OPEN-SOURCE SCRIPT
Wedge Pop & Drop [QuantVue]
A "Wedge Pop" is a trading pattern popularized by Oliver Kell, a notable trader who won the 2020 US Investing Championship with a remarkable return of 941%. This pattern, often referred to as "The Money Pattern" in his trading strategy, serves as a critical signal indicating the beginning of a new uptrend in a stock.
A Wedge Pop occurs when a stock first trades up through the moving averages after reaching a downside extension. Conversely, a Wedge Drop refers to the first time a stock trades down through the moving averages after reaching an upside extension.
How the Indicator Works:
The indicator uses the Average True Range (ATR) and the 10-period Exponential Moving Average (10 EMA) to identify upside and downside extensions. An upside extension occurs when the low of the current bar is greater than 1.5 (default) times the ATR above the moving average. A downside extension occurs when the high of the current bar is less than 1.5 times the ATR below the moving average.
Once an extension has been reached, the first time the security trades back through the moving averages, it triggers a Wedge Pop/Drop.
Give this indicator a BOOST and COMMENT your thoughts below!
We hope you enjoy.
Cheers!
A Wedge Pop occurs when a stock first trades up through the moving averages after reaching a downside extension. Conversely, a Wedge Drop refers to the first time a stock trades down through the moving averages after reaching an upside extension.
How the Indicator Works:
The indicator uses the Average True Range (ATR) and the 10-period Exponential Moving Average (10 EMA) to identify upside and downside extensions. An upside extension occurs when the low of the current bar is greater than 1.5 (default) times the ATR above the moving average. A downside extension occurs when the high of the current bar is less than 1.5 times the ATR below the moving average.
Once an extension has been reached, the first time the security trades back through the moving averages, it triggers a Wedge Pop/Drop.
Give this indicator a BOOST and COMMENT your thoughts below!
We hope you enjoy.
Cheers!
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun das Script auch andere Trader verstehen und prüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden. Die Nutzung dieses Codes in einer Veröffentlichung wird in unseren Hausregeln reguliert. Sie können es als Favoriten auswählen, um es in einem Chart zu verwenden.
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