Pullback entry
Fires when price ticks up after dipping a set percent below where a signal fired, within N bars of it.
It notes the price on each bar the signal fires and holds it for up to window bars. When price falls more than pullback_pct below that price, it waits for the next bar that closes up and fires there. The signal input has no default; on this chart it reads the close, which is on every bar, so the held price is always the current one and it never fires here.
How to read it
- Markers sit on the candles on the up-bar that follows a pullback below the signal's price.
- In a strategy, bind the signal to an entry trigger, such as a breakout.
What it outputs
- Pullback entry
- On only on an up-bar right after price sat more than pullback_pct below the signal's price.
When it fires
On an up-bar whose previous bar sat more than pullback_pct below the price where the signal last fired, within window bars of it. On this chart the signal is the close, so it never fires.
Settings
- pullback_pct
- How far below the signal's price, as a fraction, price must dip: 0.01 is 1%. Larger dips fire less often; 0 fires on any dip below it.
- window
- How many bars after the signal its price is held. Longer windows allow a slower pullback; shorter ones need it to come quickly.
Pitfalls
- The default 1% dip within 5 bars is rare on one-minute bars, so it may not fire for days; try a smaller dip.
- A new signal replaces the held price, so a run of signals keeps moving the reference.