Parabolic Move Scanner

Parabolic Move Scanner:

The Parabolic Move Scanner is a technical indicator that scans for stocks showing strong price momentum, which are likely to experience significant upward movement. This is based on four key criteria:

Relative Volume: The indicator checks if the stock's current trading volume is significantly higher than its average volume over a set period. This indicates heightened interest and increased market activity.

Bullish Candlestick: The stock's current price must be higher than its opening price, indicating a bullish candle. This suggests positive market sentiment and upward price movement.

RSI Change: The Relative Strength Index (RSI) is calculated to track price momentum. The indicator looks for a significant increase in RSI from the previous bar, which indicates strong buying pressure and a surge in momentum.

Price Breakout: The stock's price must be breaking above the highest high over the past set number of bars, signaling a breakout and a potential continuation of the uptrend.

The Parabolic Move Scanner combines these four factors to detect stocks that exhibit parabolic-like behavior, showing signs of a strong move ahead.

Features:
Volume: Ensures the stock is trading with higher-than-average volume, signaling increased interest.
Candlestick: Only bullish candlesticks are considered, confirming positive sentiment.
RSI: Identifies sharp increases in the RSI, indicating a surge in buying pressure.
Breakout: Tracks price breakouts, confirming that the stock is pushing to new highs.
Visuals:
The background color is highlighted in green when all conditions are met, indicating a parabolic move is likely.
A horizontal line is drawn at the breakout level when the conditions are triggered, extending for a specified number of bars to highlight the breakout level