OPEN-SOURCE SCRIPT
Updated Power Trend [Webster]
Implements Mike Webster's Power Trend criteria:
Low has to be above 21 EMA for 10 consecutive days
The 21 EMA is above the 50 SMA for at least 5 days
the 50 SMA is in an uptrend
The final criteria:
Power Trend starts on an up day
Is intentionally not included based on commentary in WRO 68.
Rules:
initiation a Power Trend -
When one of the 3 criteria are met, a yellow dot appears.
When two of the 3 criteria are met, an orange dot appears.
When all 3 criteria are met, a green dot appears
when the Power Trend is in danger -
An orange dot appears with a close below the 21 EMA
The power trend shuts off -
When the 21EMA closes below the 50 SMA
Low has to be above 21 EMA for 10 consecutive days
The 21 EMA is above the 50 SMA for at least 5 days
the 50 SMA is in an uptrend
The final criteria:
Power Trend starts on an up day
Is intentionally not included based on commentary in WRO 68.
Rules:
initiation a Power Trend -
When one of the 3 criteria are met, a yellow dot appears.
When two of the 3 criteria are met, an orange dot appears.
When all 3 criteria are met, a green dot appears
when the Power Trend is in danger -
An orange dot appears with a close below the 21 EMA
The power trend shuts off -
When the 21EMA closes below the 50 SMA
Release Notes
Included shading between power trends.Removed danger warning for PT (you be the judge based on your equity progress is more important)
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.