Bands Reversal

This indicator marks the trend reversal areas, giving a market entry signal at the reversal points in the form of arrows with the corresponding color and direction, combined with audio alerts.

The reversal points are calculated using the classic Bollinger Bands technical indicator with a period of 120. It also features an additional parameter to search for the reversals according to the Engulfing pattern with a confirmation of a trend change.

Signal

The price is in the upper area of the Bollinger Bands (for sells) or in the lower area (for buys). It searches for the Engulfing pattern. Then comes a confirmation of the pattern by the tick volume, confirmation of the trend change in the form of a tendency towards an increase/decrease in the price. At the end, the indicator's algorithm confirm the validity of a movement start as a confinement of the price with the Bollinger Bands.

Additional Information

The indicator does not redraw.

This indicator was used in creation of an Expert Advisor. Its operation result are shown in the figure below.

Input parameters

• Period of Bollinger Bands - period of the Bollinger Bands indicator

• Show Indicator Info - show/hide information about the symbol
• Info Corner - corner to display the symbol information
• Color Of Information - color to display the symbol information
• Font Type - font type
• Font Size

• Show Stat Info - show/hide information about the performed operations
• Stats Corner - corner to display the information
• Set Color Statistic - display color
• Font Size
• Font Type - font type

• Show Risk Percentage - show/hide the risk of deposit per trade
• Set Corner Risk - corner to display the risk information
• Risk Percentage - risk value in percent of the deposit
• Set Color Of Label Risk - color of the output information
• Set Font Size Risk - font size
• Set Font Type Risk - font type

• Use alert - enable audio alerts
• Use E-mail Notification - enable sending the received signal to E-mail