The pullback indicator for thinkorswim (TOS) has an audible alert when the pattern sets up, so you won’t miss an entry. It considers a pattern complete when the following criteria are met (conditions listed are for a long bias. reverse the logic for a short bias):
- The fast moving average is above the slow moving average
- There is a sequential pullback of bars that do not exceed the average range *
- The close of the first bar of the pattern is above the fast moving average
- The high of the final bar is above the fast moving average
- The low of the final bar is above the slow moving average
Options for this indicator include:
- bias: default long
- num pullback bars: default 2
- enforce avg range rule: default yes
- sma slow: default 20
- sma fast: default 10
- alert sound: default Sound.NoSound
- show arrows: default no
- trigger bar color: default WHITE
Download package includes scan code. Please read How to create a thinkorswim (TOS) dollar gainer scan for details on how to add a custom Thinkorswim scan.
* The average range for this parameter is defined by the sma slow option. This rule to enforce the average range may be disabled to loosen the entry criteria.
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