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
Top Bottom Reversal
A signal-only indicator that looks for exhaustion after a run of consecutive same-colour candles ending in a doji.
GitHub stars1on the repository
Pine versionv6current
Lines of code98
Settings18inputs
LicenceNone stated
Last update2 weeks ago12 Oct 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
A top needs bullish candles with RSI overbought and a new high versus recent bars; a bottom mirrors this. A separate news mode flags unusually large candles followed shortly by a doji, with an optional time window. It draws markers and boxes on the price chart and does not simulate trades.
- Run of consecutive candles ending in a doji
- Optional RSI extreme and price extension filters
- News candle detection with optional time window
- Signal boxes and markers on the chart
Details
Published by
kasutu on GitHub
Type
Indicator, Pine Script v6
Draws
On the price chart
Category
Mean reversion, Candlestick patterns, Oscillators & momentum
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 |
|---|---|---|---|
| Consecutive Candles | int | 4 | runLen |
| Doji Body % of Range | float | 30 | dojiPct |
| Use RSI | bool | true | useRsi |
| RSI Length | int | 14 | rsiLen |
| Overbought | float | 70 | rsiHi |
| Oversold | float | 30 | rsiLo |
| Use Price Extension | bool | true | useExt |
| Extension Lookback | int | 20 | extLen |
| Use News Candles | bool | true | useNews |
| News Candle Size (x largest prior range) | float | 2.0 | newsMult |
| News Lookback | int | 20 | newsLen |
| News Candle Min Body % | float | 50 | newsBody |
Show all 18 settings
| Setting | Type | Default | Variable |
|---|---|---|---|
| Doji Within (candles) | int | 3 | newsWait |
| Only Inside News Time Window | bool | false | useNewsTime |
| News Time Window | session | 0830-0900 | newsSess |
| Window Timezone | string | America/New_York | newsTz |
| Mark News Candles | bool | true | showNews |
| Show Signal Box | bool | true | showBox |
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.
Similar Pine Scripts
A price-chart overlay that marks possible reversals when RSI is stretched and the candle shows rejection. 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 t
This indicator plots an RSI oscillator in a separate pane and marks long and short setups when RSI is oversold or overbought and a swing low or swing high fractal forms with a reversing candle. It sizes a stop from the recent extreme plus an ATR multiple, then
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
This overlay indicator marks Linda Raschke short-term bar setups on the price chart. It flags Turtle Soup and Turtle Soup plus one false breakouts of a prior extreme, 80-20 bars, inside bars, failed inside-bar breakouts, outside up and down bars, NR4 and NR7 c
This indicator combines Bollinger Bands, RSI, Stochastic RSI, and volume spike detection to identify mean-reversion conditions during range-bound market regimes. It calculates Bollinger Band width to identify low-volatility states and triggers buy or sell sign
Trade Your Charts With a Regulated Broker
Compare brokers that connect to TradingView, with spreads, minimum deposits and leverage side by side.
Compare brokers