OPEN-SOURCE SCRIPT
PercenageDropFromATH
Updated
INFO:
The PercenageDropFromATH script is fairly simple indicator, which is able to:
Note that if the ATH is outside of the visibility of the currently selected timeframe the indicator will not be able to show it. Recommended settings is 1D TF!
DETAILS:
The purpose of the script is to serve to ease passive investments in ETFs and indices, once those are dropping below certain point from the ATH.
Individual stocks are not really recommended in my view, as unlike the indices which are cherry picking the best companies from the sector, individual companies can always start drifting away.
Anyway, the indicator should work on all assets, including crypto, gold, etc.
Example usage could be of setting an alert for 25% drop in SPY, and start accumulating positions on every next 10% additional drop, so DCA can be done with favorable prices.
SETTINGS
The settings are pretty straight forward:
The PercenageDropFromATH script is fairly simple indicator, which is able to:
- detect the last ATH (real ATH of the full chart, not related to the selected timeframe) and plot it
- user can select a percentage of drop from this price, and once reached can receive a notification
Note that if the ATH is outside of the visibility of the currently selected timeframe the indicator will not be able to show it. Recommended settings is 1D TF!
DETAILS:
The purpose of the script is to serve to ease passive investments in ETFs and indices, once those are dropping below certain point from the ATH.
Individual stocks are not really recommended in my view, as unlike the indices which are cherry picking the best companies from the sector, individual companies can always start drifting away.
Anyway, the indicator should work on all assets, including crypto, gold, etc.
Example usage could be of setting an alert for 25% drop in SPY, and start accumulating positions on every next 10% additional drop, so DCA can be done with favorable prices.
SETTINGS
The settings are pretty straight forward:
- ATH Source - source for computing the ATH, default to "high", but user can select to check only on open/close/low as well
- Percentage drop target from ATH - self explaining, default to 20
- ATH color - only the last ATH until the current bar is been drawn
- Plot ATH drop target price - optionally the target price after the percentage drop can be plotted as well
- ATH drop target color - the color of the price after the percentage drop from ATH
Release Notes
+ improved visibility for recent ATH by extending the lines a bit further + display lines only on last bar
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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Disclaimer
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