Bullish Combination Scan - 0.1

vor 6 Stunden

This Pine Script is designed to identify and signal potential bullish trading opportunities in TradingView charts. It evaluates two distinct conditions based on price and volume thresholds to determine whether a bullish setup exists. Here's an overview of the key functionalities:

Purpose of the Script
Scan for Bullish Patterns: The script identifies two types of bullish setups:
Stocks priced above $100.
Stocks priced between $3 and $99.
Generate Entry Signals: When conditions are met, the script triggers a buy signal and places a long entry order in TradingView's strategy tester.
Core Functionalities
Input Parameters:

User-adjustable parameters like:
Minimum volume threshold (volumeThreshold).
Upper (highPriceThreshold) and lower (lowPriceThreshold) price thresholds.
These allow flexibility to scan for stocks within different volume and price ranges.
Daily and Historical Price Calculations:

Retrieves current and historical values of close, open, high, low, and volume.
Uses ta.valuewhen to reference prior day values for comparison.
Compares price and volume trends over the last three days to detect consistent or improving bullish patterns.
Conditions for Bullish Signals:

Condition 1: For stocks priced above $100:
Large bullish candles (close significantly higher than open).
High volume (above volumeThreshold).
A stronger bullish move compared to the previous day.
Small gains in the last two days' price ratio, ensuring no overextended rally.
At least 70% of the daily range is on the upside.
Condition 2: For stocks priced between $3 and $99:
Recent price increases (day's close is at least 4% higher than the previous close).
Volume higher than the previous day and above the volumeThreshold.
No significant price overextension in the last two days.
Daily range on the upside meets the 70% threshold.
Trigger Buy Signals:

When either condition is true, the script executes a "BullishEntry" long strategy.
This makes the strategy adaptable for both higher-priced and mid-to-low-priced stocks.
Visualization:

Adds markers on the chart to highlight the specific conditions triggering the buy signals.
Green labels for stocks priced above $100.
Blue labels for stocks priced between $3 and $99.
Advantages of the Script
Versatility:

Applicable to a wide range of stocks with varying price points and volume characteristics.
User-adjustable parameters make it adaptable to different market conditions.
Precision:

Filters out low-quality signals by enforcing strict conditions (e.g., volume thresholds, price movement ratios, and daily range filters).
Clear Signal Representation:

Visual buy signals on the chart enhance usability.
Labels provide immediate clarity on which condition was met.
Backtesting-Ready:

Integrated with TradingView's strategy tester to evaluate the effectiveness of the bullish patterns over historical data.
Potential Use Cases
Short-Term Traders: Identify bullish setups for stocks poised for immediate upward movement.
Portfolio Diversification: Adapt thresholds to focus on either high-cap or low-cap stocks.
Backtesting: Analyze the performance of the bullish strategy over historical data to refine parameters for better accuracy.
Suggestions for Publishing
User-Friendly Description:

Provide a clear summary of what the script does.
Include examples of use cases, such as scanning for momentum trades.
Parameter Customization:

Highlight the adjustable inputs to encourage experimentation and personalization.
Suggest optimal values based on different trading styles or markets.
Performance Validation:

Share backtesting results or scenarios where the strategy has shown significant potential.
Attribution:

Encourage users to provide feedback and adapt the script to evolving market conditions.
This script is a powerful tool for traders looking to automate the detection of bullish setups, offering both adaptability and clarity for real-time and historical analysis.