Key Reversals Indicator for ThinkorSwim

BenTen

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Staff member
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A one-day chart pattern where prices sharply reverse during a trend. In an uptrend, prices open to new highs and then close below the previous day's closing price. In a downtrend, prices open lower and then close higher. The wider the price range on the key reversal day and the heavier the volume, the greater the odds that a reversal is taking place.

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thinkScript Code

Code:
# Key Reversals
# Assembled By BenTen at useThinkScript.com
# Converted from source #1 https://www.tradingview.com/script/gv7Qop70-Key-Reversal-Down/
# Converted from source #2 https://www.tradingview.com/script/i3zsd4ZG-Key-Reversal-Up/

input nLength = 1;
def xLL = lowest(low[1], nLength);
def xHH = highest(high[1], nLength);
def C1 = (low < xLL and close > close[1]);
def C2 = (high > xHH and close < close[1]);

# Highlight Candles
assignPriceColor(if C1 then color.green else if C2 then color.red else color.white);

# Plot Signals
plot bullish = C1;
bullish.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
bullish.SetDefaultColor(Color.CYAN);
bullish.SetLineWeight(1);
plot bearish = C2;
bearish.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
bearish.SetDefaultColor(Color.CYAN);
bearish.SetLineWeight(1);
 

Sean_C

New member
nice indicator.. what is the best chart timeframe for this one? Daily? what about 10min?
Could you explain how the 'Inputs" n length' works?
 

BenTen

Administrative
Staff member
Staff
VIP
Lifetime
@carneyse71 I believe this was designed for the daily timeframe but you can use it on any timeframe as long as you what how to use it. The length is the lookback period.
 

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