I want to find pullbacks as shown in the jpg below. In this case there is pullback of >10% after a 2 bar counter trend.
I am interested in identifying counter trends of 1-4 bars in monthly charts.
I assume a script is the easiest way to do this?
How do I go about this? I have no idea where to start.
The first step is to define a set of conditions that you are looking for, which then need to be put in to a scripting formula. You’ve said you’re looking for a counter-trend, but how do you define a trend, eg moving average slope, higher swing highs?
If you haven’t seen our scripting tutorial videos to help you get started please click here: https://learn.optuma.com/courses/introduction-to-scripting/
If you need help building the formula we do offer scripting consultations where we can build it for you. For more details and rates see here: