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

2023년 8월 9일

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

2024년 6월 10일

릴리즈 노트

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.
   

2024년 7월 9일

릴리즈 노트

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

6월 5일

릴리즈 노트

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
   

6월 5일

릴리즈 노트

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.