Mean Reversion Study is an indicator that identifies trade setups combining exponential moving averages, RSI extremes, and engulfing candlestick patterns. It highlights bullish setups when a bullish engulfing candle forms below the EMA while RSI is oversold, a
Indicator · Pine Script v5 · On the chart
Brahmāstra
Brahmāstra plots a fixed 10-period exponential moving average on the price chart and marks candles that sit entirely beyond it.
GitHub stars3on the repository
Pine versionv5runs as is
Lines of code104
Settings0inputs
LicenceNone stated
Last update1 year ago18 Feb 2025
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
A red candle whose low is above the average gets a cross, and a later green candle that opens below and closes above that candle's high draws an upward triangle unless nearby prior candles already meet related conditions. The opposite logic marks green candles below the average and downward triangles. There are no inputs, entries, exits, or position sizing.
- Fixed 10-period EMA overlay
- Crosses for candles fully beyond the EMA
- Up and down breakout triangles
- Prior-bar filters that suppress signals
- EMA plot titled as stop loss
Details
Published by
HelloMoto069 on GitHub
Type
Draws
On the price chart
Category
Markets
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
File
Topics
pinescriptpinescript-indicatorspinescript-strategies
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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