Ultimate Pullback Indicator

What is the Ultimate Pullback Indicator?

This indicator detects pullback trading opportunities by analyzing price action in a very specific manner.

By combining simple trend filters with various advanced candlestick patterns it detects high-probability trend-continuation setups (and optional exits).

If you use this script to set alerts then you will never miss a pullback trading opportunity ever again!

I personally use this indicator to profitably trade pullback signals in the forex markets on multiple timeframes, from the 15-Minute chart to the 4-Hour and Daily chart.

For more information visit my website: The Ultimate Pullback Indicator.

How Do I Access It?

I currently use this script to trade live money in the forex markets, but I’m also constantly testing and improving it. Therefore this is a constant work-in-progress and I’m always taking meticulous care to make it better.

That’s why this is a premium script that requires payment to access. The other advantage of charging for it is that it retains exclusivity to only a select few dedicated traders.

You can access the script by purchasing a monthly subscription on my website.

If you don’t want to pay for this script then I completely understand and I have plenty of other free scripts that you might be interested in!

Free Trial

I’m a trader myself and so I know how skeptical you might be that this indicator is worth your time and money.

That’s why I am offering a free 14 day trial of the indicator. All you need to do to initiate your trial is Join My Mailing List!

How It Works

When price is above the 50-EMA the script will wait for a pullback of at least two red candles. Once that condition is met, it begins searching for advanced entry patterns.

The opposite is true for short trades – price must be below the 50-EMA and must pull back by at least two green candles before it will begin searching for entry reasons.

Once it detects a valid entry reason it will draw a green arrow (for longs) or a red arrow (for shorts) as well as your stop loss and target price (the red and green lines).

But these settings can be customized however you like. You can change the EMA to any period you want, you can adjust your stop loss distance, you can enable or disable the entry and exit reasons as you wish, and you can adjust the rules for some of the patterns.

For a full list of features and visual examples visit the indicator page on my website: The Ultimate Pullback Indicator.

Notas de Lançamento:

Added option to draw stop loss size (in pips) directly to the chart as a label. This helps a LOT with backtesting!

Notas de Lançamento:

Improved chart example

Notas de Lançamento:

Fixed ATR Stop Loss multiplier not working.

Notas de Lançamento:

Improved shooting star and hammer candle detection

Notas de Lançamento:

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- Added option to change RSI inputs
- Fixed EAP SL drawing (purple line bug)
- Fixed gaps being detected as engulfing candles

Notas de Lançamento:

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- Added {{ticker}} tag to alerts message

Notas de Lançamento:

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- Fixed RSI Engulfing candle exit reason not working properly

Notas de Lançamento:

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- Minor improvements

Notas de Lançamento:

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- Added option to separate Long & Short alerts
- Added optional 2nd EMA

Notas de Lançamento:

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- Changed minvalue of EMA 2 to zero - if EMA 2 length is set to zero, it is disabled.

Notas de Lançamento:

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- Minor improvements

Notas de Lançamento:

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- Re-wrote entire source code from scratch
- Functionality is mostly the same, just a lot of new features
- Too many improvements & changes to list!
- Check out the YouTube video guide for more info

Notas de Lançamento:

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Notas de Lançamento:

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- Fixed rejection wick setting bug
- Added option to ignore long or short setups

Notas de Lançamento:

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- Added option to change Moving Average types

Notas de Lançamento:

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- Fixed "Exit Reasons + Target" Bug
- Added "DEMA" Option
- Added Fixed Pip SL Option

I've also added a new setting - R:R To Trigger Exit.

Basically it works like this (for example) - if you set your regular R:R Target to 2:1, you set your Break-Even target to 1.5:1, and you set your R:R To Trigger Exit to 1:1, the script will perform like this:

- If price hits your stop loss it will be stopped out as per usual
- If price hits 1:1 it will begin searching for your selected exit reason(s)
- If price hits 1.5:1 it will move the theoretical stop loss to break-even
- If price hits 2:1 it will exit your trade for a profit regardless of the exit reason(s)

If you set R:R To Exit Trade to 0 it will disable that setting (it's disabled by default), and the script will only begin searching for an exit reason when your standard R:R under the Stops & Targets section is hit.

Notas de Lançamento:

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- A few bug fixes and minor improvements
- Added a whole bunch of alert customization for 3rd party APIs

Notas de Lançamento:

- Added MA slope filter (won't take trades if MA has flattened)
- Added time-based filter (won't take trades during given time of day)

Notas de Lançamento:

Added account balance parameters for risk management automation through AutoView (only works on forex markets)
Added position size plot to Style menu, disabled by default (use {{plot_14}} for AutoView alerts)
Fixed JPY pairs displaying whole number stop loss sizes incorrectly

Notas de Lançamento:

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- Improved hammers & shooting stars detection
- Added start date filter
- Separated all the various alert conditions

Notas de Lançamento:

- Minor code optimization

Notas de Lançamento:

- Minor code optimization

Notas de Lançamento:

- Minor bug fix

Notas de Lançamento:

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- Better organized settings menu using latest Pine features
- Added trailing stop source option (high/low, close, open)
- Doji's are now detected based on % of bar size, not pips
- Removed slope filter as it wasn't working as intended
- Removed individual alert options from settings menu (they're now all listed under alert dialog)
- Added complete in-built AutoView automation functionality

To use AutoView alerts, make sure to set up the appropriate settings and then create an alert using "Any alert() function call". The script will then automate trade management based on however you've set up the script to behave.

