Updated Price Action Indicators (1.08) – Buy Sell Pressure, S/R Day Trading SR Pro, S/R Opening Range, Simple Always In

S/R Opening Range

Opening Ranges are important to a lot of traders because they often provide an indication of sentiment for the day’s price action. 

The latest version of the Opening Range indicator just got an additional setting for showing the Price Action around important levels of the Opening Range.

If price is close to the High/Low or middle of the Opening Range Price Action at the corresponding support/resistance level can be highlighted. Pullbacks or Tails at these levels can be highlighted as well.

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New Indicator – Day Trading S/R Pro

Support and resistance are important levels where lots of buyers and sellers are willing to trade a security. Although single lines look nice on a chart, levels need to be seen as zones. Like Al Brooks is saying here “One of the most useful rules in trading is that if something resembles a reliable pattern, it will likely behave like the reliable pattern. In any case, nothing is ever perfect or certain, so close is usually close enough.”

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Multi-Bar Reversals for the Reversal Signal Bars Indicator

PAReversalSignalBars for NT 8 

Multi-Bar Reversals (MBR) are reversals, where the market tries to reverse over the course of a couple of bars. For a bull reversal there is often a strong bear breakout followed by a strong bull breakout. Often there are a couple of pause bars in between the two breakouts or each breakout can be spread over several bars. It is best if the reversal up is bigger than the sell off down.
Sometimes there is a reversal bar or pattern (a two or three bar reversal) on a higher time frame, e.g. the 30 min chart for a multi-bar reversal that takes place during six bars on the 5 min trading chart.

Entries on a MBR should be taken with some discretion though. If the MBR is large it is better to take a pullback entry. Advanced entry strategies are to BB and SA with a Signal Bar or with limit orders.

All Reversal Signal Bars & Patterns

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More Signals for the Reversal Signal Bars Indicator

The Reversal Signal Bars indicator (for NT 8) now identifies over 15  different signal bars and patterns for possible reversals. We’ve added these three signals:

Inside Inside failed Breakout – II fBO

An Inside Inside Pattern are two consecutive Inside Bars. The pattern is often a trading range or triangle on a smaller time frame and an area of equilibrium. A breakout often fails and tries to reverse back into the II pattern.
The stop entry for a bull II fBO Signal Bar is one tick above the high of the bar and the stop loss is one tick below it.

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Opening Range Indicator With a Tweak

Opening Ranges are important to a lot of traders because they often provide an indication of sentiment for the day’s price action. A number of trading systems rely on breakouts or failed breakouts of the extremes of the opening range. 

The Price Action Opening Range indicator (indicator name: PAOpeningRange) is able to calculate the Opening Range High and Low for the first 5, 15, 30 or 60 minutes of the trading session.

It also shows the candle sticks for all of the higher time frames selected to point to a possible change of sentiment during the forming of the opening range. Closes from the higher time frame bars can be plotted on the trading chart to spot aggressive trading at these important prices.

Read more on the indicator page.

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