Ultimate Pullback Strategy

Oct 4, 2019

What is the Ultimate Pullback Strategy?

This strategy script is based on my Ultimate Pullback Indicator which detects pullback trading opportunities by analyzing price action in a very specific manner.

By combining simple trend filters with various advanced candlestick patterns it detects high-probability trend-continuation setups (and optional exits).

If you use this script to set alerts then you will never miss a pullback trading opportunity ever again!

I personally use this indicator to profitably trade pullback signals in the forex markets on multiple timeframes, from the 15-Minute chart to the 4-Hour and Daily chart.

Note: This strategy companion script is only available for subscribers of The Ultimate Pullback Indicator.

Oct 4, 2019

Release Notes

Fixed ATR multiplier not working.

May 2, 2020

Release Notes

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- Updated strategy script to match latest indicator script

Aug 11, 2020

Release Notes

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- Fixed max rejection wick size setting bug
- Added option to ignore long or short setups

Aug 11, 2020

Release Notes

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- Added option to change Moving Average types

Aug 12, 2020

Release Notes

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- Fixed "Exit Reasons + Target" Bug
- Added "DEMA" Option
- Added Fixed Pip SL Option

I've also added a new setting - R:R To Trigger Exit.

Basically it works like this (for example) - if you set your regular R:R Target to 2:1, you set your Break-Even target to 1.5:1, and you set your R:R To Trigger Exit to 1:1, the script will perform like this:

- If price hits your stop loss it will be stopped out as per usual
- If price hits 1:1 it will begin searching for your selected exit reason(s)
- If price hits 1.5:1 it will move the theoretical stop loss to break-even
- If price hits 2:1 it will exit your trade for a profit regardless of the exit reason(s)

If you set R:R To Exit Trade to 0 it will disable that setting (it's disabled by default), and the script will only begin searching for an exit reason when your standard R:R under the Stops & Targets section is hit.

Aug 20, 2020

Release Notes

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- A few bug fixes and minor improvements
- Added a whole bunch of alert customization for 3rd party APIs

Sep 2, 2020

Release Notes

- Added MA slope filter (won't take trades if MA has flattened)
- Added time-based filter (won't take trades during given time of day)

Nov 25, 2020

Release Notes

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- Improved hammers & shooting stars detection
- Added start date filter
- Separated all the various alert conditions

Apr 6, 2021

Release Notes

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- Better organized settings menu using latest Pine features
- Added trailing stop source option (high/low, close, open)
- Doji's are now detected based on % of bar size, not pips
- Removed slope filter as it wasn't working as intended
- Removed Stats Label as it has a display bug on the strategy version of this script for some reason
- Removed individual alert options from settings menu (they're now all listed under alert dialog)
- Added complete in-built AutoView automation functionality

To use AutoView alerts, make sure to set up the appropriate settings and then create an alert using "Any alert() function call". The script will then automate trade management based on however you've set up the script to behave.

For help with this, search "The Art Of Trading AutoView Guide" on YouTube. Enjoy :)

Jun 9, 2021

Release Notes

UPS Update:
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- Many minor fixes:
- Removed deprecated transp parameters
- Fixed "1234567" on time function (to include weekends in time filter)
- Fixed some out-of-scope function call warnings
- Added AutoView Disclaimer
- Added minimum hammer size compared to ATR to prevent detecting tiny hammers & stars
- Added lowest low/highest high lookback to hammers & stars
- Added option to round SL pips to remove decimals (on by default)
- Fixed SL label drawing over the top of Win label if both target & SL are hit on the same bar
- Removed "overwrite new trades" setting as it is not relevant for this script

Jun 9, 2021

Release Notes

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- Fixed minor mistake with trade label text

Jul 29, 2021

Release Notes

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- Fixed minor bug where script would take trades when ATR was null

Oct 20, 2021

Release Notes

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- Released v3.0 of the UPI.
- Updated code to v5 of Pine Script.
- Improved pullback detection accuracy.
- Added PineConnector functionality for auto-trading.
- Updated course material to better explain how to use this script to trade profitably (including my personal strategy rules).
- A few other minor changes - check out the settings guide on my website or YouTube channel (link in my profile).

Oct 21, 2021

Release Notes

- Fixed some typos in settings & removed some code that wasn't used

Oct 21, 2021

Release Notes

- Fixed a potential bug with automation code

Oct 27, 2021

Release Notes

- Fixed time session filter bug

Nov 2, 2021

Release Notes

- Fixed bug with AutoView code which caused long position sizes to be calculated incorrectly

Nov 4, 2021

Release Notes

- Improved pullback detection accuracy slightly

Nov 25, 2021

Release Notes

- Updated code to work with AutoView changes to break-even functionality

Dec 14, 2021

Release Notes

- v3.04
- Temporarily added max_bars_back=5000 parameter to attempt to hotfix issue with "Pine cannot determine the referencing length of a series" until I find the culprit variable
- Added warning labels for trades that hit their take-profit AND stop-loss on the same bar (outcome requires manual confirmation)

