Continuing deeper and stronger with the screeners' educational serie one more time (#daft #punk #private #joke) We don't have to wait for TradingView to allow screener based on custom indicator - we can build our own ^^
I - Long Terms concept
I had the idea from @scarff.
I think it's genius and I use this long terms level in my trading across all assets.
The screener, in particular, analyzes whenever the price breaks out a weekly/monthly/quarterly/yearly level on candle close. Triggering events on candle close = we get rid of the REPAINTING = we remove the fake signals (in that case the fake breakouts). The candle close is based on the close of the current chart => if the chart displays candlesticks on the weekly timeframe, then the considered close will be the weekly close. If in daily timeframe, the close will be .............................. 4h (#wrong)..... kidding :) .............. DAILY obviously
II - How did I set the screener
The visual signals are as follow:
- square: breakout of a high/low weekly level - circle: breakout of a high/low monthly level - diamond: breakout of a high/low quarterly level - flag: breakout of a high/low yearly level - dash: none of the above
Then the colors are:
- green when bullish - red when bearish - orange/dash when none of the above
Cool Hacks
"But sir... what can we do with only 3 instruments for a screener?" I agree not much but... As said previously... you can add multiple times the same indicator on a chart :)
Wishing you all the BEST trading and.... wait for it... BEST weekend Dave