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Reversals v3

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Bullish and bearish reversal generator with future reversals module

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Includes Future Bearish reversals generated from Highs too

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Increased options for method to determine turning points

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Checks for a cycle count from a previous candle that generated reversals

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Changed display of cycle predictor to triangles to improve readability

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Finalised method of determining turning points and simplified inputs into model

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Adding titles to analysis:
R1br-R4br - bearish reversals 1-4
R1bl-R4bl - bullish reversals 1-4
FR**1-FR**4 - future reversals 1-4
***1R-***4R - recent reversals 1-4
***1E-***4E - elected reversals 1-4

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Script updated to version 4 which allows tracking of up to 16 bullish and bearish reversals over time including reversal election.

PURPOSE:
To identify specific key price levels for a market which may be elected based on a closing basis. These price levels indicate continuation or reversal price movements are more or less likely based on the election and non-election of reversals. Further, clusters of reversals provide indications of key support/resistance where a market may take a longer than normal period to continue in a direction or against which the price could reverse

USAGE:
Monitoring continual election of reversals indicate higher probabilities of continuation of the trend. Rejection of key reversals indicate higher probabilities of a trend reversal. Gaps between reversal levels offer opportunities for trades where price can move quickly between reversal levels, especially when heading towards a reversal cluster

INPUTS:
Left bars and Right bars: the number of bars before (Left) and after (Right) to identify a high/low from which reversals are calculated
R1-R4: the lookback reversal periods specific to each market
Minimum / Maximum price: useful for chars with long histories where most of the 16 reversals can be caught at levels well away from the current price level. Providing a minimum and/or maximum focuses on reversals near the current price level.

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REFER TO PRIOR UPDATE FOR INSTRUCTIONS ON USAGE OF THIS INDICATOR

Update to subversion 3.7.2 to optimise for speed and efficiency with following changes:
- Reduction of number of reversals to 12 bullish and 12 bearish reversals
- Ability to start analysis from a Bar Index later than 0

To see the Bar Index, open the Data Window - the Bar Index for the bar under the mouse cursor will be shown