Help with first indicator – 3% pullback with averages.

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  • 01/29/2020 at 1:51 PM #118204 quote
    kalozo
    Participant
    New

    Hi,

    I am new to writing the code and am struggling to get my first indicator to work.

    What I am trying to achieve is:

    • Based on daily closing prices
    • Close > 200 day simple moving average
    • Close has pulled back > 3% from the previous highest point
    • Close > 5 day simple moving average
    • Return 1

    Please could someone help me understand where to start with this.

    Thanks,
    Chris

    01/29/2020 at 2:22 PM #118209 quote
    robertogozzi
    Moderator
    Master

    There you go (I only tested it for syntax errors):

    HH = highest[100](high)                //100 lookback periods to find highest point
c1 = close > average[200,0](close)     //close > sma200
c2 = close <= (HH * 0.97)              //close at least equal to or less than 3% pullback
c3 = close > average[5,0](close)       //close > sma5
RETURN c1 AND c2 AND c3
    01/29/2020 at 5:40 PM #118218 quote
    Vonasi
    Moderator
    Master

    Here is an alternative. It resets the high to the current candle if the conditions are met so it can then look for a new drop from that fresh start.

    (not tested)

    hh = max(high,hh)            

flag = 0
if close < hh*0.97 and close > average[200,0](close) and close > average[5,0](close) then
flag = 1
hh = high
endif

RETURN flag

    Note: I have edited the title of your topic. Please try to use more meaningful titles that describe your topic rather than things like ‘Help needed’ otherwise we end up with a forum full of topics with meaningless titles! 🙂

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Help with first indicator – 3% pullback with averages.


ProBuilder: Indicators & Custom Tools

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kalozo @kalozo Participant
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This topic contains 2 replies,
has 3 voices, and was last updated by Vonasi
6 years ago.

Topic Details
Forum: ProBuilder: Indicators & Custom Tools
Language: English
Started: 01/29/2020
Status: Active
Attachments: No files
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