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FindThreeBarsReversalFormations

The indicator is looking for three-bar reversal Price Action formations. There are five of them. The four ones are bullish/bearish, while the fifth one works in both directions.

When the pattern is found, the indicator displays a pending stop order level and its stop loss price. It also marks the pattern location on the chart (if enabled in the settings). The indicator may look either for all the five patterns, or any combination of them. If you disable the search for all five, the indicator looks for the bi-directional pattern (in order to still find something). If the current candle's Open price is outside of the order placing line (the level is broken through when opening the candle and it is already impossible to place an order), the indicator shows an additional arrow showing the possible market position direction.

The indicator has the following configurable parameters:

  • Search for first formation Yes/No - look for the first reversal formation
  • Search for second formation Yes/No - look for the second reversal formation
  • Search for third formation Yes/No - look for the third reversal formation
  • Search for fourth formation Yes/No - look for the fourth reversal formation
  • Search for fifth bidirectional formation Yes/No - look for the fifth bidirectional reversal formation
  • Distance set pending orders (in points) - pending order level indent from the pattern edge (in points)
  • Distance StopLoss from pattern (in points) - pending stop loss order level indent from the pattern edge (in points)
  • Color opening levels for bullish pattern - color of the pending order level line for the bullish pattern
  • Color StopLoss levels for bullish pattern - color of the pending order stop loss level line for the bullish pattern
  • Color opening levels for bearish pattern - color of the pending order level line for the bearish pattern
  • Color StopLoss levels for bearish pattern - color of the pending order stop loss level line for the bearish pattern
  • Draws opening levels and the levels of stop Yes/No - display the levels of an order and its stop loss
  • Draws finding patterns as box - mark the detected pattern as a box
  • The style of the drawn box for the patterns - box style: Filled or Frame
  • Color box for bullish pattern - color of the bullish pattern box
  • The line style of the bullish box (if Frame) - line style of the bullish pattern box (if Frame is selected)
  • Line width of the bullish box (if Frame) - line width of the bullish pattern box (if Frame is selected)
  • Color box for bearish pattern - color of the bearish pattern box
  • The line style of the bearish box (if Frame) - line style of the bearish pattern box (if Frame is selected)
  • Line width of the bearish box (if Frame) - line width of the bearish pattern box (if Frame is selected)
  • Color box for double-direction pattern - color of the bidirectional pattern box
  • The line style of the double-direction box (if Frame) - line style of the bidirectional pattern box (if Frame is selected)
  • Line width of the double-direction box (if Frame) - line width of the bidirectional pattern box (if Frame is selected)

Three-bar formations often point to medium- or short-term reversals. Like any Price Action patterns, the detected patterns should be confirmed by other criteria.

Maksym Mudrakov
10376
2016.08.31 12:33 
 

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