In the articles written for TradingMarkets.com, it was published that the Reversal (ML1 and MS1 being reached in the same trading session) occurred approximately 20% of the time. During the past two months, the percentage (%) of Reversals has actually been 13%. There were 6 days out of 44 that the Reversal percentage (%) was 20% or greater. The largest being 26% on May 5th. There were 16 days out of the 44 where the percentage (%) of Reversals was less than 10%. The lowest being 4% which occured on March 19. The normal range for this time period appears to be 13-16% of the time, there is an Intra-Day Reversal. This is applicable to all stocks in the list of 460, no discretion is made concerning the range.
Reversals tend to be higher when markets have fairly large differences in the Opening Price from the Previous Day's Close. In other words, Gap Openings tend to bring about more uncertainty about market direction. Reversals often come from 'Fast Moves' as well. Identifying 'Fast Moves' will be included in the scope of future web-based application development.