From Gil Morales and Chris Kacher (O'Neil's disciples). Designed to find buy points in bases and continuation buy points in an uptrend. The volume today must be greater then the maximum down volume of the past 10 trading days. Recommended to use in conjunction with the 10 day and/or 50 day moving average. Typical use :
Scan for pocket pivots. Is stock strong fundamentally? i.e- leader in it's sector Has the stock developed a base ?(see O'Neil's work for base discussion) Is the stock breaking through or bouncing off the 10 period sma? (can use 50 sma too) If so.. a possible buy. Cheers David
リリースノート
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The previous version actually looks back over the past 11 days whilst we only have to check over the past ten. Thanks to Kfir Barr for spotting the error!
リリースノート
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Following comments by @XiiaObaKakiA, @kwota, @sagey13, thanks! I have changed the "= " to a ":=" in lines 20 to 36 as ":=" is used to update variables such as myVolume1, myVolume2..
hello all and especially @DavidOConnorSpain . how do we scan for stocks using this indicator. any help would be greatly appreciated. thanks in advance.
Hey, thanks for the indicator! Although I think there should be a way to change the days to just 5 days, so that we can use it to screen 5-day pocket pivots as well.
Gil & Kacher now uses 5-day pocket pivots to screen for potentailly good stocks to buy. Although they state that its' better to have clusters of 5-day pocket pivots, unlike the 10-day pocket pivot that can actually stand on it's own.
Just a thought. Cheers
TheTickerHound
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Hi David. Thanks for doing this indicator. Since you are obviously a Gil Morales follower, would you be interested in coding an indicator for VDU? Are you familiar with VDU (Volume Dry Up)? Morales and Katcher use this as a tool for taking trades as well. It is where volume dries up to -50% or less than average volume. I would think it would be rather easy to code, I just don't know how to do such things. Would you have the time to do something like that with a little arrow on the VDU bars?
crazytinku
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please provide an option to reduce the size of symbol like arrow etc......which is on volume
XiiaObaKakiA
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Hello, something is wrong with the formula.
Also, I am not sure why there is no indication of Pocket Pivot on 27 May 2021, since the volume is higher than the highest volume of the down day.
bhandekarashwin
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Thank you for such a nice script and contribution
kwota
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This is great! Thanks a ton!
kwota
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@kwota, I'm seeing an issue with the script. A pocket pivot is when the volume is bigger than any "DOWN" day for the previous 10 days. A good example to look at is FB. The script has missed the pocket pivot that occurred on Dec 28 2020. Gil even called this one out himself. Its almost there and I appreciate the work you've done so thanks!
XiiaObaKakiA
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@kwota, Yes, I realised that too on URA on 27 May 2021.