PROTECTED SOURCE SCRIPT
Weinstein Triple Confirmation
1. The Price & Moving Average -
Weinstein’s "golden rule" is the 30-week Moving Average (MA).
The Logic: Price must break above the resistance of the base and simultaneously be above a 30-week MA that is no longer declining.
Scanner Criteria: * Price > 30-week Simple Moving Average (SMA)
30-week SMA > 30-week SMA [1 bar ago] (Slope is turning up or flat)
Price > 200-day High (To find the breakout from the base)
2. Relative Strength -
This isn't the RSI indicator; it is Mansfield Relative Strength, which compares the stock’s performance to a benchmark (usually the S&P 500).
The Logic: The RS line must move from negative territory (below zero) into positive territory, or show a sharp upward trend as the breakout occurs.
Scanner Criteria:
Ratio (Stock Price / NIFTY Price)
Current Ratio > 52-week Average of Ratio
Alternative: Mansfield RS > 0
3. Volume Confirmation -
The breakout is "fake" without a surge in buying pressure.
The Logic: On the week of the breakout, volume must expand significantly. Weinstein looked for at least a doubling of average volume, or at least a notable "spike" compared to the preceding weeks in the base.
Weinstein’s "golden rule" is the 30-week Moving Average (MA).
The Logic: Price must break above the resistance of the base and simultaneously be above a 30-week MA that is no longer declining.
Scanner Criteria: * Price > 30-week Simple Moving Average (SMA)
30-week SMA > 30-week SMA [1 bar ago] (Slope is turning up or flat)
Price > 200-day High (To find the breakout from the base)
2. Relative Strength -
This isn't the RSI indicator; it is Mansfield Relative Strength, which compares the stock’s performance to a benchmark (usually the S&P 500).
The Logic: The RS line must move from negative territory (below zero) into positive territory, or show a sharp upward trend as the breakout occurs.
Scanner Criteria:
Ratio (Stock Price / NIFTY Price)
Current Ratio > 52-week Average of Ratio
Alternative: Mansfield RS > 0
3. Volume Confirmation -
The breakout is "fake" without a surge in buying pressure.
The Logic: On the week of the breakout, volume must expand significantly. Weinstein looked for at least a doubling of average volume, or at least a notable "spike" compared to the preceding weeks in the base.
Protected script
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.