Power trend - SR - Based on Mike Webster's article

9 Ağu 2023

Mike Webster described the PowerTrend

What Starts a Power Trend?

• Low is above the 21-day EMA for at least 10 days.
  
• 21-day EMA is above the 50-day SMA for at least five days.
  
• 50-day SMA is in an uptrend.
  
• Closes up for the day.
  

What Ends a Power Trend?

• 21-day EMA crosses under 50-day SMA.
  
• Close 10% below the recent high and below the 50-day SMA.
  

I have provided the options to

• To show/hide all the important metrics related powertrend in a table.
  
• Background color can be shown on charts. It can be toggled as well.
  
• You can also modify the inputs for EMA and SMA
  

This script is supposed to be used on a daily chart however, it will work on other timeframes as well.

PS:

• This is my first attempt at building this script. I look forward to your feedback on the same.
  
• This is only for educational purposes.
  
  • 
    
    Following are some examples of the same
    AAPLAMZNCRMGOOGLMETA$NYSE:PLTRSMCI

10 Haz 2024

Sürüm Notları

1. Fixing EMA and SMA count logic.
   
2. Fixing summary table used of the correct value for Count(21EMA > 50SMA) row
   
3. Formatting recent high to show only two digits.
   

9 Tem 2024

Sürüm Notları

I added a color selection option for the summary table.
Also, I changed the text in the summary table to sentence case.

evvelsi gün

Sürüm Notları

Feature - create alerts for a given symbol

To use this feature -

1. Add the script to your chart
   
2. Click the Alert icon or open the Alerts tab.
   
3. Change condition to "Power trend change alert"
   
4. Click Save
   

evvelsi gün

Sürüm Notları

Feature: Allowed tickers filter

The user can now input a list of allowed tickers, and then conditionally enable the indicator logic if the current chart symbol matches any in that list.

Example - user can enter `TSLA, AMD, CME:BTC1!`

By default "All" value is populated which shows the indicator on all the tickers.