OPEN-SOURCE SCRIPT
Parabolic Move Scanner
Parabolic Move Scanner:
The Parabolic Move Scanner is a technical indicator that scans for stocks showing strong price momentum, which are likely to experience significant upward movement. This is based on four key criteria:
Relative Volume: The indicator checks if the stock's current trading volume is significantly higher than its average volume over a set period. This indicates heightened interest and increased market activity.
Bullish Candlestick: The stock's current price must be higher than its opening price, indicating a bullish candle. This suggests positive market sentiment and upward price movement.
RSI Change: The Relative Strength Index (RSI) is calculated to track price momentum. The indicator looks for a significant increase in RSI from the previous bar, which indicates strong buying pressure and a surge in momentum.
Price Breakout: The stock's price must be breaking above the highest high over the past set number of bars, signaling a breakout and a potential continuation of the uptrend.
The Parabolic Move Scanner combines these four factors to detect stocks that exhibit parabolic-like behavior, showing signs of a strong move ahead.
Features:
Volume: Ensures the stock is trading with higher-than-average volume, signaling increased interest.
Candlestick: Only bullish candlesticks are considered, confirming positive sentiment.
RSI: Identifies sharp increases in the RSI, indicating a surge in buying pressure.
Breakout: Tracks price breakouts, confirming that the stock is pushing to new highs.
Visuals:
The background color is highlighted in green when all conditions are met, indicating a parabolic move is likely.
A horizontal line is drawn at the breakout level when the conditions are triggered, extending for a specified number of bars to highlight the breakout level
The Parabolic Move Scanner is a technical indicator that scans for stocks showing strong price momentum, which are likely to experience significant upward movement. This is based on four key criteria:
Relative Volume: The indicator checks if the stock's current trading volume is significantly higher than its average volume over a set period. This indicates heightened interest and increased market activity.
Bullish Candlestick: The stock's current price must be higher than its opening price, indicating a bullish candle. This suggests positive market sentiment and upward price movement.
RSI Change: The Relative Strength Index (RSI) is calculated to track price momentum. The indicator looks for a significant increase in RSI from the previous bar, which indicates strong buying pressure and a surge in momentum.
Price Breakout: The stock's price must be breaking above the highest high over the past set number of bars, signaling a breakout and a potential continuation of the uptrend.
The Parabolic Move Scanner combines these four factors to detect stocks that exhibit parabolic-like behavior, showing signs of a strong move ahead.
Features:
Volume: Ensures the stock is trading with higher-than-average volume, signaling increased interest.
Candlestick: Only bullish candlesticks are considered, confirming positive sentiment.
RSI: Identifies sharp increases in the RSI, indicating a surge in buying pressure.
Breakout: Tracks price breakouts, confirming that the stock is pushing to new highs.
Visuals:
The background color is highlighted in green when all conditions are met, indicating a parabolic move is likely.
A horizontal line is drawn at the breakout level when the conditions are triggered, extending for a specified number of bars to highlight the breakout level
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 publications is governed by House rules. You can favorite it to use it on a chart.
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