OPEN-SOURCE SCRIPT
Everyday 0003 _ MAC Pullback

I recently posted a Moving Averge Crossover strategy for my Everyday project - a project I've given myself where I try to create one strategy everyday in between 15 minutes and 2 hours.
In the comments of my last published idea, user SignalTradersUK was very kind and suggested I try the following in my next study:
"i think your next study should be, to workout what to do after the Moving Average cross! If you look just on the chart you have posted, Price would appear to always come back to the levels where the 2 MA's cross and then go back in the direction of the crossing of the MA's. It's a great pull back strategy."
I'm really just beginning to learn about coding strategies so I'm not 100% sure I correctly understood his suggestion.
I admit I had difficulties wrapping my head around how to do this.
Anyway, the result is a strategy which runs alongside the main Moving Average Crossover.
'The Algorithm'
When the fast and slow MA cross the strategy traces back 40 days to find a swing low.
This swing low and the price at the MA cross is used to calculate a fib 1.272 extension.
The price at this 1.272 extension is used to place a Pullback short order.
Since we're shorting a bull trend, a tight stop is used.
If the pullback reaches down to the fib 0.618 we take profit (close the short).
Like I said, I don't know if I correctly understood SignalTradersUK feedback, but I really appreciate the
feedback and advice!
As always I'm hoping to learn from the community, so all feedback, corrections and advice is very welcome!
Thanks!
/pbergden
In the comments of my last published idea, user SignalTradersUK was very kind and suggested I try the following in my next study:
"i think your next study should be, to workout what to do after the Moving Average cross! If you look just on the chart you have posted, Price would appear to always come back to the levels where the 2 MA's cross and then go back in the direction of the crossing of the MA's. It's a great pull back strategy."
I'm really just beginning to learn about coding strategies so I'm not 100% sure I correctly understood his suggestion.
I admit I had difficulties wrapping my head around how to do this.
Anyway, the result is a strategy which runs alongside the main Moving Average Crossover.
'The Algorithm'
When the fast and slow MA cross the strategy traces back 40 days to find a swing low.
This swing low and the price at the MA cross is used to calculate a fib 1.272 extension.
The price at this 1.272 extension is used to place a Pullback short order.
Since we're shorting a bull trend, a tight stop is used.
If the pullback reaches down to the fib 0.618 we take profit (close the short).
Like I said, I don't know if I correctly understood SignalTradersUK feedback, but I really appreciate the
feedback and advice!
As always I'm hoping to learn from the community, so all feedback, corrections and advice is very welcome!
Thanks!
/pbergden
오픈 소스 스크립트
진정한 트레이딩뷰 정신에 따라 이 스크립트 작성자는 트레이더가 기능을 검토하고 검증할 수 있도록 오픈소스로 공개했습니다. 작성자에게 찬사를 보냅니다! 무료로 사용할 수 있지만 코드를 다시 게시할 경우 하우스 룰이 적용된다는 점을 기억하세요.
면책사항
이 정보와 게시물은 TradingView에서 제공하거나 보증하는 금융, 투자, 거래 또는 기타 유형의 조언이나 권고 사항을 의미하거나 구성하지 않습니다. 자세한 내용은 이용 약관을 참고하세요.
오픈 소스 스크립트
진정한 트레이딩뷰 정신에 따라 이 스크립트 작성자는 트레이더가 기능을 검토하고 검증할 수 있도록 오픈소스로 공개했습니다. 작성자에게 찬사를 보냅니다! 무료로 사용할 수 있지만 코드를 다시 게시할 경우 하우스 룰이 적용된다는 점을 기억하세요.
면책사항
이 정보와 게시물은 TradingView에서 제공하거나 보증하는 금융, 투자, 거래 또는 기타 유형의 조언이나 권고 사항을 의미하거나 구성하지 않습니다. 자세한 내용은 이용 약관을 참고하세요.