Trend Pullbacks Indicator For ThinkOrSwim

[Pensar]

A simple indicator of mine that uses moving averages to indicate trend direction, then signals when a pullback is happening. Good for bounce/trend continuation plays. The trend averages and pullback depth can be adjusted to suit your individual preference.

# Trend Pullbacks
# Pensar

input shortlength = 8;
input longlength = 21;
input pullbackdepth = 3;

def h = high;
def l = low;
def ma1 = expaverage(close,shortlength);
def ma2 = expaverage(close,longlength);

# down
def short = if ma1 > ma2 then 0
         else if h > highest(h,pullbackdepth)[1] then 1 else 0;
plot arrowdown = short and !short[1];
arrowdown.setpaintingstrategy(paintingstrategy.boolean_arrow_down);
arrowdown.setdefaultcolor(color.red);

# up
def long = if ma1 < ma2 then 0 
           else if l < lowest(l,pullbackdepth)[1] then 1 else 0;
plot arrowup = long and !long[1];
arrowup.setpaintingstrategy(paintingstrategy.boolean_arrow_up);
arrowup.setdefaultcolor(color.green);

plot shortma = ma1;
shortma.setdefaultcolor(createcolor(0,105,0));
plot longma = ma2;
longma.setdefaultcolor(createcolor(0,105,0));

# end