OPEN-SOURCE SCRIPT
Updated Valid Pullbacks and Trend by kpt. Gonzo
This script helps identify valid pullbacks. Based on the marked pullbacks, it can draw both internal and external structure trendlines.
A pullback is marked with a small triangle above or below the candle that created the local high or low.
A new local high is marked with a red triangle above the candle if at least one subsequent candle has a low lower than the low of the candle that created the new local high.
A new local low is marked with a green triangle below the candle if at least one subsequent candle has a high higher than the high of the candle that created the new local low.
Based on the marked local highs and lows, the internal structure trendline is created by simply connecting all highs and lows with a line.
The external structure is drawn in a similar way, but only highs and lows that have broken the previous structure are connected. This helps focus on important pivots and better understand the market structure.
A pullback is marked with a small triangle above or below the candle that created the local high or low.
A new local high is marked with a red triangle above the candle if at least one subsequent candle has a low lower than the low of the candle that created the new local high.
A new local low is marked with a green triangle below the candle if at least one subsequent candle has a high higher than the high of the candle that created the new local low.
Based on the marked local highs and lows, the internal structure trendline is created by simply connecting all highs and lows with a line.
The external structure is drawn in a similar way, but only highs and lows that have broken the previous structure are connected. This helps focus on important pivots and better understand the market structure.
Release Notes
Fix external structure algo.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.
For quick access on a chart, add this script to your favorites — learn more here.
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.
For quick access on a chart, add this script to your favorites — learn more here.
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.