Pullback in Trend indicator

• 07/12/2020 at 8:07 PM #139101
  Oliviertrader2020

  Hello,

  This is my first indicator for Prorealcode!
  It allows to detect trends and indicates when the pullback ends.

  The code is quite simple :
  For a bullish trend the short moving averages are above the long ones, the low bollinger band is higher than the previous period, and the price is still below the moving average 20.

  I take a trade as soon as the price pass the highest/lowest of the previous candle.
  For stop loss and takeprofit, I use it in 2 ways depending on the presence or absence of bottom trend on the upper TF:

  1. With a trend also on higher TFs :
  StopLoss above/below the former high/low
  TP1: the opposite bollinger band
  TP2: the Fibonnacci extension 161.8.

  2. With no trend on the upper TF :
  StopLoss above/below the previous spark plug.
  TP1: the moving average 20
  TP2: The Opposite Bollinger Band

  If you have any ideas for improvements don’t hesitate to share them.
  I still need to make some improvements before posting the final version in the library.

  Pullback in trend :

  Pullback in Trend

  // Conditions for bollinger band indicator1 = BollingerDown[20](close) c1 = (indicator1 > indicator1[1]) indicator2 = BollingerUp[20](close) c2 = (indicator2 < indicator2[1]) // Conditions for moving average c3 = (BollingerDown[20](close)>Average[50](close) AND Average[50](close) > Average[100](close) AND Average[100](close) > Average[200](close)) c4 = (BollingerUp[20](close)< Average[50](close) AND Average[50](close) < Average[200](close) AND Average[100](close) < Average[200](close)) C5 = high < Average[20](close) C6 = low > Average[20](close) IF C1 AND C3 AND C5 then DRAWARROWUP(barindex[1],BollingerDown[20])coloured(0,255,0) endif IF C2 AND C4 AND C6 then DRAWARROWDOWN(barindex[1],BollingerUp[20])coloured(255,0,0) endif Return

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  // Conditions for bollinger band indicator1 = BollingerDown[20](close) c1 = (indicator1 > indicator1[1]) indicator2 = BollingerUp[20](close) c2 = (indicator2 < indicator2[1])   // Conditions for moving average c3 = (BollingerDown[20](close)>Average[50](close) AND Average[50](close) > Average[100](close) AND Average[100](close) > Average[200](close)) c4 = (BollingerUp[20](close)< Average[50](close) AND Average[50](close) < Average[200](close) AND Average[100](close) < Average[200](close)) C5 = high < Average[20](close) C6 = low > Average[20](close)   IF C1 AND C3 AND C5 then DRAWARROWUP(barindex[1],BollingerDown[20])coloured(0,255,0) endif   IF C2 AND C4 AND C6 then DRAWARROWDOWN(barindex[1],BollingerUp[20])coloured(255,0,0) endif   Return

  

  Oliviertrader2020

  Participant

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  07/13/2020 at 2:35 PM #139156
  Nicolas

  Thanks for sharing, it’s visually interesting and will certainly suit some other needs for people looking for this kind of setup.

  

  Nicolas

  Keymaster

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