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

9 août 2023

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

10 juin 2024

Notes de version

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.
   

9 juil. 2024

Notes de version

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

5 juin

Notes de version

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
   

5 juin

Notes de version

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.