UpTwoBucks
Active member
Powerful Live Data Pull Back Indicator.
Important Notes: This script is very powerful if used correctly. Practice until you totally understand your entry and exits. Warning, this script does not give entry and exit signals. The arrows represent pull backs in price. It is up to you to determine entry and exit decisions. This script does include "possible entries" (green candles) to buy long or (Red Candles) to go short. In either case, these are not entry and exit signals. Each arrow represents either a pull back (Green Arrow) as the price is rising or a pull back short position (Red Arrow) as the price is falling. Best entries for a long position is on the front side of a run up, or the back side of a run up for a short position. This indicator relies on live data to perform its functions not past history.
I have also included a 3 scans that find these stocks that meet the requirements of this indicator. They are 1 minute, 5 minute and 15 minute and are listed below. Find the one that works best for you. Don't forget to change your chart time frame for whichever one you decide to use.
The Perfect Setup:
Long Position: A Green Arrow is Plotted, The buyers in the Volume Label is Green, The Volume Spike at the top of your screen is Green and the numbers are rising.
Short Position: A Red Arrow is Plotted, The Sellers in the Volume label is Red, The Volume Spike at the top of your screen is Red and the numbers are rising.
Explore Different Time Frames, 1 min, 5 Min, 15 min. Make sure to change the Scan time frame as well.
######
Pullback Indicator:
The pullback indicator aims to identify pullback conditions in the price movement.
The input parameters are:
"length" is set to 50.
"multiplier" is set to 1.5.
"emaLength" is set to 8.
Moving Average Calculation:
It calculates the simple moving average (SMA) of the closing price over the specified length (50).
The moving average is stored in the variable "ma" using the MovingAverage function.
Pullback Calculation:
The "pullbackValue" is determined by subtracting the product of the multiplier (1.5) and the average true range (ATR) from the moving average.
The ATR is calculated using the TrueRange function with high, low, and close prices as inputs.
Pullback Conditions:
The variable "isPullback" is set to true if the current closing price is less than the pullback value calculated earlier.
Green and Red Candle Conditions:
The variable "isFirstGreenCandle" is set to true if the following conditions are met:
The current closing price is not a pullback (isPullback is false).
The current closing price is greater than the open price.
The previous closing price (close[1]) is less than or equal to the previous open price (open[1]).
The current closing price is greater than the current exponential moving average (EMA) with a length of 8.
The variable "isFirstRedCandle" is set to true if the following conditions are met:
The current closing price is a pullback (isPullback is true).
The current closing price is less than the open price.
The previous closing price (close[1]) is greater than or equal to the previous open price (open[1]).
First Green and Red Candle After Condition:
The variables "isFirstGreenAfterRed" and "isFirstRedAfterGreen" are set to true if there is exactly one occurrence of a green or red candle after the respective opposite candle.
They use the Sum function with a length of 1 to count the occurrences of isFirstGreenCandle and isFirstRedCandle being true.
Plotting the Indicator:
The "PullbackIndicator" is plotted as a boolean arrow pointing up if isFirstGreenAfterRed is true.
The "PullbackRedIndicator" is plotted as a boolean arrow pointing down if isFirstRedAfterGreen is true.
The line weight is set to 2, and the default colors are green for the pullback indicator and red for the pullback red indicator.
******
This script also includes a volume spike label to help you determine if a spike in buying or selling volume is detected.
The given script represents a volume spike indicator that aims to identify significant changes in volume compared to the average volume.
Here's how it works:
Percentage Threshold:
The variable "spike_percentage_threshold" is set to 0.0. This represents the percentage threshold for determining whether a volume spike has occurred.
Relative Volume Calculation:
The relative volume for the current bar is calculated by dividing the current volume by the average volume over a specified period (50 bars).
The "rel_vol" variable stores the calculated relative volume.
Volume Change Percentage Calculation:
The percentage change in volume relative to the average volume is calculated by subtracting 1.0 from the relative volume and multiplying it by 100.
The "vol_change_pct" variable stores the calculated percentage change.
Volume Spike Condition:
The "is_spike" variable is set to true if the volume change percentage (vol_change_pct) is greater than or equal to the spike percentage threshold.
Label Value:
The "label_value" variable is defined as the percentage change in volume (vol_change_pct) if a volume spike is detected. Otherwise, it is set to NaN (not a number).
Bullish and Bearish Conditions:
The "is_bullish" variable is set to true if the current closing price is greater than the open price, indicating a bullish bar.
The "is_bearish" variable is set to true if the current closing price is less than the open price, indicating a bearish bar.
Adding Labels to the Watchlist:
The "AddLabel" function is used to add labels to the watchlist based on certain conditions.
The label value displayed depends on whether a volume spike is detected and the bar's bullish or bearish nature.
If there is a volume spike and the bar is bullish, the label will be the percentage change in volume followed by " - Bullish".
