JustUncleL

Scalping PullBack Tool R1 by JustUncleL

Description
This study project is a Scalping Pullback trading Tool that incorporates the majority of the indicators needed to analyse and scalp Trends for Pull Backs and reversals on 1min, 5min or 15min charts. The set up utilies Heikin Ashi candle charts. Incorporated within this tool are the following indicators:
1. Major industry (Banks) recognised important EMAs in an EMA Ribbon:
  • Green = EMA89
  • Blue = EMA200
  • Black = EMA633
2. The 36EMA (default) High/Low+Close Price Action Channel (PAC).
3. Fractals
4. HH, LH, LL, HL finder to help with drawing Trend lines and mini Trend Lines .
5. Coloured coded Bar high lighting based on the PAC:
  • blue = bar closed above PAC
  • red = bar closed below PAC
  • gray = bar closed inside PAC
  • red line = EMA36 of bar close
Setup and hints:
  • Set the chart to Heikin Ashi Candles.
  • Add "Sweetspot Gold10" indicator to the chart as well to help with support and resistance finding and shows where the important "00" and "0" lines are.
  • When price is above the PAC(blue bars) we are only looking to buy as price comes back to the PAC
  • When price is below the PAC(red bars), we are only looking to sell when price comes back to the PAC
  • What we’re looking for when price comes back into the PAC we draw mini Trendlines utilising the Fractals and HH/LL points to guide your TL drawing.
  • Now look for the trend to pull back and break the drawn TL. That's is when we place the scalp trade.
  • So we are looking for continuation signals in terms of a strong, momentum driven pullbacks (normally short term 10-20 pips) of the EMA36.
  • The other EMAs are there to check for other Pullbacks when EMA36 is broken.
  • Other than the SweetSpot Gold10 indicator, you should not need any other indicator to scalp the pullbacks.

References:
Release Notes: Release R1.1 this is a significant upgrade to provide a more versatile tool
  • Upgraded to Pinescript R4
  • Reordered code into more logical blocks
  • Added option for PAC filtered Alerts and Alarms.
  • Added option to alter the default EMA lengths.
  • Added option to Show each EMA line.
  • Added option to use Heikin Ashi candles for Algo calculations even when normal candles are displayed on chart.
Release Notes: UPDATE DOCs
Description:

This study project is a Scalping Pullback trading Tool that incorporates the majority of the indicators needed to analyse and scalp Trends for Pull Backs and reversals intended for lower time frame charts upto 15min, but it should work just as well on higher time frame charts for longer term trades.

This Tool can be used with Heikin Ashi (HA) candle charts or normal candle charts, HA candles will show a smoother looking candle trend but not show true prices.

Incorporated within this tool are the following indicators:
1. Trader selectable important EMAs in an EMA style Ribbon:
  • Green = fast EMA (default=89)
  • Blue = medium EMA (default=200)
  • Black = slow EMA (default=600)
2. The PAC EMA (default=34) High/Low+Close creates the Price Action Channel (PAC).
3. Fractals
4. HH, LH, LL, HL finder may help with drawing Trend lines and mini Trend Lines.
5. Coloured coded Bar high lighting based on the PAC:
  • blue = bar closed above PAC
  • red = bar closed below PAC
  • gray = bar closed inside PAC
  • red line = PAC EMA (34) of bar close
6. Coloured chart Background to indicate Trend direction
(NOTE: slow EMA(600) is not used in this Algo):
  • green = Trend direction is up when PAC and fast EMA(89) are above medium EMA(200).
  • red = Trend direction is down when PAC and fast EMA(89) are below medium EMA(200).
  • yellow = Trend direction is in transition.
7. Pullback is defined as Price starts outside the PAC and then pulls back into the PAC closing the opposite side of the PAC centre line, then a recovery arrow can occur.
8. Coloured Alert Arrows:
  • maroon down arrow = Pullback recovery Sell alert
  • green up arrow = Pullback recovery Buy alert
9. Option to force Heikin Ashi candles in Algo calculations.

Setup and hints:
  • I also add "Sweetspot Gold RN" indicator to the chart as well to help with support and resistance finding and shows where the important "00" and "0" lines are.
  • When price is above the PAC(blue bars) we are only looking to buy as price comes back to the PAC, when price is below the PAC(red bars), we are only looking to sell when price comes back to the PAC
  • What we’re looking for when price comes back into the PAC we draw mini Trendlines (TL) utilising the Fractals and HH/LL points to guide your TL drawing.
  • Now look for the trend to pull back and break the drawn mini TL. That's is where we can place the scalp trade.
  • So we are looking for continuation signals in terms of a strong, momentum driven pullbacks of the PAC EMA(34).
  • The other EMAs are there to check for other Pullbacks when PAC EMA (34) is broken.
  • Other than the "SweetSpot Gold RN" indicator, you should not need any other indicator to scalp for pullbacks.
  • If you want to trade shallower Pullbacks for quicker scalps, try reducing the PAC and EMA combination lengths for example:
    - 21 PAC and 55, 144, 377 for fast, medium, slow EMAs
    - 13 PAC and 34, 89, 233 for fast, medium, slow EMAs
  • Each alert should be evaluated on it's own merits, the alerts are designed to highlight possible scalping trades from Pullback recoveries around the PAC.
Skript med en öppen källkod

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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JustUncleL