HOD Bar Breaks, Trend Reversal

[kevinhng77]

Hello,

I was wondering if there was a script that indicates possible reversal for short. If the current candle on the intraday timeframe is a new high of day and closes below the previous candle's low, then it changes color and also has an arrow indication.

 

[halcyonguy]

Hello,

I was wondering if there was a script that indicates possible reversal for short. If the current candle on the intraday timeframe is a new high of day and closes below the previous candle's low, then it changes color and also has an arrow indication.

this uses the highest high, up to the current bar, for each day. not the highest of the day.

# possible_rev_short

#https://usethinkscript.com/threads/hod-bar-breaks-trend-reversal.16654/
#HOD Bar Breaks, Trend Reversal
#kevinhng77  Sep 27, 2023

#I was wondering if there was a script that indicates possible reversal for short. If the current candle on the intraday timeframe is a new high of day and closes below the previous candle's low, then it changes color and also has an arrow indication.

# chg slightly
#  prev bar was highest
#  current bar close < prev low


def bn = BarNumber();
def na = Double.NaN;

def newday = getday() != getday()[1];

def hi = if newday then high
 else max(high, hi[1]);

def lo = if newday then low
 else min(low, lo[1]);

def ishi = (high == hi);
def islo = (low == lo);

def short = (ishi[1] and close < low[1]);
def long = (islo[1] and close > high[1]);

def vert = 0.0005;
plot zup = if long then (low * (1-vert)) else na;
zup.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
zup.SetDefaultColor(Color.green);
zup.setlineweight(3);
zup.hidebubble();

plot zdwn = if short then (high * (1+vert)) else na;
zdwn.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
zdwn.SetDefaultColor(Color.red);
zdwn.setlineweight(3);
zdwn.hidebubble();
#