[TTI] Minervini MonAlert

HISTORY AND CREDITS–––––––––––––––––––––––––––––––––––––––––––––––––––––––
The inspiration for this script comes from the stealth platform functionality by Mark Minervini, that he calls MonAlert. The acronym for which comes from Monitor and Alert. The indicator has been developed for the traders, who would like to have "Minervini-like" eyes on technical setups for confirmation and violations. It paints on the chart the things that Mark looks for pre and post buy to confirm or violate the trade.


WHAT IT DOES––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
The script provides visual and summarised view for technical confirmation and violations of the chart.
The main functionality comes in the form of a button called "Mon Alert". For quick comprehension, the label changes colors and can be 3 colors:
🟩. Green means that confirmations > violations
🟨 Yellow means that confirmations = violations
🟥 Red means that confirmations < violations

When you hover on top of the shape you get a quick report of the technical health of the chart:

05:11

👈 click to watch video

The report summarised over 42 different signals in ONE!!
20 violations, 19 confirmations and 3 warning signs

The signals group as follows:
👉 Rules 1-3 deal with the position of the price against the configured Moving averages
👉 Rules 4 & 5 deal with Volume calculations. In essence how does the volume on up days compare against volume on down days. Also how much was the breakout volume compared to the highest down volume.
👉 Rules 6-8 deal with price patterns. The indicator looks if the price pattern has printed 3 lower lows, the number of good vs ad closes as well as respect of the breakout day low
👉 Rules 9-11 deal with the Weekly and Daily patterns. In essence we look for consecutive up weeks, big down weeks on large volume
👉 Rules 12-13 deal with % advancements. There is a famous rule of William O'Neil about stock making 20% advancement. The script also looks for significant advancements like 3% declines or advancements
👉 Rule 14-15 deal with Distribution counts, Number of closes on high vs Number of closes on low as well as Angle D setup, a term coined by Mark of the price close vs 50D SMA.

Additionally, there is the functionality to plot these on the exact bar when they occur.

All signals use price action and volume action only to determine whether the action is confirming or violating. The rules also employ calculations around the moving averages to determine results. The indicator only takes into account price action from the date onwards only.

HOW TO USE IT–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
The indicator is great for people who want to train their eyes on the confirmations and violations of a setup BEFORE or AFTER they make a position.

After you load the script you choose from when does the MonAlert start working, you do this by selecting vertical time line and after a few seconds of calculations the indicator appears with the report.

When the violations pile on (e.g. MonAlert button is red), this signals the trader that it is not favorable to stay in the stock anymore and hence close any long position.

On the contrary, when the MonAlert button is green, then the trader is advised to keep position.

Notes de version:

• Adding support for the 🇮🇳 Indian Market with NIFTY as a market used for calculation of Distributions
  
• Adding functionality to be able to remove all plots with a single button