Get started
lvturner

Porcupine

lvturner  
Trend Analysis Technical Analysis technical_analysis TOP bottom spike spikes btfd pattern
261
6
trendanalysis technicalanalysis technical_analysis top bottom spike spikes btfd pattern
Displays "spike days" by colouring the bars (Default: yellow for a Spike High and blue for a Spike Low)

Spike Day's definition taken from Jack D Schwager's Book: A Complete Guide to the Futures Market: Technical Analysis , Trading Systems, Fundamental Analysis , Options, Spreads, and Trading Principles


A spike is:
  • A wide difference between the spike high and the highs of the preceding and succeeding days.
  • A close near the low of the day's range.
  • A substantial price advance preceding the spike's formation.


The more extreme each of these conditions, the greater the likelihood that a spike high will prove to be an important relative high or even a major top.

(inverse is true for lows, basically)


Enjoy!
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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.

Want to use this script on a chart?