Aggressive Pullback Indicator

12 de ago. de 2017

This indicator is designed to be used with the rules of Steven Hart's Aggressive Pullback Strategy. It is intended for use on the 4-hour timeframe but will work on all timeframes. The rules are customizable, but the default settings are:

Minimum Candle Pullback: 2
How Many Candles We Can Engulf: 3
Override Rule #2 If Candle's Body % of ATR Is Less Than: 99%
ATR Length: 14
EMA Length (close): 50
How Far To Look Back For Swings: 5 bars (this is used to invalidate engulfing candles that close above the swing high/lows that started the 2 candle pullback)

Visit https://www.thetradingchannel.net or http://www.youtube.com/channel/UCGL9ubdGcvZh_dvSV2z1hoQ/videos for information on how to use the strategy correctly (and profitably)!

* Note that like all indicators, it is not 100% accurate and will miss some signals. But it does catch the majority of them :)

27 de jun. de 2018

Notas de Lançamento

- Added fractal option for entries to improve signal "quality" (entry candle must be a 3-point fractal)
- Improved signal validity when price is hovering around EMA (according to the strategy rules)
- Implemented optional ATR stop loss algorithm for making stops and targets slightly tighter while still adjusting for volatility.

ATR Stop Loss Algorithm:

If ATR is under 30 then stop loss = 20 pips
If ATR is over 30 but under 50 then stop loss = 30 pips
If ATR is over 50 but under 100 then stop loss = 50 pips
If ATR is over 100 then stop loss = 100 pips

27 de jun. de 2018

Notas de Lançamento

- Added coloured EMA (optional).

27 de jun. de 2018

Notas de Lançamento

- Changed alert message for easier editing.

17 de fev. de 2019

Notas de Lançamento

Minor improvements

1 de out. de 2020

Notas de Lançamento

Converted to Pine Script version 4 and optimized code