OPEN-SOURCE SCRIPT
Daily Close and 5/10 Robinhood Targets
This script is super simple, just outputs a daily close line and also 5/10% targets higher and lower based on that price.
The reason I made this is somewhat simple which is what, ive noticed (havent statistically backtested) but many popular "robinhood stocks" when they run they tend to almost always tag 5 or 10% up or down.
The theory is something to do with the fact that robinhood alerts at those price levels, so when something like a BYND or RUN or TSLA or (pick a popular stock that runs) it tends to at least tap those levels. I rarely see it go up lets say, 4.33% and then turn around, typically it will at least wick if not pass 5% so using these might POSSIBLY be a level of alpha.
Use it for your own backtests though with something better.
The reason I made this is somewhat simple which is what, ive noticed (havent statistically backtested) but many popular "robinhood stocks" when they run they tend to almost always tag 5 or 10% up or down.
The theory is something to do with the fact that robinhood alerts at those price levels, so when something like a BYND or RUN or TSLA or (pick a popular stock that runs) it tends to at least tap those levels. I rarely see it go up lets say, 4.33% and then turn around, typically it will at least wick if not pass 5% so using these might POSSIBLY be a level of alpha.
Use it for your own backtests though with something better.
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.