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Pullback Viewer

5
Pullback Viewer is designed to show valid pullback points in a bearish or bullish trend.

What is considered a valid pullback?

A valid pullback needs to have a body close outside the previous candle high (in a bearish trend) or previous candle low (in a bullish trend). If the candle wicks out the previous candle, it's not a valid pullback.

Pullback must liquidate the previous candle with a clean candle body close.

When is this indicator useful?

It's useful to understand and spot potential key levels, where you can expect the reaction of the price.

Examples how you can use valid pullbacks:
  • Identify supply and demand zones
  • Spot key levels for support and resistance
  • Use as anchor points for trendlines
This indicator is a valuable guideline to spot the important swing points in trending markets.

Timeframes and symbols

Pullback viewer can be used regardless of the timeframe you are using, or symbol that you are trading.


Reviews 1
lywer
179
lywer 2022.11.10 18:15 
 

very usefull indicator.thank you very much.

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lywer
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lywer 2022.11.10 18:15 
 

very usefull indicator.thank you very much.

Reply to review
Version 1.20 2022.11.10
Added a new condition to correctly display the pullback when the market gaps.
Version 1.10 2022.06.12
Corrected spelling mistake.