Pullback indicator for Thinkorswim (TOS) with alert

$29.99

A pullback is a temporary reversal in the direction of an underlying trend. In other words, it is a retracement in price that goes against the current trend. For example, if an asset is in an uptrend and its price starts to fall for a short period before resuming its upward trajectory, that short-term decline is called a pullback. Similarly, if an asset is in a downtrend and its price rises temporarily before resuming its downward trend, that short-term increase is also called a pullback.

In stock

SKU: 170011 Category: Tags: , , ,

Description

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.

Additional information

Feature

Alert, Highlights Bar, Scanner Included

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Pullback indicator for Thinkorswim (TOS) with alert