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Using Runs of Identical Candles as a Possible Reversal Alert

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Summary

This indicator counts consecutive identical candles across currency pairs and lets the user change the displayed text size. Its proposed use is to notice when a long run of matching candles may precede a correction or reversal. The description provides a qualitative interpretation rather than a defined signal threshold, entry rule, or exit method.

The document gives no historical tests, market examples, or definition of what qualifies as identical candles. It explicitly cautions that the count should be interpreted in broader market context rather than used alone. The indicator is therefore a visual prompt for further analysis, not evidence that a reversal is likely or a complete trading strategy.

Key ideas

  • The indicator counts consecutive identical candles for currency pairs.
  • The text size can be adjusted.
  • A longer run is suggested as a possible precursor to a correction or reversal.
  • The count has no stated threshold or performance evidence and should be read in market context.

Tags

ForexTechnical indicatorsMean reversion

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