Jan 13, 2022

Release Notes

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- Updated ZenLibrary to v3
- Added option to select pips or price value for PineConnector entry limit order
- Added option to select pips or price value for PineConnector stops & targets
- Added debug option to display AutoView/PineConnector alert string

Mar 9, 2022

Release Notes

v3.06:
- Updated ZenLibrary to v5
- Updated code to be compatible with new PineConnector syntax
- Updated trailing stop to work with pips as well as price with PineConnector
- Added Spread Filter setting
- Added EAP SL Algorithm #2
- Truncated decimals on debug label for TP & SL price values

Jul 18, 2022

Release Notes

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- Fixed time filter not working properly
- Removed 'when' statements which are now deprecated

Jul 26, 2022

Release Notes

Added Stop Loss price source option (allows you to specify what price to use for calculating your stop loss - eg. high/low, open or close).

Nov 29, 2022

Release Notes

- Updated version to 3.09 to match UPI script to keep versions consistent (no actual code changes as UPI bugfix update was unrelated to UPS)

Dec 22, 2022

Release Notes

- Turned Bar Magnifier feature off by default as many users don't have a Premium plan which is currently required to use this feature, and we are getting a lot of support emails about it. But it is recommended to turn this ON in the Properties tab if you are a Premium user as it will increase the accuracy of your test results (not by a significant margin as it will only affect trades that hit their Take-Profit and Stop-Loss on the same bar which is a rare occurrence, but obviously when backtesting you want results to be as accurate as possible!)

Jan 26, 2023

Release Notes

- Added PineConnector symbol override option (settings tooltip explains what it does). Leave blank to disable.

Jul 8, 2023

Release Notes

- Cleaned up status bar user inputs and some plots using new display=display.none parameter
- Added (EXPERIMENTAL!) feature that makes the strategy tester calculate position size based on a % of your account balance. Only works on forex markets. The feature may not work on all markets (it was mainly tested using USD currency as the base broker currency and only on the major FX pairs), so use at your own risk and always take the time to ensure the numbers are accurate if you're trading more exotic instruments or base currencies.

Aug 22, 2023

Release Notes

- Added "SL Rounding Fix" setting for non-FX markets that produce rounding errors for SL/TP pips (eg. stock indexes like NAS100)

Sep 8, 2023

Release Notes

Added multi-strategy support for PineConnector.

Oct 10, 2023

Release Notes

Added "minimum SL distance" - allows user to ignore trades with a stop loss below this number in pips, or override the stop loss to this pip distance if it's below it.

Oct 10, 2023

Release Notes

Forgot to update version number

Oct 12, 2023

Release Notes

Removed indicator status line display for new minimum SL input (forgot to do this on last update - purely cosmetic, makes chart less cluttered and in line with the rest of the inputs)

Jan 11

Release Notes

Fixed Max Candles Beyond EMA setting not applying correctly

May 1

Release Notes

Fixed minimum stop loss pip size override not working properly.

Aug 1

Release Notes

Adapted alert syntax for PineConnector v3.
Added strategy performance table.
Added monthly performance table.
Added "close all trades at specific time" setting.
Improved fixed-fractional FX position sizing code.
Added Monte Carlo simulation code (trade skipping and/or random spread).

Aug 1

Release Notes

Fixed PineConnector closeall() alert command being triggered for Exit Time even if PineConnector was disabled.

Aug 2

Release Notes

Added new setting for overriding ticker ID sent to PineConnector alerts (Symbol Override).

Aug 4

Release Notes

Added a minor improvement to Monthly Performance Table code.

Aug 8

Release Notes

Fixed PineConnector sending too many decimal places with limit orders
Added Monte Carlo Cycle input to Backtester settings - does nothing to the script, it's just a way to auto-refresh strategy tester with new MCS randomness as whenever an input changes the script re-executes and runs the backtest again

Oct 25

Release Notes

Fixed PineConnector alerts generating double-alerts for market buy/sell orders
Fixed "Everyday" setting for the time of day to close trades not working

Nov 14

Release Notes

Added annual commission drag estimation to "Return" tooltip (this number is the minimum ROR to break-even after commissions, and is a rough estimate based on whatever commission pricing and starting balance you use with the strategy settings) - formula: Total Commission Costs / Initial Capital / Total Years in Test. I did not increase version number for this minor update so this is still v3.18.

Nov 14

Release Notes

Improved monthly performance table metrics accuracy with regards to commission drag

Nov 29

Release Notes

Updated to latest Pine Script version 6 syntax (no version change; no changes were necessary).

Nov 30

Release Notes

Updated Zen Library import to version 9.

Dec 11

Release Notes

Minor bugfix: trailing stop strategy comments were incorrectly displaying negative pips as the trailing stop was interpreted as a loss in the pip display calculation; strategy stats were not affected by this bug, only on-chart comments.