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Scalping PullBack Tool R1

EMA
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This study project is a Scalping Pullback trading Tool that incorporates the majority of the indicators needed to analyse and scalp Trends for Pull Backs and reversals on 1min, 5min or 15min charts. The set up utilies Heikin Ashi candle charts. Incorporated within this tool are the following indicators:

  1. Major industry (Banks) recognised important EMAs in an EMA Ribbon:
    Green = EMA89
    Blue = EMA200
    Black = EMA633
  2. The 36EMA (default) High/Low+Close Price Action Channel (PAC).
  3. Fractals
  4. HH, LH, LL, HL finder to help with drawing Trend lines and mini Trend Lines .
  5. Coloured coded Bar high lighting based on the PAC:
    blue = bar closed above PAC
    red = bar closed below PAC
    gray = bar closed inside PAC
    red line = EMA36 of bar close
    Setup and hints:
    Set the chart to Heikin Ashi Candles.
    Add "Sweetspot Gold10" indicator to the chart as well to help with support and resistance finding and shows where the important "00" and "0" lines are.
    When price is above the PAC(blue bars) we are only looking to buy as price comes back to the PAC
    When price is below the PAC(red bars), we are only looking to sell when price comes back to the PAC
    What we’re looking for when price comes back into the PAC we draw mini Trendlines utilising the Fractals and HH/LL points to guide your TL drawing.
    Now look for the trend to pull back and break the drawn TL. That's is when we place the scalp trade.
    So we are looking for continuation signals in terms of a strong, momentum driven pullbacks (normally short term 10-20 pips) of the EMA36.
    The other EMAs are there to check for other Pullbacks when EMA36 is broken.
    Other than the SweetSpot Gold10 indicator, you should not need any other indicator to scalp the pullbacks.

backtest
img

Source
Pine
/*backtest
start: 2022-05-12 00:00:00
end: 2022-05-18 23:59:00
period: 3m
basePeriod: 1m
exchanges: [{"eid":"Futures_Binance","currency":"BTC_USDT"}]
*/

//@version=4
//

study(title="Scalping PullBack Tool R1.1 by JustUncleL", shorttitle="SCALPTOOL R1.1", overlay=true)
Strategy parameters
Strategy parameters
High Low PAC channel Length
fastEMAlength
mediumEMAlength
slowEMAlength
ShowFastEMA
ShowMediumEMA
ShowSlowEMA
ShowHHLL
ShowFractals
Show Ideal Fractals Only
Show coloured Bars around PAC
Show TrendDirection/TrendDirection Alert Arrows
Pullback Lookback for PAC Cross Check
Show Alert Arrows Only on Closed Candles
ShowTrendBGcolor
Use Heikin Ashi Candles in Algo Calculations
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