Price Consensus Reversal

1. What is Price Consensus Reversal Indicator?

The Price Consensus Reversal indicator is a technical analysis tool designed to measure short-term consensus about price changes in financial markets. It aims to provide traders with a more accurate and timely assessment of potential reversal points compared to traditional oscillators.

Key features and benefits:

• Pinpoints extremes and temporary reversals: Accurately identifies market tops and bottoms, as well as potential reversal points.
• Accurate, sharp, and clear alerts: Provides timely and precise signals for entry and exit points.
• Versatile for multiple timeframes and pairs: Can be used on various timeframes and financial instruments to identify trading opportunities.
• Facilitates automated trading: Offers clear entry, stop loss, and take profit levels, making it suitable for automated trading strategies.
• Addresses lag and stickiness issues: Unlike traditional oscillators, it avoids the problem of sticking to extreme values during strong trends.
• Interprets relative price value: Considers the relationship between current prices and recent prices.
• Uses statistical analysis: Employs statistical methods to identify meaningful price patterns.

By using the Price Consensus Reversal indicator, traders can potentially:

• Improve their decision-making process: Gain a better understanding of market sentiment and potential reversal points.
• Identify profitable trading opportunities: Spot potential entry and exit points with greater accuracy.
• Enhance their trading performance: Make more informed trading decisions and potentially increase their profitability.

2. Indicator settings:

• Period: Set the period for the calculation method within the indicator
• Method: Select the calculation method for the Consensus (first input into the indicator)
• Calculation mode: Select the calculation method for the True Range (second input into the indicator)
• Bullish threshold level: choose the threshold to indicate the bullish level, default is -2
• Bearish threshold level: choose the threshold to indicate the bearish level, default is 2
• ATR Period for SL Shift: the timeframe used to calculate the Average True Range for adjusting stop loss levels.
• SL Shift Coefficient (from ATR): a multiplier used with the ATR value to adjust stop loss levels according to market volatility.
• TP Coefficient (from SL): a multiplier determining the Take Profit level relative to the Stop Loss distance.
• Various display settings: Up/Down Arrow Color, Display TP/SL on Chart, TP/SL Color
• Max Bars to Calculate: the maximum count of past candlesticks considered by the indicator for its analysis

3. Alert set-up:

To stay updated on potential trading opportunities, you can set up alerts within the Price Consensus Reversal Indicators settings. Below are the settings screenshots for this indicator. 

Please note that there are 2 parts to this indicator: Price Consensus Reversal Pro and Price Consensus Reversal Sub. Please add both parts from your Invite-only scripts.

Step 1: From the indicator settings, customize your alerts by defining your desired parameters for buy and sell signals. 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 “Price Consensus Reversal Pro” and “Any alert() function call” from the “Condition” dropdown list.

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

Step 5: Choose the types of notifications you'd like to receive, and click the “Create” button.