This indicator plots trade entry and exit signals on the price chart by combining Bollinger Bands with optional filter conditions. It calculates standard Bollinger Bands along with RSI, Aroon, and moving average filters. Reversal signals trigger when price bre
Indicator · Pine Script v5 · On the chart
Reversal Probabilities (VWAP + Slope)
This overlay indicator estimates intraday reversal probabilities from a daily session VWAP and its standard-deviation bands.
GitHub stars1on the repository
Pine versionv5runs as is
Lines of code132
Settings12inputs
LicenceNone stated
Last update9 months ago14 Jan 2026
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
Reversal Probabilities (VWAP + Slope) scores upside and downside setups with RSI extremes, band touches, a 9/21 EMA relationship, and candle direction, then reduces a score when the VWAP slope runs against that direction. Labels appear only when a probability clears a threshold, leads by a dominance margin, and respects a bar cooldown and daily cap. Band width, RSI levels, slope lookback, and the penalty factor are adjustable. It plots the VWAP and bands on the price chart and does not place trades.
- Daily session VWAP and sigma bands
- RSI, EMA, and candle reversal scores
- VWAP slope trend penalty
- Probability labels with cooldown and daily cap
Details
Published by
knectardev on GitHub
Type
Indicator, Pine Script v5
Draws
On the price chart
Category
Mean reversion, Oscillators & momentum, Moving averages, Volatility & bands
Markets
Any symbol
Timeframes
M15-H1
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 |
|---|---|---|---|
| VWAP Band Multiplier (σ) | float | 1.5 | bandMult |
| RSI Length | int | 14 | rsiLen |
| RSI Overbought | int | 70 | rsiOB |
| RSI Oversold | int | 35 | rsiOS |
| VWAP Slope Lookback | int | 20 | slopeLen |
| Slope Threshold (bps/bar) | float | 2.0 | slopeThrBps |
| Trend Penalty Factor | float | 0.35 | slopePenalty |
| Show Probability Labels | bool | true | showLabels |
| Event Threshold (prob %) | float | 60.0 | probThresh |
| Dominance Margin (%) | float | 10.0 | dominanceMargin |
| Cooldown Bars Between Events | int | 8 | cooldownBars |
| Max Labels Per Day | int | 80 | maxLabelsPerDay |
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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