Retracement Level Trigger
I use the simple script to notify me when a retracement level has been met. I use the SMS alert to tell me when a specific retracement level has been met from a local pivot a high or local pivot low. Please let me know what you think. Feel free to make improvements and repost.
study("Retracement")
// script written by Paul Johnson: minorplanet2
// use this script to set triggers on Fibonacci retracement levels.
len=input(15,title="Lookback Length") //how far back to look for max pivots and min pivots
retr=input(0.382,title="Retracement Ratio",type=float)
base=input(50,title="Pivot Value", type=float) // set the value of the fixed pivot from which to draw the retracement
mi=lowest(close,len)
m=highest(close,len)
tri=close<=((1-retr)*(m-base))+base?-1:close>=base-((1-retr)*(base-mi))?1:0
// calculates the retracement value for the range between the pivot input and the local min or max
// if the retracement from the local pivot high is met, a value of -1 is returned
// if the retracement from the local pivot low is met, a value of +1 is returned
plot(tri,title="retracement met:-1/1")