Identifies pullbacks by checking if the current candle's body is lower than the previous candle's low for a bearish pullback or higher than the previous candle's high for a bullish pullback. Once a pullback has been identified, the Indicator marks the lowest low or highest high of the trend with a circle.
NOTE it's not fully working as expected as it lacks trend analysis in its code, resulting in it indicating pullbacks in the opposite direction of the trend, such as bullish pullbacks in a bullish trend or bearish pullbacks in a bearish trend. This is a work in progress, maybe it will be "improved" in the future.
this indicator pretty accurate but i found some incorrect pullback, new candle moving up or down and not break the high or low of previous candle,should not count as pullback,it's an inside bar so it should be not mark as pullback, hope you can update.
another rules, if two candle bar is at the same height but different low point but the third candle taken out the low of second candle, it should mark as pullback.
UnknownUnicorn45927007
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@emakemaktrading, Hi, I tried to understand what you are saying but not sure lol, so yes this is not done and could be improved, I have never coded with pinescript so this was my first attempt and have not had a time to learn it.. and it's a bit weird language to be honest. I had this TODO comment in code "// TODO: Trend (do not shot bullish pullbacks on bullish trend example.. )", maybe this is what you mean on your first point? And I'm not getting your second point sry, atleast I think it already does it like you say, but maybe I'm missing something.
And btw it's open source because I hope that someone would take over from this and finish it :D Not really motivated atm to learn pinescript, but maybe I will at some point.
jerrycuan
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@mhlenux_0, tradingview.com/script/EmPDpJ4e-Inside-Bar-v2/ This what i mean about inside bar, the candle inside previous bar not mark as pullback till broken the low or high. Wish you can update and can add option if the new candle shadow break the high or low previous candle the body or shadow, it's mark as valid pullback
Admzianahr
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Indicator seems to repaint often. To even incorporate it into a strategy is quite difficult as the indicator print every 2 or so candles and disappears just as often, unfortunately.
UnknownUnicorn45927007
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@Admzianahr, I have been using it daily (always) and never seen any problems like that..
Pratik_Jivani
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@mhlenux_0 It looks almost perfect. How much accuracy you are getting while using daily basis?