OPEN-SOURCE SCRIPT
Pullback and Throwback Candle [TrendX_]
Pullback and Throwback candles can help traders determine the the potential reversal points
USAGE
The indicator identifies pullback and throwback in overbought and oversold zones by measuring the distance between the price and its relative strength index.
A Pullback is an expected rebound in a downtrend (painted in green area), while a Throwback is a bounceback from an uptrend (painted in red area).
The strategy is useful for valuing reversal points. Accordingly, it can also be helpful for traders to use alongside other Technical Analysis indicators.
DISCLAIMER
This indicator is not financial advice, it can only help traders make better decisions.
There are many factors and uncertainties that can affect the outcome of any endeavor, and no one can guarantee or predict with certainty what will occur.
Therefore, one should always exercise caution and judgment when making decisions based on past performance.
USAGE
The indicator identifies pullback and throwback in overbought and oversold zones by measuring the distance between the price and its relative strength index.
A Pullback is an expected rebound in a downtrend (painted in green area), while a Throwback is a bounceback from an uptrend (painted in red area).
The strategy is useful for valuing reversal points. Accordingly, it can also be helpful for traders to use alongside other Technical Analysis indicators.
DISCLAIMER
This indicator is not financial advice, it can only help traders make better decisions.
There are many factors and uncertainties that can affect the outcome of any endeavor, and no one can guarantee or predict with certainty what will occur.
Therefore, one should always exercise caution and judgment when making decisions based on past performance.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.