OPEN-SOURCE SCRIPT

Volume Reversals

The "Volume Reversals" indicator is a trading tool designed to identify potential buy and sell signals based on volume patterns.


Features

Filter Signals : Traders can enable or disable additional filtering of signals, which refines the conditions under which buy and sell labels are displayed.
Buy and Sell Labels: The indicator dynamically places labels on the chart to signify buy ("▲+") and sell ("▼+") opportunities. Buy labels appear at low points of bars with a green upward-pointing arrow, while sell labels appear at high points with a red downward-pointing arrow.
Customizable Alerts: Users can set alerts for buy and sell signals, receiving notifications when conditions match predefined patterns.



Logic Explained
  • Volume Comparison: The script examines a sequence of the last five volume bars to detect increasing or decreasing trends.
  • Price Action Analysis: Each volume bar is paired with a corresponding price action (bullish or bearish) from the same period.
  • Signal Conditions: A signal is generated under two scenarios:
  1. Normal Conditions: Sequential increase/decrease in volume over three bars accompanied by bearish/bullish price action, followed by a dip in volume with a bullish/bearish bar.
  2. Filtered Conditions (if filter is active): Requires all last four bars to be bearish/bullish, the most recent bar's volume to be less than the immediate previous, and then exceeds the volume two bars prior, closing bullish/bearish.


This indicator is suited for various assets and timeframes, especially in markets where volume plays a significant role in price dynamics.
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开源脚本

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