QuantVue - Reversal Confirmation TradingView Indicator
Very interesting indicator that confirms price reversals on TradingView.
It would be very useful if it is possible to convert it to MT4 format
// This source code is subject to the terms of the Mozilla Public License 2.0 at
https://mozilla.org/MPL/2.0/
// © QuantVue
//@version=5
indicator('Reversal Confirmations [QuantVue]', overlay = true)
//----------inputs----------//
lookback = input.int(50, 'Lookback Period', minval = 1, step = 1)
downColor = input(color.red, 'Shape Color Down')
upColor = input(color.green, 'Shape Color Up')
showChannels = input.bool(defval = true, title = 'Show Channel Lines')
showMean = input.bool(defval = true, title = 'Show Mean', inline = '1')
emaColor = input.color(color.orange, ' ', inline = '1')
find_highest = ta.highest(high, lookback)
find_lowest = ta.lowest(low, lookback)
ema = ta.ema(close, lookback)
var dnRv = 0.0
var dnRv_trigger = false
var upRv = 0.0
var upRv_trigger = false
if high == find_highest
dnRv_trigger := false
if low == find_lowest
upRv_trigger := false
for i = 0 to lookback - 1
if high
== find_highest
dnRv := low
for i = 0 to lookback - 1
if low == find_lowest
upRv := high
dnRv_signal = close < dnRv and dnRv_trigger == false
upRv_signal = close > upRv and upRv_trigger == false
if dnRv_signal
dnRv_trigger := true
if upRv_signal
upRv_trigger := true
//plots
plot(showChannels ? find_highest : na , 'Upper Channel', color = upColor)
plot(showChannels ? find_lowest : na , 'Lower Channel', color = downColor)
plot(showMean ? ema : na , 'Mean', color = emaColor)
plotshape(dnRv_signal ? 1 : 0, style = shape.triangledown, location = location.abovebar, color = downColor, display = display.pane)
plotshape(upRv_signal ? 1 : 0, style = shape.triangleup, location = location.belowbar, color = upColor, display = display.pane)
//alerts
if upRv_signal
alert('Upside Reversal', alert.freq_once_per_bar_close)
else if dnRv_signal
alert('Downside Reversal', alert.freq_once_per_bar_close)
