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 v6 · On the chart
RSI Overbought Oversold with Shadow Reversal
A price-chart overlay that marks possible reversals when RSI is stretched and the candle shows rejection.
GitHub stars1on the repository
Pine versionv6current
Lines of code53
Settings4inputs
LicenceNone stated
Last update1 year ago26 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 long triangle appears below the bar when RSI is below the oversold level and the candle has a long lower shadow or is a bullish engulfing bar. A short triangle appears above the bar when RSI is above the overbought level with a long upper shadow or a bearish engulfing bar. Settings are the RSI length, both RSI levels and the minimum shadow share of the candle. A small table shows the RSI and signal, with alerts. Text is in Chinese.
- RSI oversold and overbought filter
- Long shadow and engulfing candle checks
- Long and short triangle markers
- Info table and alert conditions
Details
Published by
mkdir700 on GitHub
Type
Indicator, Pine Script v6
Draws
On the price chart
Category
Oscillators & momentum, Candlestick patterns, Mean reversion
Markets
Any symbol
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 |
|---|---|---|---|
| RSI周期 | int | 14 | lengthInput |
| RSI超卖阈值 | float | 30 | rsiOversoldInput |
| RSI超买阈值 | float | 70 | rsiOverboughtInput |
| 影线比例阈值 | float | 0.6 | shadowInput |
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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