Candle Tail Reversal


SETTING MANUAL

1/ What is the Candle Tail Reversal indicator? 

Introduction:

The Candle Tail Reversal indicator is built to detect powerful market reversals by analyzing candle tails (wicks) and volume confirmation. It looks for candles where price rejection at highs or lows signals strong buying or selling pressure. When combined with normalized volume and Bollinger Bands, it filters out weak setups and highlights only the most reliable reversal points.

Benefits:

  • Early Reversal Signals: Spot trend changes before they fully unfold.
  • Volume Confirmation: Uses normalized volume to confirm valid reversal moves.
  • Noise Reduction: Bollinger Bands and thresholds filter out weak signals.
  • Trade Planning: Provides auto-calculated stop loss (SL) and take profit (TP) levels.
  • Customizable Visuals: Arrows, colors, and labels for fast chart reading.

  • Real-Time Alerts: Never miss a setup with TradingView’s built-in alert system.


2/ Indicator Setting - Candle Tail Reversal

Please note that there are 2 parts to this product: Candle Tail Reversal and Candle Tail Volume. Please add them both from your Invite-only scripts.

Bollinger Bands

  • Show Bollinger Bands: Toggle to display or hide Bollinger Bands.
  • Bollinger Bands Period: Number of bars used for the calculation. Shorter = more sensitive, longer = smoother.
  • Bollinger Bands Deviation: Standard deviation multiplier. Higher values = wider bands.
  • Bollinger Bands Applied Price: Choose the price source (default: Close).

Normalized Volume

  • MA Period for Normalized Volume: Number of bars for volume smoothing.
  • Threshold Level for Normalized Volume: Minimum level compared to average volume for a valid signal (e.g., 1.5 = 150%).

Stop Loss & Take Profit (SL & TP)

  • ATR Period for SL Shift: Bars used for ATR calculation to measure volatility.
  • SL Shift Coefficient (based on ATR): Multiplier applied to ATR for stop-loss distance.
  • TP Coefficient (based on SL): Multiplier applied to SL for setting take profit.

Chart Display Settings

  • Bullish Market Structure Color: Highlight color for bullish structures.
  • Bearish Market Structure Color: Highlight color for bearish structures.
  • Up Arrow Color / Down Arrow Color: Colors for bullish/bearish arrows.
  • Up/Down Arrow Size: Adjust arrow size on chart.
  • Display TP/SL on Chart: Show/hide suggested SL and TP lines.
  • Take Profit (TP) Color / Stop Loss (SL) Color: Customize SL/TP line colors.
  • Max Bars to Calculate: Limit bars analyzed (higher = more history, lower = faster).
  • Inputs in Status Line: Show selected inputs in chart status bar.


3/ Indicator Setting - Candle Tail Volume 

Inputs

  • Period: Number of bars to calculate average volume.
  • Threshold: Level at which volume is considered abnormally high.
  • Inputs in Status Line: Show values in the status line for quick review.

How can I set up alerts?

To stay updated on potential trading opportunities, you can set up alerts within the Candle Tail Reversal.

Step 1: From the indicator settings, customize your alerts by defining your desired parameters (bullish reversal, bearish reversal, or volume threshold). The selected configurations will be used for notifications in Step 2.





Step 2: To receive notifications through the app, pop-ups, alert emails, Webhook URL, sound alerts, or email-to-SMS, enable these features by clicking on TradingView's “Alert” icon.



Step 3: Select Candle Tail Reversal from the “Condition” dropdown list and select “Any alert() function call.”



Step 4: A pop-up will appear. Click on “Notifications.”



Step 5: Choose the types of notifications you'd like to receive (popup, sound, email, push, etc.) and click the “Create”button.


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