Pullback Indicator

The Pullback Indicator is a technical analysis tool designed to identify pullbacks in the price action of a financial instrument. It is based on the concept that price tends to retrace to a previous level of support or resistance before continuing in the direction of the trend.

The indicator is plotted as a series of triangles above or below the price bars, depending on the type of pullback detected. A green triangle is displayed when a bullish pullback is detected, while a red triangle is displayed for a bearish pullback.

The Pullback Indicator uses Inside Bar Range, this number is a user-defined input that specifies the number of bars to look back for the highest high and lowest low.

The indicator classifies four types of pullbacks:

Swing Low - When the price forms a lower low and a higher low than the previous bar.
Swing High - When the price forms a higher high and a lower high than the previous bar.
High Low Sweep and close below - When the price forms a lower low and a higher low than the previous bar, but the close is below the previous high.
High Low Sweep and close above - When the price forms a higher high and a lower high than the previous bar, but the close is above the previous low.

The Pullback Indicator is best used in conjunction with other technical analysis tools to confirm the direction of the trend and to identify potential entry and exit points.

Note di rilascio

Made changes to the script to identify minor pullbacks. If needed you can change the style as per your requirement

Note di rilascio

Update: Checked equal condition

Note di rilascio

Fixed some errors

Note di rilascio

Checked equal conditions and updated inside bar range

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Updated Inside bar Range

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Few bug fixes

Note di rilascio

Changes in code

Note di rilascio

Few bug fixes

Note di rilascio

Updated Inside bar candles with different colors

Script open-source

In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.

mayureshjadhav12

Declinazione di responsabilità

Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.

Script open-source

mayureshjadhav12