PROTECTED SOURCE SCRIPT
PSP ETF 20% Drop Buy
Script Description
Overview
The PSP ETF 20% Drop Buy indicator is a specialized tool designed for long-term ETF investors. It identifies significant price drops (drawdowns) relative to the previous day's closing price, signaling potential "buy-the-dip" opportunities for those following a disciplined accumulation strategy.
Key Features
Customizable Drop Threshold: Defaulted to 20%, but can be adjusted in the settings to capture smaller or larger swings (e.g., 5%, 10%, or 30%).
Visual Signals: Automatically plots a green "BUY" label on the chart when the current low hits the specified percentage drop from the previous day's close.
Dashboard Table: Displays a clean on-chart table showing strategy parameters, including timeframes and specific rules for "Silver" and "Gold" entry levels.
Built-in Alerts: Includes an alert condition to notify you instantly when the drop criteria are met, so you don't have to stare at the screen.
How to Use
Apply to Daily Chart: This script is optimized for the daily (D) timeframe.
Settings: Adjust the Drop % based on the volatility of the specific ETF or instrument you are trading.
Strategy: Use the "Gold" and "Silver" guidelines in the info table to manage position sizing—buying more aggressively as the asset hits deeper discount levels.
Overview
The PSP ETF 20% Drop Buy indicator is a specialized tool designed for long-term ETF investors. It identifies significant price drops (drawdowns) relative to the previous day's closing price, signaling potential "buy-the-dip" opportunities for those following a disciplined accumulation strategy.
Key Features
Customizable Drop Threshold: Defaulted to 20%, but can be adjusted in the settings to capture smaller or larger swings (e.g., 5%, 10%, or 30%).
Visual Signals: Automatically plots a green "BUY" label on the chart when the current low hits the specified percentage drop from the previous day's close.
Dashboard Table: Displays a clean on-chart table showing strategy parameters, including timeframes and specific rules for "Silver" and "Gold" entry levels.
Built-in Alerts: Includes an alert condition to notify you instantly when the drop criteria are met, so you don't have to stare at the screen.
How to Use
Apply to Daily Chart: This script is optimized for the daily (D) timeframe.
Settings: Adjust the Drop % based on the volatility of the specific ETF or instrument you are trading.
Strategy: Use the "Gold" and "Silver" guidelines in the info table to manage position sizing—buying more aggressively as the asset hits deeper discount levels.
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.
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.