Displays "spike days" by colouring the bars (Default: yellow for a Spike High and blue for a Spike Low)
Spike Day's definition taken from Jack D Schwager's Book: A Complete Guide to the Futures Market: Technical Analysis, Trading Systems, Fundamental Analysis, Options, Spreads, and Trading Principles
A spike is:
A wide difference between the spike high and...
Top signal: reaches -100 when the color is yellow
Bottom signal: reaches -100 when the color is red
This script calculate a stochastic oscillator of BBW, and defines a top and a bottom as its highest in N bars.
This is a modified RSI that prints a bottom signal directly on your price chart.
It pulls the data (in the default settings) from the weekly chart no matter on what timeframe you are on.
You can adjust the timeframe and threshold.
Default settings work best for big BTC cycles.
After reading Cam Hui's blog post about his "Trifecta" bottom spotting model I thought I'd try my hand at scripting it as an indicator. The results are pretty close to what he describes. Though the data TradingView feeds me doesn't seem to be identical to what he's using on StockCharts.com the results are close enough that I will call the effort a success worth...