Bulkowski's Downside Weekly Reversal for ThinkorSwim

BenTen

BenTen

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This is an interesting one; it's called Bulkowski's Downside Weekly Reversals. Meant to be used on the weekly chart.

Blue candle represent reversal signal. There will be a green or red candle after the blue candle to confirm the direction.
Some examples:









As the name suggested, this is a downside reversal indicator. So you will often find more bearish signals than bullish signals.

Although it was recommended and designed for the weekly chart, you can use this indicator on any timeframe. Some provides excellent opportunity for swing trading and day trading. For swing traders, I would look at the weekly (duh!), daily, and hourly charts. For day traders, I would look at the hourly going all the way to the 5 minutes chart.

thinkScript Code



This is a repost from our private Warehouse forums. This post is provided to our general members who wish to purchase the indicator as a single product.
 
Last edited:
3AMBH

3AMBH

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BenTen, This looks interesting.....thank you.
 
raghavag2004

raghavag2004

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@BenTen Nice Indicator looks like its only working for few stocks accurately. In 5min or weekly where there is reversal why no Green candle not formed? any other script need to be added for that?

i'll test it anyway tomorrow for 5min candle how it goes for NFLX/ANTM .
 
BenTen

BenTen

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@raghavag2004 The blue candle is a warning for potential reversal followed by a green or red candle to confirm the trend. If there is no green or red, then the trend has not been confirmed. Depending on whether you're a conservative or aggressive trader, you may choose to take the trade right after the blue candle or wait for the confirmation candle.
 
P

Playstation

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This is my best, combined with trend reversal.
 
BenTen

BenTen

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@veerasareddy Try this for the alerts:

Code:
Alert(breakout_up, " ", Alert.Bar, Sound.Chimes);
Alert(breakout_down, " ", Alert.Bar, Sound.Bell);
 
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