StockBee Bullish Momentum Burst & 20% Plus Study Tool
The Stockbee bullish momentum burst study tool is helpful for practitioners of the momentum burst method who want to easily find historical momentum bursts and/or 20% plus gainers using Trading View. This script finds three specific breakouts that meet the below criteria:
4% Breakouts (Colors Candle Body) 1. Volume of the candle is greater than the previous candle volume. 2. The percent change of candle's price is greater than 4% from the previous candle close. 3. Current candle close is less than 30% from candle's high. **Users can toggle 4% Breakouts on/off and also change candle body color in settings**
Dollar Breakouts (Colors Candle Body) 1. The change of candle's price is greater than $0.90 from the previous candle close. 2. Current candle close is less than 30% from candle's high. ** Dollar Breakout does not take volume into consideration ** **Users can toggle Dollar Breakouts on/off and also change candle body color in settings**
20% Plus Gainers (Displays Yellow Triangle Icon) 1. The change over five candles is greater than 20%. **Users can toggle 20% plus label on/off, cannot change the label color**
This script also filters out any candle that gaps up and breaks down with a close above 4% the previous candle (Eliminates gap-ups that fade). This tool is meant to find and filter possible candidates. Not every marked candle is a great momentum burst trade. Users can look at 4% Breakouts, Dollar Breakouts, 20% Plus Gainers individually or any combination of the three.
This is helpful for Trading View users trading this specific setup.
Hi friend, Thank you for the wonderful indicator. It is surely helping me in doing deep-dives on setups. I have a query though, for stocks not traded in USD what is the criteria for finding 'Dollar Breakouts"? I trade in Indian stocks and I am getting confusing signals as to what is a dollar braekout condition to a particular stock? Please advise.
lukebrod
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@RajeshV, You can try and change the currency to USD from Rupee for your Indian stocks
RajeshV
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@lukebrod, Thank you for the reply dear Lukebrod. I did try to do that but it complicates the matter more. 90 cents is roughly 72 INR and for stocks with 1000 INR it's roughly 7 percent gain. I think I will stick to the 4 percent gains only.
lukebrod
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@RajeshV, I think the point of the $0.90 burst was for more expensive larger marketcap stocks and 4% bullish was for cheaper and smaller cap stocks. You won't see AAPL moving 4% too often, but will see more $0.90 bursts that might be a signal of resuming trend. So combining the two measurements will screen for most different cap size stocks. Might be better to focus on one or the other though at first.
Thank you for the wonderful indicator. It is surely helping me in doing deep-dives on setups. I have a query though, for stocks not traded in USD what is the criteria for finding 'Dollar Breakouts"? I trade in Indian stocks and I am getting confusing signals as to what is a dollar braekout condition to a particular stock?
Please advise.