OPEN-SOURCE SCRIPT
MHIDa EMA-Stretch Pullback Suite
A Pine Script v6 indicator that helps you notice pullbacks (retracements) inside an uptrend. A single Depth knob switches between shallow dips (soft thresholds), deep dips (strict thresholds), and double dips (a second dip close after the first) - and the setup only lights up while price is inside the bull (above a long EMA gate).
What it does: the tool measures how stretched price is below its mean using one of three classic families - RSI, Bollinger Bands, or Z-score - and highlights the recovery candle after a dip. The Depth knob picks how strict the dip must be: Shallow (soft thresholds, a small dip, quick snap-back), Deep (strict thresholds, a more pronounced stretch), Double Dip (a second shallow dip within N bars of the first, often read as a retest).
How it is calculated: for each family the script compares the previous bar against a threshold (RSI below a level, close below a Bollinger band, or a Z-score below a level), then requires a green recovery candle (close above the previous close) to confirm. An EMA gate (default length 100) keeps the highlight off when price is not above this long average, so you do not read dips outside an uptrend. A reference EMA20 return-to-mean marker is drawn for educational context only, separate from the dip setup itself.
How to use it: add it to your chart, pick the Depth knob and the dip family that matches what you want to study, and watch how the highlighted bars line up with your own read of the trend. All inputs are free and the defaults are a starting point, not a tuned configuration.
This is a context and study tool, not a trading signal and not financial advice. It is not a stand-alone winner: it only highlights visual context and promises nothing. Any decision, and any evaluation of whether a view is useful, is entirely yours.
What it does: the tool measures how stretched price is below its mean using one of three classic families - RSI, Bollinger Bands, or Z-score - and highlights the recovery candle after a dip. The Depth knob picks how strict the dip must be: Shallow (soft thresholds, a small dip, quick snap-back), Deep (strict thresholds, a more pronounced stretch), Double Dip (a second shallow dip within N bars of the first, often read as a retest).
How it is calculated: for each family the script compares the previous bar against a threshold (RSI below a level, close below a Bollinger band, or a Z-score below a level), then requires a green recovery candle (close above the previous close) to confirm. An EMA gate (default length 100) keeps the highlight off when price is not above this long average, so you do not read dips outside an uptrend. A reference EMA20 return-to-mean marker is drawn for educational context only, separate from the dip setup itself.
How to use it: add it to your chart, pick the Depth knob and the dip family that matches what you want to study, and watch how the highlighted bars line up with your own read of the trend. All inputs are free and the defaults are a starting point, not a tuned configuration.
This is a context and study tool, not a trading signal and not financial advice. It is not a stand-alone winner: it only highlights visual context and promises nothing. Any decision, and any evaluation of whether a view is useful, is entirely yours.
Open-source script
In true PulseWire spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by PulseWire. Read more in the Terms of Use.
Open-source script
In true PulseWire spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by PulseWire. Read more in the Terms of Use.