OPEN-SOURCE SCRIPT
Reversal Zones [UAlgo]
🔶Description:
"Reversal Zones [UAlgo]" aims to identify potential reversal zones in price movements. The indicator provides visual signals on the chart, indicating potential overbought and oversold conditions based on the calculated values. It offers traders insights into possible turning points in the market, aiding in decision-making processes regarding entry and exit points.
🔶Key Features:
Bollinger Bands Percentile (BB Percentile):
Bollinger Bands Percentile is utilized in this script to gauge the current price position relative to its recent volatility. By calculating the percentile rank of the current price within the Bollinger Bands, traders can identify extreme price levels. This assists in recognizing potential overbought or oversold conditions, where price may be due for a reversal.
Choppiness Index (CI):
The Choppiness Index is employed here to measure the market's trendiness or choppiness. By evaluating the efficiency of the price movement, CI helps traders determine whether the market is trending or consolidating.
Commodity Channel Index (CCI):
The Commodity Channel Index is integrated into this script to capture price momentum. CCI quantifies the relationship between the current price, a moving average, and standard deviation. Traders use CCI to identify overbought or oversold conditions and potential trend reversals.
By averaging and smoothing these values, traders can obtain a clearer picture of potential turning points in the market. The final smoothed combination signal aims to reduce noise and provide more reliable insights.
🔶Disclaimer:
Please note that this script is provided for informational and educational purposes only and should not be considered as financial advice.
Trading in financial markets involves risk, and past performance is not necessarily indicative of future results.
Users should conduct their own research and analysis or consult with a qualified financial advisor before making any investment decisions based on this indicator.
The creators of this script are not liable for any losses incurred from trading activities.
"Reversal Zones [UAlgo]" aims to identify potential reversal zones in price movements. The indicator provides visual signals on the chart, indicating potential overbought and oversold conditions based on the calculated values. It offers traders insights into possible turning points in the market, aiding in decision-making processes regarding entry and exit points.
🔶Key Features:
Bollinger Bands Percentile (BB Percentile):
Bollinger Bands Percentile is utilized in this script to gauge the current price position relative to its recent volatility. By calculating the percentile rank of the current price within the Bollinger Bands, traders can identify extreme price levels. This assists in recognizing potential overbought or oversold conditions, where price may be due for a reversal.
Choppiness Index (CI):
The Choppiness Index is employed here to measure the market's trendiness or choppiness. By evaluating the efficiency of the price movement, CI helps traders determine whether the market is trending or consolidating.
Commodity Channel Index (CCI):
The Commodity Channel Index is integrated into this script to capture price momentum. CCI quantifies the relationship between the current price, a moving average, and standard deviation. Traders use CCI to identify overbought or oversold conditions and potential trend reversals.
By averaging and smoothing these values, traders can obtain a clearer picture of potential turning points in the market. The final smoothed combination signal aims to reduce noise and provide more reliable insights.
🔶Disclaimer:
Please note that this script is provided for informational and educational purposes only and should not be considered as financial advice.
Trading in financial markets involves risk, and past performance is not necessarily indicative of future results.
Users should conduct their own research and analysis or consult with a qualified financial advisor before making any investment decisions based on this indicator.
The creators of this script are not liable for any losses incurred from trading activities.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.