SMMA Bounce Indicator

SirvivalFX Updated   
This indicator Looks for continuous retracements from Smoothed Moving Average periods of the user's choosing. This can be helpful in locating reversals and pullbacks with a quick glance. With this indicator, you have plenty of options to cater to your time period of choice as well as the freedom to change to colors that best suit your chart. This script was made in whole by SirvivalFX and utilized the (Built-in Script) "Smoothed Moving Average" with inspirations from rmunoz's Engulfing Candle Indicator. *DISCLAIMER*- This should be used with a plethora of knowledge and tools to work effectively and should not be used as a surefire trading tactic. You may use and alter this script in any form you like! :)
Release Notes:
-Now includes plotted SMMA Period lines that the data is utilizing.
-Added better comments in code to help anyone looking to make changes.
-Fixed some issues causing the arrows to appear next to candlesticks that have already met the conditions, resulting in multiple arrows clumped up.
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.


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