Help with first indicator – 3% pullback with averages.

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

  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

   

  

  kalozo

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

  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

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  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

   

  

  robertogozzi

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  01/29/2020 at 5:40 PM #118218
  Vonasi

  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

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  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! 🙂

   

  

  Vonasi

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