Help with first indicator – 3% pullback with averages.

kalozo · 2020-01-29T12:51:36+00:00

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

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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

Legend
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
```
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