Scalpingtool indicator from TradingView
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- This topic has 1 reply, 1 voice, and was last updated 2 years ago by
Musiar.
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10/01/2022 at 6:54 PM #201756
Hello,
I hope you can help me with the attached code converting.
The code is collected from TradingView (https://www.tradingview.com/script/n1co3drh-Scalping-PullBack-Tool-R1-by-JustUncleL) and is free for use. Maybe other users could find this indicator useful, as well.
Thank you and best regards!
10/01/2022 at 7:05 PM #201758I used the link for free code conversion also first time, but it creates a new topic.
I noticed that the attachment is not here, as well and below is the code:
//@version=4
//
study(title=”Scalping PullBack Tool R1.1 by JustUncleL”, shorttitle=”SCALPTOOL R1.1″, overlay=true)
//
// Revision: 1.1
// Original Author: JustUncleL
//
// Description:
// This study project is a Scalping Pullback trading Tool that incorporates the majority of the indicators
// needed to analyse and scalp Trends for Pull Backs and reversals intended for lower time frame
// charts upto 15min, but it should work just as well on higher time frame charts for
// longer term trades.
//
// This Tool can be used with Heikin Ashi (HA) candle charts or normal candle charts, HA candles
// will show a cleaner/smoother looking candle trend but not show true prices.
//
// Incorporated within this tool are the following indicators:
// 1. Trader selectable important EMAs in an EMA style Ribbon:
// – Green = fast EMA (default=89)
// – Blue = medium EMA (default=200)
// – Black = slow EMA (default=600)
// 2. The PAC EMA (default=34) High/Low+Close creates the Price Action Channel (PAC).
// 3. Fractals
// 4. HH, LH, LL, HL finder may help with drawing Trend lines and mini Trend Lines.
// 5. Coloured coded Bar high lighting based on the PAC:
// – blue = bar closed above PAC
// – red = bar closed below PAC
// – gray = bar closed inside PAC
// – red line = PAC EMA (34) of bar close
// 6. Coloured chart Background to indicate Trend direction
// (NOTE: slow EMA(600) is not used in this Algo):
// – green = Trend direction is up when PAC and fast EMA(89) are above medium EMA(200).
// – red = Trend direction is down when PAC and fast EMA(89) are below medium EMA(200).
// – yellow = Trend direction is in transition.
// 7. Pullback is defined as Price starts outside the PAC and then pulls back into the PAC
// closing the opposite side of the PAC centre line, then a recovery arrow can occur.
// 8. Coloured Alert Arrows:
// – maroon down arrow = Pullback recovery Sell alert
// – green up arrow = Pullback recovery Buy alert
// 9. Option to force Heikin Ashi candles in Algo calculations.
//
// Setup and hints:
//
// – I also add “Sweetspot Gold RN” indicator to the chart as well to help with support and resistance
// finding and shows where the important “00” and “0” lines are.
// – When price is above the PAC(blue bars) we are only looking to buy as price comes back to the PAC
// When price is below the PAC(red bars), we are only looking to sell when price comes back to the PAC
// – What we’re looking for when price comes back into the PAC we draw mini Trendlines (TL) uitilising the
// Fractals and HH/LL points to guide your TL drawing.
// – Now look for the trend to pull back and break the drawn mini TL. That’s is where we can place the scalp
// trade.
// – So we are looking for continuation signals in terms of a strong, momentum driven pullbacks
// of the PAC EMA(34).
// – The other EMAs are there to check for other Pullbacks when PAC EMA (34) is broken.
// – Other than the “SweetSpot Gold RN” indicator, you should not need any other indicator to scalp
// for pullbacks.
// – If you want to trade shallower Pullbacks for quicker scalps, try reducing the
// PAC and EMA combination lengths for example:
// * 21 PAC and 55, 144, 377 for fast, medium, slow EMAs
// * 13 PAC and 34, 89, 233 for fast, medium, slow EMAs
// – Each alert should be evaluated on it’s own merits, the alerts are designed to highlight possible
// scalping trades from Pullback recoveries around the PAC.
//
// References:
// – [RS]Fractals V8 by RicardoSantos
// – Price Action Trading System v0.3 by JustUncleL
// – SweetSpot Gold RN by JustUncleL
// – http://www.swing-trade-stocks.com/pullbacks.html
//
// Modifications:
// 4-Feb-2020 Release R1.1 changes made to provide a more versitile tool
// – Upgraded to Pinescript R4
// – Reodered code into more logical blocks
// – Added option for PAC filtered Alerts and Alarms.
