OPEN-SOURCE SCRIPT
Bitcoin 15m Trend Reversal Confluence
Understanding the Visuals:
Trend Change (First Confluence):
The background of your chart will turn green when the trend is bullish (fast EMA is above the slow EMA).
The background will turn red when the trend is bearish (fast EMA is below the slow EMA).
Break of Structure (Second Confluence):
A green triangle below a candle with the label "BoS" indicates a bullish break of structure.
A red triangle above a candle with the label "BoS" indicates a bearish break of structure.
Retesting Area (Third Confluence):
After a bullish break of structure, a green box will appear. This is the area where you can watch for the price to retest the broken resistance, which may now act as support.
After a bearish break of structure, a red box will appear. This is the area to watch for a retest of the broken support, which may now act as resistance.
Trend Change (First Confluence):
The background of your chart will turn green when the trend is bullish (fast EMA is above the slow EMA).
The background will turn red when the trend is bearish (fast EMA is below the slow EMA).
Break of Structure (Second Confluence):
A green triangle below a candle with the label "BoS" indicates a bullish break of structure.
A red triangle above a candle with the label "BoS" indicates a bearish break of structure.
Retesting Area (Third Confluence):
After a bullish break of structure, a green box will appear. This is the area where you can watch for the price to retest the broken resistance, which may now act as support.
After a bearish break of structure, a red box will appear. This is the area to watch for a retest of the broken support, which may now act as resistance.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.