For those who are interested with this strategy, Here is a better version.
Uday C Santhakumar
// Created by UCSgears // Includes options to confirm with Pet-d study(shorttitle="SP-S#4", title = "Steve Primo - Strategy #4", overlay = true, precision = 2) basisma = sma(close,50) petd = ema(close,15) usepetd = input(true, title = "PET-D Confirmation Required") trendup = usepetd == 1 ? close > basisma and close > petd : close > basisma trenddn = usepetd == 1 ? close < basisma and close < petd : close < basisma // PET-D petdcolor = close > petd ? green : red barcolor (petdcolor) // Pullback & Bounce Criteria lowest = lowest(low,(5)) highest = highest(high,(5)) pullback = (low == lowest) or (low[1] == lowest[1]) ? 1 : 0 bounce = (high == highest) or (high[1] == highest[1]) ? 1 : 0 // ALL PLOT plot (lowest, color = green, linewidth = 1, title = "Lower Band") plot (highest, color = red, linewidth = 1, title = "Upper Band") plot (basisma, color = black, linewidth = 3, title = "Trend - Long Term") plot (petd, color = blue, linewidth = 1, title = "Trend - Short Term") // 25% Close range = high - low rbrng = abs(open-close) // Long Setup longcandle = close > low+range*.75 ? 1:0 // Short Setup shortcandle = close < low+range*.25 ? 1:0 //Setups setuplong = trendup == 1 and pullback == 1 and longcandle == 1 ? 1:0 setupshort = trenddn == 1 and bounce == 1 and shortcandle == 1 ? 1:0 //setuplong = setuplonggeneral == 1 and setuplonggeneral[1] == 0 ? 1:0 //setupshort = setupshortgeneral == 1 and setupshortgeneral[1] == 0 ? 1:0 bcl = rbrng > (rma(tr,5)*1.1) ? blue : green bcs = rbrng > (rma(tr,5)*1.1) ? blue : red plotchar(setuplong, title="Long Setup Bar", char='⇑', location=location.belowbar, color=bcl, transp=0, text="Strategy #4 Long") plotchar(setupshort, title="Short Setup Bar", char='⇓', location=location.abovebar, color=bcs, transp=0, text="Strategy #4 Short") //Trade Trigger tiggerlongcandle = (setuplong[1] == 1) and (high > high[1]) ? 1 : 0 tiggershortcandle = (setupshort[1] == 1) and (low < low[1]) ? 1 : 0 plotshape(tiggerlongcandle ? tiggerlongcandle : na, title="Triggered Long",style=shape.triangleup, location=location.belowbar, color=green, transp=0, offset=0) plotshape(tiggershortcandle ? tiggershortcandle : na, title="Triggered Short",style=shape.triangledown, location=location.abovebar, color=red, transp=0, offset=0) // Trade Target Signal tarup = (tiggerlongcandle==1 and setuplong[1] == 1) ? high[1]+range[1] : na plotshape(tarup, style = shape.circle, location = location.absolute, title = "Target Long", color = white) tardn = (tiggershortcandle==1 and setupshort[1] == 1) ? low[1]-range[1] : na plotshape(tardn, style = shape.circle, location = location.absolute, title = "Target Short", color = white)