OPEN-SOURCE SCRIPT
Pullback Measured Move
## Pullback Measured Move (PMM)
Price moves in rhythm. After an impulse leg, the market pulls back - and the size of that pullback often tells you exactly how far the next leg will travel. This indicator automates that measurement so you don't have to eyeball it or draw lines manually while the move is already underway.
How It Works
PMM detects three-point swing structures using alternating pivot highs and lows:
**Bearish:** Swing High (A) → Swing Low (B) → Lower High (C)
**Bullish:** Swing Low (A) → Swing High (B) → Higher Low (C)
Once point C is confirmed, the indicator measures the full pullback range from B to C — wicks included, since larger wicks reflect greater volatility and produce proportionally larger continuations. It then projects that range × your chosen multiplier from B in the trend direction, giving you a calculated target for where the next impulse leg is likely to terminate.
The default multiplier is 2×, meaning the projected move equals double the pullback distance. You can adjust this to 1× (equal legs), 1.618× (golden ratio), or any value that fits your instrument and timeframe.
### What's on the Chart
- **Solid blue line** at point B — measures the pullback range (labeled "1×")
- **Dashed blue line** at point C — shows the projected distance to target (labeled with your multiplier)
- **Dotted horizontal line** — the target level, extending forward with price displayed
- **Optional A-B-C labels** — toggle on to see exactly where the pattern anchored (off by default to keep things clean)
### How to Use It
The pattern fires the moment the pullback pivot (C) is confirmed, giving you a directional bias and a price target for the continuation leg. Use it as a confluence tool alongside your existing setup — when your entry signal aligns with a PMM target zone, you have a structurally grounded level to manage against.
Works on any instrument and any timeframe. For faster charts, lower the Pivot Lookback to catch smaller swings. For swing trading, increase it to filter for only the strongest structures.
### Key Settings
- **Pivot Lookback** — Bars left/right to confirm a swing (default 5). Lower = more patterns, higher = fewer but stronger.
- **Projection Multiplier** — How many times the pullback range to project (default 2.0).
- **Min Pullback (× ATR)** — Filters out pullbacks smaller than this fraction of ATR to reduce noise.
- **Require Trend Structure** — When on, bearish patterns require a lower high and bullish require a higher low. Turn off to see all pullbacks regardless.
- **Direction Filter** — Show bearish only, bullish only, or both.
### Alerts
Three alert conditions are built in — Bearish, Bullish, and Any — so you can get notified the moment a new pattern confirms without watching the chart.
Price moves in rhythm. After an impulse leg, the market pulls back - and the size of that pullback often tells you exactly how far the next leg will travel. This indicator automates that measurement so you don't have to eyeball it or draw lines manually while the move is already underway.
How It Works
PMM detects three-point swing structures using alternating pivot highs and lows:
**Bearish:** Swing High (A) → Swing Low (B) → Lower High (C)
**Bullish:** Swing Low (A) → Swing High (B) → Higher Low (C)
Once point C is confirmed, the indicator measures the full pullback range from B to C — wicks included, since larger wicks reflect greater volatility and produce proportionally larger continuations. It then projects that range × your chosen multiplier from B in the trend direction, giving you a calculated target for where the next impulse leg is likely to terminate.
The default multiplier is 2×, meaning the projected move equals double the pullback distance. You can adjust this to 1× (equal legs), 1.618× (golden ratio), or any value that fits your instrument and timeframe.
### What's on the Chart
- **Solid blue line** at point B — measures the pullback range (labeled "1×")
- **Dashed blue line** at point C — shows the projected distance to target (labeled with your multiplier)
- **Dotted horizontal line** — the target level, extending forward with price displayed
- **Optional A-B-C labels** — toggle on to see exactly where the pattern anchored (off by default to keep things clean)
### How to Use It
The pattern fires the moment the pullback pivot (C) is confirmed, giving you a directional bias and a price target for the continuation leg. Use it as a confluence tool alongside your existing setup — when your entry signal aligns with a PMM target zone, you have a structurally grounded level to manage against.
Works on any instrument and any timeframe. For faster charts, lower the Pivot Lookback to catch smaller swings. For swing trading, increase it to filter for only the strongest structures.
### Key Settings
- **Pivot Lookback** — Bars left/right to confirm a swing (default 5). Lower = more patterns, higher = fewer but stronger.
- **Projection Multiplier** — How many times the pullback range to project (default 2.0).
- **Min Pullback (× ATR)** — Filters out pullbacks smaller than this fraction of ATR to reduce noise.
- **Require Trend Structure** — When on, bearish patterns require a lower high and bullish require a higher low. Turn off to see all pullbacks regardless.
- **Direction Filter** — Show bearish only, bullish only, or both.
### Alerts
Three alert conditions are built in — Bearish, Bullish, and Any — so you can get notified the moment a new pattern confirms without watching the chart.
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La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que cualquier republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.