OPEN-SOURCE SCRIPT
Pullback Warning
The Pullback Warning indicator is a simple indicator that highlights the potential for a market pullback, by measuring distances between certain key moving averages.
John Pocorobba recently shared in his general market updates, research showing that when the distance between the closing price and the 9 day exponential moving average is greater than the distance between the 9 day exponential moving average and the 20 day exponential moving average a pullback is likely.
While this condition occurs frequently, I added sensitivity options to try and filter out the noise. The sensitivity is based on the closing price’s extension from the 50 day simple moving average. Depending on your level of sensitivity, only signals that occur when price is extended either 5, 6, or 7 percent away from the 50 sma will be plotted.
Choose how to see the signal:
Note this signal works best on indexes, not individual securities.
John Pocorobba recently shared in his general market updates, research showing that when the distance between the closing price and the 9 day exponential moving average is greater than the distance between the 9 day exponential moving average and the 20 day exponential moving average a pullback is likely.
While this condition occurs frequently, I added sensitivity options to try and filter out the noise. The sensitivity is based on the closing price’s extension from the 50 day simple moving average. Depending on your level of sensitivity, only signals that occur when price is extended either 5, 6, or 7 percent away from the 50 sma will be plotted.
Choose how to see the signal:
- Highlight Background
- Plot a symbol at desired location
Note this signal works best on indexes, not individual securities.
Script de código aberto
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Trusted Pine programmer. Send me a message for script development.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.
Script de código aberto
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Trusted Pine programmer. Send me a message for script development.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.