Pullback Factor
SETTING MANUAL
1/ What is Pullback Factor?
Introduction:
- The Pullback Factor indicator leverages a unique volatility-based algorithm to accurately predict when pullbacks are likely to end, enhancing the timing of market entries.
- It works across all markets (FX, stocks, indices) and on any timeframe (from 1-minute to monthly).
Benefits:
- Precise Entry Points: Pinpoints the end of pullbacks with high accuracy, offering ideal entry moments in a trend.
- Market Versatility: Functions effectively in various markets and timeframes, from FX to stocks and indices.
- Enhanced Trade Timing: Reduces the risk of entering during false reversals, thereby avoiding premature stop-loss triggers.
- Clear Trading Signals: The indicator’s value exceeding 1.5 signals a strong likelihood of trend continuation, simplifying decision-making.
- User-Friendly Interface: Offers easy-to-understand signals, making it suitable for both beginners and experienced traders.
2/ Indicator Setting - Pullback Factor
Please note that there are 2 parts to this product: Pullback Factor Arrow and Pullback-Factor. Please add them both from your Invite-only scripts.
Short MA Period: Change how many bars the short Moving Average covers. Less bars for quick updates, more for a smoother line.
Short MA Method: Pick a way to calculate the short Moving Average. Each method changes how the MA line reacts to price changes:
- SMA (Simple Moving Average)
- EMA (Exponential Moving Average)
- SMMA (Smoothed Moving Average)
- VMA (Volume Moving Average)
Long MA Period: Set the length for the long Moving Average. Longer periods mean a slower, steadier line.
Long MA Method: Choose how the long Moving Average is calculated. Different methods offer various levels of smoothness.
MA Source: Choose the price data (such as close, open, high, or low) used for calculating the Moving Averages. This allows you to align the MAs with your specific analysis needs.
Pullback Threshold: Set a level that tells you when a pullback might be ending. This value is crucial in determining when the indicator signals a potential end to a pullback.
Line Color: Customize the color of the main line of the indicator. This helps in distinguishing it from other elements on the chart for clear visual analysis.
Pullback Threshold Line Color: Pick a color for the main line to make it stand out on your chart.
Line Width: Make the lines thicker for better visibility or thinner for a cleaner chart look.
2/ Indicator Setting - Pullback Factor Arrows
Please note that there are 2 parts to this product: Pullback Factor Arrow and Pullback-Factor. Please add them both from your Invite-only scripts.
SL & TP
SL Detection Distance (Days): Choose how many days back the indicator looks to set your stop loss.
ATR Period for SL Shift: Decide how many days to use for calculating the ATR, which helps adjust your stop loss.
SL Shift Coefficient (from ATR): This number changes how much your stop loss moves based on market changes.
TP Coefficient (from SL): Sets how far your take profit is from your stop loss.
Stop Loss Line Color: Pick a color for your stop loss line on the chart.
Take Profit Line Color: Choose a color for your take profit line.
Line Style Option: Select the style of your lines (like dashed or dotted).
Stop Loss Label Color: Choose the color for the stop loss text on your chart.
Take Profit Label Color: Pick a color for the take profit text.
Pullback Factor
Short MA Period: Set how many days or bars you want to include in the short-term Moving Average calculation.
Short MA Method: Choose how to calculate the short-term Moving Average.
Long MA Period: Set how many days or bars for the long-term Moving Average.
Long MA Method: Choose how to calculate the long-term Moving Average.
MA Source: Pick which price (open, high, low, close, etc) to use for calculating both Moving Averages.
Arrows
Short MA Period: Set the number of periods (like days or bars) for the short-term Moving Average.
Long MA Period: Set the number of periods (like days or bars) the long-term Moving Average.
MA Method (SMA, EMA, SMMA, WMA): Select the type of Moving Average: Simple (SMA), Exponential (EMA), Smoothed (SMMA), or Weighted (WMA).
Pullback Threshold: Determine a value that indicates a significant pullback in price.
Buy Text: Enter the message or word to display when a buy signal is generated.
Sell Text: Input the message or word for sell signal indications.
Buy Text Color: Pick a color for the text that appears on buy signals.
Sell Text Color: Choose a color for the text on sell signals.
Buy/Sell Arrow Size (Auto, Huge, Large, Normal, Small, Tiny): Adjust the size of the arrows that indicate buying or selling opportunities. 'Auto' will automatically adjust the size, or you can choose a specific size ranging from 'Huge' to 'Tiny'.
- How can I set up alerts?
To stay updated on potential trading opportunities, you can set up alerts within the Pullback Factor.
Step 1: From the indicator settings, customize your alerts by defining your desired parameters. The selected configurations will be used for notifications in Step 2.
Step 2: To receive notifications through the app, pop-ups, alert emails, Webhook URL, sound alerts, or email-to-SMS, enable these features by clicking on TradingView's “Alert” icon.
Step 3: Select Pullback Factor Arrows from the “Condition” dropdown list:
Step 4: A pop-up will appear as follows. You click on “Notifications”.
Step 5: You choose the types of notifications you'd like to receive and click the “Create” button.
