QFL base scanner

rex_wolfe Updated   
This script is a simple implementation of a QFL (Quickfingers Luc) base scanner.

This QFL base scanner uses a different approach to some other QFL base scanners that are on TradingView. Other TradingView scripts look for a candlestick pattern of two lower lows followed by two higher lows combined with an increase in volume. This can generate some unexpected results where some minor dips can meet the pattern and are marked as a base, but some major dips do not and are ignored.

This QFL base scanner instead looks for the lowest low in a given period and marks it as a base. The longer the period of the lowest low, the more significant the bases will be. Buys are marked when the price has bounced x% above the base and then fallen y% below the base. This approach seems to give more predictable (and tradable) results.

If looking at the past script results, you may think that the script is perfectly timing entry points at the bottom of market dips. This is NOT the case. The script is actually showing buy signals when the price falls y% below the PREVIOUS base. The current base is only retrospectively marked some periods later once the reversal is confirmed. New bases are not tradeable using this script, but a percentage fall from the previous base is.

Release Notes:
Changed default variable values to identify more significant bases.
Release Notes:
Updated to Pine Script version 5.
Release Notes:
Minor updates to this script, including:

  • Default settings have been modified to give better signals.
  • Some variable names have changed to make them more descriptive, particularly bounce -> pump, reversal -> pumpPeriods
In the process of updating this script, I have found a better way to identify bases. The new script is currently in development and I may release it on Trading View in the future.

Release Notes:
I have updated name of the script to make it more easily identifiable from my new QFL script. Unfortunately, I am unable to update the script name that is published in the Trading View archive because of the Trading View House Rules.

This QFL base scanner uses Pine Script’s built in ta.lowest and ta.highest functions to identify bases and peaks. This approach depended on the time period selected to find the lowest lows and highest highs. This approach can be problematic because significant bases may be formed outside the nominated time period, leading to the identification of minor bases within the time period. I have left the first version of my QFL base scanning script in the Trading View indicators because it uses a different approach to my new script that other people may still find useful.

My new QFL base scanner does not use the Pine Script ta.lowest and ta.highest functions, and therefore does not rely on nominating a time period to look back through data. It can be found in the Trading View script archive.
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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