Rockstar - Pullback Flag

27. Juli 2020

Simple script to identify pullbacks in an uptrend.
Indicator will add yellow flags if ideal conditions are met.
Additionally plots SMA20, SMA50 and SMA200.
Use this indicator in combination with observed price action and your own strategy.
Do no trade blindly on this indicator.

Conditions:
Price above 200MA
50MA above 200MA
20MA near 50MA
RSI reset below 55
Price delta is close to delta between 20MA and 50MA (trying to filter out volatile moves)
Closed price is near 20MA (setting up again for a move)

6. Aug. 2020

Versionshinweise

Added both Long and Short Pullback flags
Added adjustable moving averages in Settings of indicator, Default: SMA 20, 50, 200
Fixed Settings inputs

8. Aug. 2020

Versionshinweise

Updates:
- flag pullback when price closes below the 20MA.
- flag allowing 50MA to be slightly below 200MA (within 5%)

14. Aug. 2020

Versionshinweise

Improvements to pullback indicator:

1. Added two flags for Long pullback indicator
Yellow diamond when previous low is still above the 50MA (default settings)
Yellow up-arrow when previous low went below the 50MA (default settings) - best possible pullback
2. Added RSI reset as input parameter (default setting at 55)

Summary: Pay attention when seeing the diamond. Best entry is when you see the Up-arrow.

Enjoy!

14. Aug. 2020

Versionshinweise

Fixed titles for the Long flags - you can use these when setting your alerts in TradingView