OPEN-SOURCE SCRIPT
MC² Tight Compression Screener v1.0
//version=5
indicator("MC² Tight Compression Screener v1.0", overlay=false)
// ————————————————
// Inputs
// ————————————————
lookbackHigh = input.int(50, "Near High Lookback")
atrLength = input.int(14, "ATR Length")
volLength = input.int(20, "Volume SMA Length")
thresholdNear = input.float(0.97, "Near Break % (0.97 = within 3%)")
// ————————————————
// Conditions
// ————————————————
// ATR Compression: shrinking 3 days in a row
atr = ta.atr(atrLength)
atrCompression = atr < atr[1] and atr[1] < atr[2] and atr[2] < atr[3]
// Price is near recent highs
recentHigh = ta.highest(high, lookbackHigh)
nearBreak = close > recentHigh * thresholdNear
// Volume not dead (preferably building)
volAvg = ta.sma(volume, volLength)
volOK = volume > volAvg
// Final signal (binary)
signal = atrCompression and nearBreak and volOK
// ————————————————
// Plot (for Pine Screener)
// ————————————————
plot(signal ? 1 : 0, title="MC2 Compression Signal")
indicator("MC² Tight Compression Screener v1.0", overlay=false)
// ————————————————
// Inputs
// ————————————————
lookbackHigh = input.int(50, "Near High Lookback")
atrLength = input.int(14, "ATR Length")
volLength = input.int(20, "Volume SMA Length")
thresholdNear = input.float(0.97, "Near Break % (0.97 = within 3%)")
// ————————————————
// Conditions
// ————————————————
// ATR Compression: shrinking 3 days in a row
atr = ta.atr(atrLength)
atrCompression = atr < atr[1] and atr[1] < atr[2] and atr[2] < atr[3]
// Price is near recent highs
recentHigh = ta.highest(high, lookbackHigh)
nearBreak = close > recentHigh * thresholdNear
// Volume not dead (preferably building)
volAvg = ta.sma(volume, volLength)
volOK = volume > volAvg
// Final signal (binary)
signal = atrCompression and nearBreak and volOK
// ————————————————
// Plot (for Pine Screener)
// ————————————————
plot(signal ? 1 : 0, title="MC2 Compression Signal")
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.