An island reversal is a technical chart pattern in which one or more candlesticks are isolated from the surrounding price action by two consecutive gaps in opposite directions.
The first gap separates the island from the preceding price movement. After one or more candlesticks, a second gap forms in the opposite direction, leaving the island isolated. Both gaps must remain open, with no overlap between the candlestick wicks.
A bearish island reversal may form after an upward price movement: an upward gap is followed by a downward gap. Conversely, a bullish island reversal may appear after a decline, with a downward gap followed by an upward gap.
This pattern may indicate a shift in the balance between buyers and sellers.
This ProRealTime Screener automatically searches your markets for bullish and bearish island reversal patterns, without having to examine charts one by one.
It scans the last 100 candlesticks to identify patterns formed by two opposing gaps that remain open, surrounding one or more isolated candlesticks.
Results are sorted according to the type of island reversal detected: bullish or bearish.
General filtering on the daily timeframe, based on price and trading volume, allows you to select the desired liquidity level.
The colored gaps visible on the chart are displayed by our Gap Indicator.
Many parameters allow you to adapt the search to your own criteria. All settings can be adjusted directly from ProRealTime's “Variables” menu, without modifying the code.
Adjustable validation criteria:
Available filters:
General filtering:
Video presentation:
Details of available settings:
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Disclaimer
Our proposed tools (indicators and screeners) are not investment advices but tools allowing everyone to find specific graphic configurations. The automated trading systems offered have been developed and optimised using historical data; however, past performance is no guarantee of future results. Investing in the financial markets involves risks up to and including the total loss of capital. The user of the proposed tools understands and accepts that the use of these tools is under his sole and entire responsibility. P2C Trading declines all responsibility in the use of the tools and the consequences that would result.
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