// – Added option to alter the default EMA lengths.
// – Added option to Show each EMA line.
// – Added option to use Heikin Ashi candles for Algo calculations
// even when normal candles are displayed on chart.
//
// === INPUTS ===
HiLoLen = input(34, minval=2, title=”High Low PAC channel Length”)
fastEMAlength = input(89, minval=2)
mediumEMAlength = input(200, minval=2)
slowEMAlength = input(600, minval=2)
ShowFastEMA = input(true)
ShowMediumEMA = input(true)
ShowSlowEMA = input(false)
ShowHHLL = input(false)
ShowFractals = input(true)
filterBW = input(false, title=”Show Ideal Fractals Only”)
ShowBarColor = input(true, title=”Show coloured Bars around PAC”)
ShowBuySell = input(true, title=”Show Buy/Sell Alert Arrows”)
Lookback = input(3, minval=1, title=”Pullback Lookback for PAC Cross Check”)
DelayArrow = input(false, title=”Show Alert Arrows Only on Closed Candles”)
Delay = DelayArrow ? 1 : 0
ShowTrendBGcolor= input(true)
UseHAcandles = input(true, title=”Use Heikin Ashi Candles in Algo Calculations”)
//
// === /INPUTS ===
// === BASE FUNCTIONS ===
haClose = UseHAcandles ? security(heikinashi(syminfo.tickerid), timeframe.period, close) : close
haOpen = UseHAcandles ? security(heikinashi(syminfo.tickerid), timeframe.period, open) : open
haHigh = UseHAcandles ? security(heikinashi(syminfo.tickerid), timeframe.period, high) : high
haLow = UseHAcandles ? security(heikinashi(syminfo.tickerid), timeframe.period, low) : low
// ||— Fractal Recognition Functions: —————————————————————||
isRegularFractal(mode) =>
ret = mode == 1 ? high[4] < high[3] and high[3] < high[2] and high[2] > high[1] and
high[1] > high[0] : mode == -1 ?
low[4] > low[3] and low[3] > low[2] and low[2] < low[1] and low[1] < low[0] :
false
ret
isBWFractal(mode) =>
ret = mode == 1 ? high[4] < high[2] and high[3] <= high[2] and high[2] >= high[1] and
high[2] > high[0] : mode == -1 ?
low[4] > low[2] and low[3] >= low[2] and low[2] <= low[1] and low[2] < low[0] :
false
ret
// ||—————————————————————————————————–||
//
// === /BASE FUNCTIONS ===
// === SERIES SETUP ===
//
// ||— Setup Moving Averages and PAC channel:
// ||—————————————————————————————————–||
fastEMA = ema(haClose, fastEMAlength)
mediumEMA = ema(haClose, mediumEMAlength)
slowEMA = ema(haClose, slowEMAlength)
pacC = ema(haClose, HiLoLen)
pacL = ema(haLow, HiLoLen)
pacU = ema(haHigh, HiLoLen)
TrendDirection = fastEMA > mediumEMA and pacL > mediumEMA ? 1 :
fastEMA < mediumEMA and pacU < mediumEMA ? -1 : 0
// ||— Fractal Recognition:
// ||—————————————————————————————————–||
filteredtopf = filterBW ? isRegularFractal(1) : isBWFractal(1)
filteredbotf = filterBW ? isRegularFractal(-1) : isBWFractal(-1)
// ||—————————————————————————————————–||
// ||— Higher Highs, Lower Highs, Higher Lows, Lower Lows ——————————————-||
valuewhen_H0 = valuewhen(filteredtopf == true, high[2], 0)
valuewhen_H1 = valuewhen(filteredtopf == true, high[2], 1)
valuewhen_H2 = valuewhen(filteredtopf == true, high[2], 2)
//
higherhigh = filteredtopf == false ? false :
valuewhen_H1 < valuewhen_H0 and valuewhen_H2 < valuewhen_H0
lowerhigh = filteredtopf == false ? false :
valuewhen_H1 > valuewhen_H0 and valuewhen_H2 > valuewhen_H0
valuewhen_L0 = valuewhen(filteredbotf == true, low[2], 0)
valuewhen_L1 = valuewhen(filteredbotf == true, low[2], 1)
valuewhen_L2 = valuewhen(filteredbotf == true, low[2], 2)
//
higherlow = filteredbotf == false ? false :
valuewhen_L1 < valuewhen_L0 and valuewhen_L2 < valuewhen_L0
lowerlow = filteredbotf == false ? false :
valuewhen_L1 > valuewhen_L0 and valuewhen_L2 > valuewhen_L0
//
// === /SERIES ===
//
// === PLOTTING ===
//
// Plot the Price Action Channel (PAC) base on EMA high,low and close
L = plot(pacL, color=color.gray, linewidth=1, title=”High PAC EMA”, transp=50)
U = plot(pacU, color=color.gray, linewidth=1, title=”Low PAC EMA”, transp=50)
C = plot(pacC, color=color.red, linewidth=2, title=”Close PAC EMA”, transp=0)
fill(L, U, color=color.gray, transp=90, title=”Fill HiLo PAC”)
// Colour bars according to the close position relative to the PAC selected.
