Pullback Trading Tool R5-65 by JustUncleL

By request this is an updated version of the "PullBack Trading Tool": removes experimental "OCC" channel, added option to display ribbons or just single moving average lines, added alert arrows for "PB" exits, added alertcondition for TV alarm subsystem, added some extract options for Pivot points and general cleanup of code.

Description:
This project incorporates the majority of the indicators needed to analyse and trade Trends for Pullbacks, swings and reversals.
Incorporated within this tool are the following indicators:
1. Major industry (Banks) recognised important EMAs in an EMA Ribbon:

• Lime = EMA5 (Optional Display)
  
• DodgerBlue = EMA12 (Optional Display)
  
• Red = EMA36 (Optional display)
  
• Green = EMA89
  
• Blue = EMA200
  
• Black = EMA633
  

2. The 5 EMA (default) High/Low/Close Price Action Channel (PAC), the PAC channel display is disabled by default.
3. Optionally display Fractals and optional Fractal levels
4. Optional HH, LH, LL, HL finder.
5. Optional Buy/Sell "PB" exit Alerts with Optional 200EMA filter.
6. Coloured coded Bar high lighting based on the PAC:

• blue = bar closed above PAC
  
• red = bar closed below PAC
  
• gray = bar closed inside PAC
  

7. Alert condition sent to TradingView's Alarm subsystem for PB exits.
8. Pivot points with optional labels.
9. EMA5-12 Ribbon is displayed by default.
10.EMA12-36 Ribbon is displayed by default

Set up and hints:
I am unable to provide a full description here, as Pullback Trading incorporates a full trading Methodology, there are a number of articles and books written on the subject.

• Set the chart to Heikin Ashi Candles (optional).
  
• I also add a "Sweetspot Gold R3" indicator to the chart as well to help with support and resistance finding and shows where the important "00" lines are.
  
• First on a weekly basis say Sunday night or Monday morning, analyse the Daily and Weekly charts to establish overall trends, and support/resistant levels. Draw significant mini trend lines (2/3 TL), vertical trend lines (VTL) and S/R levels. Can use the Pivots points to guide VTL drawing and Fractals to help guide 2/3 TL drawing.
  
• Once the trend direction and any potential major reversals highlighted, drop down to lower timeframe chart and draw appropriate mini Trend line (2/3 TL) matching the established momentum direction. Take note of potential pull backs from and of the EMAs, in particular the EMA5-12 ribbon, EMA12-36 Ribbon and the 200EMA. Can use the Pivots and/or Fractals points to guide your 2/3 TL drawing.
  
• Set a TradingView alarm on the "PBTOOL alert", with the default settings this normally occurs before or during the Break of the manually drawn TL lines.
  
• Once alerted check to see if the TL is broken and is returning to trend away from the EMA lines, this is indicated by bar colour change to trend directional colour.
  
• You can trade that alert or drop down to even lower time frames and perform the same TL analysis there to find trades at the lower TF. Trading at lower TF you will allow tighter Stop loss settings.
  

Other than the "SweetSpot Gold R3" indicator, you should not need any other indicator to successfully trade trends for Pullbacks and reversals. If you really want another indicator I suggest a momentum one for example: AO ( Awesome Oscillator ), MACD or Squeeze Momentum.

ملاحظات الأخبار:

... R7 Release

• Added optional Candle Colouring to Grab candle colour scheme.
  
• Upgraded to version3 Pinescript
  
• Added seperate BUY and SELL alarm alerts
  
• Added implied copyright notice.