One Day Reversal

[BannonMan85]

I have created the candlestick pattern for this but I was wondering how can a buy or sell signal be created to include volume increase of this strategy. The rules for the strategy are as follows:

The One-Day Reversal Patterns


The one-day reversal pattern was considered a significant signal by Jesse Livermore. There are the bullish and bearish reversals:


□ Timeframe: Daily chart
□ Confirmation: Volume


(A) One-Day Bullish Reversal:
Conditions:

(i) The close of the daily candle is higher than the close of the previous candle

(ii) the intraday low of the daily candle is lower than the intraday low of the previous candle

(iii) the volume of the signal candle is higher than the volume of the previous candle

This pattern produces a short-term buying signal.

(B) One-Day Bearish Reversal:
Conditions:

(i) The close of the daily candle is lower than the close of the previous candle

(ii) the intraday low of the daily candle is higher than the intraday low of the previous candle

(iii) the volume of the signal candle is higher than the volume of the previous candle

This pattern produces a short-term selling signal.

 

[mark.917]

I have created the candlestick pattern for this but I was wondering how can a buy or sell signal be created to include volume increase of this strategy. The rules for the strategy are as follows:

The One-Day Reversal Patterns


The one-day reversal pattern was considered a significant signal by Jesse Livermore. There are the bullish and bearish reversals:


□ Timeframe: Daily chart
□ Confirmation: Volume


(A) One-Day Bullish Reversal:
Conditions:

(i) The close of the daily candle is higher than the close of the previous candle

(ii) the intraday low of the daily candle is lower than the intraday low of the previous candle

(iii) the volume of the signal candle is higher than the volume of the previous candle

This pattern produces a short-term buying signal.

(B) One-Day Bearish Reversal:
Conditions:

(i) The close of the daily candle is lower than the close of the previous candle

(ii) the intraday low of the daily candle is higher than the intraday low of the previous candle

(iii) the volume of the signal candle is higher than the volume of the previous candle

This pattern produces a short-term selling signal.

I'm new, so go easy if this is not what you wanted.

# One-Day Reversal Pattern
# Defined by Jesse Livermore

def LongReversal = Low < Low[1] and Close > Close[1] and Volume > Volume[1];
def ShortReversal = High > High[1] and Close < Close[1] and Volume > Volume[1];

plot UpArrow = if LongReversal then low - .75 else Double.NaN;
UpArrow.SetDefaultColor(Color.GREEN);
UpArrow.SetPaintingStrategy(PaintingStrategy.ARROW_UP);

plot DnArrow = if ShortReversal then high + .75 else Double.NaN;
DnArrow.SetDefaultColor(Color.RED);
DnArrow.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);

# end

 

[BannonMan85]

I'm new, so go easy if this is not what you wanted.

# One-Day Reversal Pattern
# Defined by Jesse Livermore

def LongReversal = Low < Low[1] and Close > Close[1] and Volume > Volume[1];
def ShortReversal = High > High[1] and Close < Close[1] and Volume > Volume[1];

plot UpArrow = if LongReversal then low - .75 else Double.NaN;
UpArrow.SetDefaultColor(Color.GREEN);
UpArrow.SetPaintingStrategy(PaintingStrategy.ARROW_UP);

plot DnArrow = if ShortReversal then high + .75 else Double.NaN;
DnArrow.SetDefaultColor(Color.RED);
DnArrow.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);

# end

lol!!! I can't code so talking trash about whether you did it right or wrong would be stupid on my part. I will check it out when I get off work. Thank you for the effort

 

[BannonMan85]

lol!!! I can't code so talking trash about whether you did it right or wrong would be stupid on my part. I will check it out when I get off work. Thank you for the effort

@mark.917 you did an excellent job, couldn't have turned out any better. Thank you very much

 

[mark.917]

@mark.917 you did an excellent job, couldn't have turned out any better. Thank you very much

Happy that I was able to help.

 

[Piper2808t]

hello what would be the line of code to change background color when the arrows occur thanks

the line of code when the arrows appear and to change background when the signal appears and stay that way till next signal thank you

 

[mark.917]

@Piper2808t please try this. I only added the last line to the original code.

# One-Day Reversal Pattern
# Defined by Jesse Livermore

def LongReversal = Low < Low[1] and Close > Close[1] and Volume > Volume[1];
def ShortReversal = High > High[1] and Close < Close[1] and Volume > Volume[1];
 
plot UpArrow = if LongReversal then low - .75 else Double.NaN;
UpArrow.SetDefaultColor(Color.GREEN);
UpArrow.SetPaintingStrategy(PaintingStrategy.ARROW_UP);

plot DnArrow = if ShortReversal then high + .75 else Double.NaN;
DnArrow.SetDefaultColor(Color.RED);
DnArrow.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);

AssignBackgroundColor(if LongReversal then Color.LIGHT_GREEN else if ShortReversal then Color.LIGHT_RED else Color.CURRENT);

# end

 

[Piper2808t]

@Piper2808t please try this. I only added the last line to the original code.

# One-Day Reversal Pattern
# Defined by Jesse Livermore

def LongReversal = Low < Low[1] and Close > Close[1] and Volume > Volume[1];
def ShortReversal = High > High[1] and Close < Close[1] and Volume > Volume[1];
 
plot UpArrow = if LongReversal then low - .75 else Double.NaN;
UpArrow.SetDefaultColor(Color.GREEN);
UpArrow.SetPaintingStrategy(PaintingStrategy.ARROW_UP);

plot DnArrow = if ShortReversal then high + .75 else Double.NaN;
DnArrow.SetDefaultColor(Color.RED);
DnArrow.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);

AssignBackgroundColor(if LongReversal then Color.LIGHT_GREEN else if ShortReversal then Color.LIGHT_RED else Color.CURRENT);

# end

thank you