MTF Round Level Reversal [RunRox]🧲 MTF Round Level Reversal is an indicator designed to highlight price levels on the chart where the market encountered significant resistance or support at round numbers, failing to break through large clusters of orders.
In many cases, price revisits these round-number levels to absorb the remaining liquidity, offering potential reversal or continuation trade opportunities.
✏️ EXAMPLE
Here’s an example demonstrating how this indicator works and how its logic is structured:
As shown in the screenshot above, price encountered resistance at round-number levels, clearly reacting off these areas.
Afterward, the market pulled back, presenting opportunities to enter trades targeting these previously established open levels.
This logic is based on the observation that price often seeks to revisit these open round-number levels due to the residual liquidity resting there.
While effective across various markets, this indicator performs particularly well with stocks or assets priced at higher values.
For a level to appear on the chart, price must first encounter a round-number value and clearly reverse from it, leaving a visible reaction on the chart. After this occurs, the indicator will mark this level as fully formed and display it as an active reversal area.
⚙️ SETTINGS
🔷 Timeframe – Choose any timeframe from which you’d like the indicator to source level data.
🔷 Period – Defines the number of candles required on both sides (left and right) to confirm and fully form a level.
🔷 Rounding Level – Adjusts price rounding precision when detecting levels (from 0.0001 up to 5000).
🔷 Color – Customize the color and transparency of displayed levels.
🔷 Line Style – Select the desired line style for level visualization.
🔷 Label Size – Set the font size for the level labels displayed on the chart.
🔷 Move Label to the Right – Move level labels to the right side of the screen for better visibility.
🔷 Label Offset – Specifies how many bars labels should be offset from the chart’s right edge.
🔷 Delete Filled Level – Automatically removes levels from the chart after they’ve been revisited or filled.
🔷 Calculation Bars – Determines the number of recent bars considered when calculating and identifying levels.
🔶 There are numerous ways to apply this indicator in your trading strategy. You can look for trades targeting these round-number levels or identify reversal setups forming at these high-liquidity zones. The key insight is understanding that these levels represent significant liquidity areas, which price frequently revisits and retests.
We greatly appreciate your feedback and suggestions to further improve and enhance this indicator!
Pricereversal
convolution
Description:
Convolution indicators aim to identify a major reversal in the price direction so that one can trade the market primarily in the direction of the ensuing trend, as described in the Cycle Analytics for Traders, by John F. Ehlers pg. 165. The notion is based on the concept of the two price segments are perfectly correlated (cross-correlated) that have been folded at the horizontal point, since high correlation exists only at the market turning point, e.g. price decreases linearly until the bottom is reached and then increases linearly after the bottom occurs and vice versa. The vertical scale is the lookback period, while the value is converted to colors.
Features:
High-pass filter and Smoothing function on the input data
Major reversals are identified by plumes pointing backward to the time of the price reversal
Bullish reversal identified by the green color of the indicator,
while Bearish reversal identified by a red color dominated the indicator
RSI-Last-3-ExtremaThis script indicates when the current Relative Strength Index of the last 8 closes is beyond a level from center oscillation which signals the equity is likely to reverse course. When it is the lowest RSI reading of the prior 3 readings and below 25, a green vertical bar will appear signaling a potential BUY point. Likewise, the highest reading of the prior 3 RSI readings and above 75 will signal a vertical red bar or SELL signal. The bar has to have a final close price for the signal to be active. Reversal could take a few more bars to occur depending on the timeframe and equity symbol.
You will be able to find many charts that have this signal perfectly finding the top or bottom of a significant trend.
It successfully indicates profitable reversal around 80% of the time. So far, It is 85% accurate or better in determining downtrend start points on the Daily, 120, 60, 30 Minute charts according to the study of more than 10,000 occurrences. It is 86% accurate on the 30 Minute chart.
This is another tool I use in finding or confirming potential price action. Hope you find it useful.
To add this, favorite the script by clicking "Add to your Favorite Indicators" at the top of the code portion below. On your top tool bar is an "fx" button with a downward arrow to the right of it. Click on the downward arrow/caret and scroll down to "RSI-Last-3-Extrema". Click on this title and it should add to the bottom of your current chart. If you do not see BUY (green vertical bars) or SELL (red vertical bars) right away, try other charts and timeframes.