If there is a volume spike and the bar is bearish, the label will be the percentage change in volume followed by " - Bearish".
The label color is set to green for bullish spikes, light red for bearish spikes, and black for non-spike bars.
In summary, this volume spike indicator calculates the relative volume and the percentage change in volume compared to the average volume. It then determines if there is a volume spike based on a specified threshold. Labels are added to the watchlist indicating the percentage change and whether the spike is bullish or bearish.
*****
To Install: Copy link below, Click Setup Top right, Open Shared Item, "CTRL V" to paste, Preview, Import. Move it over to your chart if not there.
Updated V2 Pull Back Indicator: https://tos.mx/eZnhche
Custom Volume Label: https://tos.mx/4vIM0Zz
Bid Ask Spread: https://tos.mx/Hz4C0iC
My Desk Top: https://tos.mx/53WHide
1 Min Pull Back Scan: https://tos.mx/46zqVAF
5 Min Pull Back Scan; https://tos.mx/T4ujTnE
15 Min Pull Back Scan; https://tos.mx/MqYs0PN
Here is the code for the Pull Back Indicator. If you imported the code above, you don't do this step:
Important Notes: This script is very powerful if used correctly. Practice until you totally understand your entry and exits. Warning, this script does not give entry and exit signals. The arrows represent pull backs in price. It is up to you to determine entry and exit decisions. This script does include "possible entries" (green candles) to buy long or (Red Candles) to go short. In either case, these are not entry and exit signals. Each arrow represents either a pull back (Green Arrow) as the price is rising or a pull back short position (Red Arrow) as the price is falling. Best entries for a long position is on the front side of a run up, or the back side of a run up for a short position. This indicator relies on live data to perform its functions not past history.
I have also included a 3 scans that find these stocks that meet the requirements of this indicator. They are 1 minute, 5 minute and 15 minute and are listed below. Find the one that works best for you. Don't forget to change your chart time frame for whichever one you decide to use.
The Perfect Setup:
Long Position: A Green Arrow is Plotted, The buyers in the Volume Label is Green, The Volume Spike at the top of your screen is Green and the numbers are rising.
Short Position: A Red Arrow is Plotted, The Sellers in the Volume label is Red, The Volume Spike at the top of your screen is Red and the numbers are rising.
Explore Different Time Frames, 1 min, 5 Min, 15 min. Make sure to change the Scan time frame as well.
######
Pullback Indicator:
The pullback indicator aims to identify pullback conditions in the price movement.
The input parameters are:
"length" is set to 50.
"multiplier" is set to 1.5.
"emaLength" is set to 8.
Moving Average Calculation:
It calculates the simple moving average (SMA) of the closing price over the specified length (50).
The moving average is stored in the variable "ma" using the MovingAverage function.
Pullback Calculation:
The "pullbackValue" is determined by subtracting the product of the multiplier (1.5) and the average true range (ATR) from the moving average.
The ATR is calculated using the TrueRange function with high, low, and close prices as inputs.
Pullback Conditions:
The variable "isPullback" is set to true if the current closing price is less than the pullback value calculated earlier.
Green and Red Candle Conditions:
The variable "isFirstGreenCandle" is set to true if the following conditions are met:
The current closing price is not a pullback (isPullback is false).
The current closing price is greater than the open price.
The previous closing price (close[1]) is less than or equal to the previous open price (open[1]).
The current closing price is greater than the current exponential moving average (EMA) with a length of 8.
The variable "isFirstRedCandle" is set to true if the following conditions are met:
The current closing price is a pullback (isPullback is true).
The current closing price is less than the open price.
The previous closing price (close[1]) is greater than or equal to the previous open price (open[1]).
First Green and Red Candle After Condition:
The variables "isFirstGreenAfterRed" and "isFirstRedAfterGreen" are set to true if there is exactly one occurrence of a green or red candle after the respective opposite candle.
They use the Sum function with a length of 1 to count the occurrences of isFirstGreenCandle and isFirstRedCandle being true.
Plotting the Indicator:
The "PullbackIndicator" is plotted as a boolean arrow pointing up if isFirstGreenAfterRed is true.
The "PullbackRedIndicator" is plotted as a boolean arrow pointing down if isFirstRedAfterGreen is true.
The line weight is set to 2, and the default colors are green for the pullback indicator and red for the pullback red indicator.
******
This script also includes a volume spike label to help you determine if a spike in buying or selling volume is detected.
The given script represents a volume spike indicator that aims to identify significant changes in volume compared to the average volume.
Here's how it works:
Percentage Threshold:
The variable "spike_percentage_threshold" is set to 0.0. This represents the percentage threshold for determining whether a volume spike has occurred.
Relative Volume Calculation:
The relative volume for the current bar is calculated by dividing the current volume by the average volume over a specified period (50 bars).
The "rel_vol" variable stores the calculated relative volume.
Volume Change Percentage Calculation:
The percentage change in volume relative to the average volume is calculated by subtracting 1.0 from the relative volume and multiplying it by 100.
