The indicator looks for the Price Action Closing Price Reversal pattern.
A strong reversal pattern, especially if it occurs after a quick movement.
The signal bar opens with a break from the closing price of the previous bar, and the opening price is close to the maximum price of the bar. The close occurs below the close of the previous bar, with the closing price being close to the minimum price of the bar (for a bearish setup). For a bullish setup, everything is mirrored.
Like any Price Action pattern, this one is no exception and requires the presence of supporting factors (support/resistance level, signals from other indicators, etc.).
The indicator puts a mark above/below the signal bar and draws the level of the pending order setting.
It has five configurable parameters:
- Relative size of the candle – the relative size of the pattern. The smaller the value, the smaller the bar sizes will be included in the pattern search.
- ATR’s period for calculate relative candle size – the ATR period for calculating the first parameter.
- Use Alerts – use alarm alerts, Yes/No.
- Send Push-notifications-send push messages about the found pattern.
- Send mail-e-mail-informing about the found pattern.