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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
Piercing Line & Dark Cloud
This indicator identifies bullish Piercing Line and bearish Dark Cloud candlestick patterns directly on the price chart.
GitHub stars2on the repository
Pine versionv5runs as is
Lines of code56
Settings1inputs
LicenceNone stated
Last update2 years ago13 Sep 2024
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
Piercing Line & Dark Cloud calculates the midpoint of the preceding candle and checks for directional candle closes along with opening gap conditions. To filter false breakouts, signals require the Relative Strength Index to indicate oversold conditions below 30 for bullish setups or overbought conditions above 70 for bearish setups. Bullish signals display green triangles and green background highlights, while bearish signals plot red triangles and red background highlights. The primary user input adjusts the RSI period.
- Piercing line pattern detection
- Dark cloud cover pattern detection
- RSI overbought and oversold filter
- Background color highlights and shape plots
Details
Published by
Web3Degenerate on GitHub
Type
Draws
On the price chart
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.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Set RSI Period | int | 14 | getRsiPeriod |
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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