This script identifies potential price reversals at pivot high/low points using sets of 3 candles.
Pivot High: The middle candle must have a higher high and a higher low than the two outer candles. Pivot Low: The middle candle must have a lower low and a lower high than the two outer candles.
Potential usage: When a market is moving higher in an uptrend, if a pivot low is identified then that might be a sign of price weakness.
Thanks for the script, I am just trying to interpret the usage as you written for it, you said in an uptrend, if a pivot low is identified, it implies weakness.. Can you check that, I think there is a typo there, do you want to say if a pivot high is identified?
readytotrading
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very good indicator I have been reviewing it, but I would like to understand more about this pattern, to know what it represents on the chart, where can I read about it?