Script created for breakout-swing traders, in the style of QullaMaggie *, Dan Zanger, Oliver Kell, and Stockbee.
The following indicators are used by most successful breakout-swing traders such as mentioned above.
(As published) it contains:
- Painted Bars, also known as inside/outside candles. Used for candle analysis and to determine breakout & levels. For instance; use it in different timeframes and seek formations (ex, 3-1-2). For further inspiration, study Rob Smith's The Strat.
- MA, Simple Moving Averages (Basic levels = 10,20,50,200). Use this indicator to define resistance/support areas as well as the overall long/swing-term trend. In breakout strategies such as EP, Flags, etc this can be used for trailing stops; an example, post-breakout, let the price ride the 20ma before exiting your position.
- , Exponential Moving Averages with periods inspired by Qullamaggie (10,20,65). Use this on shorter timeframes (ex, 1h) and for the same principles as MAs.
- , . As for the previous, utilize this as a level indicator to find areas of resistance/support. Good for swing-trading as it implies whenever holders are profitable or not.
- DMA, Displaced Moving Average (Horizontal). Personally, I use this a lot. Works very well for trailing stops (post breakout) and "bounce" areas. Choose your own offset and period.
- ADR%, Average Daily Range Percentage. Displayed in the table and used to define a symbol's . A very good tool for Qullamaggie-style trading. Personally, I try to find setups with over 6% ADR. Basic definition; low ADR% = Increased chance of a symbol to move slower and in smaller ranges. A higher value equals the opposite.
- Table. A table with basic symbol-related information. Could save you plenty of time whenever you scan or search for new swing setups. Looking to add more features here.
View settings to turn on/off different indicators.
* If you're looking for an introduction and further explanation of how Qullamaggie uses mentioned indicators, I could recommend checking out his website, stream, or participation in "Chat With Traders".
At last, I want to credit: @jkcqld @neolao @TheScrutiniser
This Script will get updated and improved.
- Added custom MA function
Will add adjustable size soon...
You can use this value to find low-risk entries in an uptrend or during breakouts.
Seek a TI65 value > 1.05 (5%).
See Stockbee's blog for more knowledge
Ps. Will add an option to disable curtain values on the table.
- Average Dollar Volume based on the 10-daily average. Use this to identify and determine volume strength.
- Todays Dollar Volume. Simple as it sounds.
- Volume is now displayed in K or M
Thanks @bobbertoswald for the feedback.
- You will now be able to choose between, 10,14,20 Daily Volume Average in the table. Use this for your own preferences.
- Average and Daily Dollar Volume is now displayed in K, M, B
Use this new demo condition table as a tool for faster manual screening. Fully customizable. Looking to add more conditions soon, but for now, they are:
- ADR%. Standard condition of 5% ADR.
- Moving Averages. Choose between, 50-200, 200, or custom moving average. Standard is 50-200.
- TI65. Like Stockbee we use a standard value of 1.05.
- ER. If recent earnings were a beat in both revenue and EPS, the box will turn green.
Other than that, some small fixes.
Added Relative Strength (RS) to both tables. Use this to determine symbol strength compared to sector or index.
The RS rating is more weighted towards 3-month than six, nine, or twelve.
Choose your own condition value or use the standard Minervini format of greater than 70.
You will also be able to choose your own benchmark in settings.
To be clear, the IBD type of RS-Rating was added in the previous version, therefore it couldn't be compared to any benchmark whatsoever.
However, in this version you'll be able to Plot an RS - line compared to index
Choose the color, benchmark, and vertical offset in settings.
Have a great day.
Earnings are now displayed in either orange, green, or red.
Green = if both EPS and REVENUE were beaten.
Orange = if either EPS or REVENUE were beaten.
Red = if both EPS or REVENUE missed.
Gray = If ER data is unavailable.
- Added EP opening 5 range low. Can be used for opening gap ups and to filter out opening strength. It will show red if it broke down the opening 5-minute candle, and green if not.
Also some small fixes