For help with this, search "The Art Of Trading AutoView Guide" on YouTube. Enjoy :)

Notas de Lançamento:

UPI Update:
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- Many minor fixes:
- Removed deprecated transp parameters
- Fixed "1234567" on time function (to include weekends in time filter)
- Fixed some out-of-scope function call warnings
- Added AutoView Disclaimer
- Added minimum hammer size compared to ATR to prevent detecting tiny hammers & stars
- Added lowest low/highest high lookback to hammers & stars
- Removed stats label as it is inaccurate compared to strategy version - will work on a fix
- Turned "overwrite new trades" on by default for this version of the script
- Added option to round SL pips to remove decimals (on by default)
- Fixed SL label drawing over the top of Win label if both target & SL are hit on the same bar

Notas de Lançamento:

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- Fixed a minor mistake with trade label text

Notas de Lançamento:

Fixed minor bug with alerts

Notas de Lançamento:

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- Fixed minor bug where script would take trades when ATR was null

Notas de Lançamento:

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- Released v3.0 of the UPI.
- Updated code to v5 of Pine Script.
- Improved pullback detection accuracy.
- Added PineConnector functionality for auto-trading.
- A few other minor changes - check out the settings guide on my website or YouTube channel (link in my profile).

Notas de Lançamento:

- Fixed some typos in settings & removed some code that wasn't used

Notas de Lançamento:

- Fixed a potential bug with automation code

Notas de Lançamento:

- Fixed time session filter bug

Notas de Lançamento:

- Fixed bug with AutoView code which caused long position sizes to be calculated incorrectly

Notas de Lançamento:

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- Improved pullback detection accuracy slightly
- Changed the way the indicator handles trades which hit their take-profit & stop-loss on the same bar (the script will now assume these trades are losing trades - you will need to drop down to lower timeframes to verify whether or not the trade was a losing trade or a winning trade due to the fact that Pine Script cannot account for intrabar price action)

Notas de Lançamento:

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- Fixed break-even label not displaying
- Added script version number to style menu

Notas de Lançamento:

- Updated code to work with AutoView changes to break-even functionality

Notas de Lançamento:

- v3.04
- Temporarily added max_bars_back=5000 parameter to attempt to hotfix issue with "Pine cannot determine the referencing length of a series" until I find the culprit variable
- Fixed script detecting take-profit being hit on the signal bar's wicks
- Added warning labels for trades that hit their take-profit AND stop-loss on the same bar (outcome requires manual confirmation)

Notas de Lançamento:

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- Updated ZenLibrary to v3
- Increased max label count to 500
- Added option to select pips or price value for PineConnector entry limit order
- Added option to select pips or price value for PineConnector stops & targets
- Added debug option to display AutoView/PineConnector alert string

Notas de Lançamento:

v3.06:
- Updated ZenLibrary to v5
- Updated code to be compatible with new PineConnector syntax
- Updated trailing stop to work with pips as well as price with PineConnector
- Added Spread Filter setting
- Added EAP SL Algorithm #2
- Truncated decimals on debug label for TP & SL price values

Notas de Lançamento:

- Fixed time filter (it was doing the opposite to what it was supposed to)

Notas de Lançamento:

Added Stop Loss price source option (allows you to specify what price to use for calculating your stop loss - eg. high/low, open or close).

Notas de Lançamento:

- Fixed bug with backtester display sometimes ignoring first losing trade (resulting in Max DD being off by 1%)

Notas de Lançamento:

- Added PineConnector symbol override option (settings tooltip explains what it does). Leave blank to disable.

Notas de Lançamento:

- Cleaned up status bar user inputs and some plots using new display=display.none parameter

Notas de Lançamento:

- Added "SL Rounding Fix" setting for non-FX markets that produce rounding errors for SL/TP pips (eg. stock indexes like NAS100)

Notas de Lançamento:

Added multi-strategy support for PineConnector.

Notas de Lançamento:

Added "minimum SL distance" - allows user to ignore trades with a stop loss below this number in pips, or override the stop loss to this pip distance if it's below it.

Notas de Lançamento:

Forgot to update version number

Notas de Lançamento:

Added "Draw Signals on Real-Time Bars" setting. Turning this on will make the script draw entry signals regardless of whether the current bar has closed (ie. it will repaint). This can be used to prepare in advance for a potential trade, or to enable signals to be drawn early in bar replay mode for backtesting purposes.

Notas de Lançamento:

Fixed Max Candles Beyond EMA setting not applying correctly