OPEN-SOURCE SCRIPT
Qullamaggie Daily with ADR% and Compression Range
Updated
Qullamaggie Daily
This Indicator is a Combination of Moving Averages (Simple and Exponential) as definied from Qullamaggie and used in his TC2000 Setup
Moving Averages:
- The Moving Averages are Guidelines for the current Trend and are not decive for the Entry
- They shall be a quick view and visual assistance to find strong momentum stock that are currently in a Phase of a "Flag Pattern"
ADR% 20 Day:
- Average Daily Range in % should indicate the Momentum of the Stock. It is similar but still works different as the Volalitily indicators.
- A stock is recommend to a have a ADR% above 5-6 to be considered a Momentum Leading Stock.
Consolidation Range:
- This Indicator should help to define Ranges in which the Volumen get compressed(increase) while the price movement is minimal
- A strong breakout is to be expected. The Range should be easier to be identified with this indication.
This Indicator is a Combination of Moving Averages (Simple and Exponential) as definied from Qullamaggie and used in his TC2000 Setup
Moving Averages:
- The Moving Averages are Guidelines for the current Trend and are not decive for the Entry
- They shall be a quick view and visual assistance to find strong momentum stock that are currently in a Phase of a "Flag Pattern"
ADR% 20 Day:
- Average Daily Range in % should indicate the Momentum of the Stock. It is similar but still works different as the Volalitily indicators.
- A stock is recommend to a have a ADR% above 5-6 to be considered a Momentum Leading Stock.
Consolidation Range:
- This Indicator should help to define Ranges in which the Volumen get compressed(increase) while the price movement is minimal
- A strong breakout is to be expected. The Range should be easier to be identified with this indication.
Release Notes
Updating and Removed unnessacary clutter from the indicator such as Yellow Coloring when hitting some MA's.Adjusted the color of the 150 and 100 MA
Added Naming Labels to the MA's
Removed the consolidation ranges
Recolored the ADR % line to have no opacity.
ADR% can be read in the last value in the Indicator values, when moving the cross above the latest price.
Recompiled for Version 5
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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