPUSD, while EURUSD was similar on both. Past results do not guarantee future results.

Inputs

  • Bollinger period and deviation, RSI period and levels
  • Horizon in candles, payout percentage
  • Session filter in UTC with automatic broker offset. By default it skips the hours around the daily rollover, when spreads widen and create false rebounds.
  • Number of candles used by the panel, panel and win/loss marks on or off
  • Alerts: popup, sound, push notification and email, sent once per signal when the signal candle closes

How to use it

Start with M5 on major forex pairs and a 3-candle horizon. Enter at the open of the candle that carries the arrow: the rebound usually starts quickly, so a late entry lowers the result. Use a fixed stake, since losing streaks happen.

The indicator does not open trades.

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