Retracement Level Trigger — Indicator by minorplanet2

I use the simple script to notify me when a retracement level has been met. I use the SMS alert to tell me when a specific retracement level has been met from a local pivot a high or local pivot low. Please let me know what you think. Feel free to make improvements and repost.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?

study("Retracement")
// script written by Paul Johnson: minorplanet2
//  use this script to set triggers on Fibonacci retracement levels.
len=input(15,title="Lookback Length") //how far back to look for max pivots and min pivots
retr=input(0.382,title="Retracement Ratio",type=float)
base=input(50,title="Pivot Value", type=float) //  set the value of the fixed pivot from which to draw the retracement
mi=lowest(close,len)
m=highest(close,len)
tri=close<=((1-retr)*(m-base))+base?-1:close>=base-((1-retr)*(base-mi))?1:0
// calculates the retracement value for the range between the pivot input and the local min or max
// if the retracement from the local pivot high is met, a value of -1 is returned
// if the retracement from the local pivot low is met, a value of +1 is returned
plot(tri,title="retracement met:-1/1")