Find Pivot Point Reversal
The Pivot Points Reversal Price Action pattern consists of three bars. It appears, as a rule, after a fast trend.
In the bearish pattern, the price goes up and reaches a new maximum. The next bar whose high is lower than that of the previous bar closes below its minimum.
In the bullish pattern, the price goes down and reaches 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 finds 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 six adjustable parameters, that are related to the display style of the found patterns:
- Draws patterns - whether to provide a graphic representation of the pattern.
- The color of pattern up - color of the graphic objects for long.
- The color of pattern dn - color of the graphic objects for short.
- Frame or Fill patterns - whether to fill the pattern with a color or outline it.
- Width of the frame pattern - pattern border size, if Frame parameter is selected.
- Style frame line - style of the pattern frame line