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
Major Buy Setup
Major Buy Setup plots a 20-period and a 50-period simple moving average on the price chart.
Repaints
GitHub stars55on the repository
Pine versionv5runs as is
Lines of code13
Settings0inputs
LicenceApache-2.0
Last update6 months ago20 Apr 2026
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above, or the copy button on the code below.
- 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
13 lines of Pine Script v5 from public/indicators/majorbuy.pine, published under Apache-2.0. Keep the author's credit and licence lines when you reuse it.
//@version=5
indicator("Major Buy Setup", overlay=true)
sma20 = ta.sma(close, 20)
sma50 = ta.sma(close, 50)
plot(sma20, color=color.blue, title="SMA 20")
plot(sma50, color=color.orange, title="SMA 50")
bull_engulfing = close > open and close[1] < open[1] and close >= open[1] and open <= close[1]
upper_shadow = high - close
range_ = high - low
bald_bull = close > open and upper_shadow <= range_ * 0.05
major_buy = bull_engulfing and bald_bull
plotshape(major_buy, style=shape.triangleup, location=location.belowbar, color=color.green, size=size.large, text="BUY")
Overview
Major Buy Setup marks a buy when the current bar is both a bullish engulfing candle and a bald bull candle, defined as a green candle whose upper shadow is no more than five percent of the bar range. A large green triangle labeled BUY appears below that bar. There are no user inputs. The marker uses the live bar's close, high, and low, so it can change until that bar closes. It does not manage exits or position size.
- 20- and 50-period SMA overlays
- Bullish engulfing candle check
- Bald bull upper-shadow filter
- Green BUY triangle below bar
Details
Published by
dcaoyuan on GitHub
Type
Indicator, Pine Script v5
Draws
On the price chart
Category
Moving averages, Candlestick patterns
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
- Signals can change on the live bar or after it closes (repainting)
Topics
aicharttradingvibepinescripttechnical-analysispinestock
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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