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Reversal Bars

This is my first shot at a custom bar type, so please report any issues in the discussion thread: https://nexusfi.com/elite-circle/26005-reversal-bars.html

Bar Logic
-When a new bar is formed, price must move "Direction Size" ticks to establish a bar direction.
-Once a direction is established, if price pulls back "Reversal Size" ticks, a new bar is formed.
-The previous bar does not include the final reversal tick. The final reversal tick forms a new bar.
-The opens and closes of bars are actual ticks. No fake opens or closes.

If you prefer the version that requires Reversal Size to be breached, change:

Code

//reversalSize = bars.Instrument.MasterInstrument.Round2TickSize(bars.Period.Value * bars.Instrument.MasterInstrument.TickSize);    //This gives you tips of Reversal Size
reversalSize = bars.Instrument.MasterInstrument.Round2TickSize((bars.Period.Value - 1) * bars.Instrument.MasterInstrument.TickSize);    //This creates a new bar on Reversal Size

to:

Code

reversalSize = bars.Instrument.MasterInstrument.Round2TickSize(bars.Period.Value * bars.Instrument.MasterInstrument.TickSize);    //This gives you tips of Reversal Size
//reversalSize = bars.Instrument.MasterInstrument.Round2TickSize((bars.Period.Value - 1) * bars.Instrument.MasterInstrument.TickSize);    //This creates a new bar on Reversal Size

Log:
- 10/27/13 : Fixed code causing issues in market replay. Thanks @devdas.

Category The Elite Circle

Details: Reversal Bars
Category: The Elite Circle

February 22nd, 2013
Size: 1.85 KB

Comments/ratings

ejtrader February 22nd, 2013 05:58 PM

No Comment

ArbTrader July 6th, 2013 07:48 AM

No Comment

john2000 September 22nd, 2013 07:59 PM

THANK YOU!

theidman October 4th, 2013 04:28 PM

Thank You

Kingsley November 24th, 2013 06:57 AM

Good job!!

Bango January 11th, 2014 02:10 AM

thank you!

TradeWind July 21st, 2014 08:09 AM

@Xav1029
hello,
Thank you for sharing this indicator. I used it on my range bars chart. Will be appreciate if you can add an audio should a reversal bar is formed.
Thank you.
tw

Righteous7 April 16th, 2015 04:41 AM

Thank you very very much for the hard work!

dwntik5454 April 23rd, 2015 10:20 PM

Thanks so much for sharing. Awesome.
This is what I needed to flip me over to the "other side"

Dawgie Diamond August 10th, 2015 09:07 PM

Nice Work, Thanks for sharing. Definitely appreciated.

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