eSignal Study:  When trading with the trend, often it is useful to look at previous pullbacks in determining the size of the next pullback.  This is called "symmetry".  This script does some of the measuring dirty work for you.

INSTRUCTIONS: Use the "BIAS" button to switch between long or short bias, then select the pivot type to use (labeled "PIV" on the chart).  In other words, if the pivot is set to "P", it will look at the last "Primary" pivot and see how large that pullback was.  It is recommended that you turn on all AGET Pivots to help determine which pivot to use.  Based on the size of that previous pullback, little dashes will be displayed to show where a 1:1 pullback would be, or a 1:0.618 pullback, etc.  Playing with eSignal's "Fib Ext" tool you can quickly see what this script is displaying, except you won't have to draw it yourself each time.

In the example image, there are three charts (be sure to click to enlarge the image).  The left chart is what the script outputs.  The middle chart shows some description of what the script is outputting.  The right chart shows what happens when you adjust the pivot to look for another pullback (described later).  The dark blue line shows the move that the script is measuring.  From the most recent high, it takes this same measurement and draws a blue dash where there is a 1:1 pullback (shown by the arrow).  The maroon dash is 61.8% of this distance and the olive dash is 127.2% of this distance.  The cyan dash is merely a 50% retracement from the low to this recent high.  The idea is that, based on the previous pullback, if we were to pullback again, then percentages of the previous pullback would offer support as well (symmetry).

Using the controls outputted on the bottom left of the screen, you can click the left and right arrow buttons to adjust which pivot type the script is looking at (Primary, maJor, Intermediate, or Minor).  In the example image (third chart), the "I" is highlighted, so it will look for the last Intermediate pullback.  As opposed to the first two charts, where "Primary" was highlighted, thus looked for the last "Primary" pullback.

IMPORTANT: eSignal's Advanced GET is required for this study and it will not work without it!  

IMPORTANT: This script requires the neoLibrary.efsLib.  You can download it here (free).