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X2-ALGO

This document contains a TradingView script for a technical indicator designed to identify highly accurate reversal signals based on various market conditions. It incorporates filters such as trend direction, RSI levels, and support/resistance levels to enhance signal reliability. The script also includes non-repainting features and alert conditions for bullish and bearish reversals.

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Aj Deshmukh
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27 views

X2-ALGO

This document contains a TradingView script for a technical indicator designed to identify highly accurate reversal signals based on various market conditions. It incorporates filters such as trend direction, RSI levels, and support/resistance levels to enhance signal reliability. The script also includes non-repainting features and alert conditions for bullish and bearish reversals.

Uploaded by

Aj Deshmukh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as TXT, PDF, TXT or read online on Scribd
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// This source code is subject to the terms of the Mozilla Public License 2.

0 at
https://mozilla.org/MPL/2.0/
// © HasanRifat

//@version=5
indicator("Highly Accurate Reversal with More Signals and Support/Resistance",
overlay = true)

// Input settings
lookback = input.int(defval = 20, title = "Candle Lookback")
confirmation = input.int(defval = 3, title = "Confirm Within")
nonRepaint = input.bool(defval = false, title = "Non-Repainting Mode")
trendFilterPeriod = input.int(defval = 128, title = "Trend Filter Period (EMA)")
rsiPeriod = input.int(14, title="RSI Period")
rsiThreshold = input.int(30, title="RSI Oversold Threshold (More signals)",
minval=1, maxval=50)
atrPeriod = input.int(14, title="ATR Period")
srLookback = input.int(50, title="Support/Resistance Lookback")

// Initialize variables
bullCandle = 0
bearCandle = 0
vup = false
vdn = false

var bullActiveCandle = false


var bullActiveCandleLow = 0.0
var bullActiveCandleHigh = 0.0
var bullSignalActive = false
var bullCandleCount = 0

var bearActiveCandle = false


var bearActiveCandleLow = 0.0
var bearActiveCandleHigh = 0.0
var bearSignalActive = false
var bearCandleCount = 0

// Trend Filter (200-period EMA)


emaTrend = ta.ema(close, trendFilterPeriod)
isBullishTrend = close > emaTrend
isBearishTrend = close < emaTrend

// RSI Filter for Momentum (More signals by relaxing RSI thresholds)


rsi = ta.rsi(close, rsiPeriod)
isBullishRSI = rsi < rsiThreshold
isBearishRSI = rsi > (100 - rsiThreshold)

// Volatility Filter using ATR


atr = ta.atr(atrPeriod)

// Support and Resistance Calculation (based on highest/lowest prices over a


lookback period)
resistance = ta.highest(high, srLookback)
support = ta.lowest(low, srLookback)

// Plot Dynamic Support and Resistance Levels


plot(resistance, title="Resistance", color=color.red, linewidth=1,
style=plot.style_line)
plot(support, title="Support", color=color.green, linewidth=1,
style=plot.style_line)

// Lookback for Reversal Detection


for i = 0 to (lookback - 1)
if close < low[i]
bullCandle += 1
if close > high[i]
bearCandle += 1

// Detect Bullish Reversal (only in a bearish trend and with oversold RSI)
bullCondition = bullCandle == (lookback - 1) and isBearishTrend and isBullishRSI
and close <= support + atr
if bullCondition
bullActiveCandle := true
bullActiveCandleLow := low
bullActiveCandleHigh := high
bullSignalActive := false
bullCandleCount := 0

if bullActiveCandle
bullCandleCount += 1

// Detect Bearish Reversal (only in a bullish trend and with overbought RSI)
bearCondition = bearCandle == (lookback - 1) and isBullishTrend and isBearishRSI
and close >= resistance - atr
if bearCondition
bearActiveCandle := true
bearActiveCandleLow := low
bearActiveCandleHigh := high
bearSignalActive := false
bearCandleCount := 0

if bearActiveCandle
bearCandleCount += 1

// Cancel Bullish Reversal if low is broken


if close < bullActiveCandleLow
bullActiveCandle := false

// Cancel Bearish Reversal if high is broken


if close > bearActiveCandleHigh
bearActiveCandle := false

// Confirmation logic for bullish reversal (non-repainting mode)


if nonRepaint
if bullActiveCandle[1] == true and close[1] > bullActiveCandleHigh[1] and
bullSignalActive[1] == false and bullCandleCount[1] <= (confirmation+1)
bullSignalActive := true
vup := true
else if bullActiveCandle == true and close > bullActiveCandleHigh and
bullSignalActive == false and bullCandleCount <= (confirmation+1)
bullSignalActive := true
vup := true

// Confirmation logic for bearish reversal (non-repainting mode)


if nonRepaint
if bearActiveCandle[1] == true and close[1] < bearActiveCandleLow[1] and
bearSignalActive[1] == false and bearCandleCount[1] <= (confirmation+1)
bearSignalActive := true
vdn := true
else if bearActiveCandle == true and close < bearActiveCandleLow and
bearSignalActive == false and bearCandleCount <= (confirmation+1)
bearSignalActive := true
vdn := true

// Plot Buy and Sell signals with enhanced accuracy


plotshape(vup, title = "Bullish Reversal", style = shape.triangleup, location =
location.belowbar, color = color.lime, size = size.small)
plotshape(vdn, title = "Bearish Reversal", style = shape.triangledown, location =
location.abovebar, color = color.red, size = size.small)

// Plot additional signal when price nears support/resistance


nearSupport = close <= support + atr
nearResistance = close >= resistance - atr

plotshape(nearSupport and vup, title="Reversal Near Support",


style=shape.triangleup, location=location.belowbar, color=color.green,
size=size.large, offset=-1)
plotshape(nearResistance and vdn, title="Reversal Near Resistance",
style=shape.triangledown, location=location.abovebar, color=color.red,
size=size.large, offset=-1)

// Alert conditions
alertcondition(vup, "Bullish Reversal", "Bullish Reversal detected")
alertcondition(vdn, "Bearish Reversal", "Bearish Reversal detected")

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