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)
* Note that like all indicators, it is not 100% accurate and will miss some signals. But it does catch the majority of them :)
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- 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
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- Added coloured EMA (optional).
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- Changed alert message for easier editing.
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Minor improvements
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Converted to Pine Script version 4 and optimized code