BARcolor = haClose > pacU ? color.blue : haClose < pacL ? color.red : color.gray
barcolor(ShowBarColor ? BARcolor : na, title=”Bar Colours”)
//
BGcolor = TrendDirection == 1 ? color.green :
TrendDirection == -1 ? color.red : color.yellow
bgcolor(ShowTrendBGcolor ? BGcolor : na, transp=90, title=”Trend BG Color”)
// Draw the EMA ribbon
plot(ShowFastEMA ? fastEMA : na, color=color.green, linewidth=2, transp=20, title=”fastEMA”)
plot(ShowMediumEMA ? mediumEMA : na, color=color.blue, linewidth=3, transp=20, title=”mediumEMA”)
plot(ShowSlowEMA ? slowEMA : na, color=color.black, linewidth=4, transp=20, title=”slowEMA”)
//
plotshape(ShowFractals ? filteredtopf : na, title=’Filtered Top Fractals’, style=shape.triangledown, location=location.abovebar, color=color.red, offset=-2)
plotshape(ShowFractals ? filteredbotf : na, title=’Filtered Bottom Fractals’, style=shape.triangleup, location=location.belowbar, color=color.lime, offset=-2)
//
plotshape(ShowHHLL ? higherhigh : na, title=’Higher High’, style=shape.square, location=location.abovebar, color=color.maroon, text=”[HH]”, offset=-2)
plotshape(ShowHHLL ? lowerhigh : na, title=’Lower High’, style=shape.square, location=location.abovebar, color=color.maroon, text=”[LH]”, offset=-2)
plotshape(ShowHHLL ? higherlow : na, title=’High Low’, style=shape.square, location=location.belowbar, color=color.green, text=”[HL]”, offset=-2)
plotshape(ShowHHLL ? lowerlow : na, title=’Lower Low’, style=shape.square, location=location.belowbar, color=color.green, text=”[LL]”, offset=-2)
//
// === /PLOTTING ===
// === ALERTING ===
//
// Initialise Trading state.
TradeDirection = 0
TradeDirection := nz(TradeDirection[1])
//
pacExitU = haOpen < pacU and haClose > pacU and barssince(haClose<pacC)<=Lookback
pacExitL = haOpen > pacL and haClose < pacL and barssince(haClose>pacC)<=Lookback
plotshape(barssince(haClose<pacC),color=na,location=location.bottom,title=”barssince(haClose<pacC)”)
plotshape(barssince(close>pacC),color=na,location=location.bottom,title=”barssince(haClose>pacC)”)
//
Buy = TrendDirection == 1 and pacExitU
Sell = TrendDirection == -1 and pacExitL
//
// Keep Current trading state until Pullback occurs or New Recovery.
TradeDirection := TradeDirection == 1 and haClose<pacC ? 0 :
TradeDirection == -1 and haClose>pacC ? 0 :
TradeDirection == 0 and Buy ? 1 :
TradeDirection == 0 and Sell ? -1 : TradeDirection
// Show buy/sell arrows
plotarrow(ShowBuySell and nz(TradeDirection[1+Delay]) == 0 and TradeDirection[Delay] != 0 ? TradeDirection[Delay] : na, offset=-Delay,
colorup=color.green, colordown=color.maroon, transp=20, minheight=20, maxheight=50, title=”Buy/Sell Arrow”)
//
// Create alerts for TradingView Alarm subsystem.
Long = nz(TradeDirection[1]) == 0 and TradeDirection == 1
Short = nz(TradeDirection[1]) == 0 and TradeDirection == -1
alertcondition(Long, title=”Buy Condition”, message=”BUY”)
alertcondition(Short, title=”Sell Condition”, message=”SELL”)
//
// === /ALERTING ===
// === eof.
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