The aim of this indicator is to indicate effective volume breakouts.
Blue = Volume is at least 25% above the 20d moving average Purple = Volume is at least twice as much as the 20d moving average Red = Volume is at least three times the average
My recommendation: Always watch for breakouts on large volume. That's a sign that big institutions are buying.
Release Notes
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Feature Added:
Added Pocket Pivots (Rule Nr. 3/10)
"The day's volume should be larger than the highest down volume day over the prior 10 days."
If the condition is true, a black star will appear above the volume bar.
Input Config:
Enable (default) or disable the Pocket Pivots
Configure the length (default 10days +1) to look for the highest down volume day
Release Notes
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fixed small bug
Release Notes
⋅
Feature Added:
Added Pocket Pivots (Rule Nr. 4/10)
If the pocket pivot occurs in an uptrend after the stock has broken out, it should act constructively around its 10-dma. It can undercut its 10-dma as long as it shows resilience by showing volume that is greater than the highest down volume day over the prior 10 days.
The signal / star turns red if the price action is around* 10DMA or 50DMA.
*Just an interpretation as there is no exact description
How can I create Alert for Tf 1 Min and show red star with red plot
MBBT
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Hi, thank you, what are the two different colours on the pocket pivots showing us? thanks
fyntrade
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@MBBT, Hi, if it is gray then it is a normal pocketpivot which means that the up volume is higher than the largest down volume in the last 10 days. If the signal turns red, then the price has crossed the MA10 or MA50 (I have not found a higher weighting for this signal so far, for me it is simply a pocket pivot).
@fyntrade, Do you have any plans to make it possible to add alerts based on these pivot pocket signals? Would be very helpful and I don't think it is possible as of now? Thanks again.
fyntrade
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@MBBT, no, only plan is to make all my code Open Source. then you can do what you want :)
MBBT
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@fyntrade, hi that's would be great, I could probably figure it out.
Would there be any chance to see the code for this indicator yet? I am trying to implement the pocket pivot code into a strategy but can't figure it out.