Pullback and Retracement Alert

2021년 1월 12일

This indicator is developed mainly based on the combination of Price Change, Volume and Stochastic . The criteria used for the signals to trigger are:

- Bullish signals - Stochastic, k is crossed at below overbought area with Volume increment or Price increased significantly.

- Bearish signals - Stochastic, d is crossed at above oversold area with Volume increment or Price decreased significantly.


Total 6 signals to determine:

- Potential Pullback (green cross below bar - weak bullish signal).

- Significant Price Up (green cross below bar - weak bullish signal).

- Pullback (green triangle below bar - strong bullish signal).

- Potential Retracement (red cross above bar - weak bearish signal).

- Significant Price Drop (red triangle above bar - strong bearish signal).

- Retracement (red triangle above bar - strong bearish signal).


This indicator is best combine with Stochastic and Volume indicators. Signals in this indicator are also equipped with alerts.

2021년 1월 16일

릴리즈 노트

General Concept:

The basic idea is the same with the earliest Pullback and Retracement Alert. This indicator is developed based on the combination of Price Change, Volume and Stochastic .

Several enhancement had been made:

- Cross and triangle signals have been replaced into interactive symbols (Hammer, Rocket and Bomb).
- Bars are now equipped with colors (green for pullback and red for retracement). Please change the bars color setting into Black and White or other suitable colors to suit with the indicator.

The criteria used for the signals to trigger are:

- Bullish signals - Stochastic , k is crossed at below overbought area with Volume increment or Price increased significantly.
- Bearish signals - Stochastic , d is crossed at above oversold area with Volume increment or Price decreased significantly.

Total 6 signals to determine:

- Pullback (green bar only) – weak signal.
- Pullback with hammer ( hammer symbol) – strong signal when appears at bottom.
- Pullback with volume bar (rocket symbol) - strong signal when appears at bottom.
- Retracement (red bar only) – weak signal.
- Retracement due to profit taking (red triangle down symbol) - strong signal when price is too high.
- Retracement due to drastic price drop (bomb symbol) – strong signal when price is too high.

Only 2 alerts will triggered if any of the 6 signals match:
- Pullback alert.
- Retracement alert.

Weaknesses:
- Not suitable for sideway market and super penny stock.
- There are some grey points where this indicator is unable to identify especially when real pullback and retracement occurred. Therefore, this indicator need to be supported by others indicator such as Stochastic and Volume .

Latest add on: Support and Resistance indicator to identify real pullback and retracement.

This new release supersedes the previous version of Pullback and Retracement Alert. Please reselect and relist it into your favorites script if you wish to use this version.

2021년 1월 19일

릴리즈 노트

Added with MA 20 (Blue Line), MA 50 (Purple Line) and MA 200 (Black Line) as dynamic supports

2021년 1월 21일

릴리즈 노트

New 1 signal added:

- Potential Pullback (eyes symbol) - weak pullback signal.


Now, this indicator is included with total 7 signals to determine:

- Pullback (green lime bar only) – weak pullback signal (NEW SIGNAL).

- Pullback with hammer (hammer symbol) – strong signal when appears at bottom.

- Pullback with volume bar (rocket symbol) - strong signal when appears at bottom.

- Retracement (red bar only) – weak signal.

- Retracement due to profit taking (red triangle down symbol) - strong signal when price is too high.

- Retracement due to drastic price drop (bomb symbol) – strong signal when price is too high.