OPEN-SOURCE SCRIPT

[dharmatech] KBDR Mean Reversion

Based on the criteria described in the book "Mean Revision Trading" by Nishant Pant.

Bullish signal criteria:

Bollinger Bands must be outside Keltner Channel
Price near bottom bband
DI+ increasing
DI- decreasing
RSI near bottom and increasing

Bearish signal criteria:

Bollinger Bands must be outside Keltner Channel
Price near upper bband
DI+ decreasing
DI- increasing
RSI near upper and decreasing

A single triangle indicates that all 4 criteria are met.
If letters appear with the triangle, this indicates that there was a partial criteria match.

K : bbands outside Keltner
B : bbands criteria met
D : DI criteria met
R : RSI criteria met

You can use the settings to turn off partial signals. For example:

"Partial 3" means show signals where 3 of the criteria are met.

If you want more insight into the underlying criteria, load these indicators as well:

Bollinger Bands (built-in to TradingView)
Keltner Channels (built-in to TradingView)
RSI (built-in to TradingView)
ADX and DI

Warning:

Not meant to be used as a stand-alone buy/sell signal.
It regularly provides signals which would not be profitable.
It's meant to be used in conjunction with other analysis.

Think of this as a time-saving tool. Instead of manually checking RSI, DI+/DI-, bbands, distance, etc. this does all of that for you on the fly.

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