Following the success of Oscillator Trend, we developed Oscillator Reversal, which is another universal indicator that works with any oscillator of your choice, no matter if it's built-in or third-party (RSI, Stochastic, MFI, Awesome Oscillator, CCI...). Get this universal indicator and start experimenting to see which oscillator performs best in identifying trend reversals!
This indicator decides
reversals based on the oscillator value in relation to user-defined thresholds. Assume that you set the high, center, and low thresholds at 60, 50, and 40, respectively. Then:
- Assume the oscillator has climbed above 60 for at least X bars (you define this number), then when it falls below 60 a bearish reversal will be given.
- Reversely, assume the oscillator has fallen below 40 for at least X bars, then when it climbs above 40 a bullish reversal will be provided.
The “Late Mode” can be enabled so that the oscillator is required to exceed the Threshold Center for a reversal signal to be triggered.
Key features:
- Plot the chosen oscillator
- Allow choosing any oscillator as input
- Allow smoothing the chosen oscillator (with
)
- Allow configuring "Late Mode"
- Allow configuring 3 thresholds: high, center, low
- Colorize the oscillator based on 3 phases: high, center, low
- Highlight high & low zones
- Print markers on reversal appearance
- Trigger alerts on reversal appearance
- Be NinjaScript ready for advanced usage, only restricted by your imagination
- Expose dedicated NinjaScript signals
Dedicated NinjaScript signals:
- Signal_State: 1 = high, -1 = low, 0 = middle
- Signal_Reversal: 1 = bullish, -1 = bearish, 0 = no signal
- 12 Jan 2022 - The indicator was released (build new).
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