OPEN-SOURCE SCRIPT

swinghalfback

Updated

This is a line plotted at the 505 retrace of a swing high swing low move, it has an adjustable look back period, with a default setting on 60 bars.
The purpose for me is when we have a decent move in one direction any retracement that does not get past the 50% area of the move is a decent trade in the direction of the first move.

Release Notes

This is a tool to help keep you on the right side of intra day swings ( will work on long term also). Many times the market in a trend move will pull back about 50% and then continue going so I find that 50% area a good spot to take a new trade or if already on the trade a spot to keep your stop behind. Anytime the market gets past the 50% and then trades in that area I will not take trades in the primary direction.
This tool has a 60 bar default time but can be user defined.

Release Notes

This is a modified version of prior script using an adjustable retrace value

Release Notes

This update now has 4 lines plotted, with adjustable levels. I picked 0 and 1 so i can see the high and low the lines are picking so I can adjust the lookback or chart time to pick out the swing high and low i want to be plotting against. I like the .618 as the last resistance before the market moves all the way back to 100% retrace.

This maybe of little value to you but it provides me a look of the market I often forget during the trading day.

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 publication is governed by House rules. You can favorite it to use it on a chart.

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alleytrader

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