Pocket Pivot Indicator
From Gil Morales and Chris Kacher (O'Neil's disciples). Designed to find buy points in bases and continuation buy points in an uptrend. The volume today must be greater then the maximum down volume of the past 10 trading days. Recommended to use in conjunction with the 10 day and/or 50 day moving average.
Typical use :
Scan for pocket pivots.
Is stock strong fundamentally? i.e- leader in it's sector
Has the stock developed a base ?(see O'Neil's work for base discussion)
Is the stock breaking through or bouncing off the 10 period sma? (can use 50 sma too)
If so.. a possible buy.
Cheers
David
Typical use :
Scan for pocket pivots.
Is stock strong fundamentally? i.e- leader in it's sector
Has the stock developed a base ?(see O'Neil's work for base discussion)
Is the stock breaking through or bouncing off the 10 period sma? (can use 50 sma too)
If so.. a possible buy.
Cheers
David
Release Notes:
The previous version actually looks back over the past 11 days whilst we only have to check over the past ten. Thanks to Kfir Barr for spotting the error!
Release Notes:
Following comments by @XiiaObaKakiA, @kwota, @Sagey13, thanks! I have changed the "= " to a ":=" in lines 20 to 36 as ":=" is used to update variables such as myVolume1, myVolume2..