Two Legged Pullback

The Two Legged Pullback indicator for the NinjaTrader 8 platform is a custom-made technical analysis tool that is designed to identify two-legged pullback patterns in financial markets.

When looking for long signals, the indicator considers the highs when counting the legs of the pullback pattern. It analyzes the price action and identifies pullback setups that meet the specified criteria.

When looking for short signals, the indicator considers the lows when counting the legs of the pullback pattern. In this case, the same criteria and parameters are used to analyze the price action and identify pullback setups.

The Two Legged Pullback indicator for NinjaTrader 8 is a valuable tool for traders who are looking to trade pullbacks in trending markets and wish to have an objective and systematic approach to identify potential trade setups.

• Max Close (double): The Max Close parameter represents the maximum allowed distance between the close of a two-legged pullback signal bar and the high or low of the bar, measured as a ratio of the bar range. For example, if Max Close is set to 0.3, it means that the close of the signal bar must be in the upper 30% of the bar range in order to be considered a valid signal for a signal bar for going long.
• Exclude Tight Body: When enabled, the indicator will not consider (will ignore) the signal bars with a tight body. The tight body is defined as a bar whose body is less than 50% of the bar range.
• Plot Offset (Ticks): The Plot Offset (Ticks) parameter represents the distance at which the indicator will plot the signal relative to the high or low of the bar. This value is measured in ticks.

• IndicatorSignalUp (double): When a bar meets the conditions set by the indicator parameters, the IndicatorSignalUp plot will have a value that is equal to the low of the bar minus the Plot Offset number of ticks.
• IndicatorSignalDown (double): When a bar meets the conditions set by the indicator parameters, the IndicatorSignalDown plot will have a value that is equal to the high of the bar plus the Plot Offset number of ticks.
• SignalUp (bool): same as IndicatorSignalUp, but instead of having a double type, we have a bool type. Its value is true when the conditions are met and false when they are not.
• SignalDown (bool): same as IndicatorSignalDown, but instead of having a double type, we have a bool type. Its value is true when the conditions are met and false when they are not.