The Champion Reversal indicator identifies potential reversals by monitoring RSI, Bollinger Bands, and number of same-colored candles.
Champion Reversal Indicator
Ideal for mean reversion trading
I would just like to ask if the eSignal indicator on this website can be done in TOS? It seems that the below criteria must meet to trigger the Arrow up/down (green/red) to show.
- I look for stocks hitting new highs or new lows
- I look for at least 5–10 consecutive 5min candles of the same color
- I look for RSI below 10 or above 90 to indicate extreme conditions
Also, would be nice if the first 5 minute candle making a new high vs previous candle (for bottom reversal) or new low (for top reversal) to change its color to yellow, to alert me to buy/sell respectively.
Please let me know. Thanks!
Yes, it can be done.
Note that I do not have eSignal; neither did I have access to the eSignal code for this indicator. My ThinkScript was reversed engineered based only on the screenshots and the written description at the link posted by the above requestor.