Pullback Entry is a very useful tool when trading on minor currencies, because it is able to exploit market inefficiencies that are present on non-major currency markets. The indicator instantly displays the trade statistics of up to 10,000 trades per instrument and clear entry signals using blue (buy) and red (sell) arrows. Unlike some other indicators, Pullback Entry:
DOES NOT repaint.
DOES NOT show false statistics - all trades are based strictly on fixed Stop Loss and Take Profit levels of your choice.
It is possible to enable terminal alerts, email messages and push notifications. It can be used on any timeframe, for scalping or for long-term trading.
Strategy
By analyzing the current trend, price levels such as support, resistance, price channels, applying user-defined filters to them and then displaying hypothetical trading performance, Pullback Entry lets you quickly select and verify the most effective approach for a particular market, unlike lagging or leading indicators it gives signals on actual pullbacks for a more accurate entry, after the price breaks through important levels, such as trend-lines, supports and resistances.
Usage:
Entering a sell trade - red arrow:
Exit from a sell trade: fixed stop loss and take profit levels.
Entering a buy trade - blue arrow:
Exit from a buy trade: fixed stop loss and take profit levels.
Statistics
OPEN TRADES: number of active signals.
LONGS: number of active buy signals.
SHORTS: number of active sell signals.
SIGNALS: number of past signals.
POSITIVE SIGNALS: number of profitable past signals.
TOTAL PIPS: number of pips from all past signals.
AVERAGE MOVE PIPS: average number of pips earned from profitable past signals.
POSITIVE %: percentage of profitable signals.
Inputs
Virtual SL Target: fixed stop loss for the statistical analysis;
Minimum Profit: minimum points in green for a signal to be considered as positive (same as TP by default);
Virtual TP Target: fixed take profit for the statistical analysis;
Maximum Time Back In History (for filtering corrupt data): date and time to start drawing and analyzing hypothetical trades;
Period: RSI period;
Overbought: RSI overbought level;
Oversold: RSI oversold level;
Maximum Trend Noise in Points: by how many points can price get close to or exceed the trendline to be considered as a touch;
Breakout Level Expiration (After 3 touches) in Candles: expiration of support/resistance levels after their formation;
Minimum Points for Breakout Confirmation: by how many points the price should exceed the support/resistance to be considered as a breakout;
Enable Alerts: enable MetaTrader 4 terminal alerts;
Enable Email Notification: enable notifications by e-mail;
Enable Push Notification: enable push notifications.
Features
Instantly available statistics of up to 10,000 signals per instrument;
Using a proprietary library, hypothetical trades display on the chart with profit and loss in pips.
Non-repainting, transparent and reliable, built with modules which have been tested and improved over the months.
Easy to use, no complicated input parameters;
Supports terminal alerts, email messages and push notifications, you can enable/disable each of them separately;
Can be used by scalpers and long-term traders;
Recommendations
It is highly recommended to use the indicator on minor or even exotic Forex pairs for markets are less random there than on major currencies, giving you more opportunities to make profits. Use indicator’s statistical analysis feature to find the best settings for an instrument and time-frame of your choice.
