I shared this idea on my Twitter feed here https://twitter.com/PJSmith/status/1505522257224941572. It seems quite a few of you liked it, and even suggested a couple of improvements. I just realised, I had not even created a page for it! So, here it is…
PJSReversalDetector – It’s really a very simple tool. It plots arrows where it thinks there is a chance of a possible reversal. It works on all chart types, but I typically use it on Renko. Here is an example
There are just a couple of settings. The ‘Period’, and ‘K’. On my Renko charts, I typically use a fairly high value, maybe 100 or more. ‘K’ is the signal sensitivity. Feel free to play with these settings until you get nice signals. Not too many, not too few. You can’t break anything 😉
As of 15th April 2020, there is also now a publicly exposed plot for the signals that produce a 1, 0, or -1 output (you can thank George for the idea and his generosity for this update). This can be used in the NT8 strategy builder.
This tool is a freebie. Feel free to download it for your own personal use. Please be sure to check out some of my other Ninjatrader bits and pieces. If you wish to donate, please feel free to contribute towards further development. Remember, I’ve got to eat and keep the lights on too! Maybe buy me a coffee. Thanks for your support!