The "vol_change_pct" variable stores the calculated percentage change.
Volume Spike Condition:
The "is_spike" variable is set to true if the volume change percentage (vol_change_pct) is greater than or equal to the spike percentage threshold.
Label Value:
The "label_value" variable is defined as the percentage change in volume (vol_change_pct) if a volume spike is detected. Otherwise, it is set to NaN (not a number).
Bullish and Bearish Conditions:
The "is_bullish" variable is set to true if the current closing price is greater than the open price, indicating a bullish bar.
The "is_bearish" variable is set to true if the current closing price is less than the open price, indicating a bearish bar.
Adding Labels to the Watchlist:
The "AddLabel" function is used to add labels to the watchlist based on certain conditions.
The label value displayed depends on whether a volume spike is detected and the bar's bullish or bearish nature.
If there is a volume spike and the bar is bullish, the label will be the percentage change in volume followed by " - Bullish".
If there is a volume spike and the bar is bearish, the label will be the percentage change in volume followed by " - Bearish".
The label color is set to green for bullish spikes, light red for bearish spikes, and black for non-spike bars.
In summary, this volume spike indicator calculates the relative volume and the percentage change in volume compared to the average volume. It then determines if there is a volume spike based on a specified threshold. Labels are added to the watchlist indicating the percentage change and whether the spike is bullish or bearish.
*****
To Install: Copy link below, Click Setup Top right, Open Shared Item, "CTRL V" to paste, Preview, Import. Move it over to your chart if not there.
Updated V2 Pull Back Indicator: https://tos.mx/eZnhche
Custom Volume Label: https://tos.mx/4vIM0Zz
Bid Ask Spread: https://tos.mx/Hz4C0iC
My Desk Top: https://tos.mx/53WHide
1 Min Pull Back Scan: https://tos.mx/46zqVAF
5 Min Pull Back Scan; https://tos.mx/T4ujTnE
15 Min Pull Back Scan; https://tos.mx/MqYs0PN
Here is the code for the Pull Back Indicator. If you imported the code above, you don't do this step:
Code:
####Begin Code####
#Pull Back Arrows V2
# Green Arrow = Possible Buy
# Yellow Arrow = Possible Sell
# Red Arrow Possible Short
input length = 50;
input multiplier = 1.5;
input emaLength = 8;
input emaLengthSell = 20;
def ma = MovingAverage(AverageType.SIMPLE, close, length);
def pullbackValue = ma - multiplier * Average(TrueRange(high, close, low), length);
def isPullback = close < pullbackValue;
def ema = ExpAverage(close, emaLength);
def isFirstGreenCandle = !isPullback and close > open and close[1] <= open[1] and close > ema;
def isFirstRedCandle = isPullback and close < open and close[1] >= open[1];
def isFirstGreenAfterRed = Sum(isFirstGreenCandle, 1) == 1;
def isFirstRedAfterGreen = Sum(isFirstRedCandle, 1) == 1;
def priceCrossesBelowEMA = close crosses below ExpAverage(close, emaLengthSell);
plot PullbackIndicator = isFirstGreenAfterRed;
PullbackIndicator.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
PullbackIndicator.SetLineWeight(2);
PullbackIndicator.SetDefaultColor(Color.GREEN);
plot PullbackRedIndicator = isFirstRedAfterGreen;
PullbackRedIndicator.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
PullbackRedIndicator.SetLineWeight(2);
PullbackRedIndicator.SetDefaultColor(Color.RED);
#Volume Spike
# Set the percentage threshold for the spike
def spike_percentage_threshold = 0.0;
# Calculate the relative volume for the current bar
def rel_vol = volume / Average(volume, 50);
# Calculate the percentage change in volume relative to the average volume
def vol_change_pct = (rel_vol - 1.0) * 100.0;
# Determine if the current bar has a volume spike
def is_spike = vol_change_pct >= spike_percentage_threshold;
# Define the label value as the percentage change in volume if it is a spike, otherwise NaN
def label_value = if is_spike then vol_change_pct else Double.NaN;
# Determine if the current bar is bullish or bearish based on the close price
def is_bullish = close > open;
def is_bearish = close < open;
plot arrowDown = if priceCrossesBelowEMA then low else Double.NaN;
arrowDown.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
arrowDown.SetLineWeight(1);
arrowDown.SetDefaultColor(Color.YELLOW);
# Add the label to the watch list
AddLabel(yes,
if is_spike and is_bullish then Concat(AsPercent(vol_change_pct / 10000.0), " - BULLISH SPIKE" + " ")
else if is_spike and is_bearish then Concat(AsPercent(vol_change_pct / 10000.0), " - BEARISH SPIKE" + " ")
else "",
if is_spike and is_bullish then Color.GREEN
else if is_spike and is_bearish then Color.LIGHT_RED
else Color.BLACK);
###End Code###
Last edited:
