OPEN-SOURCE SCRIPT
Elaris Smart Pullback Hunter
Elaris Smart Pullback Hunter
Elaris Smart Pullback Hunter is a trend-continuation indicator designed to help traders identify pullbacks within established market trends.
Instead of focusing on reversals, the indicator aims to locate areas where price temporarily retraces into a trend before showing signs of continuation. The goal is to help traders avoid chasing extended moves and instead focus on structured pullback opportunities.
The script combines trend analysis, pullback detection, volume confirmation, market structure evaluation, and optional higher-timeframe alignment to highlight potential continuation setups.
---
Key Features
Trend Detection
The indicator evaluates trend conditions using multiple exponential moving averages and EMA slope analysis.
Bullish trend conditions are based on:
• Fast EMA above Mid EMA
• Mid EMA above Slow EMA
• Positive EMA slope
Bearish trend conditions are based on:
• Fast EMA below Mid EMA
• Mid EMA below Slow EMA
• Negative EMA slope
This helps filter out many ranging market conditions.
---
Pullback Identification
The script continuously monitors for pullbacks into key moving average zones.
Supported pullback types include:
• Shallow Pullbacks (EMA20 area)
• Healthy Pullbacks (EMA50 area)
• Deeper Retracements (optional)
This allows traders to evaluate different pullback depths according to their risk tolerance and trading style.
---
Market Structure Filter
An optional structure filter can be enabled to require:
Bullish conditions:
• Higher lows
• Uptrend structure preservation
Bearish conditions:
• Lower highs
• Downtrend structure preservation
This helps reduce signals that occur during potential trend deterioration.
---
Volume Confirmation
An optional volume filter compares current volume against a moving average of volume.
When enabled, signals require increased participation relative to recent activity.
---
Rejection Candle Analysis
The indicator can evaluate candle structure using:
• Body size percentage
• Upper wick percentage
• Lower wick percentage
This helps identify candles that show rejection behavior near pullback zones.
---
Multi-Timeframe Confirmation
Optional higher-timeframe confirmation can be used to align pullback signals with broader market direction.
For example:
• 15-minute pullbacks aligned with a 1-hour trend
• 30-minute pullbacks aligned with a 4-hour trend
This feature can help traders focus on signals that occur in the direction of the larger trend.
---
Pullback Quality Scoring
Each setup receives a score based on multiple factors, including:
• Trend alignment
• EMA structure
• Pullback quality
• Momentum confirmation
• Volume confirmation
• Higher-timeframe agreement
Scores can be filtered so that only stronger setups are displayed.
---
Dashboard
The built-in dashboard provides a quick overview of:
• Current trend state
• Pullback status
• EMA slope information
• Volume condition
• Higher-timeframe alignment
• Signal score
---
Risk Projection Tools
Optional risk projection levels can display:
• Entry reference level
• Stop-loss reference level
• Risk-to-reward targets
These levels are intended as visual planning tools and should not be considered trading advice.
---
Suggested Markets
The indicator can be used on:
• Cryptocurrency markets
• Forex markets
• Indices
• Stocks
• Commodities
---
Suggested Timeframes
Commonly used timeframes include:
• 15 Minutes
• 30 Minutes
• 1 Hour
• 4 Hours
The indicator may also be used on other timeframes depending on the trader's workflow.
---
Notes
• Signals are generated after candle close.
• Higher-timeframe calculations use non-lookahead security calls.
• The script is designed as a trend-continuation tool and may perform differently across market conditions.
• No indicator can guarantee future market behavior. Risk management remains essential.
---
Thank you for using Elaris Smart Pullback Hunter.
Elaris Smart Pullback Hunter is a trend-continuation indicator designed to help traders identify pullbacks within established market trends.
Instead of focusing on reversals, the indicator aims to locate areas where price temporarily retraces into a trend before showing signs of continuation. The goal is to help traders avoid chasing extended moves and instead focus on structured pullback opportunities.
The script combines trend analysis, pullback detection, volume confirmation, market structure evaluation, and optional higher-timeframe alignment to highlight potential continuation setups.
---
Key Features
Trend Detection
The indicator evaluates trend conditions using multiple exponential moving averages and EMA slope analysis.
Bullish trend conditions are based on:
• Fast EMA above Mid EMA
• Mid EMA above Slow EMA
• Positive EMA slope
Bearish trend conditions are based on:
• Fast EMA below Mid EMA
• Mid EMA below Slow EMA
• Negative EMA slope
This helps filter out many ranging market conditions.
---
Pullback Identification
The script continuously monitors for pullbacks into key moving average zones.
Supported pullback types include:
• Shallow Pullbacks (EMA20 area)
• Healthy Pullbacks (EMA50 area)
• Deeper Retracements (optional)
This allows traders to evaluate different pullback depths according to their risk tolerance and trading style.
---
Market Structure Filter
An optional structure filter can be enabled to require:
Bullish conditions:
• Higher lows
• Uptrend structure preservation
Bearish conditions:
• Lower highs
• Downtrend structure preservation
This helps reduce signals that occur during potential trend deterioration.
---
Volume Confirmation
An optional volume filter compares current volume against a moving average of volume.
When enabled, signals require increased participation relative to recent activity.
---
Rejection Candle Analysis
The indicator can evaluate candle structure using:
• Body size percentage
• Upper wick percentage
• Lower wick percentage
This helps identify candles that show rejection behavior near pullback zones.
---
Multi-Timeframe Confirmation
Optional higher-timeframe confirmation can be used to align pullback signals with broader market direction.
For example:
• 15-minute pullbacks aligned with a 1-hour trend
• 30-minute pullbacks aligned with a 4-hour trend
This feature can help traders focus on signals that occur in the direction of the larger trend.
---
Pullback Quality Scoring
Each setup receives a score based on multiple factors, including:
• Trend alignment
• EMA structure
• Pullback quality
• Momentum confirmation
• Volume confirmation
• Higher-timeframe agreement
Scores can be filtered so that only stronger setups are displayed.
---
Dashboard
The built-in dashboard provides a quick overview of:
• Current trend state
• Pullback status
• EMA slope information
• Volume condition
• Higher-timeframe alignment
• Signal score
---
Risk Projection Tools
Optional risk projection levels can display:
• Entry reference level
• Stop-loss reference level
• Risk-to-reward targets
These levels are intended as visual planning tools and should not be considered trading advice.
---
Suggested Markets
The indicator can be used on:
• Cryptocurrency markets
• Forex markets
• Indices
• Stocks
• Commodities
---
Suggested Timeframes
Commonly used timeframes include:
• 15 Minutes
• 30 Minutes
• 1 Hour
• 4 Hours
The indicator may also be used on other timeframes depending on the trader's workflow.
---
Notes
• Signals are generated after candle close.
• Higher-timeframe calculations use non-lookahead security calls.
• The script is designed as a trend-continuation tool and may perform differently across market conditions.
• No indicator can guarantee future market behavior. Risk management remains essential.
---
Thank you for using Elaris Smart Pullback Hunter.
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.