The Stockbee 4% Breakout script is a study tool for users who wants to do a deep dive on StockBee's 4% Breakout momentum burst method. This script will assist a specific group of traders who trade this method easily find historical momentum bursts. This script finds and colors red any candle body that meets the following criteria:
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.
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.
This is very helpful for Trading View users trading this specific setup.
Love your indicator and it's an important part of my chart. I'll load some cheer and send your way. In the meantime I have a question. The 4% breakout candle seems to display only on the daily chart. I selected an intra-day 15-min timeframe for that same breakout but saw none; which makes sense since no individual 15-min candle had a 4% move. So if there's a 4% breakout that occured in the first 15 minutes I would miss that no? Stockbee looks for 4% breakouts from the open. Thanks