OPEN-SOURCE SCRIPT
Scalping PullBack Tool + RSI Crossover
This Pine Script code is designed for **scalping trading strategies** by combining **Price Action Channel (PAC) & RSI Crossover signals**. It provides trend visualization, buy/sell signals, and alerts.
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## **📌 Features:**
### ✅ **1. Price Action Channel (PAC)**
- A channel based on **Exponential Moving Averages (EMAs)**:
- `pacC`: EMA of closing price
- `pacL`: EMA of low price
- `pacU`: EMA of high price
- Used to detect price **pullbacks and breakouts**.
### ✅ **2. Exponential Moving Averages (EMAs)**
- Three EMAs to determine trend direction:
- **Fast EMA (89)**
- **Medium EMA (200)**
- **Slow EMA (600)** (optional)
- Trend is **Bullish** if `fastEMA > mediumEMA` and `pacL > mediumEMA`, and **Bearish** if `fastEMA < mediumEMA` and `pacU < mediumEMA`.
### ✅ **3. RSI Crossover System**
- **Relative Strength Index (RSI)** is calculated to measure momentum.
- **RSI-based EMA (9-period EMA of RSI)**
- **Buy Signal**: RSI crosses **above** RSI-EMA & RSI-EMA > 50.
- **Sell Signal**: RSI crosses **below** RSI-EMA & RSI-EMA < 50.
### ✅ **4. Visualization**
- **PAC Channel Fill**: Gray shading to highlight the price channel.
- **EMA Ribbons**: Green (Fast), Blue (Medium), Black (Slow).
- **Bar Coloring**:
- **Blue** if price > PAC upper band.
- **Red** if price < PAC lower band.
- **Background Coloring**:
- **Green** for bullish trends.
- **Red** for bearish trends.
- **Yellow** for neutral.
### ✅ **5. Alerts for Buy/Sell**
- **Buy Alert**: When RSI crosses **above** RSI-based EMA.
- **Sell Alert**: When RSI crosses **below** RSI-based EMA.
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## **🛠 How to Use:**
1. **Apply the script** to a TradingView chart.
2. **Enable EMA and PAC Channel** to see trend direction.
3. **Watch for Buy/Sell signals**:
- **Green ‘BUY’ label** below bars.
- **Red ‘SELL’ label** above bars.
4. **Use alerts** to notify you of trading opportunities.
---
### **🔍 Summary**
This script helps scalpers and short-term traders **identify pullbacks & momentum shifts** using **PAC and RSI crossovers**. It provides clear **visual indicators & alerts** to assist in **quick decision-making**.
Let me know if you need modifications or explanations for specific parts! 🚀
---
## **📌 Features:**
### ✅ **1. Price Action Channel (PAC)**
- A channel based on **Exponential Moving Averages (EMAs)**:
- `pacC`: EMA of closing price
- `pacL`: EMA of low price
- `pacU`: EMA of high price
- Used to detect price **pullbacks and breakouts**.
### ✅ **2. Exponential Moving Averages (EMAs)**
- Three EMAs to determine trend direction:
- **Fast EMA (89)**
- **Medium EMA (200)**
- **Slow EMA (600)** (optional)
- Trend is **Bullish** if `fastEMA > mediumEMA` and `pacL > mediumEMA`, and **Bearish** if `fastEMA < mediumEMA` and `pacU < mediumEMA`.
### ✅ **3. RSI Crossover System**
- **Relative Strength Index (RSI)** is calculated to measure momentum.
- **RSI-based EMA (9-period EMA of RSI)**
- **Buy Signal**: RSI crosses **above** RSI-EMA & RSI-EMA > 50.
- **Sell Signal**: RSI crosses **below** RSI-EMA & RSI-EMA < 50.
### ✅ **4. Visualization**
- **PAC Channel Fill**: Gray shading to highlight the price channel.
- **EMA Ribbons**: Green (Fast), Blue (Medium), Black (Slow).
- **Bar Coloring**:
- **Blue** if price > PAC upper band.
- **Red** if price < PAC lower band.
- **Background Coloring**:
- **Green** for bullish trends.
- **Red** for bearish trends.
- **Yellow** for neutral.
### ✅ **5. Alerts for Buy/Sell**
- **Buy Alert**: When RSI crosses **above** RSI-based EMA.
- **Sell Alert**: When RSI crosses **below** RSI-based EMA.
---
## **🛠 How to Use:**
1. **Apply the script** to a TradingView chart.
2. **Enable EMA and PAC Channel** to see trend direction.
3. **Watch for Buy/Sell signals**:
- **Green ‘BUY’ label** below bars.
- **Red ‘SELL’ label** above bars.
4. **Use alerts** to notify you of trading opportunities.
---
### **🔍 Summary**
This script helps scalpers and short-term traders **identify pullbacks & momentum shifts** using **PAC and RSI crossovers**. It provides clear **visual indicators & alerts** to assist in **quick decision-making**.
Let me know if you need modifications or explanations for specific parts! 🚀
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