Three Bar Reversal Pattern
Category: Indicator Version:
The Three Bar Reversal Pattern indicator identifies and highlights three bar reversal patterns on the user price chart.
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The Three Bar Reversal Pattern indicator identifies and highlights three bar reversal patterns on the user price chart.
The script also provides an option for incorporating various trend indicators used to filter out detected signals, allowing them to enhance their accuracy and help obtain a more comprehensive analysis.
🔶 USAGE
Figure 1
The script automates the detection of three-bar reversal patterns and provides a clear, visually identifiable signal for potential trend reversals.
Figure 2
The script automates the detection of three-bar reversal patterns and provides a clear, visually identifiable signal for potential trend reversals.
Figure 3
When a reversal chart pattern is confirmed and price action aligns with the pattern, the pattern's boundaries are extended, forming levels, with the upper boundary often acting as a resistance and the lower boundary as a support.
Figure 4
The script allows users to filter patterns based on a specific trend direction detected by multiple trend indicators. Users can choose to view patterns that are either aligned with the detected trend or opposite to it.
Included trend indicators are: Moving Average Cloud, Supertrend, and Donchian Channels.
Figure 5 is example of Moving average cloud
🔶 DETAILS
The three-bar reversal pattern is a technical analysis pattern that signals a potential reversal in the prevailing trend. The pattern consists of three consecutive bar formations:
Various types of three-bar reversal patterns are documented. The script supports two main types:
🔶 SETTINGS
🔹 Trend Filtering
🔹 Trend Indicator Settings
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