In the book "Secrets of a Boss: Revealing Proven Methods for Profiting in the Market" by Franklin Ochoa, Four different types of reversal systems were introduced and patterns are used to find reversals. I will not write a lot about the book, you should get/read it for yourself. There are many great ideas in the book, Candlesetick Reversal System, Following Trend, Time Price Opportunity, Advanced Concepts and much more.
Reversal systems mentioned in the book are :
- Wick Reversal System
- Exteme Reversal System
- Outside Reversal System
- Reversal System
I tried to add these four reversal systems to the script. If you need detailed info you better read the book ;)
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.