Multi-Indicator Reversal Signals with Session and Risk Controls

Summary

This strategy seeks reversals by counting agreement among RSI, MACD, Williams %R, and Bollinger Band conditions. Oversold readings that begin turning upward contribute to a bullish count, while overbought readings turning downward contribute to a bearish count. A configurable minimum alignment sets the signal threshold. Optional filters require RSI divergence, a volume spike, or a reversal candle, and a session selector limits signals to a chosen trading window or all-day operation.

Signals are acted on after candle confirmation, with optional stop-loss and take-profit levels, controls for repeated entries, and an option to reverse the buy and sell logic. The script also includes alerts and chart displays for alignment, sessions, and divergence. The supplied text is incomplete, omitting part of the execution and exit logic, and it gives no backtest results, market context, or transaction cost assumptions. Its configurable features describe a framework for testing reversal rules; they do not demonstrate profitability or robustness.

Key ideas

• The strategy combines four indicator conditions and requires a configurable minimum number to align.
• Optional divergence, volume-spike, reversal-candle, and session filters can restrict entries.
• Entry signals and alerts are conditioned on candle confirmation.
• Stop-loss, take-profit, pyramiding, and signal-flipping settings affect strategy behavior.
• The provided material lacks performance evidence and omits part of the order-management code.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.