The Pivot Points Reversal Price Action pattern consists of three bars. It appears, as a rule, after a fast trend.
In the bearish pattern , the price goes up and reaches a new maximum. The next bar whose high is lower than that of the previous bar closes below its minimum.
In the bullish pattern , the price goes down and reaches a new minimum. The minimum of the next bar does not exceed the minimum of the previous bar and closes above its maximum.
This indicator monitors the chart for the Pivot Points Reversal patterns, marks them and gives an alert when the pattern is identified.
The indicator signals should not be taken literally. The same pattern can signal a reversal of the current trend or the completion of correction and the continuation of the movement.
The indicator has eight adjustable parameters:
- Draw patterns - whether to provide a graphic representation of the pattern.
- The color of pattern up - long pattern color.
- The color of pattern dn - short pattern color.
- Fill or Frame patterns - whether to fill the pattern with a color or outline it.
- Width of the frame pattern - pattern border size, if Frame parameter is selected.
- Use Alerts - gives alert when the pattern is identified.
- Send Push-notifications - send push notifications when a pattern is identified.
- Send mail - e-mail notification when a pattern is identified.
